thanks god you didn`t mention 'a trading plan',because there is none i totally agree - TOOLS and setups, that is all you need to have and know.wtf is a trading plaaan???
But in all seriousness, what advice would you guys give to those willing to put in the long hours and dedication? Someone who is properly capitalized and is not looking to make a quick buck? There is so much information out there sometimes it feels overwhelming.
i would start by simply watch price day after day, eventually simming for a long time, and go over each day what you see and why and slowly things will come together.... 99% of what out there is snake oil, and pretty much anyone selling services is snake oil.........those who can't trade, teach...for a fee
Commonly, that is to say in all walks of life not just trading but in trading the problem is magnified as learning to trade can be very stressful, people are too fearful, negative, cranky, and stressed-out to seize the moment when it arrives. This loss of energy, focus, and clarity invokes an inability to act appropriately and in fact causes the opposite action that of NOT ACTING. There is much to learn regarding the mechanics of the market, how it moves and why, order entry, risk management etc. But the fact of the matter is trading is 75% mental.
For someone with such intellectual prowess http://www.elitetrader.com/vb/showthread.php?s=&threadid=99725 Middle schoolers can work routers.
Yes I effed up the right version of "wear" . I'll be the first to admit i'm not the brightest bulb on the tree but damnit I love life and don't give a shit.
it's a fair argument that competition at trading is like competition at any other profession (surgeon, foreman, restaurant entrepreneur, etc). the obvious difference though (in reality) is that in regular, (pedestrian?, real?) professions your skill differentiates you. there are no billion dollar dentistry practices. your local restaurant nemesis is not undercutting you in price because of his bottomless, too big to fail pockets. in trading, you're bound mostly by capital and also by connections (ie legal flows of information and cooperation or convolved interests). there is no 1 unit restauranteur against a 1M unit local restaurant. but in markets, the 1 lot player is indeed up against exponentially leveraged competition. the small player is simply priced out by fiat. disagree and present all the success stories you want. small capital in "the market" is pwned by real capital, much more than in any other competitive industry. just imo. the imbalance is greater in finance than in any other productive enterprise, exponentially.