IF you think you are gonna make a million dollars during your first 1 years trading, then quit while you're ahead. IF you think you think all those "gurus" lifestyles are from trading alone, then quit while you're ahead. IF you think this is easy skill to learn, then quit while you're ahead. IF you don't have the time to dedicate, and i mean really dedicate,then quit while you're ahead. IF you have any financial responsibility during the first couple years of the start of trading. IF you don't like staring at charts for 4-8 hrs a day, then quit while you're ahead. IF you think you can predict the news, then quit while you're ahead. IF you can't handle loosing , then quit while you're ahead. IF you think there is a "holy grail strategy", then quit while you're ahead. IF you can't make money in SIM what makes you think you will make money live? -mainly talking about es s&p 500 - but can be related to any market The majority of people will lose money within in their first year, this goes for swing and day traders. For the few that keep going, that first year will be their "eye-opener" about markets. This goes for stock and futures. They will start to learn that it is not as easy as the "gurus" make it look. Now, about these "gurus" they may be able to make money with their systems. But what you don't understand is that for most of them trading is supplementary income. They make most of their money from there subscribers. Most of these guys will show you complex strategies that might take you a while to learn, which keeps you subscribing, and after you learn it you might realize that its not the best strategy. Most of these guys on you tube and twitter scalping for a few ticks or a few points, CHUMP CHANGE! You want to be able to take advantage of the big trend moves during the intraday time and go for 10+ or at least 5pts. Of course you can scalp along the way. Now, the market isn't gonna shell out 20 pt moves everyday, so be aware of that, but on those special days with strong momo - those days can make an entire month. Dedication is important if you miss a day it could bee that day that we move 20pts. As your chart reading skills improve you will be able to identify when days like that may be likely to happen. When you can read the chart and read it well, and understand what you're looking at you'll have made great leaps on your journey. You'll have to dedicate much more time in the beginning and then as you improve you'll notice you don't need to really do much except manage trades. The whole process will become easier as you gain confidence. All the people that like to learn and teach themselves will excel the fastest. Don't bother with "gurus". All beginners should start with sim. I would have saved 5k if i started wit sim. Also, to people that say you need 50k to trade futures, you're all snakes! A amateur should never take 50k to trade with, NEVER. Beginners, if you really think you're good enough to skip sim, please don't take more than 5k to the markets. Here's the logic, and it's similar to sim logic, IF you cant make money with 2-5k you will lose all you 50k before you know it. And don't treat the sim like a joke... If you were a pilot would you treat flight simulation like a joke and start doing doughnuts in the air? set the sim to 5k and try to double or even triple it without loosing too much. Try to do it fast, but don't force trades where there are none. when you can double that account you may be ready to go live. If you think TA doesn't work then leave my fucking thread now because you are an idiot. TA is the only way to trade, TA goes back to market inception. forget all you learned, clear all you indicators off your chart. Stare at naked chart for a few months and you'll start to see things differently. Ill stop for now, if anyone finds this interesting ill continue next week.
1st post and all this negativity about quitting, then TA is the only way that works, and everyone else is an idiot? Is that your way of saying "HI"? Well, welcome to this site.
I generally agree with everything you said Good, or Excellent, days...can make your entire Year, not month. I've been staring at the SPY chart daily for the past seven years. I don't claim to master it or be an expert at it...but I like to think I have a good enough feel for it, along with trade and psychological management skills...to make a healthy return. Generally, loosely, speaking....technical analysis works -- But that smaller wrong portion can just as easily kill you. Always have an open mind. Trading is part art, part science...this is ever more so true with regards to the shorter the time frame, or day trading. Minor storms, or gyrations, is the key...you will constantly be tested. Assume a hypothesis or general market direction or movement behavior prior to the opening bell...but don't act on it immediately...wait for a slight confirmation. or wait for the wild crazy random early market emotions to settle out. Think of technical analysis or charts as a big, fat paint brush -- not a fine tip ball point pen;
TA may work, but it is not the only way to trade. What did your CL TA tell you over the past 6 months? Uh huh, I thought so. Fundamentals do mean something in certain markets. You're welcome. A few months? Are you joking? Shirley you can't be serious.
What did TA indicate over the last 6 m....as it kept breaking support...it told me that it was going lower, and it did. Although fundamentals agreed as well.
The only method to trade is whatever method is most profitable for you. It is amusing to me that people think that if I can't do x then nobody can. X can equal TA, TA + fundamentals, fundamentals, TA algo, quant algo, etc. Conversely, it is also amusing when people find a method of trading that is finally profitable therefore it is the only way trade. In my experience, if someone infers or states that their method is the only way to trade, they will soon be selling a book or membership site.