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That's just to start with. While solving your mental issues, suggest you carefully think over technical aspects of your trading. When you do anything, you should clearly understand WHY exactly you are doing that. And I really mean that. While suggesting this to you, I'm talking same to myself)
Just my .25
I totally agree. I was once broke like all young men lol, and at that time I learn how to trade and it was a basic system I copied from someone else. My trades would produce but at the same time I would get excited and loose money because I was too desperate to make money.
As time went on I stopped trading because I realized my need for money was making me take bad trades. I kept following the market, jumping to other systems and trying to reinvent the wheel.
THINGS I LEARNED.
I wont say back testing is useless but, like everything it has its place in testing a theory.
Being in "NEED" of money will make you a terrible trader.
Keep things simple, start with a naked chart and really keep it naked for a while
Trading is like going to school or getting a degree. It takes time and everyone develops differently.
Like a book I once read said "THE MARKETS CAN DO WHATEVER IT WANTS TO DO" - Mark Douglas, Trading in the Zone.
Overnight success is not going to happen unless you put in the time and work.
i read the thread and i will not quit. i am a newbie, i lost almost 25K...making almost everything wrong.
i work as a engineer in germany...so i can trade the american market in the european evening.
now i joined this forum and i am willing to work hard and to learn and to master myself.
i will start a journal here, for mirroring myself.
i have until now no exact trading plan...no good money/risk management and no system.
i know that my lotsize and my risk is far to big. i have to start at zero and learn from the beginning on.
this is a great froum and my goal is to grow as human and as a trader.
critics, help and other views are allways welcomeamd excuse my english i am no native speaker.
Yes it's a strange law of life that if you need something, you don't get it. Works in reverse too - the less need, the greater the abundance and opportunity. It's entirely determined by your early life programming, and the probability that you will succeed any more than your parents is near zero.
To the extent that technical backtesting can find a real edge in the markets, it's importance will be completely eclipsed by the emotional makeup of the man trading it.
I have made similar mistakes.
I WILL SUCCEED!
What I need is a community and a mentor; I do understand that the psychological component is key to success.
However; for me it is psychologically difficult to learn this skill in a "vacuum".
The good thing about all this is that I will have witnesses to my success.
Time will tell!
This thread is one of those gems on internet that talks about your internal and external trouble on path of being trader.
Thank you for making it and keeping it active guys.
My 2c here are two simple thoughts, I always tell them to new comers but its kind of sad that no one takes it seriously.
1. You can not fool markets, you may fool others but can never do that to markets. Its always in no gray area, you are either successful or not, either you can make it or not. Many start call services and trainings after realizing this.
2. Trading is a discipline, I kid you not, ppl with very good systems sometimes do not make money, it can be frustrating thing when that happens and it has happened to me. But that is when you start to look inwards, maybe you find your answers there. You will be only as successful as disciplined you are.
If you are not honest to yourself and market, if you are not disciplined, you shouldn't be in this business. Its a very very harsh life to be a trader if you lack those two.
Hire a professional coach. Like Tiger Woods. Everyone asks how they can improve themselves.
This is the only profession where amateurs think they can buy a stupid book like that clown is selling on CNBC for $29.00 about the secret of dark pools. And teach themselves.
You dont see questions like this coming from candidates who want to be doctors, lawyers, engineers, special ed teachers etc etc.
Only in the world of trading is education debunked.
To wit: "If you are so good why are you teaching people to trade?"
Why dont they say that about Harvard Business School? "If they are so good shouldnt they all start their own businesses and stop teaching MBA'S?"
Some of us are autodidactic..
went to bronx science... made my living in application engineering without degrees.
so... some of us CAN learn from the words of others... but most dont or cant (i admit)
If it were that simple everyone would be Tom Brady.
I can give trades out every day, world class trades, like buy the break out over yesterday's high in Dow.
I like to think I am Tom Brady of Trading. Certainly have a better win rate. Sadly when I was 25 I could throw a football longer -- 73 yards, so why didnt I stay with my college football team?
Fear of success!
1 - out of 11 traders will follow trades we suggest. Even those I have proven that win most days.
Human nature.
We are programmed from birth -- DONT TOUCH THAT. EAT YOUR SPINACH BEFORE ICE CREAM. COLLEGES TEACH US TO BE GOOD EMPLYEES NOT INNOVATORS. Maybe Harvard, Yale, MIT.
Even Trump took a while before he believed he could really become president.
I suggested it to him, STRONGLY, in 1996 when his limo broke down and I drove him to the Pottstown K-Mart to shop for school supplies for Don Jr. at the Hill school.
He said, "I make more money in a day than the president. Look what happened to Ross. No one will ever elect a Billionaire--too much jealousy."
