The process of trading is not to be taken lightly. Should you decide to venture upon this journey, you must know that you run the risk of losing every friend you have, your sanity, your dignity, all your worldly possessions, and most of all every penny you own.
On the other hand, if you learn to trade properly and stick to your strategy, you can make a lot of money. Keep in mind that there is a price to pay. This price is often called, for newbees, tuition. That price includes those trades where you have a loss, the hours you spend reading books and information sites on the web, the time away from your friends and family, and a change in your life style. You’ll stay up nights doing research and you’ll pass up those get-togethers with friends at the local Dog & Suds.
“No” you say. Well friend, lets get something straight from the beginning. Trading is not for the weekend warrior or the midnight cowboy. Unless you are willing to put in the time to study and learn, YOU WILL FAIL!
The amount of studying and preparation that you invest will ultimately determine the level of success and the strategy that you design for yourself. That’s right, you will design and determine your own strategy. While others will try to convince you that their methods are right or if you decide to follow someone else’s method you must always remember:
“You and you alone are responsible for your actions.
You and you alone are responsible for any trades that you make.
You and you alone are responsible for doing your own Due Diligence (research).
Don’t be so foolish as to try to blame others if a trade goes sour and you lose money. You should have gotten out of the trade before it dumped you beyond your economic capabilities.
One more note of caution: don’t let your ego get in the way of saying to yourself, “This is not for me.” All too often, people see dollar signs in their eyes and just won’t admit that trading on-line is not for them. If you still want to trade in stocks you might try working with a full service broker for a few years. Some people find that a full service broker satisfies the craving. Remember, learn your limitations. Don’t be afraid to admit to yourself that this is not suited to you.
Perhaps you would be more comfortable joining an investment club in your community. If so, visit Investment Club Central.
Ok, I know, enough already. We’ll, the reason we started this site was because we would see, and still do see, people everyday losing everything. We want to make sure that prospective traders really are aware of the risks involved with trading. Also, for those of you that are really sure that you want to go on, then, at least you are armed with a wealth of resources where you can study, research, practice and chat in your pursuit of learning to trade.
Don’t be foolhardy. Trade with only those funds that you can afford to lose. Don’t use your savings, retirement plans, school tuition, etc. Be cautious, learn to trade on paper first.