is a better thing to do to improve your trading. first you need to devote your time 100% to learn this stuff, then once you know the technicals, comes the most important thing -> to improve your psychology. to get something to do outside trading, i.e., to not look at the screen constantly and click mouse all the time, and keep distance from the market data. This will truly let the winners run and cut the loss quick, assume that you put meaningful stops there. Something like you have studied 100 books, in the end, only one page that really matters. But the process can't be ignored.
Definitely true. 1. Learn how not to lose before you learn how to win. 2. You learn how to walk before you learn how to run. These are two things you only learn from experience. You cannot read a book and learn this stuff. It is impossible. You can't learn to ride a bike from a book. This is hands on stuff. And its a lifestyle. Don't go into this business if you're not willing to sit in front of your computer for hours on end.
"The big money is made by the sittin' and the waitin' -- not the thinking. Wait until all the factors are in your favor before making the trade." ---Livermore The sitting and waiting applies to when you are in your position also. In his book he mentions a fellow that lived in the mountains and only checked out the market once in a while . He would put his positions on and just let the market do its thing. Not letting the day to day noise influence his original idea.
Yes, BUT if you do watch everyday you can learn to take advantage of more fluctuations.....it's a lot more work than set it and forget it but it can pay off. If you are trading an enormous account, though, probably not the best thing to worry about trying to catch all the moves you can.
No offence, but it appears that many or most amateurs who start trading or who want to trade in markets are not savvy enough, bottom line. And its not whether you're better educated or not. You have to have plenty of savvy and a mind of problem solving capabilities. Then even with all that you are lost without a calm, robust temperament suitable for trading. There are, forgive me for saying it, many weakos who can only fail through one or more aspects in which they are defective.
i enjoyed the book about him but remember he killed himself and lost all his money. if you want to be like him you got to live on the edge. it would like buffet waking up one day and shorting the banking sector.
It's just the other way around... First you have to improve your psychology before you learn how to trade. Otherwise you will end up with a trading system that will reflect your bad habbits from your psychology...