Here's some advice, go to MIT or Havard. Get a degree in finance, then apply for a position in that industry.
you are joking,right? you can't even spell the Harvard right,but this is your advise? fucking pathetic..not to mention the requirements to get into and money for education..imo-you have no idea what the fuck you are talking about.. btw-there is no guarantee that after the Harvard you are going to make "money" from trading(OP's goal,if you paid some attention). this is exactly why 90% just lose..cause they are fucking retards only capable of flipping burgers at MCD and should be banned from posting on ET ,unless they have some sort of proof of successful trading career(my idea,must be fucking copyrighted)..
As usual , a lot of mouthing off , but nothing useful to anyone . Mate I'll try to get you started on the right foot . For me day trading was an expensive lesson on how to throw good money after bad . The same goes for indicators. My fortunes improved when I increased my time frame to weeks and months . I rely on only 1 or 2 very basic setups which were staring me in the face for years before I realised they were commen to every market cycle reversal I've come across . Nobody that does okay out of this will tell you an exact entry technique because they feel they're giving away what can be their lifes work .
This is good stuff cherrypicker. Preparing for failure overcoming it and continuing. Hopefully not to fail again,, fortunes are won and lost all day long by many not just in trading .. For some ...one failure will be one to many .. for others they learn from mistakes and improve at whatever they do. Just pick one or two and watch them trade live for a few months. Then step into the arena Good luck with your schooling..
The only advice I could give you is to continue studying seriously in school and approach trading long-term without letting it affect your degree or other career opportunities. Let trading be a fun hobby for now and forget about making money. Spend your 1000 NOK on your trading education or women and alcohol. A degree in finance would be a huge asset and it will open many doors for you. If you one day decide to go out on your own and work for yourself, be that straight after school or after working for some years (probably the best bet), the skills you have learned will prove very valuable. As for how to approach trading further from here, I think you should start with the books. You need to learn from a theoretical perspective what the markets really are, who is participating, various asset classes, stocks, derivatives, FX, different styles of trading, different types of analysis, who wins, who loses (why), etc. When you feel that you are starting to get an idea of what the markets really are and some idea of which part you will play, you need to start bridging the gap between your theoretical and practical understanding. Study charts, test your ideas, challenge the assumptions you have picked up from the books, see what works, see what don`t works, compile statistics, start developing your methodology, test it, rinse and repeat If it sounds like a lot of work it is because it is. Experience is a big part of the equation. That is why I recommend a long-term approach. Unlike school, you don`t have a curriculum to rely on, so much of the time you may find yourself going in circles and spending time on useless stuff before you find something that works. That is much of the reason why learning trading is so hard, in my opinion. That should give you some ideas I hope. Good luck!
That is the best advice ever!! Hehe Thanks man! I know its logical, but I just needed someone to tell me first before I really think over it. Then I will just focus on study and get a great dergree at school and find my path after completed my finance degree. And do long-term trade for just study bars, movement, read about everything and stop think about making money. Just thank you for the advice, man This was really helpful.
You don't need to go to mit or Harvard to a professional trader. In fact many people who are book smart or successful in buisness or other things fail miserably at trading. Being athletic, competitive and also emotionally stable are probably the best prerequisites for professional trading because of the need to make decisions under pressure when there is money and a lot at stake. You don't need to have unlimited buying power huge funds or traders can easily blow up almost as easily as any small day trader. Trading is a game . Unfortunately it takes going through what you went through times a million be good enough to perform everyday at the highest level. Most people don't know how to trade. Most people posting here are not making money everyday. Most people on the other side of your screen are not making money day in day out. The only that works in trading is placing good highly accurate trades, take small losses a get out, and winning no matter what happens that trading day up or down. Be in cash when you're unsure what the markets doing. And trade when your setup is there. There is no magic rule that works everytime telling you how to play a gap down or gap up. What matters is you knowing that your trades are super accurate. Very likely to succeed. Very unlikely to go against you for any time at all. and once it starts trading profitability (which should be almost instantaneous) you are now taking at least a breakeven. This means you are winning no matter what. You have a method that your using. And if we open down 200 points at 5day support. Your using the same method everytime DEPENDING ON WHAT HAPPENS. what you need is a system and trading technique. The problem is nobody is going to teach you. Trading books are great but when the market is open your on your own and money is at stake and all of a sudden everything is forgotten. Also with books you may fall victim to blindly hoping something you read will work in real life market conditions and is automatically going to make you money which is pure hope no skill. Read the trading books people talk about for sure and learn from them. Just don't think it automatically makes you a millionaire. the problem is people want the special indicator and secret technique that works everytime and for it to be just given to them. Searching for This answer is one of the worst mistakes a trader can make. You can spend your whole life, and you'll never find it. What matters is YOU finding techniques that are likely to work for real and actually executing them in real life. advice. 1) understand you know nothing as far as technique but those losses have taught you a important lesson. You can lose. Trading is far from easy. 2) Read Practice Learn- Try and find a way stay in mentality that your sure.about what your doing according to system (a trendline is a example) if this happens - I will buy on a uptrendline Again. my advice is hard work and not a magical secret. Remember - it will take a very long time for 1) your system to he good enough for all market conditions 2) your emotional and mental game to be good enough to pull off actually executing it and trading for a living
The best way to learn trading is to trade live. Instead of spending thousands on books and manuals, join a prop shop and trade. A great branch office for prop traders is the New York City branch office for ProTrade Securities.
Trade on paper for a long time, then try playing with real money. When you actually have your cash on the line you'll discover how fear and greed can destroy your discipline. It's great to know the theory and to be on top of all the news but all the study in the world won't help if you're too stubborn to dump a loser or too scared to hold a winner. Trading is gambling. Try your hand at poker. If you're not a good poker player you probably won't be a good trader.