I’ve watched a lot of stock trading videos over the past 3 months.
I’ve read a lot of articles, listened to a lot of audio books, and read — several books —
All on the stock market, trading, day trading, swing trading, psychology, and the like.
While there are many different philosophies, viewpoints, and strategies, what I have been looking for in my research is to hear the same motto, saying, or suggestion from a number of different sources. I figure this way, its must have validity if many people are in agreement. So far, there have been a few things I have heard from several people, and one of the biggest thing I’ve heard is that you cannot ‘steal’ or ‘use’ another person’s trading ‘system’ or ‘style’. The idea is that you need to get in there and create your own.
While this is great in theory, in actual practice it is quite daunting, and to say the least intimidating. The stock market is a big thing, with puts, calls, options, short selling, index funds, bonds, futures, to name a few, along with so much noise in the stock market system training area, it is a challenge to even know where to begin.
What I have been trying to do over the past three months is to take just one or two general concepts from each person or book or video series I take in. Even if its an hour long, and I get one interesting caveat out of it, I feel it was worthwhile. In this instance, I think this caveat of ‘finding your own way’ is a fundamental, so I’ll put my personal seal of approval on it.
What is interesting is that the opportunity to do just thins using various free trading platforms, to ‘get your feet wet’ in the market is available for anyone. Just signup for a free account at a place like Questtrade, where you can signup for a free trading account and trade for ‘play money’ if you will. It is super important when doing this to take it insanely seriously. You really need to feel the burn of losing trades, and setting stop losses and knowing when to exit etc. are all fundamentals that you need to be working on building while trading for free.
While I did NOT take this approach, and just jumped in with both feet, for most people who are more risk adverse and timid, putting some of the strategies you learn as you study to actual practice is a good thing. If you pick up 1 good piece of advice from 100 different people, you can create your own kick ass system for trading that will work for you. That’s my plan anyway, we will see how it goes.