Endicott's genuine advice to young people who want to make it as pro traders

@newwurldmn
Give him your best courtship ritual.
Then if he likes you. He may teach you.

 

ET, I agree with only the first point you made: to be a successful trader you need very strong motivation.

as for prop firms, unless you retail trade with M$ you will not be able to trade like them (though you may get some insight on what is really going on in the market).

IMHO you can become a profitable trader on your own, but you need to do things unlike the 95% of loser traders...

The first thing that is necessary is to throw away all books about trading and start fresh by looking at live charts until you develop the feel for PA and timing of the instrument you choose (choose one or two good instruments and learn them inside out before trading them).

VO

 

Are you shitting everybody, telling beginners to trade illiquid markets, you are insane.

 

Vindago. I agree it is possible to trade profitably in your pants from home with little or no contact with pros. It is possible but not probable. All I was saying was that the best chance for a newbie is to move to a city where prop firms are abundant and sacrafice 2 years at a pro firm to see if they can make it.

From my experience being surrounded by pros with a winning mentality is hugely beneficial.

 

Have you considered that there are less algos playing in illiquid markets? Does price move efficiently in illiquid markets? Just some things to consider.

 

For a seasoned pro with lots of equity cushion maybe, but no way is it a place for beginners to wipe their accounts in one trade when the liquidity completely dries up.

 

This thread is great. We have a seasoned pro named maverick who is explaining how things are based on tremendous experience--- but morons here are arguing with him.

People read maverick post and learn! Or find out the hard way.

 

Do you really think there's an edge in liquid markets? LMFAO!!!

 

There is something wrong with that person. I suggest ignore after your pithy response.

 

nobody said anything about liquidity completely drying up and why would you wipe your account if you are using sensible MM. Some of the stuff I trade is illiquid, I can get out instantly at any time but for a bad price but as I am trying to make money I don't want that bad price, the option is always there though. Infact I am offering my liquidity in that market, making myself available for people who puke or price insensitive traders. GL.