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Your Trader Area is finally HERE(1) Comments
Friday, August 15, 2014

We are LIVE now with your FREE trader area on our StockTraderWiz Trader Portal!  Thank you for being so patient as we grow!  This is just the beginning of what we have planned for you.  Let me give you a quick tour.


All users can now access their trader area by clicking on the “My Trader Area” link at the top right of the header at https://StockTraderWiz.com .  Please note, you must be logged in to see this link.


(Look at the image to see how to access My Trader Area)

While looking at the home page, let me also point out the top slider that will always show the latest 20 winning trades across all traders on our system.  Consider this the “Wall of Fame.” Winning trades are showcased on our home page (and in your public profile). 


Click on any of the “Trading Cards” for a detailed view of the actual trade—IN price, OUT price, snap shots of the Entry and Exit, the $ amount and % gained on the trade, and most importantly the trader’s rationale for entering and exiting the trade!


As a beginning trader, experience and technique take time to mature.  Seeing other trader’s winning or losing trades, their rationale for entering and exiting, and other trader’s comments all offer great insight into learning how to trade.


Never underestimate the value of seeing other trader’s results.  We learn through our own experience and that of others.  Beginning traders should try to review as many of these winning and losing trades as possible in order to learn winning techniques to emulate and losing techniques to avoid. 


There is no shame is losing as it happens to all of us.  Our objective is to be honest with ourselves and try to see what we are doing wrong (along with the help of other traders) and then to begin to fine tune our approach so that our winning percentage starts to increase.


The goal is to improve your Wins to Losses ratio!

Important Note:  The more detailed we are in our Rationale for Entering and Rationale for Exiting, and the more detailed we are in our comments and suggestions to other traders, the more we will all learn and grow.


Learn. Trade. Grow. Together. Today!

(Look at the image below to see one of my own Trading Cards)

In order to get started using our new system to learn and grow as traders, the first step is to Update your Profile.  (Don’t worry, no contact info is displayed to the public—click “View Public Profile” to see what other traders view about you.)  Your profile is an important part of our online community as it tells the other traders that you are here and fully committed to learning how to trade.  It tells us all a little bit about yourself, but also gives us an idea of what your goals are as a trader and what other traders can help you with in order to get you to the next level as a stock trader.  That is after all our goal right?


Completing your profile is like raising your hand in class, it lets everybody know that you are present and ready to participate in this learning experience.  There is no other place online where we are so open and honest about our trading and where we work together (collaborate) on all of our trader’s growth.


Remember our Mission and Vision!

Mission 

It is the mission of StockTraderWiz.com to create a safe, positive, open, and nurturing environment for its global users to learn, collaborate, and grow as stock traders every day. 

Our Guiding Principles: 

  • A “Safe Environment” is one in which traders can openly collaborate without being attacked for their inexperience or bombarded with “Get Rich Quick” products or services.
  • A “Positive Environment” is one where its users treat others with respect and a genuine interest in helping less experienced traders to grow.
  • An “Open Environment” is one where we can all be honest about our trading abilities and where no question is a “dumb” question. We all start somewhere, and only by sharing openly will we achieve the level of trading proficiency we desire.
  • A “Nurturing Environment” is one in which traders at all levels are willing to help those at levels below themselves. It is a place where we understand that every trader can grow and we appreciate the help others have given us, so we Pay it Forward.
Vision 

It is our vision that StockTraderWiz.com will be a preferred place for beginning stock traders to transition from novice traders to Stock Trader Wiz’s. Placing a trade is easy, but knowing when and why and for how long to hold are skills that come from experience. We envision, and will work hard to maintain an environment where novice traders can transition to the levels they desire. Whether you just want better understanding of how to improve returns over bank interest rates or whether it is to eventually trade for a living, we envision StockTraderWiz.com being the best place to learn, grow, and collaborate. 

We envision a positive, nurturing environment where experienced traders are open and willing to share their knowledge and not out to “Take” from those less experienced.



  

There is no reason to be shy or embarrassed about your trading.  We all win and we all lose.  Especially as beginning traders we are very inconsistent.  Anybody that tells you otherwise is deceiving you. 


As a StockTraderWiz, we are all looking to help each other grow.   Those that know will share with you, and as you learn, we expect you to do the same for others (Pay it Forward!).  This is our trading community and we should make the best of it.  Those that do not have the same objectives or philosophies will be kindly removed.  (Please report any traders that are not following our Member Conduct Rules or helping us fulfil our mission.)


(Look at the image below to see my Profile.  Please fill yours out completely!  You can always look at “View Public Profile” to see how your profile appears to others.)


After filling out your profile, go to the My Trading tab.  The My Trading tab is the nuts-and-bolts of managing your trading diary.  This is where you enter all your trading data.  Let me give you a quick breakdown of each of the menu items under the My Trading tab so you can understand what it’s all about.


