Iím a medical student in Sweden and one of my favourite hobbies is watching the market. Iíve always tried to understand day trading and really want to learn it from someone who knows how it works. A relative to me said that when youíre learning day trading itís important to find your own way of trading that fits you and that there are countless ways to trade both successfully as well as unprofitable.
What he also said was that instead of learning by trial and error through countless hours of sitting in the market with a simulator he recommended me to try my best to find a mentor. He underlined that the mentor should do this free of charge and solely on purpose that they enjoy seeing someone else succeed in this lonely profession, and that they themself stand for the success and no one else. Kind of like how charity works! In opposite of the trading programs, who only long for money.
Getting the right foundation on which you will build your day trading career is highly encouraged to succeed, according to him. Iíve tried unsuccessfully to day trade with a simulator for quite some time now. Iím now writing this in hope, that there is a good soul amongst us, who can help this stray day trader.
The following user says Thank You to Oxyquinoline for this post:
I understand your concern. The thing is, I only dive in to this out of pure enjoyment!
Not long ago I used to play games in my free time, League of Legends, Starcraft etc. I did that because it was fun spending some of your free time being alone and doing something that was enjoyable. It might not have given me anything but enjoyment and happiness, no fame or fortune was made. Though I never regret spending my time playing those games, since always when I think back on my time of playing games I remember how happy I was when I sat there those few hours a week I had time for it.
This is how I currently feel about trading, just how I really wanted to learn how to become a really good player in those games and learn everything they had to offer, I want to do the same here!
But then you are not in need of charity. The only thing you need is some patience and become a disciple of the markets.
If you trade for enjoyment, you will probably never make money. There is a huge industry - brokers, instructors, snake oil sales men - who are catering to retail traders. The retail traders pay for all the stuff and get what they look for: enjoyment. This is all just entertainment! You can go to a theatre and watch a piece by Shakespeare, or you play video games. Or you go for horse betting or you simply put on a trade via your broker account and then watch the colors go on and off. Putting money into the game adds to thrill and entertainment.
If you want to make money with trading, there is little entertainment. Throw away all the toys, search for opportunities. Find an edge and translate it to a set of trading rules. Be able to trade and execute in line with the rules. Accept that this may be boring. Understand your cognitive biases and master your weaknesses. Study the mathematics of position sizing. Sounds simple, but usually takes years.
Finding a good mentor might speed up the process. Unfortunately, there are only few really good mentors.The few mentors I have heard of were pretty successful in generating fee income and just offered a few basics in return. But who knows, maybe you are the lucky one who gets free mentoring from Mr. Money himself.
The following 2 users say Thank You to Fat Tails for this post: