+++ This has been my experience, also. I traded well when I first started, then went downhill as I read books and articles written by Gurus. One exception was subscription services for stock and option swing trading. Most came out way ahead by just going with the trend, buying low selling high - although they tried to make it more interesting by showing "buy signals" or writing long, entertaining "macro" analysis to go with their trades, which were based more on price momentum than anything else. :eek:
I would say it's not easy for a new trader to know the difference between what's genuine and what's not. On top of that, the personality and personal preferences play a part. A valid system in the hands of someone who's temperamentally not suited for that system is a disaster waiting to happen. Disregarding books may have value but then a person will have to re-invent the wheel. How long is that going to take? I do believe books add value, even though I have experienced the damage caused by faulty understanding and bad habits. Nonetheless, to disregard books or knowledge because one wasn't successful with it in my opinion would be unwise. Why not stand on the shoulder of giants and then improvise and add our touch. There is this element of timing and luck that seems to be playing behind the scenes. I believe one needs mentoring, and travelling the path alone is too uncertain and too time consuming. One needs to be lucky enough to find a suitable mentor. The method the mentor is teaching needs to also match or be adaptable to the personality of the learner. The mentor also needs to find the new trader worthy enough to waste time on. Successful mentors usually don't have time to deal with all this hassle when they have the choice to just relax. But they are those who are willing to help if they see some spark or potential in a budding trader. It's luck that brings the two together. It's luck that happens to allow the mentor to have free time for this new project. It's luck and wading through the wilderness of books, some helpful and some not so, that allows the new trader to see something worthwhile in what the mentor is saying. All roads lead to Rome, but some roads are shorter and safer than others. Gringo
Quit trading while you still can. I would nobody advise to go into trading. Probably every other profession on this planet has a more easy and better way of making money than trading. And yes, I'm profitable for years and I can prove it. I still stand by my statement. If I had knew, I would never have started.
Back in 2009, shortly after I started inching my way through the book, I posted this in my journal: "If you're a beginner, you may as well just place the book under your pillow at night because you'll get as much out of it that way with less stress."
That's a good question. I'd reply that caution is intellectual, but fear is emotional. The former is rational, the latter is irrational.