info sharing with newbie
How to build a successful investor/trader career
There 2 important aspect to build a successful career:-
- A successful method
- psychology & discipline
you will need a good method before get everything start and at the same time you need to build up a strong discipline and psychology to face the upcoming challenge.There is a method to help everyone to kick start everything and this method call 3M.
3M stands for mind, method and money management..
first is mind.. building a right attitude n self discipline is very important on every investmest from stock,future,forex,warrant and REITs
there are 10 vital point below as a reference : -
- trading-to-win mindset
- willingness to take risks
- strength to ride profit
- maintain focus
- develop good habits
- strength to take losses
- maintain discipline
- manage fear & emotion
- cope with losses
- trade rather than gamble
second is money management.. set a limit for yourself either is a long term or short term investment and your own amount of investment.
there are 2 main point on this : 1) long term survival 2)long term growth
- long term survival
- set a maximum of loss limit/ day
- set a maximum of loss limit/ lots /day
- set a maximum of lots allowed to trade/day
2. long term growth
- increase position size after profit
- maintain maximum daily loss limit
- maintain maximum loss/ lots/ trade
third is method.. there many kind of technical tool out there and everyone have their own method but there some vital criteria as a reference : -
- simple to execute
- money management rules
- proven technical tools
- clearly define entry and exit
- time tested
i hope this can help every new investor/trader to kick start on their investment,happy investing..^^
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7 people like this. Showing 17 of 17 comments
welcome.. i got the info through a seminar that i had attended during last Sept,after that i summarize all the info that i got into this note...
the loss limit/day is the method that practice by a professional trader on daily basis and not suitable to apply on investment that aiming for long term growth. the most practical is to setup a stop loss for every of your investment
2012-10-25 11:09
Hi, rogerlim, if u dont mind to share this article with me too.
annlee1051957@yahoo.com
thanks in advance.
2012-10-25 11:13
welcome all,i hope this simple article can help out newbie that are just same like me....
2012-10-25 11:37
ya,pirate99... same as me also,we can learn from each other... is was a good way to improve our own...
2012-10-25 11:52
Yes rogerlim.. As long as we can protect our interest in profit making...
Or else get burnt... Very painful lah.. :)
Any stock u holds currently? Care to share?
2012-10-25 11:55
ya lo,the main objective is to protect our capital..
yes of coz,pirate99.... currently i holding skpetro..^^
how abt u??
2012-10-25 12:05
Currently holds thh wa...
Eyeing tg off,mk land,mulpha,silver bird,fgv cc... All cheap2 one la...
2012-10-25 12:22
oic,the price is nt the that important compare to the growing potential on both the company and stock price...
well,the return will be quite awarding due to the small amount of capital to acquire a large amount of share...
2012-10-25 12:29
Yup... In the past i traded skpetro..
All made profits... Nice counter for long term..
Anyway, Good luck to us..
2012-10-25 13:06
Hi Roger
Finally, something nice being shared.
Yes, as newbies/novices ... we should share and learn. So, thanks for sharing.
TEH
2012-10-25 13:19
yup,pirate99... i oso make some profit from this counter on my previous trade.... haha,yaya we both need it...
welcome teh,knowledge sharing and learn from each other is the best way to for newbies like me to grow up in this kind of fast changing environment...
2012-10-25 13:32
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Good article. Thanks for sharing!
On controlling loss limit/day, do people practice it on daily basis? Or is it better to control loss limit/week for some of the more volatile stocks..
2012-10-25 10:58