This is My Stock Trading Journey

tips

All of the posts under the "tips" tag.

Q&A With Trader Dana

Welcome to week two of our trader interviews.  This week we meet Dana.

Q: How long have you been trading?
A: I joined TopGun in April of '14, so a little over a year

Q: How many trades do you think you average per month or year?
A: 2-3

Q: Why did you decide to start stock trading?
A: I am retired and wanted to supplement my income

Q: Have you been to any NVOWS seminars?  If so, which ones and what were your thoughts on them?
A: I have been to all of them several times.  Seminar I is a sales seminar, not very useful for trading IMO. The others are pretty good.

Q: Is stock trading what you expected?
A: Yes. It is hard work, but can be a lot of fun too.

Q: Is there anything you know now that you wish you had known when you first started?
A: Not really. Trading is a game of experience, not book learning.

Q: Are you consistently profitable?
A: So far so good. I am better at credit spreads than Calls and Puts.

Q: Would you recommend someone join Top Gun?  Why or why not?
A: Depends on the individual. This is not a get rich quick scheme.

Q: Besides NVOWS materials what other resources (books, websites, people,etc) do you use?
A: Yahoo Finance, Bloomberg, CNBC.

Anything else you'd want to add.
I couldn't do this part time. With my personality, I need to be engaged with my trades without distraction.

 

Trader August 23, 2015 Leave A Comment Permalink

Q & A With An Actual Trader- Kevin

This is the big day!  For over a year I’ve been working on a special feature for my blog where ordinary everyday people turned traders would answer a few questions.  I hope this feature will help guide many as they decide if trading is for them and who they should learn trading from.  I also think many traders will benefit from learning how other traders are doing and what is or isn’t working for them.  Each week I will highlight one trader until I have no responses left.  If you would like to be one of my ‘ordinary everyday’ featured traders please shoot me an email.

So without further adieu…meet Kevin.  He should really be one of those people in my People You Meet Along the Journey post because he is definitely one I would not have met had I not started trading.  We met through my blog and he’s been my closest ‘trading friend’ since.  We’ve been bouncing trades, stock market theories and life off one another for years now.  Two weeks ago my family was fortunate to meet his beautiful wife and family as we passed through his neck of the woods for a wedding.  They were gracious to open their home, table and lives with us as we talked well into the night. (At least it felt that way since we all have very little ones.)  Okay okay enough with the rambling, here is a little Q & A with trader Kevin.

Q: How long have you been trading?
A: On and off for over 2 years.
Q: How many trades do you think you average per month or year?
A: When i am actively trading, I average about 5-10 trades a month.
Q: Why did you decide to start stock trading?
A: I was initially drawn in by radio ads from David Mitchel, and attended a 2 day seminar and enjoyed it a lot. But long before that, I believed (and still do) that the stock market is one of the few remaining level playing fields where anybody, regardless of background can make money with the right skills.
Q: Have you been to any NVOWS seminars?  If so, which ones and what were
your thoughts on them?
A: I’ve attended seminar I twice, and seminar II three times. I enjoyed both seminars, but they tended to run much longer than needed. I think both could have been condensed into a 1 day seminar by omitting much of the up selling on their other seminars and products. The information from seminar I lays the foundation on knowing when to be in the markets and provides a basic strategy for market timing, and seminar II teaches options buying strategies using the same chart patterns taught in seminar I. The seminar speakers are knowledgeable and entertaining, but their presentations are basically derived from slides made by David Mitchel. Sometimes the information on the slides begs a question that goes un-asked, and I found that sometimes the best bits of information gleaned from attending the seminars came from privately asking the speaker during a break rather than during the actual presentation.
Q: Is stock trading what you expected?
A: Heck no. I never expected the emotional roller coaster it would turn out to be for me. I never expected it would be so tempting to not follow basic rules.
Q: What strategy do you prefer? (i.e. spreads, stocks, options, etc)
A: I prefer buying options, long calls and puts. Spreads come in at 2nd.
Q: Is there anything you know now that you wish you had known when you
first started?
A: Can the answer be “everything”? In all seriousness, if i had to give myself advice 2 years ago, i would say to stick to the basics, all of the fancy strategies you are tempted to try out are a dead end. Timing is everything and getting the stock direction right is only half the battle. Buy options with plenty of time till expiration to give your position time to work itself out. Don’t get greedy and take profits when you still have a chance. Don’t try to shadow the trades of a day trader who makes millions unless you are actually approved to day trade in your account. (I was dumb enough to try this).
Q: Are you consistently profitable?
A:Not at all. I’m consistently unprofitable. I’ve made thousands and lost thousands, but i’ve definitely lost more than i’ve made. Every loss is a lesson, and sadly i think learning the hard way seems to be the only way i’ll learn. On the bright side, I think i’m on my way to actually learning to not do dumb things.
Q: Would you recommend someone join Top Gun?  Why or why not?
A: This is a tough question, because I want to say yes! absolutely join top gun! The information taught is good and solid and has the potential to earn you much more than you paid in tuition, but now that i’ve been around the block so to speak, I am a little hesitant to recommend. Why? Because the information is readily available for free elsewhere. The tricky part is knowing what information to seek out online. Listening to the wrong person can be very costly, which I know from experience. I am tempted to tell just a few key words you can google to find all the information you’d ever want, but maybe that’s not fair. You’ll just have to sign up for top gun. 🙂
Q: Besides NVOWS materials what other resources (books, websites, people, etc) do you use?
A: In no particular order: 1option.com has a daily market analysis that is helpful. Even more helpful is his “options strategies” and “option Q & A” sections which are a goldmine of information. I also visit https://tradinglicks.wordpress.com/ which has a unique perspective on the market. The blog author invented a market timing indicator using volume alone and i think it can be a valuable tool to see which direction the big money is pointing towards. I also sometimes i listen to the market recaps from Brian Shannon, a certified market technician at http://alphatrends.tumblr.com/. He has some enlightening blog entries as well. I’m also reading a book by Richard Wyckoff, one of the pioneers of technical analysis – the guy who coined the terms “support and resistance”. Much of his book is in harmony with NVOWS/David Mitchel, but his ideas on volume analysis are different (and better). The book is called “The Richard Wyckoff Method Of Trading and Investing in Stocks”
Anything else you’d want to add.
A: There is a reason most people lose money in the markets. It is hard! Don’t beat yourself up if you’re one of the 85% of market participants not making money. Keep at it, keep learning (from good sources teaching sound principles) and dont give up. A person who takes risks with his/her money is wiser than the person who sits on it, even if the risk does not end with reward. Money will come and go, but the experience and knowledge gained from participating in the stock market cannot be replaced. Many people after years of hard work and determination finally have their light bulb moment and began consistently making money, but prior risk and failure is almost surely a part of that path for most.

