Ive been following shares etc and have spotted many that yo yo etc and am thinking of becoming a day trader, When you search around net everything warns you against it but i cant understand why because like anything there are risks involved. I been doing virtual buys/sells on paper and always wnd up being + as i spot an upward trend then when the shares starts 2 decrease i would sell, im doing all this without using any charts or anything software would it be harder doing the real thing also does any online broker offer the facility to buy and sell in the same day? Please advise sorry if i sound foolish
My advice
Ok - I will be frank - You just sound inexperienced, not foolish. You say you have performed what is commonly known as paper trading. You say that you have positive results. You don't indicate the timescales over which you plan to trade. How long do you intend to hold a position ? You may well find that the actual psychology of trading gets to you - it's a different matter putting it down on paper and selling/buying for real.
I would advise you to stay around on this site looking at the various threads, reading and learning. I would advise you to avoid rushing into trading with real money just yet.
On another matter, your profile states that you are a vendor. I assume from you post that you are not trying to sell any goods or services. If this is the case you should remove the vendor status altogether. This status will give the wrong impression to anyone reading your posts, if you are not actually a vendor.
So in summary - IMO wait, watch, learn and, when you are ready, act.
Charlton
Ok - I will be frank - You just sound inexperienced, not foolish. You say you have performed what is commonly known as paper trading. You say that you have positive results. You don't indicate the timescales over which you plan to trade. How long do you intend to hold a position ? You may well find that the actual psychology of trading gets to you - it's a different matter putting it down on paper and selling/buying for real.
I would advise you to stay around on this site looking at the various threads, reading and learning. I would advise you to avoid rushing into trading with real money just yet.
On another matter, your profile states that you are a vendor. I assume from you post that you are not trying to sell any goods or services. If this is the case you should remove the vendor status altogether. This status will give the wrong impression to anyone reading your posts, if you are not actually a vendor.
So in summary - IMO wait, watch, learn and, when you are ready, act.
Charlton
A Dashing Blade
Experienced member
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It's a totally different psychological ball-game when you trade for real money.
But, and here's the rub, you can only appreciate just how different when you're doing it.
But, and here's the rub, you can only appreciate just how different when you're doing it.
Crap Buddist
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Humans seek to force externals, Markets work on internals.
Have you ever had that conversation (typically referred to as an argument by the opposite conversationalist) whereby they talk, with increasing tone, block, shout, defend their theory, go red in face (babies smacked ****) and then say, anyway i'm not talking about it and off they go in a whirlwind, pushing shoving, slamming ,banging, sucking, ****ing, is this what its about chico?
Tony "hoo haa" Montana goes long 20 mil just as the market sells off hows he gonna react ? (and cut to coked out balcony scene.... bullet holes, some very nice (for american tastes) house decoration shot to smitherines and some weird looking guy wearing dark glasses stealthily approaching from the rear with a pump action shotgun.)
now imagine that mindset with money on the line, and get this, the markets never wrong? what ya gonna do, call ghost busters ? I aint afraid of no ghost, mmm well skeletons ? who am I ? what am I ? I am taught to conform, my behaviour has been modelled for me by ? I want to break free, god knows I want to breeeak freeeeee, yeaahh, god knows I have to break free........
"Often we journey full circle only to arrive back where we started only now we know its home for the first time. " (dont know and its prob mis quoted but.... )
"Theres nothin like the smell of coin in the morning" Colonel Coin.
Have you ever had that conversation (typically referred to as an argument by the opposite conversationalist) whereby they talk, with increasing tone, block, shout, defend their theory, go red in face (babies smacked ****) and then say, anyway i'm not talking about it and off they go in a whirlwind, pushing shoving, slamming ,banging, sucking, ****ing, is this what its about chico?
Tony "hoo haa" Montana goes long 20 mil just as the market sells off hows he gonna react ? (and cut to coked out balcony scene.... bullet holes, some very nice (for american tastes) house decoration shot to smitherines and some weird looking guy wearing dark glasses stealthily approaching from the rear with a pump action shotgun.)
now imagine that mindset with money on the line, and get this, the markets never wrong? what ya gonna do, call ghost busters ? I aint afraid of no ghost, mmm well skeletons ? who am I ? what am I ? I am taught to conform, my behaviour has been modelled for me by ? I want to break free, god knows I want to breeeak freeeeee, yeaahh, god knows I have to break free........
"Often we journey full circle only to arrive back where we started only now we know its home for the first time. " (dont know and its prob mis quoted but.... )
"Theres nothin like the smell of coin in the morning" Colonel Coin.
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prince-in-jail
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Up to a certain net worth there might be a bigger psychological impact because you have to live upon the profits. But as soon as you leave that threshold and regard money as a score it pretty much doesn't matter anymore. I'm as excited with a simulation account as with a real money account. Primary name of the game is to be right. And whether it's fake or real, in the end you see the same numbers on your screen. Nevertheless, he seems to be successful with paper trading and should continue to practice there. Matter of fact is if you're not profitable on paper you won't be with real money either.
shadowninja
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Psychology is definitely important. Factors such as greed, fear, impatience, eagerness will make you lose money. Not being disciplined enough to get out when the price hits your mental stop and letting losses run, or cutting profits short, will also result in losses. Paper trading is good up to a point but you just think, "I would have got out there, no probs, and made £1000 profit." In reality, having the balls to hang in there to get the profit or to admit you're wrong and cut losses is tricky when it's with real money.
I speak from experience. *rubs sore head*
It's taken me about 6 months of day trading to get to a point where I am disciplined enough to not be my own worst enemy, and I have lost money on the way, but they do say you can only learn from your losses.
Highly recommend Trading In The Zone by Mark Douglas. Not a single strategy is detailed. It's purely about what goes on between the ears.
I do think that it is possible for anyone to be a day trader, however.
I speak from experience. *rubs sore head*
It's taken me about 6 months of day trading to get to a point where I am disciplined enough to not be my own worst enemy, and I have lost money on the way, but they do say you can only learn from your losses.
Highly recommend Trading In The Zone by Mark Douglas. Not a single strategy is detailed. It's purely about what goes on between the ears.
I do think that it is possible for anyone to be a day trader, however.
Sounds like you're ready to learn from your mistakes. All you've gotta do now is to go make some.
The posts here point to one thing - psychology & the intrinsic. Not something you could learn from reading (nor would you want to). Go lose a few grand, take away the experience and come back to revisit these threads once you've digested those lessons.
This is no BS. Everyone goes through the same procession.
Good Luck.
The posts here point to one thing - psychology & the intrinsic. Not something you could learn from reading (nor would you want to). Go lose a few grand, take away the experience and come back to revisit these threads once you've digested those lessons.
This is no BS. Everyone goes through the same procession.
Good Luck.
