Important tips for NOOBS!

Discussion in 'Educational Resources' started by KINGOFSHORTS, Sep 16, 2010.

  1. NO ONE Under any circumstance is going to sell you a book with a secret on how to.

    #1 Become a millionaire.
    #2 how to make insane profits on the markets.
    #3 how to make guaranteed money trading.


    Think about this for one second. If you discovered a secret way to turn lead into gold, would you actually sell that secret to the entire world for 29.95?

    That would be like Coca Cola selling its secret forumla for all to buy for only 29.95 + S&H

    Sorry to burst your bubble.
     
  2. It's true that no one will give away the farm. That said, there is MORE useful information in books than there is on forums or being taught by coaches.

    For example, numerous successful hedge funds trade opening range breakout systems. And many of them are cribbed directly from Tony Crabel's book.
     
  3. Very True.
     
  4. Redneck

    Redneck

    Okay I won’t sell it – but I’ll freely share it

    Set ups will never make money…. A trader is what makes money…. and keeps it….


    There my friends is the big secret – which is not really a secret at all…..


    Some of you will not understand/ and or question what I just said…. All I can say is… If you want to understand it – you must do the work to develop a trader's mindset…


    But there are others that will know exactly what I am saying – that I promise…


    Do opening range breakouts work – yep – right up till they don’t…. Just like every other what ever…


    Best we learn to think – and act – like a trader – imho of course


    Take Care

    RN
     
  5. businessstaxes

    businessstaxes Guest

    there is no secret other than 'discipline'

    even the great jesse livermore lost money because he lost 'disipline'

    i've lost discipline too many times.


    1. never average down
    2. cut your losses and let winners ride
    3. you can still profit if you are only right 2/3 of the time. etc.


     
  6. Redneck

    Redneck



    BT

    Noble ideas you offer – to the must follow rules

    Please allow me to ask you this…..


    At what point does "following the rules” cease… and it simply becomes the way of things… the way we naturally act…


    Example

    A few years ago our state passed a seat belt law

    Before that I never wore a seat belt…. When they passed it – I was pissed (no one legislates my behavior) and for the longest time I refused to wear it…..

    Now I get in a vehicle I put my seat belt on and never give it a second thought – wearing a seat belt is now the way of things….


    The same evolution must take place with us and our trading rules…. (develop a traders mindset)


    So can you please explain how we get there… (btw I find generalities in trading seldom profitable)

    As for the other two – they also contain pot holes that need fixed before we evolve Sir…..

    eta - And please don’t take this as me disagreeing with your general statements – problem is traders must be specific..



    Thanks
    RN
     
  7.  
  8. bone

    bone ET Sponsor

    In my personal opinion, books are more useful to an experienced trader than a Noob for a few practical reasons: A Noob would have to be able to sift through all of that information from all of those authors and sources, have a filtering mechanism to determine what is useful and what is not, and subsequently be able to determine how to successfully apply the textbook principle to the live marketplace. Conversely, the experienced trader already has a sense of what fits his own personal construct of the marketplace, knows how to chart and backtest technical studies, and has a very good idea how to execute the trading idea and manage the position.

    The best way BY FAR for a Noob to conserve capital and learn how to risk capital successfully is to expose himself to successful traders in an environment where the successful trader is willing to share some level of expertise with the Noob. If the Noob can insert himself into an environment where the bonuses are determined in a discretionary fashion and based upon group results that would be the most ideal circumstance. A commercial hedging operation within an energy or manufacturing company would be an ideal first step. In terms of pure spec, and Analyst position would be fine. In a prop trading arcade setting there is no voluntary information sharing from an experienced and successful trader outside of management for proprietary reasons.