My Trade Stats—this is where you see your overall trading performance by trade type (Core, Swing, Day, Short).  It tells you at a glance where you are doing well and where you need some improvement.  This is your score card on how you are doing as a trader. 


Don’t get too caught up in numbers.  This tool is NOT designed to make you feel bad about your losing trades.  This IS a tool that can be used to identify problem areas and improvements over time.  The most important lesson for you to learn is to be HONEST with yourself. 


It does you no good to delete your losing trades because you will never be able to evaluate them in the future as you grow and you will also lose the opportunity for other traders to lend a hand through their comments.  To learn to be a successful trader, the biggest lessons to embrace are those of brutal honesty and open introspection.  No trader “out there”(point to your computer screen) is your competition…your biggest competition is “in here” (point to yourself). 


You are your own worst enemy!

You are your own worst enemy and it is ONLY through your own evaluation and growth that you will meet your trading goals.


(Below is an image of the My Trading Stats page.  Your objective is to improve your results over time, not get depressed or overly optimistic by what you see in the short term.)


Active Trades—This is where you enter “active” trades (open trades).  When you place a trade, you enter the type of trade (Core, Swing, Day, Short), IN price, quantity, a screenshot of the entry point, and your rationale for entering the trade.  The more detail you enter will help you later when reviewing your trades, it will also allow other newer traders to learn from your approach, AND it will allow more experience traders to help you through comments.  Don’t be afraid to ask others for help or indicate what ideas you are testing in your trading.


Trades that are currently open show up on the Active Trades list.  The list basically tells you all of your trading details for each trade.  Another very critical component to this list is the “$ Risk” and “% Risk”.  It is critical that you learn to manage your money very carefully in order to last as a trader.  We created a tool to help you manage your risk. 


The % Risk column background color tells you whether your risk exposure is good or needs to be reduced.  Green means you have diligently limited your risk with your stop loss order.  Yellow means that you are slightly high on your risk exposure and you should adjust is as soon as is practical.  Red means you are at risk of taking a large loss and your trade needs your immediate attention.  Don’t ignore these warning signs.  They are there to help you succeed.


You can review the other columns and links on this page to see what information they give you and how you can add and edit your trades.  Since this is such an important page, very soon we will have another tutorial on how to use it in detail.


(Below is an image of the Active Trades list page)

Trade Archive—This is a list of your “closed” trades.  Once you close one of your active trades by entering the sales price, rationale for exiting, key learnings, and the exit photo, the trade is moved to your Trade Archive.


The trade archive list shows each of the trades that you have closed and tells you at a glance how you did.  You can filter the list by type of trade and sort it to make it easier for you to review and analyze your trades in the future.  You will notice some financial information that is not visible in the public profile view.  We only display the parts we believe are necessary to 1.) help newer traders learn, and 2.) help more seasoned traders offer some guidance.


To analyze your trades, you will go to the Trade Archive

 

To analyze your trades, you will come back to this Trade Archive list frequently.


(Below is an image of the Trade Archive list page)

Settings—this is where you set up your commissions for your trades.  More settings will be added later in other phases, but for now, the important bit of info on this page is commissions.  The system defaults to $20 which is pretty close to many online commissions from various online brokers.  You can adjust this to closer match the commissions you pay.  Please note this is for a “round trip” meaning the commission for the purchase PLUS the commission for the sale added together.


Don’t get too wrapped up in having to make your commission EXACT.  This is not an accounting software.  It is important that we account for commissions as not doing so can kill us on our overall trading success.  The exact amount of our commission is not too critical (that is why I always use an even $20).  As long as our risk exposure and trading results include our commission, you as a trader get a much better idea as to whether you can make it long-term.


Commissions add up quickly.  Your trading has to out-perform all trading costs or your account balance will dwindle, even if your winning percentage is high.  Our trading tool accounts for commissions throughout and as a result gives you as a trader immediate visibility to your true results.


(Below is an image of the Settings page)


As you can see, we have spent a lot of time working on creating a system designed to help beginnings traders (traders of all levels really) to become better traders.  One key principle that permeates the entire site is this…


Helping others makes you a BETTER trader!

 

Helping others (explaining your own methods) makes you a better trader overall!


If you know that other less experienced traders are relying on you to help them learn, then you are much more conscientious about executing your own trades well.  When you execute your own trades well, then you, by default will be more successful in your own trading.


Student-teacher, Teacher-student Collaboration

You see, the student-teacher, teacher-student collaboration we have designed at StockTraderWiz is something you will not find anywhere else.  Traders at every level will be focused on trading well and helping others to do the same.  Selfless collaboration between traders will make our online community the premier place for traders of all levels.


Decide to participate.  Decide to grow.

 

I hope you decide to participate fully…that is your choice, but it is the best way for you to succeed as a stock trader.


HAPPY TRADING!

Raho Comments...Rating 
Excellent!
Posted on: 8/15/2014 12:59:54 PM
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