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How to Break Through in Trading

  #31 (permalink)

Legendary market donator
Indianoplace, IN
 
Trading Experience: Intermediate
Platform: SierraChart
Broker/Data: CQG
Favorite Futures: Currencies
 
Rrrracer's Avatar
 
Posts: 2,013 since Feb 2017
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@Jeremy1984, forgive me for going out on a limb here... I'm even more of a beginner than you, started my journey just this year... but it sounds like you need to get back to the basics.

The techniques you mention (Ichy, Fibs, Elliot, etc) have all been used with varying degrees of success by traders, but by themselves will be of no use if you don't have a solid foundation upon which to build. You're not going to get anywhere by putting the cart before the horse.

That's the problem with being a self-directed, self-instructed trader; there's no clear path for a beginner to follow and we're all left to our own devices to get it figured out. Quite nearly every other career path has a formal educational process behind it that ensures the knowledge fundamental to success is achieved... but trading is like the wild west.

A lot of guys (myself included) start out thinking that if they can just find someone's successful method and emulate it, they will be on their way to success and riches. Nothing could be further from the truth. You really do have to put forth the effort in understanding how it all works so it makes sense to you and fits your personality. Along the way, you will cull bits and pieces of information and methodology from others and be able to incorporate it into your own style, but ultimately you must make it your own.

One thing that has really helped me "fill in the cracks" in my own foundation was going through Adam Grimes' free video course. His book, The Art and Science of Technical Analysis, is of extremely high value (it's not free, but goes way more in-depth about the concepts and ideas presented in the video course.) https://www.marketlifetrading.com/

And if you're going to spend money, do yourself a HUGE favor and drop $100 on an FIO Elite membership. You'll find all the education and mentoring you need in the pages here, more than you might be able to believe.

Best of luck man, let me know if I can help.

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