It really doesn't matter what or what combination of things you choose. I've seen people trade successfully with all and fail with all. The only thing that will ever work for you is LOTS of screen time. Use what you want, just observe it until you own the method. Watch it until you're only surprised by what it does 5-10% of the time. The mental aspect of trading is a totally different area....that's the hard part.
you need: 1- a trading strategy. well defined, entry, exit, stops 2- money management. let the winners run, cut the losers. leverage 3- gut feel and hunches that come with THOUSANDS of screen hours.. 1 is the easy part 2 is the most difficult 3 takes dedication and a TRUE interest (obsession?) in the markets.. daytrading is by far more difficult than position trading. If you talk (trade) all day, you are bound to say a lot of stupid things, but if you choose your thoughts (trades) carefully, you have a shot at saying something smart..
unnecessary? Of course it would be much better for him to tell him that ''yes yes day trading on a fast timeframe is super easy, just press the WIN button on your frontend'' id love to encourage him and everything, but he needs to develop the mentality first. if he doesnt, he will fail like thousands upon thousands of people before him trading is not some kind of fantasy land with rainbows and butterflies and glitter and shooting start all over the place, its a cold, dark, challenging place. and no im not going to ''encourage people'' just because its the hippie thing to do. If you understood the meaning of your own username (ganesh) you would know why. (the lord of obstacles) and i do teach for free to a lot of ppl because i spend lots of my time moderating a trading room full of newbies like him. Being realist about his expectations is the BEST thing you can do to someone like him. Giving him false hopes is the WORST thing to do.
I think some are trying to say you can be realistic with him without the kick sand in his face attitude. For example... * I don't think trading is suitable for you. * You're an amatuer and you'll fail miserably at anything you try. Which of the above commentary is abrasive and/or rude??? Out of curiousity, those traders that you say similar like commentary too in the chat room you moderate... Do you tell them not to return to the chat room??? trick question Mark
Im actually super glad i had people being ''rude'' and realistic with me when i was a newbie. i probably wouldn't be here today otherwise. sorry if i sounded rude, i just want him to see a picture as clear as possible. Its commonly accepted that 95% of traders fail, easy to see in which category hes going right now. and yes, as long as he sees trading as a amateur, he will get amateurish results. its much better to tell him now rather than him realizing it on his own 3 years and 25k$+ in the gutter later
Good find. I hadn't read it because of the unreadable gibberish, which in itself should have been the obvious pattern.
Also, keep in mind that very few newbies knows what's really going on. Most will sit silently and hope they'll figure it out eventually... While others (a few) will constantly have their hands up in the air because they have another question. increasenow has never pretended to know what's going on (successful trading) and has admitted a few times he's new to the business along with stating he has a lot of questions. In addition, I do see a lot of different advice being given to him by many traders that imply or say they know what's going on. That in itself must be confusing for any newbie. Than again, what's new. Mark