I would suggest handtesting theories ideas that you have, hand test until your eyes bleed. If you do it long enough your pattern recognition skill will improve and you will see things that your typical retail trader will not. That is how I learned.
Use lots of replay without thinking where you would makes trades! Find areas of interest such as support and resistance and watch how it reacts around those areas and when you've done that enough you should be able to recognize what to look for! Then you make a plan back test it try it on a demo and then live with one contract if trading futures. You must 100 percent believe in your method in order to follow your rules
Hello all, This is just my humble comments for any newbie trader or experienced or whatever. From my personal experience (I am still a paper trader learning price action methods, and back testing and trading live and studying and practicing and making mistakes, etc), for the normal person trader. If you think about the trading industry and where you fit in, and start increasing your odds and cutting back everything or person in the way. I believe, and this is just my opinion, for less is better is the real key. 1. If I open my indicators in TOS, I will see over 50 indicators. I can't try every indicator cause I will be old soon. 2. If I type in trading strategy in google, i will get over 1000 links stating try this strategy or buy this strategy. I can't try every strategy in the world, cause I will be old and broke soon. 3. If I search for mentor trader or guru to follow there are over 10K of those to pay for or subscribe too. I can't try every teacher or trading room in the world, cause I will be old soon or broke soon. 4. Automation: I can't program a strategy because I don't know what strategy will work, cause I have no trading experience. I can't program every idea cause I will be old soon, and can't over optimize, cause that will lead to failure soon. I don't believe a newbie trader should be automating anything, so get rid of all the machine learning and automation stuff. steps 1 through 4 is all the odds against a trader. So in the world do I do? What do a normal average person do with soo many odds against you. What do I need to do to win. I believe the winning key is within the person and what the person see on the chart, not what other people are doing. And also asking alot of questions on the ET forum Many don't like ET, I love it. Open a chart stare at the bars moving with 1 or 2 indicators, and start making good decisions and practice, practice. Like smallfil said, the tools are there. Just require effort and passion and really being basic as possible.
here you are... yes he does sell training services, but he does not push too hard on that.. his mental game advice is the best I have seen,, https://www.youtube.com/channel/UCqLB48bfuOrZmHWb9IrrpmA
Thanks, @John9999. Yeah, I came across Joseph James. Since we are talking internet teachers, I want to positively mention Lance Beggs of YourTradingCoach.com. @SimpleMeLike, I believe you trade Crude. Have you looked into his stuff? I like his approach to trading.
As others have said, it's not that trading successfully is hard, but it's the journey to make it to the level where trading becomes systematically easier is what is brutally hard. Most people don't understand that successful long term trading is one of the most difficult things to achieve simply because you are not rewarded for rote memorization like the vast majority of occupations. If you have a sharp memory, you can do quite well in most fields like legal, business, engineering, medical, etc, where solutions of past case studies can be directly applied to current problems. That vast majority of occupations can be mastered via rote memory plus emotional control and discipline. Trading absolutely demands not pure memorization, but insightful understanding of market correlations and nuance to the point where you will be able to piece together a trading method. The solution will most likely be counter-intuitive and that means you also need the emotional control and discipline to properly develop and use it. Since you arrive at these solutions via insight rather than brute force study/memorization- the great difficulty lies in being able to free your mind to get past limiting beliefs and expectations. This can take years and decades to do, if ever. I can't speak for others, but in my own experience, I can see that when natural solutions starting coming to me, I casually mentally discarded them because they didn't fit my expectation of what a solution should look like based on the books and videos I studied about trading. I unknowingly trapped myself in a mental prison based on others beliefs and expectations. This is the normal human condition, similar to the movie THE MATRIX. Breaking free of that prison and opening your mind up to true problem solving with no preconceived expectations is the hurdle that stops many from reaching success and what makes learning how to trade feel like a hamster wheel of futility.
Not making money on a subset of trades is not the same as losing money. Positive expectation is exactly that, "expectation". Here is an example - imagine that you can play a lottery where the value of the pool is lower than the value of the winning pot. Would you buy a ticket? Would you buy a 1000? We all know that you are a stud, Jessika Alba is your girlfriend and you trade from a beachside property in Nice However, the world is full of losers like myself that still manage to eek out a living in the market
You can " eek " a living saying " would you like fries with that " and you are still in that moment a " loser " . #justsaying
Spoton , Risk of ruin is a "thing " many are blissfully oblivious to . The worse your strike rate the higher the ROR , you can alleviate that risk by reducing trade size to levels where your Curve is as slow as the crowd at a Trump convention . Basically making working at MCD a better prospect . If you arent aware of probability curves/matrix this is a basic example . No i will not write an essay explaining it and the vagaries of expectancy and the 2 metrics that make it