It's easy to argue against free if it's nonsense. Look at all the free nonsense that's posted about patterns and indicators and candles and displays. As for using W's residence as evidence of success, he may have acquired the money through selling courses and newsletters. What beginners need to do is learn how to test hypotheses and propositions so that they don't spend years wandering down the wrong roads.
The trader I mentioned is someone whose journal I found here on ET and I messages him and told him I was a fairly new day trader who believed I could generate a 200% gain on my trading account and I invited him to hang out with us in ET's chat room, which he did. He posted his trades in the journal, but in chat he called exactly what he was watching for a short or long and since he used stop orders to enter, he also called his entries (and stops/targets) in advance. http://www.elitetrader.com/et/index.php?threads/a-70k-bet-that-i-cant-make-a-50-gain-in-2009.148752/ He cut the journal short due to someone spamming it, but continued to call his trades in the chat room (which was moved when ET's room closed). My return that year was rather dismal (I was a counter-trend trader who would let day trades become large losing swing trades instead of just cutting the losses). He ended up with a return of over 100% with his awful (I thought at the time) win rate of 48%. He had 8 years of experience and knew a) the value of trend-following, b) the value of a positive reward:risk ratio, and c) how to follow a plan with absolute discipline. I was new and clueless. When he'd call a trade I thought he was insane and that price would never get to his target. Since he had an equal number of losers to winners, all I saw was that he had a lot of losing trades, whereas I had about a 90% win rate. My R:R was dreadful, however.
Fine advice if you learn on your own with a simulated account. If you learn on your own with real money on the line, you'll most likely pay enough to have purchased every trading course available.
Now let's see how long it takes before Marketsurfer arrives. He should immediately fight this "nonsense". When I read your posting I agree that what he shared was very valuable, because that's the way to trade markets.
A dismal return that year? Huh?? I knew that didnt seem right and now found out why.......... back then you claimed to make over 40% that year with only 2 losing months........ direct quote from February 2010 "I netted 42% last year on a $60K account, my first full year trading." http://www.elitetrader.com/et/index...t-with-50k-account.191742/page-7#post-2742002 That doesn't seem too dismal to me.......
Well anyone going from sim to cash without a proven plan is not very smart, don't really need a mentor for that, it's common sense.
My goal was 200% and I was up 40% in the first quarter, right on goal. Then after large losses I had to claw my way back to where I started. Meanwhile, the guy whose trades I thought were "crazy" and who had too many losing trades and who let trades stop out for a loss after coming within .01 of his profit target and who took a $22K loss due to an order accidentally left overnight, managed to return over 100% on his similar size trading account, while trading during work hours (he was frequently interrupted in chat due to having to handle work-related stuff). So I considered my performance dismal and now I consider it even more dismal knowing what I know now about trends, relative strength/weakness, probabilities, trading plans and the ability to stick with them.
If my sorry butt had to do it all over…., again aaaaaarrrrrrrrrrGGGGGGGGG!!!!! – at the thought of that prospect- LOL Anywho…, and in no particular order Accept no one knows Yet also accept – nothing that happens in the mkt is random…, or without cause (cause is not reason – seldom…, if ever do we know the reason) – shth events notwithstanding SHTF events do occur – as do black swan events Sit my ass down in front of a live chart – on sim – and learn the language – and remain on sim till I’ve learnt it Accept every trade is a 50/50 proposition Accept losing is as much a part of trading…, as is winning We can do everything correctly – and lose (the trade breaks down) We can do every conceivable thing wrong – and win (the trade works out) (what a f'd up deal that is!!!!! - LOL) Routine…, context…, patience…, open mindedness…, flexibility…, understanding and accepting the associated risk…, not hesitating…, remaining centered…, unbiased…, unaffected…, being and remaining a wiling loser…, humbleness…, concerted focus – are all vital skills necessary to be a successful trader Either one innately possesses these…, or damn will better develop them (to the Nth degree) Uncertainty - become an intimate friend with it More ways to make money trading and I care to count – pick one.., own it Keep losses small…, set stops where the trade breaks down Context – any / all TA – is not a forecaster – it’s a quantifier – to then be used as a gauge against what is presently occurring Timeframe(s) – price is contiguous (not to be confused with continuous) – pick what floats yer boat…, then own them And use more than one – for various views = to get/ keep oriented – surprises suck KISS We make a PnL…, and that is all we make Whale / elephant meat is delicious – and provides bountiful feasts Gamesmanship is a part of this gig – identify who’s present (and conversely absent) – know their game – play their game better It only about making money – by protecting capital first There will be off days…, and fuck ups – roll with em Take time off and detox Stress will make one do stupid shit…, really stupid shit – repeatedly We trade against the best in the world – screw em and feed em fish heads No…, the mkt isn’t out to get us…., it doesn't even know we exist…, nor does it care Our opinion…, our desires…, everything that makes us who we uniquely are – when trading – isn’t worth a cup of warm spit Trading is strictly a performance based occupation…, and we gat paid strictly on our performance Mkt will test us in ways we can't even begin to fathom - till it happens ================== In short OP, Become self reliant Cut through the bullshit..., minimize self...., focus on the chart..., learn the language..., accept whether an individual trade is profitable..., or breaks down - is of no consequence / means nothing With regard to trading - risk is ever present It all about routine and repeat-ability Shit happens F em and feed em fish heads On to the next one ========================== Sure there's more - but it the weekend and my brain is out to lunch Successful Journey to You Sir RN