All you who want to learn, here is info

After reading posts like “Disillusioned” and “How to bounce back” and all kinds of
Depression, you name it.

I think new traders need to know the following. Successful traders don’t waste your time reading this, this is for new people.

First things first, there are people out there who make money of the market, so first of all yes it can be done. There are people who not just make money but make millions, okay, so yes it can be done just like in a movie.

But what you need to know is that you will need to sacrifice a lot of hours do “make it”
First I congratulate you for being smart enough to realize the potential in price movements, but you must now decide to spend EVERY FREE hour you have on studying past with all kinds of technical tools, in order to predict future.

You need to realize that spending your next free hour with your friend, or sipping overpriced starbucks coffee on the street is A WASTE OF YOUR TIME.

Question is do you want it badly enough, Well do you, Punk

Let me just give you a fresh one, I spent most of my free time for 18 months studying price moves. I don’t care how smart you think you are, put in the time.

Put down those idiotic books, yes those smarty pants Market books, and start looking at charts day in day out. And for crying out loud don’t waste your time on ET, after you are successful come here and give advice to new people, but right now you are wasting your time.

I hope you take my advice because I wasn't this honest about something since age 10

 

Good post.

I believe the top reason for failure and the reason for such a high failure rate in trading is:

1. People that come into the game are lazy, (many admit it) and are doomed for failure

2. High expectations from the get go, and lack of patience to trade small

3. Overconfident & Big risk, a la gambling mentality.


Books on how to trade are pointless. The best books I read was a book that tought me how the stock market works, how transactions are handled and stock trades are executed and stuff, and the other was Trading in the Zone by Mark Douglas, which was the turnaround in my trading.

But yeah, study charts, I do this all night.

I'm up at 4 am, studying charts, playing with ProphetX.

You know what I discovered:

I don't even trade on a longer timeframe, but something in my mind flickered and I saw this, and you better believe I'm going to make money on it.

So simple things, like studying charts, just like the OP says is key.

You can profit off of simple chart patterns, just by looking at charts.

Anything is possible, just have to put in the work.

EDIT: ET isn't that bad, although I have posted less and less. Isn't that horrible.

 

What?!!!!

And miss the Comedy?

Anyway, thanks for remind me what a waste of time it is hanging around here. C ya.

 

[Good post.

I believe the top reason for failure and the reason for such a high failure rate in trading is:

1. People that come into the game are lazy, (many admit it) and are doomed for failure

2. High expectations from the get go, and lack of patience to trade small

3. Overconfident & Big risk, a la gambling mentality.]



Aren't these people the ones who are the primary targets of the infomercials of "Wizetrade", "Teach me to Trade" and "Better Trades" etc. etc.??

 

Chart patterns track the past, they don't predict the future.

If you want honesty, studying charts alone won't get you very far at all aka it will cost you money.

 

1. Be willing to treat this as a business. That means, if you have a job, spend 2-4 hrs per week day and a great deal of your weekend studying, learning, working on trading. If you are unwilling to spend the time, it will be an expensive hobby, and I appreciate any contributions you make to my bank account.

2. Be willing to trade and lose money. Consider it tuition. How much does it cost to go to school to have a professional career? Better plan on paying that tuition in the markets.

3. Most of ET is a waste of time, this thread for example. If you want to know where the pros hang out.... well, look around and eventually you will find them.

 

this is where pros hang
http://www.elitetrader.com/vb/showthread.php?s=&threadid=61514&perpage=6&pagenumber=1

 

So what does studying charts do if you have no idea what it means. I was thinking of looking at charts from early on, but all I see are ups and downs. What is it exactly that you try to understand by looking at charts, what people were thinking at the specific price points? You need the background to know what changes people's perceptions. So, what exactly do you do while studying charts?

 

i dont get it why all these guys register here and begin' their et postin' career [very short lived by the way] with a post that suggest they are the king of the mkt...in complete control and above everyone else. like if we all idiots that are not aware of this elementary crap...every freakin' day a new poster comes out with the 'i am the holy grail' thread...very amusin'.

 

aren't you something bitstream, you are the type that gets perverse pleasure out of new people trying to make money, instead of just saying it like it is, you are just giving them what they want to hear

oh yeahh easy money,

I guess you couldn't get any pleasure from my thread because I am not "new"
so you decided just to add some of your
comments that aren't helpful to even a worm in soil, let alone a new trader