Page 66 - THE MARKET WHISPERER

64 PART 2 - Day Trading And How To Get Star ted

tremendous psychological pressure and lead you to break discipline,

with dreadful results.
5. Don’t trade alone. You’re still far from ready! Make sure you have

ongoing, real time follow-up. Join an online trading room and listen to
what experienced traders have to say. Then try to emulate their actions.
6. Trade in small quantities. You’re not safe from errors. Your initial goal
is to successfully conquer the market while trading in small quantities

and creating minimal profits or losses, all for the sake of your learning
curve and not for getting rich quick. Only when you have greater control
and stable profitability should you increase the amount.
7. Keep a trading diary in which you list every action you take, with notes
and conclusions (to be discussed further). When we don’t write the

details down, we forget them.
8. Read this book a second time once you have some experience. Only

in the second reading and having traded with real money will you

understand the significance of the assistance this book offers. Read the

book a third time one year later.

Don’t try to learn alone. It never ends happily…

What’s your profession? Engineering? Law? Computer technician? No
matter what it is, I’m sure you invested serious study time, whether it was a
technical course for computer repair or long years in academic institutions.
I’m sure you never thought you could be a successful professional without
studying and then devoting more time to internship. It always amazes me
that people think they can succeed in stock trading without investing in
their studies!

It’s amazing to discover that most of the independent traders never
bothered to study in any formal framework. In one of the most complex
professions around, most of the people active in the capital markets rely
on their gut feeling and luck.

SMART When we manage other people’s money, we feel obligated
MONEY to study. When it comes to managing our own, we behave
recklessly and even negligently.

When we handle someone else’s money, we feel the need to study,
but when it comes to our own, we behave irrationally and rely on a
“third sense” to get it right. How strange it is that we lose our faith in