Solace, Stocks go up every day. Study EVERYTHING about those stocks that go up (and stocks that point upward and fail) and prevailing market conditions. You just might get to know the high prob trades after a while. Not many of them. Pick the best one or two daily and buy 2000 shares (or 10000) each and let it go up .30, .40 and sell. Master only that and you'll make a living trading stocks. Trade only one way until you've mastered it - one year. Take a look at daytradinguniversity.com for viable trading styles.
The key is not finding a method, the real problem is developing the proper state of mind to execute the method flawlessly over and over again with confidence and without hesitation.
Wow, looks way different to the pic in the book jacket! Personally, I think the bearded look suited him better; looked much more like a "real" scientist. (Imagine what a trader this guy must be! He could be giving himself one of those "Ultimate Trader" programs every three weeks. Yikes, I'd better hurry up, there's not gonna be any money left for the rest of us soon!)
Great point. Developing skills to become a good trader is the "core" of it... not the method of trading, it's how to become a good trader. Nowadays, when I read trading books, I'm not looking to find a 'method' or tech indicator, it's much more about getting inside the mind of the trader as their specific trade setup materializes, and how they manage risk:reward, their expectations... how they look at the trade, how they view trading in general, what their decision-making process is.. That's the 2 content areas to look for in books, eg one (the least important) is the specific "setup" that's being described, the second and more important is how the person trades it, and what their process is from start to finish.. how they manage exceptions and stops when their setup doesnt work out, how they scale in for larger size as it is working out, those types of insights. Many traders seem to want to First understand the technicals and the tools, which is just half of it. What's just as important is how you trade it. Nice analogy above re Tiger Woods, eg you can learn all his techniques, use the same equipment, and still not get the same results, since much of the differences are in expectations, subtleties, that aren't apparent. So in other words, the technique and tools, is only half the story. The other half, is the trading process itself, which many don't seem to "get". ken
Thank you all for your insight. I understand what you are saying and I hope it eventually sinks in. I am "feeling" discouraged and perhaps need to focus on one method (paper trading or 1 lots) until I master all of it's nuances. I would also like to find a trader to sit next to and learn from. I agree the game is 90% mental but I believe that (and correct me if I am wrong) you still need a "high probability" set up. I hesitate asking this question, who out there earns a living exclusively by trading?
You will never realize the "high probability" set up until you develop the proper market perspective, belief system, and mental strategy. You will be searching for something that you will never find. You must have the proper mindset in order to have a fair chance at becoming a successful trader. Wish you the best, gotta_trade
Notice what you wrote up top. you said, "I would ALSO like to find a trader to sit next to and learn from..." *****see, you are still searching in the wrong place, your still looking for someone to show you the way, to show you how. then you said, "I agree that the game is 90% mental BUT I believe that you still need a high probability setup" *****you are still searching, you will not let yourself believe that you are the one who is truly responsible. You won't let yourself accept the fact that it is YOU, it's inside you. There are no if, ands, and buts about it. I believe that you "say" you understand and you "think" that you realize it, but your mind isn't letting you truly accept this. Just my 2 cents, I'm just trying to help. gotta_trade
Recognising high probability setups is the key. Your high prob setup is your reliable fishing hole. Knowing that you have a high probability setup brings confidence because a satisfactory outcome can be expected at the tally. Net profit satisfactory.