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Is it Worth It!!!
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Is it Worth It!!!

  #21 (permalink)
Thailand
 
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navionpilot View Post
Hello Everyone!

I want to start off by letting everyone know that I am very very New at Day Trading actually I am in the very first stages of trying to learn how to Day Trade. I know nothing about it.

I came across this statement from the NO BS Day Trading website...

For Inexperienced traders
If you know absolutely nothing about trading, my first piece of advice for you is donít do it. The stories of million dollar traders are real. It can be done. But the amount of time, energy and money which is required to make it happen is substantial. You are not going to start printing Benjamins as fast as you think.


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


When you enjoy something, then it is always worth it.

Do NOT go into this for the money. To succeed at this, you need a much deeper motivation, you gotta love it.

If I had to do it all over again, I would have turned off my charts, burned all the classical technical analysis books (Al Brooks included), and just watched the order flow.

"The mind is its own place, and in itself can make a heaven of hell, a hell of heaven." - Milton
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  #22 (permalink)
MERIDIAN MS/USA
 
Trading Experience: Beginner
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Anagami View Post
When you enjoy something, then it is always worth it.

Do NOT go into this for the money. To succeed at this, you need a much deeper motivation, you gotta love it.

If I had to do it all over again, I would have turned off my charts, burned all the classical technical analysis books (Al Brooks included), and just watched the order flow.


I totally understand about having a deeper motivation but on the other hand, you wouldn't still be trading if the money wasn't good! As for totally new beginners, that's all we see is that if somehow you can learn how to trade the amount of money you can make is endless. That's pretty good motivation to me.

Thanks

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  #23 (permalink)
Thailand
 
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navionpilot View Post
I totally understand about having a deeper motivation but on the other hand, you wouldn't still be trading if the money wasn't good! As for totally new beginners, that's all we see is that if somehow you can learn how to trade the amount of money you can make is endless. That's pretty good motivation to me.

Thanks

Ok, suppose that is your motivation (and it was for many of us in the beginning, myself included.)

What's gonna happen when you go through a rough patch in your trading (and everybody does, usually many times, if they are stubborn enough or good enough to stick around) and you are hemorrhaging some serious cash?

Well, people try to trade their way out of the hole... and dig themselves deeper in. And then they usually quit in disgust. I wish I could tell you that this is not the norm, but it is. And wrong motivation plays a huge part in that.

Most of us came to trading expecting easy and fast money, once we find the secret. Nobody told us there was no secret. There was good trading. There was work. There was strong emotional control. There was picking your spots and having absolute patience and discipline. There was focus on the process and never-ending improvement.

But fast and easy money..... secrets......... LOL.

"The mind is its own place, and in itself can make a heaven of hell, a hell of heaven." - Milton
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  #24 (permalink)
Legendary market donator
Indianoplace, IN
 
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navionpilot View Post
It looks appealing to me for the following reasons:

1: I'm Self-employed and I work at home all day so learning how to trade to make some extra cash would be great!

2: Learning this craft would make me feel better knowing that if anything ever happened to my job that I do now I would have this trading knowledge as a backup or this could turn into a passion and could make me happier then what I'm doing now.

3: Something else that appeals to me about trading the markets is that the "MARKETS" will always be there. You don't have to worry about waking up one morning and having all your clients leave you to use someone else that's cheaper than you or your clients start using overseas companies because they're cheaper. It would be a peace of mind knowing you would always have a way to make some money because if the markets go away everybody in this world would be screwed not just me.

4: It appeals to me because you can literally trade from anywhere in the world as long as you have internet.

5: It appeals to me because you don't have to deal with the public like you would if you started a franchise or something like that. It's just between you and your computer.

These are all good examples of why people are attracted to trading.

I'm no expert, really just scratching the surface myself, but after 18 years of being self employed and doing something I love, trading is the first thing I've come across that has really captivated me and compelled me to look beyond. I spend just about every waking moment of my free time pursuing it, and if I didn't have a business to attend to, I'd spend more without thinking twice. Easily.

Since joining FIO, I've discovered it really requires full commitment, not only to the external aspects of the markets and motivating forces behind them, but also to deep introspection and self reflection; it's a journey of growth and development, a blend of science and art. I don't think it's possible to master the markets without mastering one's self.

A monumental challenge, and a monumental opportunity! The guys here who have made it happen and are really good at it will likely tell you it's the most difficult thing they've ever done. Even then, some feel as if it is not worth the cost.

Sounds like you just need to spend some time discovering whether you could possibly feel passionate about it. You've found a great place to start, FIO is awesome and the people here are very helpful. Keep asking questions, give it some time, you'll eventually figure out whether it is something for you to pursue or not.

Best of luck my man!

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  #25 (permalink)
Leeds UK
 
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navionpilot View Post
I am an Inexperienced Trader


We all were, originally.

My big question for you is why intraday trading, specifically, interests you so much?

Anyway, you've had some excellent and insightful responses above (especially from Kevin and Matt).



navionpilot View Post
I bought the Al Brooks Training Course and I've been going through it


That's a good thing to have, and to do. I'm not quite sure it's such a good thing to have and to do at your stage of the proceedings, though.



navionpilot View Post
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


You got the first part of that right, almost certainly, but that doesn't have to be the outcome, if you postpone funded trading until you really know what you're doing, are on top of the focused education and screen-time practice you've had, and don't use real money until you've evolved a method of trading that gives you a genuine, proven edge (that means first learning how to identify reliably when that's so, which is neither an easy nor an intuitive skill to acquire!) and have recorded and analysed the results of a few hundred consecutive trades (on a sim account) without losing money and without having any frightening drawdowns.



navionpilot View Post
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.


That would be a very bad and inappropriate "only reason for continuing", in my opinion.



navionpilot View Post
I'm at a point in my life where I want to learn something new that is fun and exciting.


