There is a lot of free information on You Tube and the internet. You have to cobble or put them together like bits of a puzzle. I have shared a lot of useful information myself on this message board as well. Let us get real. Nobody is going to give away their secret sauce. Especially, the top traders on Market Wizards books. Now, you have to find your own secret sauce. It is not an exaggeration to say I have 150 books on trading and investing in my library. I have even donated all the ones on buy and hold investing to the local library. We are all competing against each other so, why would anyone give up even a tiny edge that would be shared all over and dilute its effectivity. That said, the trading world is huge. You can find your niche in day trading, swing trading, trend following, etc. With all the free information out there, you can be a successful trader if you devote time to studying what works. Study a trading method (day trading, swing trading, trend following) and master it. You will be on the road to making a lot of monies. Warning: Lots of ET trolls just spread disinformation. Do yourself a favor and block all of them.
I got all my information for my "secret sauce" from this forum and from futures.io. However it took many years of practice and getting to know the basis about the markets before i understood the value of some things i was reading. One thing is certain, keep it simple. No need for 100 lines and 20 indicators on a chart. Funny thing is, the real good posts on this forum get little to no attention. The reality is those posts don't contain what people are dreaming about so they just ignore them or go against it.
I agree with keep it simple. Now, I am taking less trades now but, accuracy has gone up and I see the charts better. One thing, I have done is simply the trading process itself. When you keep it simple, the chances of making stupid mistakes goes down too.
People should read your comment and then read it again. Quite some wisdom in your words. I've been trading equities for 40 plus years going all the way back to a time when you had to call your broker from a landline because even cellphones didn't exist. My concerns today are how folks are diving into option contracts much like they did pennystocks back in the 90s without spending time to fully understand the risk. Whenever I read where someone is complaining about losses in the markets, I usually chalk it up to being unprepared. They risked money they couldn't afford to lose. They didn't/don't understand probabilities. They certainly didn't understand the underlying they were trading. And worst of all, they refused to pull the trigger, cut the loss and walk away. I'm pretty sure that of the 150 books you studied, the probability you're trading was improved is far greater than had you not studied those books. Thoughts?
@Aryan1234, with so many replies to your OP are you any more informed, what other Q&A could there possibly be? long response below, all I ask is that you read & absorb it, then come back with your observations & any questions. tell you what, I have a plan to teach you the ropes, its investing trading 101, you don't need on-line tutorials or pay anyone to show you the promise of how or how to succeed, for the reason you will likely lose money, simply take notes, follow the steps. consider this, take a person that is successful at whatever, ask yourself 'how the heck did they do it'! there is no quick result to success [many ask - never mind the long method, just give me the quick answer], it's not immediate unless by pure luck such as winning a lottery. Like other skills it takes knowledge & time, sometimes many failures to be successful. compare equity trading as a retail trader to the level of a professional - this begs the question - can you make the perfect Nan bread, chapati or Roti from the get-go .... to how long did it actually take for you to make it perfection? there is no quick, easy method, nor finding it at zero cost or risk. it's all about: crawl before you stand, before taking the first step, walking to running ...or riding a bike - takes time. a quick approach is not the teaching its investing time or money, likely both. if you don't have the money or time, then there is no point starting, stick with your day job. the other side is if you are prepared to lose all the initial investment, then this is a good starting point. now lets get to your OP question: "Give a poor man a fish and you feed him for a day, teach him to fish and you give him an occupation that will feed him for a lifetime" This applies to life from the day you're born till you die. lets suppose a guru was up to this, all they ask is that you put up 100% of the capital - for this consider how folks invest in the many variables entrusting others to play with your money in the hundreds of investment possibilities...Bank accounts, mutual funds, hedge funds, investment advisors to DIY investing in the market, it's all about risk or focus on return for risk, how bad can it be! what returns are you looking for? 100% capital to the Guru with the agreement that you share the returns 50/50, Guru invests it for you, shows you every single step of every trade/investment, returns positive returns each year for the next 5 years. You have learned all the trades to the point that you begin doing the trades yourself & no longer need the Guru. Will this approach work for you? alternative, zero guarantee from a fee for service, month to month, holds your hand, gives you 1-5 picks on a rotating monthly basis, will this approach work?
+1 agree "secret sauce" why share it & if you do - make sure it gives better returns than your own investing. Isn't that what all these on-line courses, tutorials, webinars & massive ballroom full of people pay to listen to someone show them the 'dream' of FIRE, becoming millionaires in real estate, trading, selling the latest health food to MLM. if the secret sauce is soooo good, include writing a book series
Well said! I've found that in most "chatrooms" today, folks are only interested in getting told what ticker, what entry/exit and how much money they should've made.
Nobody can teach you how to trade just as nobody can teach you how to become spiritually enlightened. “Knowing others is intelligence; knowing yourself is true wisdom. Mastering others is strength; mastering yourself is true power.” ―Tao Te Ching
Those who make a living trading know A LOT you don't know. I recommend Larry Williams. His website is ireallytrade.com.
Not trying to disagree. Here is the thing, as a gambler (I mean trader ) I calculated the odds of 1. Finding a millionaire day trader in my neighborhood, then, 2. Multiplied to it the probability that he/she liked me enough to want to give me the secret source? Knowing my personality and my neighborhood, the odds of success is no better than buying a lottery ticket, so it is better I start to learn how to trade myself.