I started out trading back in 2006 when first getting out of college. I took a loss of 6,000 when investing in penny stocks. I closed my account. Back in 2010, I opened another account with 40,000 and quickly burnt more than half of it when investing in a biotech company, which turned out to be a failure with a drug not approved by FdA. Then back in 2013, I lost another 30k on trading with options. :(
In 2014, I literally started reading books and charts. I learned about chartings and patterns and decided not to play real money, but paper trading.
Now I have some extra money and I am ready to get back into the game. I am looking for some mentors. I am also wondering if anyone here recommends any subscription services (not Jim Cramer,pls). I am thinking of joining gurufocus.com. My goal is to swing and day trade with target 20 percent annually. I have around 40k to invest at this time.
Loss after loss....I am ready to get back to trading....
I'm assuming you've learned the lesson "stay small". If any trade or correlated positions can make or break you then you are too big. Order entry is the one time you are in complete control of your position....take advantage of it.
I'm not a big fan of paying for trading advice but I hear "Bob The Trader" from Tastytrade.com is doing well. However it would be up to you to decide if your account size is big enough to take full advantage of it. You can do a trial membership for not much money and see if it works for you.
I haven't tried it myself as my account size is still pretty small but I watch Tastytrade quite a bit and have been through most of their archives and so I have a pretty good feel for what they are doing anyway.
Congrats for not giving up. Good luck.
Dear capaxone,
Success is measured by your current status. You've had losses (we've all had) I was trading in the famed flash crash of 2010 and lost, that was a lesson for me to study volatility and history. These two aspects of the market are absolutely essential to study.
I believe personally that we are heading into a deflationary economic situation and would advise you to not be long on the majority of your positions, its already a traders market. 40k in capital is a moderate sum to have aside, remember that being on the sidelines waiting for the right trade is a position in itself. He who runs from a fight lives to fight another day is an adage ive come to appreciate in my current trading of commodities.
Common and cliche as it may seem too, "dont put all your eggs in one basket"
Also, if you have gains, take them. Cut your losses at 7%
Your current status is not giving up, that is awesome I highly respect that. Its like a marathon runner getting back up after falling and losing his first place.
Be selective with your trades, small gains make large profits.
Another thing to remember, during the gold rushes throughout history, men looked for the large gold nuggets, only to leave disheartened from the area, while others found "flour gold" this is microscopic gold that others passed over. An adage that came from that profit was , "Gold flour makes gold cakes"
Small victories are your key.