Any person successful in any endeavor could give a list of things which might contribute to success. I don't think it's much different in trading. Here are a few that come to mind: have goals and ways to reach them; understand the game you're playing and know the rules of the game; be disciplined in your approach; enjoy the process; learn from others; know your strengths and weaknesses and act accordingly. The list could go on, but these are a few.
Learning from what you read and watch is a necessary part of the process to some degree. Lots of good info here at futures.io (formerly BMT) for example. But most traders know "technical analysis and reliable patterns" quite well. Why would learning that stuff make you successful? It's all common knowledge. There are some very good principles that can be gleaned from traditional technical analysis, but a technical analysis book will teach you exactly how to trade like everyone else does who reads it, and when you do that you are one of "the herd."
If you are a trader, you are taking part in a game. In fact, there are several games going on at the same time in any given market. The rules of the game are not found in a $39.95 technical analysis book or a $59.95 video. Is it logical that traders or investors who risk millions and billions of dollars do the same things that "Day Trading For Dummies" advises you to do? I'm not saying you can't pick up good information, it's just that for every helpful thing you read, you'll read two other things that are just plain silly. One example: a common technical analysis tenet is, place your stop under the last swing low (or above the last swing high). Go ahead, try it, see how well that works for you. Only in fading common technical analysis principles is there much benefit to it. Again, just my opinion.
The bottom line is: knowledge is important. But understanding how markets work does not come from books. Trading requires independent thought, formulation of logical opinions, and then betting money on those opinions.
First traded it 2.5 years ago, but really focused on it starting just under 2 years ago. The more I learn, the more I realize there is to learn about markets, the financial industry, and myself.
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Okay come on budfox. Let's hear the update. It will be painful, but just get it off your chest and tell us. Others can learn from this too. I started a thread very similar to yours a couple months back. I've been honest. Your turn.
You weren't ready were you? I had to learn the hard way too. You aren't alone by any means.
He hasn't logged in since August 6th as of this post according to his public user profile.
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