To Kelster, JB2, Marketbrief,Trader Alan,Eric & everyone...
I want to say a huge THANKYOU for all this invaluable information. As a long-time lurker (I am accumulating a very fat notebook of print-outs from this thread that I drag around with me where ever I go...) this ongoing discussion makes it possible for me to get up each morning.
I'm currently in recovery from a very bad bout of "passive losing" as Mark Douglas of "The Disciplined Trader" (an excellent book BTW). I am one of many newbies, I hope, who have been fortunate enough to find this thread.
I started out in January investing in some excellent picks (RNWK,QCOM,CMGI,QWST(then),PCS etc)...I did amazingly well. Who would not have during the Jan- May period...I decided I loved the market & everything it entailed, but the shock of the April 19 tanking made me rethink continuing long term investing. I managed to get out of all my positions in a May rally with nice profits(now all gone) and go into short-term trading...
It's been a very bumpy road since then. I am constantly reminded daily of how little I know & how much there is to absorb out there before I can ever trade with confidence (not a bad thing actually )...
All the trading success I've had has been due to random luck & all the trading losses are due to the classic newbie errors of; chasing,overtrading, passive losing,impulsivity, attachment, denial, poor money management, listening to tips, deer-in-the-headlights procrastination...the list goes on & my tuition costs are high, but I am committed 24/7 & I do love this & so far I've only run through my profits(I have stayed away from margin after one minor nasty experience).
I am currently side-lined, reading, studying, watching, learning. Again I am ever grateful to this thread & everyone on it for contributing so generously to those of us out there who lurk. I am not alone in this I'm sure.
About papertrading; I've yet to find a really good description of this process. I do note down price action of particular stocks & watch them via Live Charts...but it's such a different experience than actually pushing those keys & making the committment of a real trade...I'd be very interested to know how exactly you went about it JB2?
Again Thanks,
Dotty
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