The idea behind this Day Trading Stories page is simple...let other day traders post their stories and share a little bit about their journey toward becoming profitable day traders. It doesn't have to be glamorous. You don't have to be a millionaire. Perhaps you just started out but you already know a few things now that you didn't know then. Go ahead, share those things. It's just one simple way to help others along the way. (By the way, you can post your day trading stories anonymously and this won't put you on some sort of funky email list.)
My own story is pretty simple. I was looking for a way to make money by working from home. And I knew absolutely nothing about day trading until 2007. I bought a book but I didn't understand anything about what the guy was saying. It was all over my head. But then I opened up an account and started studying charts. I got into technical analysis and started asking questions like "why did this trade work out and that one didn't?" In the beginning, I lost a lot of money...which is bad because I didn't have a lot of money to loose.
My biggest failure was trying to day trade but then holding those trades overnight if they didn't work out. I didn't know anything about contextual trading the discipline required for day trading. I just knew that I liked it when I exited a trade with profit and I couldn't stand it when a trade moved against me. So, rather than facing up to the failed trade, I held onto it and hoped it would work out. Sometimes those held trades worked out...which was a problem, because it encouraged that poor discipline. But the amount of loss on the losing trades is what killed my profitability.
Overall, I knew just enough to be dangerous and not enough to be successful. But, I got back on my feet and started figuring things out. That's why I started this site in 2008. It was one way to give back to those who are trying to learn some of the fundamental principles about day trading.
The biggest lesson learned: don't start using real money in your
trading until you have solid success with paper trading. I know you're
anxious to get started. But take the time to learn sound strategy and
trade execution first. You'll save yourself a lot of money.
As I've said elsewhere on this site, let your strategy be clear and simple so your focus can be on your disciplined adherence to that strategy.
Here's an article worth reading. The article date is a bit old now, but the points are still good. Click here to read the article. The author talks about the failure rate among new traders and what it takes to succeed.
I'd love to post your trading story on this page. As I said, it can
be anonymous. And I can edit your writing as well in case you're not
comfortable with your writing ability. But I think if would be helpful
to other traders to hear more stories, the good and the bad. It
allows "newbie" traders to learn what trading is really like and
(hopefully) acquire some of that wisdom, without learning it the hard
Click on this highlighted link to be part of this "Day Trading Stories" page.
Just follow the link (highlighted above this paragraph) for submitting your story. I retain the right, of course, to give slight editing to the stories, for spelling and clarity. The stories can be signed with your initials or left anonymous. Thanks.
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