Investing General Discussion

Jysin · Aug 6, 2021

Shonuff said:
I can't let this be any sort of emotion or need. I just have to hit the arrow at the target, and make the best shot I can.

I'm just learning how to calm down.

I have a couple required reading I recommend before actively day trading.

Trading in the Zone: Master the Market with Confidence, Discipline, and a Winning Attitude|Hardcover

Trading in the Zone introduces a whole new mental dimension to getting an edge on the market. Use it to leverage the power of the “zone” for unprecedented profit.Mark Douglas uncovers the underlying reasons for lack of consistency and helps traders overcome the...

www.barnesandnoble.com

Think you can also listen free on YouTube.

and

Trade Mindfully: Achieve Your Optimum Trading Performance with Mindfulness and Cutting-Edge Psychology / Edition 1|Paperback

Overcome psychological obstacles to increase trading success Successful traders need to be well-versed and skilled in a wide range of business and economic areas. But now, in addition to effective trading strategies and sound money management techniques, traders need to possess the know...

www.barnesandnoble.com

Shonuff · Aug 6, 2021

I'll check those out. This one helps me tremendously. I didn't realize how I was fucked in the head until I listened to this.

Shonuff · Aug 6, 2021

Sanrith Descartes said:
I got the email confirmation but i dont see how to input a password for the account. It just says sign in with the email address?

Can't remember, is been awhile.

If you navigate through the site, you can see every alert he's ever taken and grade them. He doesn't delete them off if he makes a mistake. When he does a video, listen closely for hints on trades. If you listen, he'll tell you to short something, or get prepped.

Rangoth · Aug 6, 2021

Question for folks, I tried to read up on it but I couldn't find a clear answer.

I own some stock of Company A, and it is currently trading at 4.15$ or so. The company is doing a buyback offer for 4.50$

My question is: Can I just buy 5000 shares right now and then sell them back at the 4.50$ price for instant profit? It seems too easy or too good to be true, but when Fidelity sent the offer I couldn't find anything on "must have owned since" or whatever...

Sanrith Descartes · Aug 6, 2021

Rangoth said:
Question for folks, I tried to read up on it but I couldn't find a clear answer.

I own some stock of Company A, and it is currently trading at 4.15$ or so. The company is doing a buyback offer for 4.50$

My question is: Can I just buy 5000 shares right now and then sell them back at the 4.50$ price for instant profit? It seems too easy or too good to be true, but when Fidelity sent the offer I couldn't find anything on "must have owned since" or whatever...

Without knowing any details, there should be an "owner of record date" included some place. Otherwise someone would have pounced on the arbitrage condition almost immediately. This happens frequently with SPACs on their share redemption offers.

Shonuff · Aug 6, 2021

Jysin said:
I have a couple required reading I recommend before actively day trading.

Trading in the Zone: Master the Market with Confidence, Discipline, and a Winning Attitude|Hardcover

Trading in the Zone introduces a whole new mental dimension to getting an edge on the market. Use it to leverage the power of the “zone” for unprecedented profit.Mark Douglas uncovers the underlying reasons for lack of consistency and helps traders overcome the...

www.barnesandnoble.com

Think you can also listen free on YouTube.

and

Trade Mindfully: Achieve Your Optimum Trading Performance with Mindfulness and Cutting-Edge Psychology / Edition 1|Paperback

Overcome psychological obstacles to increase trading success Successful traders need to be well-versed and skilled in a wide range of business and economic areas. But now, in addition to effective trading strategies and sound money management techniques, traders need to possess the know...

www.barnesandnoble.com

Audio version OK? I like to lay in bed or take a walk in the park and listen.

Jysin · Aug 6, 2021

Shonuff said:
Audio version OK? I like to lay in bed or take a walk in the park and listen.

Trading in the Zone is great for audiobook. In fact, I signed up for a free trial of Audible and you're given a freebie and I took this.

Trade Mindfully has some charting examples and encourages you to work through some exercises. Probably best grabbing the paperback for that one.

Both are top notch in addressing the emotional / mental side of trading.

Shonuff · Aug 6, 2021

Jysin said:
Both are top notch in addressing the emotional / mental side of trading.

That's what I need. Back when I first started, I almost shit my pants. I wish someone had told me to do paper trading in the beginning

.

I don't get nervous now. Trading 70k a trade, but I need to work my way up. For my way of trading, since I'm scalping for pennies, I need to be trading larger amounts.

Sanrith Descartes · Aug 6, 2021

I recall mentioning a while back that new traders should spend time practicing on paper before trading (especially options). The feedback wasn't overly positive. Just jumping in with real money was the preferred method.

