hasadz
07-06-2012, 04:29 AM
Practice my friend, and practice well. Develop a trading strategy (or adopt one that already exists) and FOLLOW IT TO THE LETTER. If you have no experience at all then I highly recommend you paper trade at websites like www.kaching.com or www.updown.com they are free to sign up and paper trade your strategies (i prefer kaching over updown).
After you have a strategy or system in place then you have to follow it exactly, even when it loses money. Over 90% of traders who have strategies or systems never follow it through all the way and lose even more money then they were originally going to if they had followed the system. Good traders follow the system. As for "skill", the skill is overcoming your emotions and not getting attached to your holdings (be it a stock, or a currency or commodity or bond or ETF or w/e). You may love Nike as a brand, but as a stock, are they good? Maybe not but because you love the brand so much you decide to hold on to it and eventually lose money. Not a smart move. That's where the skill comes in. Good luck
After you have a strategy or system in place then you have to follow it exactly, even when it loses money. Over 90% of traders who have strategies or systems never follow it through all the way and lose even more money then they were originally going to if they had followed the system. Good traders follow the system. As for "skill", the skill is overcoming your emotions and not getting attached to your holdings (be it a stock, or a currency or commodity or bond or ETF or w/e). You may love Nike as a brand, but as a stock, are they good? Maybe not but because you love the brand so much you decide to hold on to it and eventually lose money. Not a smart move. That's where the skill comes in. Good luck