Five Years Into Trading
What Has Trader_Cindy Learned and What's Next?
Hi Fellow Traders,
[New for September 2019: If you want to learn to trade Forex with Cindy, details are here:
http://investorshelp.net/learn-forex-with-cindy.html]
I'm Cindy Bayne, Trader_Joe's daughter. I've had the privilege of having Trader_Joe mentor me in trading. Our journey began in September 2014 when I knew ABSOLUTELY NOTHING about the stock market or trading. I was the one who would call Trader_Joe asking for investment advice on my 401k because I was completely clueless. So I must say, I was quite leery of my ability to actually learn, understand and trade.
Fast forward five years... It's really hard to believe that it's been five years since I started this Trader-in-Training journey. Oh the amount of knowledge I've obtained is amazing! If you're new to trading or considering learning, let me share some major things I've learned that I hope can help you.
First, it takes time, patience and practice to learn trading. If someone is selling you a "get rich" trading plan even if you've "never traded before," RUN! There's no such thing as a get rich trading plan! Learning to trade takes time and because it takes time, you need to be patient. While you're taking the time to learn and being patient, you need to practice in a paper account! My biggest advice is put in the time to learn and practice A LOT before you put your hard earned cash at risk. (I paper traded for almost a year. You might need more or less time. That's just what I was comfortable with.)
Secondly, keep your emotions in check! Oh how I could be swept away with the price action swinging wildly and let my emotions take control, making trading decisions on emotion instead of my trading indicators. I won't tell you how many times that bit me in the behind! That's when I realized how much psychology is involved in trading. We either make trading decisions based on analysis, indicators, etc or we make trading decisions based off emotion. Sometimes, I still have to remind myself to check my emotions at my office door.
Thirdly, STOP LOSS, baby! This too, I've learned the hard way. Trader_Joe and I keep detailed reports on our trading. One thing we track is our trading profit and loss percent. I wanted so badly to have a trading percent above 85 or 90, that I'd hold on to stocks because I didn't want to close at a small loss and "mess up" my average. So, in my effort to maintain my stellar successful trade percentile, I allowed stocks to become "dead weight," as we call them. In other words, I watched the small loss turn into huge loss and then am saddled with a "dead weight" stock for weeks, months or longer! And sad to say, I've got a couple of "dead weight" stocks still sitting that will most likely NEVER get back to my buy price. A great example of how my ego got in the way of making good trading decisions and getting out with a stop loss.
I could go on with so many other important things I've learned, but will stop there. Now, I'm beginning a new adventure in my trading education. I'm going to learn to trade Forex. Let me tell you how much I know about Forex... absolutely NOTHING. I had to look up the definition of Forex on Investopedia. Yes, for real. LOL. I hope to blog and share with you my Forex learning adventures. Looking back, I wish I'd done that with stock and options while I was learning, but honestly I was overwhelmed and didn't think anyone would want to read about it.
If you're interested in learning Forex with me, check out the page about the Forex training. http://investorshelp.net/learn-forex-with-cindy.html. If you're not sure if you want to learn yet, stay tuned for my blog posts and I will give you the "tea," as my teenage daughter would say. Or in adult terms, I will give you the news updates on my new adventure learning Forex!
Happy Returns,
Trader_Cindy
[New for September 2019: If you want to learn to trade Forex with Cindy, details are here:
http://investorshelp.net/learn-forex-with-cindy.html]
I'm Cindy Bayne, Trader_Joe's daughter. I've had the privilege of having Trader_Joe mentor me in trading. Our journey began in September 2014 when I knew ABSOLUTELY NOTHING about the stock market or trading. I was the one who would call Trader_Joe asking for investment advice on my 401k because I was completely clueless. So I must say, I was quite leery of my ability to actually learn, understand and trade.
Fast forward five years... It's really hard to believe that it's been five years since I started this Trader-in-Training journey. Oh the amount of knowledge I've obtained is amazing! If you're new to trading or considering learning, let me share some major things I've learned that I hope can help you.
First, it takes time, patience and practice to learn trading. If someone is selling you a "get rich" trading plan even if you've "never traded before," RUN! There's no such thing as a get rich trading plan! Learning to trade takes time and because it takes time, you need to be patient. While you're taking the time to learn and being patient, you need to practice in a paper account! My biggest advice is put in the time to learn and practice A LOT before you put your hard earned cash at risk. (I paper traded for almost a year. You might need more or less time. That's just what I was comfortable with.)
Secondly, keep your emotions in check! Oh how I could be swept away with the price action swinging wildly and let my emotions take control, making trading decisions on emotion instead of my trading indicators. I won't tell you how many times that bit me in the behind! That's when I realized how much psychology is involved in trading. We either make trading decisions based on analysis, indicators, etc or we make trading decisions based off emotion. Sometimes, I still have to remind myself to check my emotions at my office door.
Thirdly, STOP LOSS, baby! This too, I've learned the hard way. Trader_Joe and I keep detailed reports on our trading. One thing we track is our trading profit and loss percent. I wanted so badly to have a trading percent above 85 or 90, that I'd hold on to stocks because I didn't want to close at a small loss and "mess up" my average. So, in my effort to maintain my stellar successful trade percentile, I allowed stocks to become "dead weight," as we call them. In other words, I watched the small loss turn into huge loss and then am saddled with a "dead weight" stock for weeks, months or longer! And sad to say, I've got a couple of "dead weight" stocks still sitting that will most likely NEVER get back to my buy price. A great example of how my ego got in the way of making good trading decisions and getting out with a stop loss.
I could go on with so many other important things I've learned, but will stop there. Now, I'm beginning a new adventure in my trading education. I'm going to learn to trade Forex. Let me tell you how much I know about Forex... absolutely NOTHING. I had to look up the definition of Forex on Investopedia. Yes, for real. LOL. I hope to blog and share with you my Forex learning adventures. Looking back, I wish I'd done that with stock and options while I was learning, but honestly I was overwhelmed and didn't think anyone would want to read about it.
If you're interested in learning Forex with me, check out the page about the Forex training. http://investorshelp.net/learn-forex-with-cindy.html. If you're not sure if you want to learn yet, stay tuned for my blog posts and I will give you the "tea," as my teenage daughter would say. Or in adult terms, I will give you the news updates on my new adventure learning Forex!
Happy Returns,
Trader_Cindy
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