I was also trading at your age ... (on demo, at first) ... If it helps, this was how I learned ... (a) By reading well-recommended, well-established, mainstream, orthodox trading textbooks, published by well-recommended, well-established, mainstream, orthodox publishers (i.e. "peer-reviewed" and "quality controlled") and avoiding internet "information"; (b) By getting in thousands of hours of screen-time after understanding all the basics of probability and statistics that any trader has to learn, to become profitable (so that my first 3 years' experience was genuinely 3 years' experience rather than the same one month's experience repeated 36 times over); (c) By remaining aware, at all times, that in a field of endeavour with a huge turnover of participants very few of whom ever achieve profitability, most of the readily available "information", and especially the apparent consensuses of opinion, are always far more likely to be misguided than helpful; (d) By having expert tuition available (from a successful family member in the trade); (e) By NOT trading with real money until I'd proven, repeatedly and exhaustively and exhaustingly, on demo accounts, that I could avoid the five classic mistakes of aspiring traders, which are ... Not having a genuine edge (for which a common reason is reliance on inadequate, defective or mistaken "information": aspiring traders quite commonly seek short-cuts, imagining that if they just copy something that "works", they'll be able to bypass most of the actually-required education and experience phases); 2. Confusing entry-methods with trading systems (for which a common reason is the deeply mistaken - but widely-held - impression that if one enters at a good time, everything else will somehow, magically "work out well" even without specifically considering trade-management subsequent to the entry- it won't); 3. Under-capitalisation (for which a common reason is a misguided belief-set about what's typically achievable and over what time-frame: most people significantly overestimate what they can achieve quickly and easily, while significantly underestimating what they could achieve slowly and with difficulty); 4. Excessive position-sizing (for which a common reason is just a general lack of statistical/probabilistic knowledge - most people aren't mathematically gifted, and it's really, really difficult to make a success of trading without some real understanding of the statistics and probabilities involved); 5. Lack of patience, discipline and "psychological aspects" (on which I'm far too Aspergerish to be able or willing to comment further, myself, as I happen to have more patience and discipline than almost anyone else - and nearly pathologically so!). Those five may also overlap, to some extent. I can't prove a word of it, needless to say, but I very strongly suspect that combinations of these five reasons, collectively, probably account for about 99% of all "aspiring trader failure". These are the books that most helped me, and enabled me to trade profitably ... Profitability & Systematic Trading (Michael Harris) Trade Your Way to Financial Freedom (Van K. Tharp - an outstanding starting-point, especially the second half of the book) Beyond Technical Analysis (Tushar S. Chande) Understanding Price Action (Bob Volman) The Mathematics of Money Management: Risk Analysis Techniques for Traders Ralph Vince (we all need some reliable understanding of what's in this book, although not necessarily from this specific source, before trading with real money) Naked Forex: High-Probability Techniques for Trading Without Indicators (Alex Nekritin & Walter Peters - worth reading even if you don't intend to trade forex) Daytrading (Joe Ross) (this is an updated re-issue of an earlier book - "Trading by the Minute", I think it was called) Trading The Ross Hook (Joe Ross) (I keep coming back to this one again and again, because it's simple and logical and helpful, and the whole concept is based on one of the soundest principles of price action trading, namely "buy the dips in an uptrend and sell the rallies in a downtrend") A Mathematician Plays The Market (John Allen Paulos) Fooled By Randomness (Nassim Nicholas Taleb - very worthwhile!) Why People Believe Weird Things (Michael Shermer) - this book and Taleb's, just above, are hugely helpful - albeit indirectly - for "understanding what's going on in forums"! Trading Price Action Trends - Technical Analysis of Price Charts Bar by Bar for the Serious Trader (Al Brooks) Trading Price Action Trading Ranges - Technical Analysis of Price Charts Bar by Bar for the Serious Trader (Al Brooks) Trading Price Action Reversals - Technical Analysis of Price Charts Bar by Bar for the Serious Trader (Al Brooks) "Warning": Al Brooks' set of three textbooks is kind of badly written and very badly edited (especially considering who the publisher is), and pretty difficult to plough through, but their content's excellent and was super-helpful to me, so those are a kind of "mixed recommendation": I actually think his online video course is much, much better and more helpful and more approachable, but it's also more expensive ($250, I think - but that's still very good value, in my opinion, for about 37 hours of instructional videos). ====================================================== Sure, but actually (s)he was on warrior forums trying to break into affiliate marketing; trading "E6" and watching MT5 volume. lol you tools.
ironchef, Him, her, dog, cat, lion, ram, squirrel, mice, sheep, etc. I don't give a damn who delivers the message of quality , just deliver. My job is to listen, read, appreciate, and incorporate it in my trading business. Xela delivered Great/Quality content , and I miss it. Xela was an asset to me.
"Trading Price Action Trends - Technical Analysis of Price Charts Bar by Bar for the Serious Trader (Al Brooks) Trading Price Action Trading Ranges - Technical Analysis of Price Charts Bar by Bar for the Serious Trader (Al Brooks) Trading Price Action Reversals - Technical Analysis of Price Charts Bar by Bar for the Serious Trader (Al Brooks) OMG...Des is actually NoDoji!!! j/k Good post.
Quote from ES Journal - 2012 Post # 13,135 / Oct 24, 2012 "I remember one guy trying to teach me a system he learned from Barry Burns. Kept saying it worked. I picked it apart and kept coming back with questions and he never could answer them. He eventually made a halfhearted admission on a forum thread that he was not making money, and disappeared soon after." I just discovered this guy (Barry Burns) yesterday, and I agree with everything he said. I just do it all differently. Trend, momentum, cycles, support/resistance and scale are all there in the forecast models I use. How to know with confidence what direction—long or short—to trade the market is also built into my modus operandi. However, I must confess that I see absolutely no way in the world to avoid "having the market move against you after you enter a trade" as Dr. Burns claims his method of reading price action does. But what my approach does do is make it immediately clear when the market has initiated a move against you so you can get out with a bit of profit, at break even, or with a minimal loss, and then take advantage of the new trend.
The above was Xela's post that I copied. I was attempting to make a point. Her fake CV read like a retail trader's wet dream. Trading board pseudo-psych and utter, complete garbage.
%% Exactly Sandra-eng; +books can help a lot. Like What Books ?? Trade Your Way To Financial Freedom by Dr Van Tharp.Top Traders Books By Jack Schwager. It helps if one loves to read. A mentor/teacher may have enough backbone , Rsox19, to tell you the truth ''no such thing as luck-that's a small sample.'' Good job on Apple profit, .
Books were not helping. The losing money did not stop, it went on and on. The fellow traders were also losers, it seemed that everywhere I went I met only trading losers like myself. I was a bigger loser than them. All my income was gong down the tubes. Then came the Mentor. Very stern, very strict, a no-nonsense fellow, but the losses stopped almost immediately. Winning nicely now.