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Is it Worth It!!!

  #57 (permalink)

Schin Op Geul, Netherlands
Posts: 19 since Dec 2017
Thanks: 13 given, 24 received

navionpilot View Post
So my question for Everyone is this. I am an Inexperienced Trader and so I want to know if this statement is true. I ask this because for the last week I have been studying my butt off day and night. I probably have around 40 hours this week alone watching webinars, I bought the Al Brooks Training Course and I've been going through it and I'm starting to realize there will be months and months and months if not years of learning or trying to learn and at the end when finally I feel comfortable trading my own money I end up losing it all or that I'm so far into it now that I have to keep going because of all the time that I have invested in learning. I don't want to regret wasting all this time when I could have been spending time with my family or learning how to Sell on Amazon if you know what I mean.

I don't mind putting in the time it would take to learn if its worth it. I'm 39 years old and I'm at a point in my life where I want to learn something new that is fun and exciting. I want to do something that could possibly make me some really good money and so I figured I would try and get some advice from you guys and see if you had to do it all over again would you learn how to day trade and if not day trading then what would it be?

Thank you

Okay, so you've studied your butt off, watched 40 hours of webinars and bought an Al Brooks training course.
What drives order flow and prices? (There are many things, but it is likely you haven't been taught even one).
You've gone through so much material but none of it can help you answer that question and you are no closer to doing this correctly.

The market is always trying to 'price in'. At times the market gets it wrong or misses and then they will have to 'reprice'.

What you're trying to assess is where the greater probability for price movement is, on a forward basis. To do this you will need two things:
1. Knowledge
2. Experience
Is the knowledge you are acquiring thus far useful? Will it help you become profitable?

The first thing you should do is learn 1 market. It doesn't matter which one, just go and study 1 market.
(You may not end up trading this market but studying it will be beneficial nonetheless. Your time will not be wasted. It will teach you things that can be applied to other markets).
Find out what drives order flow and pricing in that market.
Driven by central bank policy?
Driven by weather?
How do risk-on/risk-off flows affect prices?
How liquid is the market? When does liquidity drop off, daily/monthly/seasonal?
Who are the biggest players in this market? How do these players trade? What do they focus on? When do they trade?
What economic indicators are these participants interested in with regards this market? As time progresses do certain indicators get more attention than others? Why?

In addition to the above, try and be objective. It will be hard because you are geared toward subjectivity.
I'll give you an example of both below:
Subjective: Which chart time frame(s) are best to swing trade? (Can you see the question is loaded already. You are implying with this question that there is some sort of edge in analysing various time frames?
Objective: Is there edge in analysing various time frames? (Here you are getting back to finding the facts, what is truth. You are putting everything to the test!).

Trading isn't easy, even for those that have been doing it for many years.
It does though get easier as you gain experience.
You must acquire knowledge that is beneficial. That is critical.

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