Oh, there's still plenty of 'teachers' here... One of my favorite quotes is, "There's no substitute for experience." A mentor can probably fast track your learning by a factor of 10 or even 100, but you still need to rack up that experience and screen time on your own. The problem for the lonely retail trader is that he's likely to waste his time doing work that's not leading anywhere. So, you can most definitely have a hard working retail trader who's going in circles because he's following the approach dictated by a loser. So, blaming an aspiring trader for If that's true, then everyone's wasting their time on the technicals and most certainly does not need ICT, no? Agreed. I'm just generally skeptical towards anyone who's in the educational business in this industry. I'm not shopping for any new guru or teacher to follow either. I'm my own guru with the market as my only teacher... I would of course be willing to learn from others, but I just don't see it very likely that I'm going to learn something of (great) value that I don't already know or can't figure out on my own in the public domain.
in old trading days the reference to "the silver bullet" was used to describe a high percentage winning system that occasionally catches a "silver bullet" thus either nearly or completely destroying it. we all have a silver bullet coming our way, it's not something i want let alone buy.
That is so true. The teacher that you encounter is a coin toss that can determine your path for better or for worse. For example, back in 2017, when I was looking for bond education, I had to choose between two Bond Boot Camp offerings, priced at $250 and $999. I picked the cheaper one, which turned out to be far superior than the more expensive one. Had I chose the more expensive one, I'd still be lost.
William Eckhardt on the subject: Have you looked at outside systems? I’ve looked at about fifty. Out of those fifty, how many had value? One. And I don’t think it had value as a system, but it had an element that I was able to use later. Do you then feel that purchasing systems is a waste of money? For the most part, I feel that’s true. If you have the resources to evaluate systems, your time is better spent developing your own ideas. I wouldn’t recommend buying systems. Is the idea that if a system really worked it wouldn’t make any monetary sense for someone to sell it? Occasionally, it might happen that somebody comes up with something really good and sells it because he needs the money. But in my experience, something good isn’t discovered on a Greyhound bus while leafing through the charts; it’s something developed over a period of years. Typically, if a person has invested sufficient time and money into developing a system, he or she will want to use the system, not sell it.
Not quite related to the topic at hand, but some really good stuff here on how trading is rigged against human nature and how even if we know what to do, doing it can be hard. Similar stuff have been said by others, both traders and researchers.
This is a pesky point that I'm surprised that all people aren't in agreement. Given the uber-competitive and individualistic nature of trading, I refuse to believe that generosity exists (e.g., simply divulging the intricate details of a highly successful system). Who simply hands over their money-making edge, thereby losing it as a consequence? Exactly, no one.
i did it twice published and privately several times. one of the published system got run into the ground.
Ed Deming said it a little differently: "There's no substitute for knowledge" This lonely retail trader spent a lot of time testing and acquiring many of the knowledge, knowhow given out by experts, pseudo experts, amateurs... on ET. What is important and what worked for me are not someone's secret source or detail trading strategy but general principles which can be used as a foundation to build my own profitable strategy. And I am going to spend some time looking into ICT.