Don't want specifics, but at your current burn rate, how long can you pay the bills before you will want to get a gig to tide you over until you get a positive cash flow stream coming in from your trading? 1) 3mo, 6mo, a year, 3 years, 5 years? 2) How long would you expect it to take for you to become an effective artistic intuitive trader? >
J.K. I would look at simple scripting tool to do your chart analysis. Looking at charts all day is OK but it is limited and should just be a starting point. Many platforms have it built in. If you can script the patterns you are looking for, it is far better to have a program find "all instances" of it. Then examine the context (entry-exit conditions etc), en masse. That is a solid starting point. You will learn 100x faster. At your age, if you cannot do simple scripts (code), then that is the FIRST thing I would do. There is no sense trading, like many on this forum, like it is 1980. Best of luck. PS: and be serious and ignore waste of time, like the post above.
Reviewer included this which could not be more true imho. The art of prospecting The sell me this pen challenge in a job interview can be used as a metaphor for how many salespeople do not ask enough questions. Most salespeople go into feature and benefit mode before even knowing what the buyer needs. What it really comes down to is don’t sell things to people they don’t need Look for motivated buyers to sell them something they can use to fix a pain or a risk. There is a break down of how to tell if a buyer is not serious 1. They ask a ton of questions 2. They seem to drag out the process 3. They pretend o be interested 4. They wont talk about money and avoid answering the questions lol
lol, you are prolly right, Bad_Badness, but I don't know why yet. Please, fill me in on why this post is a wast of time and should be ignored... https://elitetrader.com/et/threads/...rab-emirates-dubai.369590/page-5#post-5674100
Here's an ET poster that posted this on Wednesday at 2:24 PM. It's all right there. Entry price, Stop price, Target price(s) Is it making money for him? He has 2 targets TP1, TP2 listed. Is this the kind of trade that you want to be making? If so, why not keep an eye on that guy here on ET. He isn't shy. Ask him what he thinks is a good way for you to work smart while you work hard. Might save you a boatload of time and maybe help you get profitable sooner than later. Here's a link to the post where he posted this trade. See you around. EURUSD ........... I'm Long 0.9906 Stop 0.9860 Target TP1 = 1.0782 & TP2 = 1.1350 Keep eye on DXY https://elitetrader.com/et/threads/eurusd-im-long-0-9906-stop-0-9860.369537/
Ah, thought I deleted that part of the post (note the left over typo). Generally, if it does not directly relate to trading, it is considered "wasting time" wrt trading. IMO there is so much to do when getting started, watching video "analogies", is a waste of time. BUT, this is my opinion and wanted to not insult or impinge on others choices I went to delete it. Sorry if I offended you.
Hell, I agreed with you man, lol. "lol, you are prolly right, Bad_Badness, but I don't know why yet.” When people dont click the "reply" feature lower right, confusion can ensue, lol. Concerning the Dubai vid, you are absolutely right. There is no profitable reason for OP to spend time there. You are right. Absolutely. I thought you meant the 'above' post that I've copied and posted below and OP may well have too.. That's why I was curious. We got no problem here man. Nothing to it. Cash outgo vs cash inflow is a very real number of interest to a new trader unless he is already independently wealthy. The question about sales popped up 'cause if he expets to be self sufficient from newb trading skills in 2022, using his stated larger interest and inclination toward artistic intuitive rather than rules based approach may take a wee bit longer than three months. Burn rate and cash cushion are his business to be real about imho. 'Escaping' a job to go trading can be a BWOT. So I wanted OP to get the wheels rolling with this post, and continue obviously to place it front and center stage for his consideration. An outside sales gig can be a great way to do both if the sales gig is done well. "Don't want specifics, but at your current burn rate, how long can you pay the bills before you will want to get a gig to tide you over until you get a positive cash flow stream coming in from your trading? 1) 3mo, 6mo, a year, 3 years, 5 years? 2) How long would you expect it to take for you to become an effective artistic intuitive trader?”
Ahh now it make sense why you asked. Yes, I have thought about it. Based on my calculations I should be able to be profitable sooner, but if ever I'm not profitable yet within 6-9months (God forbid), I'm gonna start getting a normal job to save money to try again..
You are looking for purpose? Trading is perhaps the most selfish and purposeless thing in the whole world. If you are daytrading, you are just taking money from other people(suckers). You don't provide anything to anybody, you are not creating anything nor are you providing a service, you are just taking money from others. Which in essence also makes the counter-party(losers on the other side of the trade) sad, depressed, perhaps even suicidal. Market is basically comprised of a buyer believeing he will make money because the price will go up and a seller believeing they will make money because price will go down. In reality, nobody knows if the price will go up, down or in f**king circles. Meanwhile the brokers are taking home hard-cold cash via commissions(fees) on every trade. Markets are the biggest casino in existence. If you have enemies in life and wish to see them suffer... suggest them daytrading. Don't get me wrong, i have no moral dilemma for trading but that's just the reality of it. It's a suckers game, you have to be in the top 1%. The bad thing is that trading can be scaled, which means you are competing against multi-billion companies and organizations, the finest AI, best information,... The only way to win is to figure out their game and be on their side as they mercilessly slaughter(in a financial sense ofc) the great majority. OP just despises the normal life and has to get rich to escape. It's just an innate desire for conquest. Some have it, some don't. It's not like you have a choice either. You struggle being a nobody or struggle becoming a somebody. He found entrepreneurship to be hard, so he thinks he can make it in trading. The odds are against you in both pursuits. Many say that trading is the hardest way of making money.
If that's how you look at it then so be it (that's your perspective). Competition is everywhere and inevitable. I'd rather play poker than scam or deceive others. Regarding purpose; it's only eye (I) who knows..