Ten-thousand in Education and still not profitable! | Trading Reviews and Vendors

futures.io - futures trading strategies, market news, trading charts and platforms

Trading Reviews and Vendors

Discuss and review vendors of commercial trading products, trading rooms and services, trading indicators or third-party paid add-ons


Ten-thousand in Education and still not profitable!

  #299 (permalink)

Reno, Nevada
Trading Experience: Advanced
Platform: NinjaTrader
Favorite Futures: ZN, ZB, CL
phantomtrader's Avatar
Posts: 247 since May 2011
Thanks: 56 given, 398 received

trendisyourfriend View Post
Is this realistic? Never heard the expression "Jack of all trades, master of none" meaning superficial in all of them. It's true that there is good information on futures.io (formerly BMT) but quite disorganised which can lead to information overload and conflicting concepts. Which brings us back to our Jack of all trades expression. It's more efficient to focus on 'one thing' instead of everything. According to you what should be this 'one thing'?

Here are some ideas: Trade Setups

Well I don't agree. I think at the very least a new trader should investigate the various markets available to trade, should understand technical analysis and how it's applied, review strategies and systems that are published on websites like this, take free trials from vendors, talk to other traders and, in general, get a good feel for what the market and trading is all about. Focusing on one aspect of trading ignores the bigger picture.

For instance, it's not unusual for new traders to think that technical analysis i.e. indicators alone will enable them to trade successfully. They may lock into a moving average type of strategy only to learn the hard way that the market doesn't care about his moving average system. Why? Because the market is about price action. It's about volatility, volume, market profile, order flow, market "footprint", understanding how to use fibs. This stuff takes time, effort and research to learn.

I don't disagree that it's hard to dig up information. There's no question that getting a well rounded education in this business is tough. But it can be done. Joining a good prop firm with a good training program is one way. There are reputable vendors out there who focus on a particular methodology successfully. That's why I said free trials and possibly signing up with some of them can be advantageous.

Talk to people and read everything. As I said before, you need to be a tireless researcher in this business. And hopefully one day, you put it all together and figure out where you fit into the business.

Last edited by phantomtrader; April 7th, 2012 at 12:12 PM.
Reply With Quote
The following 2 users say Thank You to phantomtrader for this post: