It’s the stock market. What did you expect?
Your Detailed Market Update for Oct 23, 2014 here.
Your Live Market Charts (Futures) here.
As a trading coach for newbies who want to “trade for a living”, as well as those who’ve been around the block a time or two, I’ll hear a comment that sounds something like this: “Wow, there sure is a lot to learn.” Or, “Boy, you sure have to remember a lot of things.”
As it turns out, there is a lot to learn with seemingly countless things to remember. When you think about it, there are a lot of moving parts to the markets; probably as many as there are things to trade and different ways to trade them. So I try to focus on things that are critical to trading
On my site, www.wallstwise.com, you’ll see nothing about get rich quick or make millions in a few weeks trading the market. Quite the contrary. The site and my training is about educating you enough that you don’t need the Jim Cramers of the world.
Learning to trade means learning from the ground floor up. It means understanding the landscape or field that the “game” is played > the game itself > the rules > the players > the game strategies > the moves.
Think of it like a game of chess. You learn the basics, build strategies off of it, and play… win, lose, or draw. As long as you have an appetite to play the game, and play it well, you’ll get better and stronger as confidence increases.
Trading, or learning to trade, is no different. You MUST learn the basics, the rules, as each day is a learning experience where you’ve used what you learned yesterday and APPLIED it today. Newly introduced items are meant to enhance your performance. The trouble seems to come with the layer upon layer upon layer of material to learn.
Here’s the deal: at first it seems like a million things must be learned. That’s not true, there are many things but they all boil down to three or four major themes of which all those other things are subsets. Get a grip on those three or four major themes and apply the new knowledge on top of the old and the next thing you know… the “Aha!” moment.
I love hearing that “Aha!” from students who until that second had not seen what I was pointing out but suddenly, there it is.
In the end, I repeatedly say there is method to the madness, but only if you’re patient, giving yourself at least six months to a year to “get it.”
You’ve decided you want to play a game that can make you money in a hurry. You can’t overlook the fact that if it can you rich in a hurry it can make you poor in that same time.
Patience, determination, a willingness to learn, to win, to risk losses is what’s necessary to put up with all these ups and downs the market offers as you learn.
Forget get rich quick. Think, I don’t want to lose what I have, I want to build on it.