You need to have passion whenever you choose to do. Why compare yourself with others - be the best of yourself. If you have a talent for paintings, so develop it, it is a gift! For my view, the ideal combination would be painting while creating unlimited money flow from trading. Who knows how many Van Goghs we missed, the ones who had no Theos to support them. You had a lot of good inputs on this thread and on others on ET, so, dig inside yourself and Good Luck! Hope soon to see your name changed, in something like winning trader 27!
let's hope the risk reward is close to 1 to 3 but bigger stuff is important . such as, trading primetime . frst 2 hours of market open...….such as, trading ym instead of nq because nq sis tricky market for newbie . both have 5 dollar ticks but ddont let that fool you...es okay but 12.50 tick is more daunting and it tends to range and run stops more than others...ym good for newbies to start without major risk. up the cons if u want the reward bigger
I think that you have to arrive at what makes you comfortable. I am most comfortable taking only a couple of trades each day, at most. I cannot go in and out looking for a few points here and there. I try to determine what trade may provide the most gain for the least Risk; have a series of targets and move stops as the early targets are attained. gl
Sorry, disagree - unlimited money flow becomes literally unlimited only when you will know very well to respect your stop losses and so to limit your risk. It is a double-edged sword, but the second edge is there to cut our own wiknesses, such as laziness, arrogancy, lack of concentration, patience etc
Doesn’t matter. You risk 1K to make at least 1K. You risk 1M to make at least 1M. It’s nearly proportional in liquid/efficient markets. If you choose inefficient markets you face liquidity risk. No free money
I like the range charts. always same stops/risk always same reward. time based charts are great if you are interested in the time. same rsk same reward always.
That’s what most neophytes think. In reality, markets aren’t that generous due to noise. If you do get that 5k for 1k risked, it won’t be more than 20% of your trades. Like I said, in efficient markets this stuff is proportional.
you are talking 1 to 5 r/r. 1 to 3 consistently is grail stuff. 5 yrs. you start to understand a lot. smart ones 5 years. geniuses 10. above average intelligence helps but too much of that and you trap yourself. tenacity and humility big items. your edge won't be undiscovered stuff. only stuff better than most other stuff, if it is true edge. 90 percent fail.. . my best advice is to go slow, place extreme value on price, not time, and pay your dues. price patterns can be extremely redundant. redundancy says "edge". candlesticks nice. price paints noise, noise is money. price is money. not sma's. trend is your friend. all you will ever see is apex or nadir...with bars in between apex nadir. price goes sideways apex nadir apex nadir. best wishes to all