How do you train to be a trader? What are your methods?
Just curious what all of your opinions are on this topic. We all have different Ideas on how and why markets move and what assets we like to trade but what are the different ways in which you prepare for trading? Do you have daily regiments? What do you do before the trading day and after?
What I do:
I spend time following the news, however more importantly watching how markets react.
I spend 4 hours a day paper trading, an hour before work 3 hours after. 5 hours on Saturday and Sunday.
I trade during work.
Now don't make fun of me, but I do listen to what the traders on CNBC say, not for Ideas but how they formulate ideas based on current information and market flows.
Recently I started to meditate and do yoga, to hopefully develop a clearer mind and improve concentration and focus. From my understanding Steve Cohen of SAC had a psychologist, Ari Kiev who has since passed away, work with him and develop his focus through meditation and concentration exercises.
I basically look at trading like an athlete looks at his sport.
Curious, what do you do?
I would recommend some trading psychology books, they will go over everything that you do not experience trading a paper account.
I've done paper accounts before I ever traded with real money, and the euphoria from success, and all the biases that make you not get out of positions when you need to get out of them are very real and a good trader needs to learn to harness them.
Thanks...I have read most or Ari Kiev, Brett Steenbarger, and Mark Douglas....they are all very good...I also trade real money, just US equity Markets. I agree 100% that there is a big difference between real and fake money obviously, I actually started trading real money before paper, and wish I had done the opposite, at this point though I don't feel much of a difference between the two.
I trade real money and for the past 7 months I have had quite a run trading short term mostly intraday.
What do I do?
I wake up early, sit down at my setup, look at the news and what's happened with the markets since I've fallen asleep, make some coffee, and then make some money.
Some days I stop at 10:00 AM (usually 3:05 PM), but most often I'm sitting there until four. The large majority (80%) of my trades are options-based.
A cab driver in NYC could have made cash trading on his Scottrade account with his laptop during these past seven months. I'm not bashing the run you've had, but I would certainly be cautious. It's good to know, however, that you can make money intraday.
Continue your run, and stay with the passion. And FFS, if you've been trading paper for these past seven months for four hours per day everyday, you need a new hobby. What are you trading on Saturday and Sunday? Forex?
Take it from a real man though, Paul Tudor Jones. He cracks open a Bud Light at 4:30 AM to start his day off.
//www.wallstreetoasis.com/forums/trader-documentary-paul-tudor-jones-must…
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