Well Sir That statement is bullshit You blew up your account because you did not exit your losing trades â never blame that on anyone else And irrespective of any training class you attend / book you read / person you listen to â you must learn to be you own teacher, mentor, guru first â or you will not succeed Two valuable lessons â both free Regards RN
First of all, I am not a SIR. The comment here is a little harsh. wow. I should have known better! I knew I made mistakes. And fear and Greed of mine. That's why I am thinking of ways to fix them before I jump in again to do more trades! I am not blaming anyone but myself. But before being my own mentor, I need to know more about how. So that's why I was hoping to get more education from them. Good or bad. I will learn. Thanks you for harsh advice. I guess you are very successful yourself? How profitable is your account by being your own mentor?
Well Maâam, My apologies about the sir butâ¦. As far as my words being harsh â be certain the market is infinitely harsher than my words could ever be. Iâm just trying to save you a little money, time and effort â but as with all things the choice is clearly yours You may also be certain - I am a trader â two days ago I was not profitable â and posted so in this forum Successful journey RN
You have to ask yourself what do you expect OTA to teach you? Is this something you can learn yourself? Why not?
Hi, RN I know how harsh the trading market is! But I just don't want to give up trading. I believe I can do this. I have to thank you for those words. Yes, The choice is mine and I have made my choice. Lets see how it goes. That might work for me. Or might not. I would like to share with all the newbies like me. I don't consider I am smart enough to learn everything on my own, especially after losing the money I had. I am willing to listen to all your "Harsh" advice in the future. LT
I see you making many rookie mistakes that are driven by emotion. I'm pretty sure this was your downfall in trading. Sorry for the tough love but I think you need some so you can begin to see the light. See below: I am a new trader in the game. I have been actively trading for a year. I blew up half of my account due to listen to others, self-learning from books and wrote naked puts. Although it's great that it took you whole entire year to blow up only half of your account (most blow up entirely in 3 to 6 months) you still seek the advice of others at this message board and at ota, which you list as one of the reasons for your downfall. You can't say I am lazy and didn't spend time to learn. I did spend lots of time learn and observe my investing. Yet you are not going to change your approach, and continue spending time and money to "learn". What makes you think OTA holds the holly grail that is finally going to make you profitable after all you've learned? I am just in the phase of not sure what to do next with half of my account. So while you make up your mind, you hand your money over to a "school" to make up your mind for you. I enrolled OTA. I am attending the 7 day Pro-Trader class in Feb. I am looking at most of your posts. Most of you think the courses are wasting money and time. Yes, just like all of that time you spent "learning" and still did not learn what you were really supposed to be learning. I will have to say I am skeptical about it too even though I have already sent money to them. You're skeptical yet you write a check for 6k. But I really don't know what else I should do with my account. I need education and be more confident! "Education" is not the answer. You have already educated yourself. I'm sure you can make a trade just like anyone of us can, but why do you think some of us are profitable and you are not? It's not that you lack education, at the expense of sounding cocky, it's that your approach to trading is wrong and ours is right. We probably take the same trades you do but you don't make money, yet there's people making a living out of this. I want to post here and let everyone know whether the course benefits me or not. I would like to share my experience with all the new traders who are serious about trading and willing to learn. We can probably predict what is going to happen, you will learn a few systems here and there (which you can learn for free on your own by browsing around) make a few good trades in class, maybe make a couple of good trades after class, but, those classes are just a rewording of the top trading books. You can save money by buying the top trading books, but some prefer a live seminar type setting, if that's you, go for it, it's your money. But unless you learn about your the proper approach to trading and proper money management you will eventually lose. May take another year, but the odds are against you. It's like a casino, you get lucky in the beginning but the pit bosses know those chips are coming in sooner or later. My point is that these "schools" and "gurus" thrive on people in your situation. In an industry with a 95% failure rate, believe me, they have their sales pitches down pat and they're probably raking in millions. I attended both the All Star event and the Pro trader event. To be fair, I have to say I was very disguised by those "hard-sell". They are selling education not clothing, fish and groceries. Being that desperate just degrade their brand and products. They are desperate, because they know if they give you time to think and look around, you will realize what you are getting yourself into. I have nothing against OTA or other "education" sources, I am just saying you have to find the real problem with your approach, and it is not that you don't know how to trade, trading is the easiest thing in the world. It is your approach to trading. Ask around for some good books or videos, I personally always recommend (any books by these authors, I just consider these the best) Jack Schwager - Stock Market Wizards Mark Douglas - Trading In The Zone van K. Tharp - Trade Your Way to Financial Freedom If these authors can't help you improve, I don't think anyone will. Best of luck. Let us know how it turns out.
Great questions. I thought I can do it by myself. Thats why I have been learning on my own. No disipline, Greed, Emotional. And lack of anaysis skills. I learned all the technical anaysis but when I look at the chart I tend to get all confused with the tools. ..... I can name more of my illnesses... I know what my problems are. I feel like I need some experts to help sort everything out and be more disiplined. And I want to learn the knowledge from them. That can speed up my learning process. Another reason why I enrolled is the network. I think being trading alone tends to be too subjective. Sometimes it helps to get another opinions. Like I said to RN, I might not that smart enough and brave enough to learn everything on my own. I just hope I can really get benefit from OTA not fall into a trap. In general. if they are sincere business people, knowledgable teachers and willing to help people, I can LEARN. And of course when I can see the growth in my account. The 5K is paid off... Lets hope that! Wish me luck!
Wow, I appreciate your great comments! Thanks for sharing those books with me. I would like to get them and read them through. I will let you know how it turns out! Even though you have already predicted...
Now we're getting somewhere! That's what you have to work on. Don't worry about being smart, lots of successful traders I know are dumb as a rock. Also what others will tell you is that you need to have an "edge", something unique that you bring to the table. Everyone's edge is different. The above books will help you get started. I recommend trading at a prop firm and getting to meet and talk to the successful traders there.
No, if you learn what you really need to learn (most importantly to control your emotions and "need for greed") I'm sure you will be fine, it's the easiest job in the world, but it's also the hardest.