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Redditors gave Wall Street traders an absolute pasting


monkeytassle said:
Had not realised she was. Thought she'd just packed in being a bell.

Anyway. Any questions I'm here to answer best I can. I'm not the world's best trader because I pussy out sometimes. Don't have the killer instinct like some of the big boys do but have a fair amount of experience. Seen most mistakes you can make.
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Im gonna give that demo one a go first and do bit reading.

Then may use couple grand real cash if not too confused so may have questions in future lol appreciate any help.
 
BigPeter said:
Im gonna give that demo one a go first and do bit reading.

Then may use couple grand real cash if not too confused so may have questions in future lol appreciate any help.
Click to expand...

The demo accounts are definitely useful when starting like. Just try to understand a few useless metrics for determining value of a company and stick to areas you largely have some sort of solid understanding. Be very mindful of what you don't know and try to establish some area of competence before expanding
 
Here's some *very* good advice from t'web imo.


Scale in. Do not buy all at one point.

In this way you can average down your cost, if it goes down.

If it goes up, then you are buying in the direction of momentum.

This also means that if it swings wildly against you, you risked very little and can get out.

This isn’t investment advice, but rather a recommendation for new traders and a different approach to accomplish the same thing. It can be applied to pretty much every trade

Edit: Also applies to taking profits.

You will never nail the peak unless you are luck as fuck. Take profits via scaling out. Hit your PT to cover initial cost? Take some profits.


Example:

You own 100 shares of a $5 stock. ($500). Stock flies to $10/share. Sell half to cover initial cost. This ensures that no matter what you cannot lose money. Now you are playing with “house money.” It goes to $15 a share, which is what you thought it would go to? Take profits of another 25 shares. Now you made $375 with zero risk to principal. No matter what you locked in a 75% gain. You let the other 25 shares ride, and sell whenever you feel like it.

This is how experienced traders play the game. The objective isn’t just to make money, but it’s also to protect initial capital.
 
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sedling said:
Here's some *very* good advice from t'web imo.


Scale in. Do not buy all at one point.

In this way you can average down your cost, if it goes down.

If it goes up, then you are buying in the direction of momentum.

This also means that if it swings wildly against you, you risked very little and can get out.

This isn’t investment advice, but rather a recommendation for new traders and a different approach to accomplish the same thing. It can be applied to pretty much every trade

Edit: Also applies to taking profits.

You will never nail the peak unless you are luck as fuck. Take profits via scaling out. Hit your PT to cover initial cost? Take some profits.


Example:

You own 100 shares of a $5 stock. ($500). Stock flies to $10/share. Sell half to cover initial cost. This ensures that no matter what you cannot lose money. Now you are playing with “house money.” It goes to $15 a share, which is what you thought it would go to? Take profits of another 25 shares. Now you made $375 with zero risk to principal. No matter what you locked in a 75% gain. You let the other 25 shares ride, and sell whenever you feel like it.

This is how experienced traders play the game. The objective isn’t just to make money, but it’s also to protect initial capital.
Click to expand...
If I could buy the low and sell the high I'd be the best trader ont he world.
 
Titus said:
The demo accounts are definitely useful when starting like. Just try to understand a few useless metrics for determining value of a company and stick to areas you largely have some sort of solid understanding. Be very mindful of what you don't know and try to establish some area of competence before expanding
Click to expand...

Was supposed to say useful metrics ffs :lol:
 
Titus said:
The demo accounts are definitely useful when starting like. Just try to understand a few useless metrics for determining value of a company and stick to areas you largely have some sort of solid understanding. Be very mindful of what you don't know and try to establish some area of competence before expanding
Click to expand...

I know fuck all why gonna do that demo and bit researching.

Knowing my luck ill make something on demo try to emulate that with real cash and fuck up :lol:
 
BigPeter said:
I know fuck all why gonna do that demo and bit researching.

Knowing my luck ill make something on demo try to emulate that with real cash and fuck up :lol:
Click to expand...

You've got to start from knowing fuck all at some point mate. The key is just not to exceed what you do know and use those demo accounts as you research and learn. Don't try and make decisions based on historical share prices - looking for low share prices and assuming it will make you x amount because ea few years ago it was x price.

Despite the shit earlier in this thread, MT could probably give you invaluable advice as somebody starting out that should help you navigate a lot of the mistakes people often make when starting out
 
wigwams said:
And by the time you get to here 4 people have been banned
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Self ban requests, undercover mods, smack heads and shares...

Usually day on the SMB :lol:
Titus said:
You've got to start from knowing fuck all at some point mate. The key is just not to exceed what you do know and use those demo accounts as you research and learn. Don't try and make decisions based on historical share prices - looking for low share prices and assuming it will make you x amount because ea few years ago it was x price.

Despite the shit earlier in this thread, MT could probably give you invaluable advice as somebody starting out that should help you navigate a lot of the mistakes people often make when starting out
Click to expand...

I made that error starting out on crypto seeing something as a high up but not realising where it started so even if went down a bit it was still high.
 
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