So, that’s it. Yet another blow – two actually – to add to my trading journey. My broker informed me that they’re closing down.
Due to two disappointing trades recently I started thinking more about exits and returns. Are 3% or 4% a good return per trade? Should I aim higher, risk having to stay in a trade for longer and potentially suffer through a temporary downturn or eventual loss? What is the effect of trading fees on my returns?
Proper risk management is still a bit of a mystery to me. I have come across bits and pieces of advice talking about stop losses, probabilities, position sizing etc. So far, I have only really practised honouring my stops instead of letting losers run away with my money.
Kreil provides a whole host of insights, explains the workings of the retail trader’s universe and confirms my own doubts about gurus and social media. Even though I don’t want to give away too much of the content, I have extracted his advice on vetting educators because it’s probably one of the first pitfalls newbies can get sucked in. Find it at the end of this post.
I received an email from a sales person today whose company has partnered with my broker. Obviously, they want me to try out their products.
I told him that I have enough on my hands with stock trading and am not interested just now. Wrong timing, mate!
The internet is brimming with free information and tools for all types of trading. A lot of it seems to serve as a hook to get you to buy this seminar or that membership special access. That’s fine by me. People put a lot of effort into creating these things and then give them away for free, some even without automatic sign-up to newsletters that’ll spam your inbox.
Below are some sites I have come across; by no means an exhaustive list. Also, I have stopped following some of those by now, but wanted to list them anyway because I got some value out of them.