I think you do need some kind of edge. I define edge being something that makes you money. Next you need to trade your edge without emotions. Finally you need to implement money management. The truth is that 95% of those mentors or systems with fancy indicators that want to charge you to trade do not know how to trade. However, it is still possible to become the top 10% that succeed in making profit every year without studying physics or behavioral sciences or having a black box or working for a hedge fund.
Hello C I would suggest you to study-- 1)Spydertrader's Jack Hershey Equities Journal 2)Spydertrader's Jack Hershey Equities Journal 3) Spydertrader's Jack Hershey Equities Trading Journal III . All of them by Elitetrader member 'Spydertrader'. Those journals are better than a mentor. And, it's free.
SpyderTrader is sort of the straight man for Hershey Anyway, once you waste your time reading this stuff, you can begin a journey down the toilet. Or you can save yourself while you can, and listen to the people who tell you that is revolves around learning how to read PURE price action (not 95 indicators, elliot wave, Gann, Fib and other quackery...). You will find the biggest following and the most successful traders in this camp. To true traders here on ET, Jack Hershey and SpyderTrader are more punch lines than anything else. It is a great way to waste 6 months and a lot of money. Borrowing from 1929, call it "The Great Distraction"
LOL, That's the funniest thing I read today... I'm already damn awesome at drawing trend lines after the market close and pretending to capture all the intraday moves.
why can't you get a job related to marketing. you wasted 4 years for a marketing degree to work as a trader with no college degree needed.
a) is no guarantee of success and it is not one of the biggest edges. Most who have this will still lose. An "edge" is a tested proven market outperformance method. As an earlier poster said, you can have all this stuff above and more, but it will not help you given zero to negative market expectancy. For some reason, people just do not get this. Trading is like gambling. You can have a huge stake. You can be under emotional control. But when you sit down to play, as the house odds are 51, 52, ... % in THEIR favor. UNLESS you can get the ability to outperform the market (such as card counting, etc.), you will still lose
Hi c.chugani, I can put some additional info for you which might be useful: 1. Learning to trade takes time and efforts. If you are impatient - you will fail. 2. Forget about indocators and so on. Which only matters is price and volume (for TA); 3. You must try what works and doesn't work in the market. You must try everithing possible, so later to have 100% bavief in your approach; 4. Successful traders ate self made with a lot of expirience; 5. You know hat doesn't work for the moment (right?); 6. Paper trade will you are successful. I jumped in the trading with real money and I lost all of the time. Till you are profitable on paper trading - then go with real money; 7. Don't listen anybody. Trust your experience and knowledge - it really takes time; 8. Apply all of the things in terms of risk management, discipline and so on. 9. After this you may be successful. Trading is safe and easy since you know how to do it. I'm still on the way after 5 years of trials. But this time I'll go my way - how I see the market, not how it is described in the trading cources. This is from me. Hope it helps.
I CAN get a job in Marketing, but I am not interested in that field. I had basically done my degree so that I could enroll in a Master of Finance which I will start this october. My 5 years in Marketing and Business Management was just a way to access the Master programme I will start this year. Why should I work and be mediocre at something I do not have particular interest in? After my Masters, I shall be offered job positions related to the financial markets (ie. investment banks, brokerages, funds, etc. ) That is where and when I want to start working - in an area that interests me and allows me to obtain experience so that I can finally set up my own trading business in the long run. Hope that makes sense.. Cheers.
<i>Any advice, guidance and help is HIGHLY appreciated. I am readily prepared to travel to any part of the world and learn at least the basic skills needed to make this a long-term profitable business activity. As a student, all I have is 10K and a HUGE motivation to learn and keep learning how to do this.</i> Here's the best advice I can give you, based upon what you've shared: explore the prop trading world. Contact Don Bright and explore their program, you might also contact a couple of the P&L 2007 thread posters (some no longer post) who consistently made money and/or guys on the 2008 thread. You are starting from square one and have everything yet to learn. How to create an edge, how to manage the exploitation of that edge and how to manage yourself in the process are three equally critical variables to success. You need an edge, you need correct management of that edge and you need correct management of yourself to manage the whole process. Stumbling around in the dark will only result in failure. Avoid that. From what I see, a few prop firms will give you some structured training and monitoring for risk management, etc. You are young, able to travel and willing to focus. The prop route is imo your best bet to meet your goals. From there you can branch out anywhere else as a retail trader in our field. Best Wishes in your pursuit