Thanks for telling us that we are all full of sh*t.... What about those who know through experience and want to share what little they have, oh enlightened one?
I learned it by myself too. The difference is taht here in Poland we don't have so many books, seminar's (none). Software isn't developed (apart from MetaStock). We have only one market when you can trade futures and there is only one index contract. I had learn by myself.
What it basically says is to do your own homework. If you are looking to others for a solution then you will (more likely than not) fail. Yesterday's experience may not be applicable to todays environment in this rapidly changing world.
I think most of the replies provided here are useful to the original poster and serve the purpose of this website. If "those who know do not speak" applied in trading, then there would just be post after post of just and then a reply would be and then someone would post :eek: and then the original poster would reply but no information would be exchanged and nobody would learn anything. It is up to the reader to pick out what he/she can take from the message. Although I don't need to answer the poster's request, I feel I contribute by providing some insight so he/she can "identify with the way of the world" in their own way. It would be different if we are all face to face in a pit some where. Not so much communication is needed. It is harder today with electronic trading to find a mentor just like most successful trader had. Together, we can share the abundance and opportunity and in turn create a better environment for all. I strongly believe that well intentioned help offered without expectation of a return is what we are here to do when we can. But then again... this is way off topic.
Actually it says "Those who speak do not know." Which is clearly an ancient and enlightened way of saying "if they offer a verbal/written solution they are full of shit." I don't see any mention of homework in it. bs. And back on topic, I learnt by reading a lot of books, many useless, asking people about things, sharing ideas with others and making 1000s of mistakes (in every sense of 1000s). If it boils down to anything it is: There are lots of good ideas out there and you have to distill out a few that feel right to you. Then you have to try them in as real a cashless situation as you can to prove that they work at the hard right edge. Then you have to apply money to them. And when you overcome your psychological issues and the slippage, mistakes, and operational issues that come your way you can be successful. I think that if I had found the right mentor early on (= honest, insightful, method compatible with me, and can help me see where I am going wrong) I could have reached journeyman level in this art much less expensively.
Well, this is my 5th year as a trader. One day I will be perfect, but until then I do a LOT of studying. I trade from home and suggest that you do the same. Get a night job and trade your income from that. Eventually you will get good at trading or decide to quit. I read all the basic books, got a lot of expensive tapes and traded them with others to get even more ideas. I even got the book that Waxie sold.....don't laugh, it gave me an idea I use all the time. You never know where your best idea is going to come from, so it pays to look at as much as you can. I would start with books on the basics......things on Stock Patterns and Candlesticks for starters. Bollinger on Bollinger Bands is very good. Then some things about the great traders like Livemore. Being proficient in mathematics would be a really good idea. It will help you no end. I struggle because I lack those skills. News is virtually useless for trading. Unless it is about the price of oil, or earnings reports and economic data. Keep the TV off when you trade. You will do yourself a favor. It is really hard to learn. You might lose all your money a couple of times before you get it like me. A lot has to do with the mental game inside that noggin of yours. It is hard not to take losses personally. It takes a resilient spirit to trade. Also, you will need to change your strategy on a regular basis. No joke.....so you need to study all the time. There is no one perfect way to make money. If there was, I would be rich.
Self-taught as well. Try stocks, futures and options before choosing one type of instrument. Never pay much attention to technical analysis once becoming profitable. Too lazy to study charts, volume, etc.
Started in a Prop firm, earned enough to take time out to do research and develop a more long-term strategy....all in all...5 years to this point.....and counting
I was reading a basic stock book last night. There was a sentence that said, the tea cup pattern is the most used and obvious pattern in charting. Couldn't see it. I said to myself, this is gonna take me years to learn. Was it the same way for you guys ?