A beginner should be trading the minimum. This is not a profound concept, it is simply a rational decision. Think of it as the initial test on the path to learning correctly. Many people fail this test. Your example is revealing. Al Brooks is a vendor. What is he selling? Answer: conventional wisdom. His avuncular style is the opposite end of the spectrum to Oliver Velez’s flashiness and evidently appeals to a lot of people. He has people convinced he can teach them to play the violin by reading his book. Expert traders do not trade as you describe. Trading is a mental game played at the subconscious level. To play it well you have to build your mind. As pointed out on this site, most people fail. Their minds do not get built. It is not for lack of books, videos or courses.
%% OK maybe not exactly, but he not promoting money carlessness But 100% for sure he has some good points; and the best way to lose + not make a profit is fix your focus on the money + skip the processLOL. Most investors make money; you maybe right about most traders losing................................................ NOTa prediction or vendor promotion; i dont have a problem with you calling it game; i consider it more of a fun business . Games are not tax deductable unless one is the game business= you maybe are LOL
Yes this is very useful in the beginning for testing out your strategy in real-life trading to see how it works in the market in real-time and to ensure its profitability and to see its possible drawdown. But once you've worked out your strategy and saw that it really works irl, eventually you would want to trade the intended position size though otherwise it defeats the purpose of trading. As a trader, you are there to make money not to test and study strategies.
%% NOT much; profits help + sometimes experience. Say your VOO[SPY related] investment$ are still making money; sure sounds like it in 2023, if you are still doing that every month I prefer books+ charts over videos. Like Dave Ramsey says leaders are readers.
Agreed. There is slightly more to it than that though. It is also helpful when implementing a reasonable trading plan, as it is often tempting to set stops too close if too much money is at stake. As we all know, even good trades are not always profitable straightaway, and most beginners are terrified of losing money, so might bail out of a reasonable trade if it starts to go against them.
Hello SimpleMeLike, Great question. As you are aware, there is plenty of “what” that is available to people. It does seem paradoxical something can be missing. Trading requires knowledge, skill and experience. People focus on the first of these which can be picked up through reading, watching and listening. For a beginner, the standard should be a sufficient level of knowledge to become operational. It turns out that this level is minimal. Avoiding myths that abound is the real challenge. How are skills acquired? They are acquired through repetition of correct behavior. Not reading, not watching, but drilling. Unfortunately, repetition of incorrect behavior also builds skills. This is how a mind gets permanently damaged. Experience means successful experience. Observe people in how they set themselves up and go about things. Most people set themselves up for failure. I hope my post was responsive to your question. Thanks for asking.