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Strategies & Market Trends : Trading For A Living -- Ignore unavailable to you. Want to Upgrade?

To: Logan Wright who wrote (101)	5/22/1998 11:28:00 AM
From: R Stevens	Respond to of 1729

Commments For Beginners: Logan, The bottom line there is a lot to learn before you will start making money consistently. If I were starting out I would read the recommended books. In Market Wizards you get the stories of how a lot of these great traders started out and what they have learned. Most lost money at first so be prepared...however if you follow advice like "Keep your trades SMALL at first", "learn to cut your losses quickly if a trade isn't doing what it is supposed to be doing", "develope patience to wait for good trades", you won't loose as much while you are learning. You might encounter the typical beginners luck, and make a few good trades right out of the gate. Avoid the temptation to play bigger stakes. In Elder's book he talks about the long term perspective...you decide to do this for 10 to 20 years, so you don't have to make all your money today, and thus if a trade looks so-so, you can afford to wait because you are not in a hurry. You can "make" a lot of money by avoiding loosing trades! Great traders focus on making good trades first, money second. Learn to be a great trader and the money will come. Welcome to this thread, RS