Shonuff · Aug 6, 2021

Sanrith Descartes said:
I recall mentioning a while back that new traders should spend time practicing on paper before trading (especially options). The feedback wasn't overly positive. Just jumping in with real money was the preferred method.

When I first started trading, I picked the most volatile stocks, didn't have stop losses, and tried to trade eight at once. I traded from pre market all the way to post market.

Interesting result.

Even when I went to paper trading, emotions went rampant, because I didn't allow myself to lose ever. That's fine for scalping (since I win 90% of my scalps), but anytime I changed strategy in paper trading and lost, I'd be depressed and lose sleep.

I didn't realize I had emotional baggage until I started trading. What a humbling experience.

Sanrith Descartes · Aug 6, 2021

Shonuff said:
When I first started trading, I picked the most volatile stocks, didn't have stop losses, and tried to trade eight at once. I traded from pre market all the way to post market.

Interesting result.

Even when I went to paper trading, emotions went rampant, because I didn't allow myself to lose ever. That's fine for scalping (since I win 90% of my scalps), but anytime I changed strategy in paper trading and lost, I'd be depressed and lose sleep.

I didn't realize I had emotional baggage until I started trading. What a humbling experience.

Practicing on paper let me learn what I was doing right and what I was doing wrong. It also helped me see that I do best when I stay in my lane. I avoid stocks in sectors I have no knowledge of in general and accept that my ideas have to evolve with the market. I used to be really bad at this because I kept trading on how things "should" work and not how things "actually" work. Now, I don't fight the tide and I take what the market gives me.

Shonuff · Aug 6, 2021

Sanrith Descartes said:
Now, I don't fight the tide and I take what the market gives me.

Like I said, I've had to teach myself to be more beta male and less Captain KickAss.

Jysin · Aug 6, 2021

Each their own honestly, I tried paper trading for a month and felt nothing. No matter how much I mimic'd my real trade plan, it felt like a video game with zero consequence. Trading 1k share blocks scaling in and out = zero emotion. Then going live and trading with 100-200 share size I was an emotional wreck, despite the fact any losses trading that small were absolutely inconsequential to my account balance. For me, the paper trading was great to learn hotkeys and get familiar with certain trade plans, but the only thing that truly prepared me emotionally was real trading, however small, and time in front of the screen / in the trade seat.

That's not to say I do not recommend paper trading, quite the contrary. My advice is that no matter how proficient you get at it, your real life trade emotions are another thing altogether. Be prepared for that! Those books I linked were a godsend. Take time to read those, no matter your trading style. The mindset is crucial.

Sanrith Descartes · Aug 6, 2021

CI hit $210 today...

Dance Dancing GIF by The Dude Perfect Show

Shonuff · Aug 6, 2021

Jysin said:
Each their own honestly, I tried paper trading for a month and felt nothing. No matter how much I mimic'd my real trade plan, it felt like a video game with zero consequence. Trading 1k share blocks scaling in and out = zero emotion. Then going live and trading with 100-200 share size I was an emotional wreck, despite the fact any losses trading that small were absolutely inconsequential to my account balance. For me, the paper trading was great to learn hotkeys and get familiar with certain trade plans, but the only thing that truly prepared me emotionally was real trading, however small, and time in front of the screen / in the trade seat.

That's not to say I do not recommend paper trading, quite the contrary. My advice is that no matter how proficient you get at it, your real life trade emotions are another thing altogether. Be prepared for that! Those books I linked were a godsend. Take time to read those, no matter your trading style. The mindset is crucial.

I traded with 100k on paper, so I could numb myself to doing it in real life.

Hateyou · Aug 6, 2021

Sanrith Descartes said:
CI hit $210 today...

PMed you my Venmo

Sanrith Descartes · Aug 6, 2021

Hateyou said:
PMed you my Venmo

Sanrith Descartes · Aug 6, 2021

PLTR doing PLTR things today. -3% on no news. Part of me wants to bank all the profit I have on this and another part of me knows the minute I sell it will become the new GOOG and shoot to $1000.

Hateyou · Aug 6, 2021

Sanrith Descartes said:
PLTR doing PLTR things today. -3% on no news. Part of me wants to bank all the profit I have on this and another part of me knows the minute I sell it will become the new GOOG and shoot to $1000.

Sell it pls

TheBeagle · Aug 6, 2021

Bought a chunk of ETHE at $16.50 a couple weeks ago. Paper handsing the fuck out of 80% of it today.

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