Is it Worth It!!! | Traders Hideout


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Is it Worth It!!!

  #80 (permalink)

Super Moderator
Sarasota FL
 
Trading Experience: Intermediate
Platform: NinjaTrader, Sierra Chart
Favorite Futures: ES, YM
 
bobwest's Avatar
 
Posts: 5,155 since Jan 2013
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As I read all these posts I was trying to think of some great answers to give, but if you just take all that have been given so far you will have a good start. That's sort of how it works on this forum -- read all you can and see where it leads you.

You asked some really good questions. The best way I know of to find answers is to start reading as many of the posts and threads here on the forum as you can, ask questions when you don't understand something, and take in everything and try to weigh what makes sense and what does not. (And be aware that if it doesn't make sense now, it may later .)

There is, unfortunately, no authority or source to turn to in order to find out how to trade. I assume that if you are an "AUTOCAD Draftsmen/Structural Steel Connection Designer" that there is a clear educational and career pathway to follow in your field, but there's not really one in trading.

Why? Well, one answer is that the markets are extremely competitive, where all the participants are acting to obtain the best price. This means that in order to profit, you must be faster or better or more right, more often, than people who may know more than you, which is not going to be easy. It also means that there are, and always will be, an enormous variety of approaches -- some of which will work, some not, and (maddeningly) some of which will work for one trader but not another, due to individual differences of application or understanding, or just style.

You certainly will find different opinions about everything, even among people who are well-meaning. You will also get a ton of advice and suggestions from people who just want you to buy something from them. You will also get well-meaning people who will tell you "This book/method/course/guy is no good, try that one," and then someone else will tell you exactly the opposite. The confusion is something that you may need to be able to tolerate and even accept for a while, until you can sort it all out for yourself.

So, my best suggestion is to start reading threads and posts here. Most of the people who have responded to your question turn up responding to other people's as well, and often have their own threads and trading journals. You might look for other posts they have made, or their journals.

The trade journals on FIO are, collectively, an invaluable resource. Traders will record and honestly discuss their trades, explain their methods, and show their charts. Generally they are posting in order to improve their own game and hold themselves to their own trading rules and principles, and they're doing it publicly in order to be accountable. It's like watching over someone's shoulder. If they are new-comers, you can watch as they learn. If they are experienced, you can perhaps get a handle on what they are seeing that you can use.

If you look at the extreme lower left corner of any post, you will sometimes see a little icon that looks like this:

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If you hold the mouse over it, the text that pops up is "Visit my futures.io Trade Journal." Not everyone who has a journal will have this, but if they do, it will take you there. So you could go back to any post you particularly liked, and if the poster has entered his journal address there, you can go over and see something about how he trades. If you do this for a lot of people, you will find out a lot of stuff.

You will also find totally different opinions about what is important. Sometimes, two people who are both making money come at the market from completely different perspectives. Although this is confusing, it is also good. Thinking about the differences can be informative.

You can also check the current posts on the home page of FIO. Just scroll along and look at anything that sounds interesting. (Sometimes it won't be, sometimes it will.) Or, if you have gotten something good from a particular poster in the past, you can check out what they are saying now:

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Another resource is the enormous library of videos. Be warned that they, too, may not agree, and that the information overload may be temporarily overwhelming. But picking a few that catch your eye will help you start. Also, there is a link to a more complete list of New Posts that you may want to look at:

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Also, use the Search box in the upper right corner of every page. Put in a topic, see what pops up.

So my suggestion is to use FIO to crowd-source your search, and start to digest what you find, as you roam around. You may find out your own way to do it all, and also answer your basic question of whether it is worth it to you, which only you are going to know.

If you do continue, at some point start your own trade journal. (You can start while you're trading in simulation, although you will need to be live at some point.) That's when it gets very interesting....

Good luck. Ask more questions. Read more stuff. See if it captures your imagination.

Bob.

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