maybe im just..... Finished with my woman 'cause she couldn't help me with my mind People think I'm insane because I am frowning all the time All day long I think of things but nothing seems to satisfy, Think I'll lose my mind if I don't find something to pacify Can you help me occupy my brain? Oh yeah I need someone to show me the things in life that I can't find, I can't see the things that make true happiness, I must be blind Make a joke and I will sigh and you will laugh and I will cry Happiness I can not feel and love to me is so unreal And so as you hear these words telling you now of my state I tell you to enjoy life, I wish I could but (it's/I'm) too late BLACK SABBATH PARANOID lol
Obviously you say you have some experience, but taking your questions at face value... I've thought about this a lot and one of the problems is that the evolution of a trader is so individualized, and not only by their own personality and proclivities. You are where you are at any point because you read such-and-such first and then this and then that. Followed by this. And that. And so on until at sometime finally you said "Hey!" - light bulb somewhere! So you reread that and it resonated w/something you read before, so you went back and you studied this some more, and it, or something, led you somewhere else, but it was bullshit, so you moved on yet again or went back again until something somewhere hit another chord and you went "Ohhhh yeah, now I see how that thingamawhatzit fits w/this thingamawhozit!" And that takes you down yet another path, which may finally be starting to lead to a viable destination... Even if you and I read all the same books, your journey will be very different than mine. I can tell you I don't care for oscillators or Gann or Trading-by-Phases-of-the-Moon, but fact is there are successful, intelligent traders utilizing these techniques. You have to find your own way. Crimeny, so what am I trying to say here, practically? First, I think you have to have an informed overall picture of TA (assuming you're trading by TA.) A great deal of learning TA has to be "TA 101", just like college. First, learn everything, well, not everything, but enough to get an Overall Grasp, a general picture. Then you're able to pick and choose, discard what you don't need. For me, even the stuff I don't use helps me understand that which I do practice. Build yourself a big lovely overgrown garden of TA and then weed, weed. And nurse that which remains. And then of course, that's just the basics of the basics. You've got psychology and money management and actual trading - one thing you'll learn is that TA (analysis) and Trading (execution) are two different animals. It can be a hard lesson. As for 101, not to be unoriginal but I say start w/Murphy and/or E&M, or any other comprehensive TA work rec'd on this board by knowledgable traders. Personally I would be remiss if I did not rec the SMI-Wyckoff course. But only after one has studied the basics and decided that Wyckoff is the way to go. Everybody's mileage will differ. Harold
What I did when I started out as a FULL time trader and I would not change how I started. None of these things actually have anything to do with software, knowledge, approaches ... 1) Align yourself with fellow traders. I strategically located to a NEW CITY and NEW company to trade in an office. I started trading in the same office where their were 2 very successful traders my age who had been in the industry for many years. Plus I met and traded at the same station with a trader also my age, starting off. We were all the same age (30-34 years old), with NO debt and FULL time traders - AND BECAME BEST OF FRIENDS. A solid support system in the INDUSTRY is INCREDIBLE. 2) HAVE NO DEBT, and have NO DEMAND to make money - and dont kid yourself about the INDUSTRY. Do come here to MAKE MONEY but come here because you are a TRADER. The money follows ... That is my 2 cents, Patrick Q If you can do these steps above, then I am sure I would follow what others on the thread have stated. Don't be a sheep in this industry but rather be the shepard.
student wizard wrote So, you have to scrape up around 20K that you really cannot lose and jump right on in, and lose it all while trying to not lose it, and wonder and wonder why you lost it all and eventually you'll figure it all out. WOW your observation is simple, direct, honest and very TRUE.
if i had to start all over again i would start watching stocks' charts. I would be working full time, and trading on EOD bars.. Or i could daytrade futures and work full time..(( Or maybe just look for my niche.. It does not matter what I or ANYONE else here would do or would have done.. What matters is you and your personality.. When i didn't have a lot of money i had a lot of ideas ). Now i don't have as many ideas (( But a lil more money..))) Test all your ideas in real-time with papertrading..And eventually some of them will lead to nice gains..Others wont ))))
Sounds like you are the right step working on not having money be an issue/demand. I can not stress enough how important that can be with respect to mental stability. IF you have pressures for money, you can not detach yourself from the P/L window. Turning to ET to align with fellow traders is a good start, but I would be suspect to 95% of the traders who post here. This board was SOLID, enjoyable and VERY INFORMATIVE back in 2001-2002. Ever since, this board has turned into ONE big commercial. I still check out the site because I look for perspectives, and I like to read the posts of a few individuals. All the best, Patrick Q