 

Trader August 13, 2015 Leave A Comment Permalink

Pre-Trading Couseling-What I Wish I Had Known When I First Started Trading

Before I got married my husband and I sat through weeks of pre-marital counseling with our Pastor and weeks more in a class setting. We learned so much and it helped get our marriage off to a great start.  As I celebrate my 3 year trading anniversary and think back to when I started perhaps that would have been helpful before I started trading. You know, Pre-Trading Counseling. Someone to sit down with me 1 on 1 and say,

“This isn’t always going to be easy.”

“This is going to take a lot of hard work.”

“This will stretch you and make you uncomfortable at times.”

“This will make you grow and refine you.”

“There will be times when you will second guess yourself and wonder if you have what it takes.”

Well I’ve put together just 4 of the things I wish someone had told me when I started trading and perhaps they can be helpful to someone else who is starting out particularly if trading with Neuventure on Wall Street.

  1. 300% returns are not the norm. Yes, that is what is used in the seminar examples giving me dollar signs in my eyes and thinking I’m going to always get the perfect buy and sell point. Doesn’t work that way. 300% returns come along but they are NOT the norm.
  2. It’s okay to get trading information from a variety of sources besides just NVOWS. At fist I was told I would just get more confused if I learned trading from anyone/anywhere else. This closed me off for maybe over a year of learning from outside sources and to be honest I just didn’t get enough information from only NVOWS to make me a great trader because I couldn’t afford all their programs that make up a well-rounded trader. I mean, I didn’t even learn historic horizontal lines from them and we all know those are a really big deal. It’s simply okay and even important to take advantage of some of the great information available through books, websites (here are some of my go to websites)  and other traders.
  3. Being an NVOWS “Insider” is not an excuse to casually look at the market and not do much while waiting for Market Alerts and Stock Calendar updates. For more time than I would like to admit I was extremely passive and would hardly glance at the markets until I got a Market Alert telling me it’s time to trade and here are some stocks to look at. Well by the time I looked into all of them they were past good buy points and I had missed the move…again. This is such an important lesson to learn early on. You must do the work yourself. Look through charts everyday. Set price alerts on stocks nearing good buy points. Check earnings. Be ready with stocks so when the market lines up you are ready to pull the trigger quickly.
  4. And the number 1 thing I wish I had known when I started is that trading is a ton of work.  I got the impression at my first seminars that trading was simple, anyone could do it and I could easily make a bunch of money. NOT THE CASE! It is hard work and involves sacrifice.  Sacrifice of free time is the main one. Instead of reading a nice recreational feel good novel or watching TV, evenings after the kids go to bed are spent pouring through charts, past trades and continuing to learn how to become a better trader.

Had I known some of these tidbits I could have probably learned more quickly and saved myself some disappointment. Other tools you can use are my questions to ask yourself when considering trading and my top 10 things to know before attending Seminar 1.  I know my pre marital counseling helped me learn some realistic expectations of marriage, my spouse and the effort it would take to have a wonderful marriage. So there was my attempt at a little Pre-Trading Counseling.

How ‘bout you?

What do you know now that you didn’t know then? Or what would you tell someone at Pre-Trading Counseling?

Trader August 15, 2014 19 Comments Permalink

My ‘Go To’ Websites

The first thing I look at in the morning (after my husbands obnoxious bed head of course) are futures on http://finance.yahoo.com/.  It is also a great place to find market news, earning dates, economic reports coming out and of course news on specific stocks.

Another site I like to use for futures is http://money.cnn.com.  What I like most about this site though is the speed at which they post economic reports, major news and statements from fed meetings.  This is a must ‘go to’ when there are numbers coming out or the fed is going to issue a statement at a certain time.  They seem to post a quick summary in red at the top of the screen where with other sites I seem to have to search for that same news/report.

For a great FREE customizable stock chart check out www.freestockcharts.com.  This site is amazing.  At first glance and looks and feels just like Telechart.  In fact it’s run by the same company it’s just their free version.  It gives you a chance to get a feel for Telechart before deciding if you’d like to use the paid premium version.

For a simple quick run down of what’s to come that day http://thestreet.com has a summary posted in the morning that gives a run down on futures and what news items are driving them, what the foreign markets did over night, any economic reports coming out and any major companies that have earnings.

A while ago a fellow NVOWS trader who stopped by stocktradingjourney suggested I check out 1option.com.  Every trading day Pete Stolcers writes a market summary that is usually dead on.  It’s timely and will save you at times from having to wait for Market Alerts in your email that sometimes never come.

How ‘bout you?  What websites do you find yourself visiting again and again?

Trader February 20, 2014 6 Comments Permalink

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