lol I'm too lazy to word out my blog properly, I'm just here to help smarter guys than me who deserve to know what I've realized, Im sure some here will be good at this and just got stuck in the poker boom and cant get out of the rut.
Damn this is 10x better than poker. Less stress, more money and less embarrassing and all that soul searching stuff is never a problem. I've always thought that learning all the technicals or fundamentals and trading like a "genius" of sorts - because at poker we were taught that way, and the best players played like that. A lot of people here are like 100x smarter and more disciplined than I ever was, so I'm thinking if people really got into it, they could make the shift and make a boatload of money, or at least live comfortably. LP give it a try, the tools you need does not need years of digesting information, learning curve is steep but you only get better over time. I lost half my port, but BR management practices and variance from poker really helps a LOT!!!
So far this is what I've learned is true:
*technicals are great, but it's mostly lagging indicators and you dont really need to learn cloud charting, harmonics and flow, all those fucking scientist looking shit. Learn simple SAR, MACD, RSI, FIB retracements, moving averages and STS - that's it.
*KNOW THE MARKET, IT's PLAYERS and OPERATORS - very important to be familiar and good at anticipating the news and making "reads", I play a very small market so the NYSE, NASDAQ is going to be tougher but just know the "latest" . knowing who's buying and why is key.
*Market noise, rumours are a great resource and people telling you it's bullshit is dead wrong. Communities are communites and people in LP are mostly the same helpful people in an x stock trading forum. There's good and honest guys bunched up with retards, just know who is who.
*YOU LEARN 100x more on losing trades, and absolutely nothing when you win. Always remember that.
on't jump into forex and options, commodities are the easiest to enter when still a beginner, trust me. Skillset required is so much less compared to poker, you can make money if you are a 25nl winner I promise you. But you have to be the type of nit who knows when to go full blast when you make a good read or have a lock (of sorts)
*Financial literacy is definitely better for interpreting more complex business transactions and interpreting disclosures which can be tricky. READ DISCLOSURES ALWAYS ALWAYS ALWAYS
*Position sizing correctly and making sustainable bets is key to long term success. Ive learned this the hard way losing a third of my port.
*Trading like a brokerage(day trading like some genius, making tons of small ball winning trades is not the right way if you want wealth accumulation). you will be incorrect so many times you will just be like an FPP pro at stars without any rakeback lol. Making small bets is correct, but knowing when to buy on dips and tranches is vital, just set a budget.
*Money is always at the sitting, not trading like a genius. Dont think you need to be gordon gecko and waste all that money on charges that will build up like a mofo. Less is more, you WILL lose 6 out of 10 trades, break even in 2 hit homers in 1 and double or triple your bankroll. You make money during sideways markets, but don't aim for those, eventually it will frustrate you. Know when to bet BIG. Paper gains and losses dont matter.
*Linear thinking by CFAs or geniuses are not always correct, but they have some good solid points on market digestion of disclosures and hidden gems. The most successful traders never went and got finance degrees from wharton, they never made money from trading their own money but from salaries and commissions from big fat clients with dirty money. They go into losing trades just to ramp up commissions.
*Remember this is legal and can be your lifetime "career" that you can tell your friends and family. The skillset for position trading is so much less than what is needed for say, beating 100nl at stars especially today. I will not bullshit people here and as long as you are sure you will put half the dedication you put in stars, you WILL be ok. Theres no linear path to being successful here, and there's weird ways to make money, unlike poker wherein you have to be as consistent as inhumanly possible to keep up. Bull markets give you the opportunities to sell since everything you hold is going to make money, Bear markets give you opportunities to create wealth.
*only downside I see is capital, you have to have capital 100%, this is not something easy to grind since you are diving head first where everyone plays. this is the only way i see poker being better than stocks, but hey you people here have got money so thats alright.
*It's not completely zero sum and you will make money eventually, staying in the game long enough to build dat trading gene is more important than making money to buy a car when you get lucky in a bull market. Embracing Chaos is what you have to train for, build that thick armored skin for battles you will be waging daily, poker has given me a headstart on BR management and variance, all I need now is that chaos gene to be ingrained in my DNA.
Books: ONly stuff that you need to start
*Reminiscence of a stock operator - it's the "ace on the river" of stock market trading
"Welcome to my trading room" By Elder
*Securities Analysis - Ben Graham (Too long didn't read lol) Still the best resource for computing various valuations in different aspects
*Technical Analysis Explained - Martin Pring
*CFA books on fundamental analysis, or step by step investopedia.com, learn the terms like tender offers, stock splits, SRO, listing by introduction etc etc it wont take a month and you'll know the most useful ones
If you get the hang of it all, use metastock, chartnexus or amibroker as an EOD stock screener, much like holdem manager only tougher to understand. there's tons of other options out there that are web based, i like the end of day offline software better though.
Good luck LP! Ask me anything in this thread. I'll be 100% honest and simple with my answers. Not a brag, but I know I will do very well as I will be doing this till I'm dead, and yes, it is sustainable. U.S. Markets now are going to shit, it's the best time to learn stuff in trading experience points for Americans here lol
going to build version 3.0(3rd attempt lol) soon and although my 2nd setup is going decent and I see relative crab growth and moulting, I still need to tweak a few stuff like DIY skimmers and algae scrubbers for both ammonia and phosphate. Im also still looking for a cheap labor guy here since I fired the first one and the 2nd one was a complete drunk but ok worker and just left so now I need to find another guy to oversee and maintain everything while I work on looking for suppliers for running the commercial scale system Im planning e.g. 500 to 2000 heads of crab with 2k modules for each cycle just to start
Im going to some province up north for some rigorous hands on training on crab hatchery and grow out so that I can build a somewhat incomplete but reliable supply chain, setting up a hatchery company so that the crab farming grow out and soft shell company can purchase crablets and juvis there. I plan to specialize mainly in crustaceans and probably some mollusk since I find fish boring and besides crustaceans fetch a better price. Plan is to proceed to shrimp then finally to either lobster(if its culture is feasible) abalone seems easy but takes over a year so not sure about that one.
Recirculating aquaculture is very tricky and somewhat expensive to do if you don't know what youre doing, that's why my main focus is to DIY every damn thing if possible - the options for automation are so vast and expansive that its easy to burn money and eventually give up. The training broodwar and poker has helped so much in being so obsessed about learning this thing and coming up with the best build order I can use haha. I still have years of learning to do but for now I feel I can start small and test the markets and everything else related to the business aspect of the seafood business.
Crabs are honestly very sick creatures, they will eat their own kind at the drop of a hat (since birth). I stopped eating crabs after starting this whole journey of crab culture lol. I even think Crabs fighting could be a good underground betting sport like cockfighting since they will kill each other just for territory alone. Soft shell crabs are yummy though, but yeah I don't trust these fuckers one bit. Soon LP, soon.