Been trading about 3 years. Here is what I learned. Some stuff might be off, if you feel like correcting please do so.
Don't start with anything under at least $2000, you will get killed on broker fees (even at $7 a pop = $14 per trade you have to make just to break even)
Nobody knows what will happen. Once again, not a single person knows what will happen. Be very careful listening to people.
I lost a lot of money listening to insider's sure thing. Another friend has an inside guy at exec level promised huge contracts and his stock going up - guess what down 60% right now.
Stop loss. Stop loss. Stop loss. This one has been huge and painful for me, because, well I am stubborn and optimistic. The thinking is always "well, this stock might come down a bit, and stop loss will trigger but then it will rally and I'll miss out"
Yep, not having stop losses lost me about 40% and 60% of my portfolio. I will not make this mistake again.
Losing 20% of your portfolio means you have to make 25% just to get where you started. Losing 50% means you have to make 100%.
Picking a stock - listen to people and then monitor a stock and get to know it before you jump in. A few weeks/months should give you an idea of how the stock performs, so you can jump at the right time.
Hardest part of owning stocks is selling them. You must have an idea at what point you are comfortable selling, and at which point you should sell. Nobody goes broke taking profits, people go broke all the time chasing greed.
A lot more can be said I'll let you guys chime in.
Cheers
Don't start with anything under at least $2000, you will get killed on broker fees (even at $7 a pop = $14 per trade you have to make just to break even)
Nobody knows what will happen. Once again, not a single person knows what will happen. Be very careful listening to people.
I lost a lot of money listening to insider's sure thing. Another friend has an inside guy at exec level promised huge contracts and his stock going up - guess what down 60% right now.
Stop loss. Stop loss. Stop loss. This one has been huge and painful for me, because, well I am stubborn and optimistic. The thinking is always "well, this stock might come down a bit, and stop loss will trigger but then it will rally and I'll miss out"
Yep, not having stop losses lost me about 40% and 60% of my portfolio. I will not make this mistake again.
Losing 20% of your portfolio means you have to make 25% just to get where you started. Losing 50% means you have to make 100%.
Picking a stock - listen to people and then monitor a stock and get to know it before you jump in. A few weeks/months should give you an idea of how the stock performs, so you can jump at the right time.
Hardest part of owning stocks is selling them. You must have an idea at what point you are comfortable selling, and at which point you should sell. Nobody goes broke taking profits, people go broke all the time chasing greed.
A lot more can be said I'll let you guys chime in.
Cheers
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