It might be suitable for you, then. It can be that. As long as you go into it with appropriate expectations, and not wanting to make steady income quickly. There's almost no realistic chance of that.

If it helps, the "one big thing" I wish I'd understood clearly at the outset is that trading isn't about how much money you can make and how quickly: above all else, it's about how you can learn to manage risk and preserve capital.

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  #26 (permalink)
MERIDIAN MS/USA
 
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Anagami View Post
Ok, suppose that is your motivation (and it was for many of us in the beginning, myself included.)

What's gonna happen when you go through a rough patch in your trading (and everybody does, usually many times, if they are stubborn enough or good enough to stick around) and you are hemorrhaging some serious cash?

Well, people try to trade their way out of the hole... and dig themselves deeper in. And then they usually quit in disgust. I wish I could tell you that this is not the norm, but it is. And wrong motivation plays a huge part in that.

Most of us came to trading expecting easy and fast money, once we find the secret. Nobody told us there was no secret. There was good trading. There was work. There was strong emotional control. There was picking your spots and having absolute patience and discipline. There was focus on the process and never-ending improvement.

But fast and easy money..... secrets......... LOL.



Ok, I get what everyone is saying. So let's say after hearing all of this I still want to dive deeper into learning how to trade. With so many experienced traders on here, how would you lead me down the road of learning how to day trade? Where should a beginner start? I know that's a loaded question. Everyone has there own opinions but there have to be a few similar ideas that each experience trader would say. Their cant be that many different ideas on how to train a beginner.

Some questions that I have is

1. Which market should a beginner start out trying to learn first?
2. Which books or courses should a beginner start out with?
3. Who can a beginner trust to learn from?
4. What should a beginner start learning first?

5. How can a beginner find a mentor to learn from?
The reason I ask this is because if I had someone come to me and say, hey I really want to learn more about what you do. Would you teach me how to do what you do? I would be like sure I will teach you as long as you are willing to learn and do what I ask you to do. Before we start, go read this and go study that and Be ready to start at 8:00 am.

How come nobody does this? Is it because nobody wants to be liable?

Thanks

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  #27 (permalink)
salt lake utah
 
Trading Experience: Beginner
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Maybe some people don't like the idea, but if I were you I'd do the demo every single broker out there. I think each platform demo can last you between 10-30 days or more if you ask for it.

Reasons:
1. You get familiar with different platforms.
2. You get familiar with different brokers.
3. It's free, why not.

I think after many of them you can decide if you want to go trough with this or not.

Note: open up new email address, because they will swarm you with many promotional stuffs.

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  #28 (permalink)
Market Wizard
Cleveland Ohio/United States
 
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navionpilot View Post
Where should a beginner start?

I always recommend this:

Read. Read as many books as you can on trading. Use your library as a free source of books. Read any and everything you can. Different styles of trading, topics, etc.

Make no judgments about what you are reading. Just take it all in.

After a while, you will start to see:

1. what kind of trading that appeals to you (discretionary, scalping, arbitrage, algo, etc).

2. a lot of books are full of crap - ideas that don't work, cherry picked examples, overly optimistic returns, etc.

Once you get to that point, when you know what you like and you have a feeling for what is realistic, then dive deeper into your area of interest. Maybe find a mentor. Just beware: most people selling trading info cannot (or no longer) trade!

Then start trading, but take it slow. Trading is a marathon, not a sprint.

If you have any questions please send me a Private Message or use the futures.io "Ask Me Anything" thread
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  #29 (permalink)
MERIDIAN MS/USA
 
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Rrrracer View Post
These are all good examples of why people are attracted to trading.

I'm no expert, really just scratching the surface myself, but after 18 years of being self employed and doing something I love, trading is the first thing I've come across that has really captivated me and compelled me to look beyond. I spend just about every waking moment of my free time pursuing it, and if I didn't have a business to attend to, I'd spend more without thinking twice. Easily.

Since joining FIO, I've discovered it really requires full commitment, not only to the external aspects of the markets and motivating forces behind them, but also to deep introspection and self reflection; it's a journey of growth and development, a blend of science and art. I don't think it's possible to master the markets without mastering one's self.

A monumental challenge, and a monumental opportunity! The guys here who have made it happen and are really good at it will likely tell you it's the most difficult thing they've ever done. Even then, some feel as if it is not worth the cost.

Sounds like you just need to spend some time discovering whether you could possibly feel passionate about it. You've found a great place to start, FIO is awesome and the people here are very helpful. Keep asking questions, give it some time, you'll eventually figure out whether it is something for you to pursue or not.

Best of luck my man!


Thank you for your reply.

How come this industry is so negative towards beginners? I guess that why i cant decide if i should down this path. It's like you here everywhere that you can't trust anybody or you cant trust anybody to teach you, you can't trust anybody's course, you have to learn on your own (Which I think is totally crazy since there are so many experienced traders out there that could show you how to succeed.) I mean if you want to be a Doctor the first place you go is to Collage. You don't go to youtube and learn on your own. It's just crazy to me.

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  #30 (permalink)
salt lake utah
 
Trading Experience: Beginner
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navionpilot View Post
Thank you for your reply.

How come this industry is so negative towards beginners? I guess that why i cant decide if i should down this path. It's like you here everywhere that you can't trust anybody or you cant trust anybody to teach you, you can't trust anybody's course, you have to learn on your own (Which I think is totally crazy since there are so many experienced traders out there that could show you how to succeed.) I mean if you want to be a Doctor the first place you go is to Collage. You don't go to youtube and learn on your own. It's just crazy to me.

Dude, a successful trader don't want to share or teach you because that's their edge, imagine many people trading the same exact way as you do, how can you make money from it?

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