I am still pretty new in trading, and now I'm in desperate need of information and knowledge of how to create a strategy, how to do a proper enter and exit, and so on and so forth . Well - normal needs of any beginner .
So I thought It would be great, if more experienced and advanced traders share a part of their story of "How I stopped gambling and began to understand every what, where and why"
Any advise on people to follow on YouTube, articles from this blog, any other blog or trading courses would be great!
If You have something special to offer than just pm me
Thank You in advance!
The following 2 users say Thank You to michael94 for this post:
I really think the best way is thru pain and losses. The only advice I give is if you are very new trade small so you can lose less in the first 5 years. FIO will be great help and may reduce the pain.
Best of luck in your journey.
K
The following 2 users say Thank You to kareem40 for this post:
At least, maybe you would suggest some course or separate articles from this forum? Something You've already tried and consider valuable. Don't get me wrong, I'm not lazy to do research. It's just.... there is so much info that I'm kinda lost, and trying to sort it out a bit.
The following user says Thank You to michael94 for this post:
I have tried many and the only ones that worked for me are courses about Price Action and VSA. I have studied and followed Dr. Gary Dayton and Feibel Trading for both VSA and market structure. They both have tons online and on YT for free to try. It maybe a different journey for you. Just don't move around too much and always remember that almost all indicator vendors are a waste of your time and money. Good traders trade, others sell indicators. Last trading is very, very hard and not for everyone.
Again, good luck.
K
The following 5 users say Thank You to kareem40 for this post:
When I started I didn't even know the difference between stocks, shares and equities (there is practically no difference).
My first book was Day Trading for Dummies: a good introduction to give you a very basic and general idea of the world of trading but you won't get very far with that. The author is not a trader, she's an Economics professor.
I don't know of any trading courses that guarantee you any profitability: chances are they don't exist. In fact I would stay away from any trading courses which are likely to cost you thousands of dollars before you have had time to assess which direction you want your trading to go.
It is very difficult to provide personalized advice as everyone will be different: patient people can trade very slow markets, impatient people can't. This is just an example.
Many people on this forum say that the best time spent is searching content here. I would agree with that.
My best advice would be to familarize yourself with the powerful search engines in here. If you want to search for something specific but don't know how, just drop me a line and I'll help.
The following 2 users say Thank You to xplorer for this post:
So very true. And remember almost all courses are using on historical charts ( including my recommendations above). My best trades and sets are all on historical charts; I am excellent at it!! There are also very good traders here at the journal sections, follow them all.
K
K
The following 3 users say Thank You to kareem40 for this post:
Thank you guys for your replies and great advances! I already have some base of knowledge, and time to time I do really good entries and exits. I papertrade only for now, ans there is still a great lack of confidence and knowledge. Although even failing, I try to understand why. In most cases I see that I miss a lot of very important details and instead of acting basing on confidence, I'm jut gambling. It happens in 2/3 cases of all my positions. I know, it will take time to master this art, but from my experience I do things better when I can see multiple times how to do them. This is the reason for this topic. To fond some trusted source of information than can help me to think better about how to make my proper decisions. Of course there is no such as absence of losses or mistakes. But I think that good trader is the one, who has them minimized.
The following 3 users say Thank You to michael94 for this post:
If you want it you'll find it. Before the path to success comes the path to breakeven. You have to be in this because of an extreme obsession for coding, stats, numbers and winning. It has to be your #1 passion. If you're here for the money, you might as well kiss it goodbye. The money comes because of the obsession for the former.
The following 13 users say Thank You to Massive l for this post:
15 years of market exposure on/off. Made a lot of money. Lost even more. Some periods very intense. I've been fairly exhausted for the last 2 years juggling trading research/development with a full-time job. Lost contact with some friends and declined social stuff, but trying my best to maintain relationships with my closest ones.
If you want to succeed with this, you're likely required to make sacrifices. Also - it's much harder than you think and the harsh truth is you're not likely to succeed. There's really nobody to guide you as the ones who are most eager to help usually knows the least and those who know generally keep things for themselves.
My advice is to choose a volatile, liquid market and learn that market as it is. Not how you think it is. Now what some guru says. Or not what you think it should be. The market simply is.
What is that you see every day happening in front of your eyes. It goes up, yes? It goes down? Repeatedly? How much? How often?
As soon as you can - start logging information about what it is you see. Track the market and create statistics.
The following 5 users say Thank You to Howard Roark for this post:
Have to concur with this - trading has to be a passion and an obsession in the beginning. You Have to be determined to be successful and then carve out that path to success.
Look at a lot of charts and just observe initially. Your mind will start showing you things that gel with what is best for you. Maybe a certain pattern jumps out at you regularly, maybe volatility based bars show you some secret, maybe a collection of bars in some sort of format tells you something.
Bottom line is..do a lot of observing initially and read up on money management extensively. You need to master these 2 puzzles first and then deal with your own mind when you eventually start trading live. But live trading is way in the future so just concentrate on these 2 first.
Have fun initially but become very serious when it comes to training the mind.
All the best.
The following 8 users say Thank You to TraderDoc007 for this post:
I was lost until I happened upon Damian Castilla on youtube. He is as legit as they come. Uses no indicators, sells nothing, and trades a multi-million dollar account. Learn the basics from Damian, and it will save you many months/years of struggle.
I sound like an advertisement but it really is worth checking out!
Hello,
in the stock world, vwap is an indicator widely used in particular with big professional money managers that use it to asses the performance of traders.
Is this indicator relevant in the stock index futures world? Is it used and watched by …
I am not profitable yet, but the more I trade the more I feel that there must be some "turning points" that change everything.
Let me explain, suppose you are starting with a very small account of around 5K, most probably the account will go up and down a little and almost breaking even for quite a while until one day you make a nice trade and you "jump" to 8K, then you will go sideways and one day jump to 20K.... and so on.... until one day you will go above the 60K mark
It might take months to go from 5K to 20K, but from 20K to 60K it should be a lot easier and from 60K to 100K even easier.
Once you get to 100K you will have so many "degrees of freedom" that if you play correctly you can scale up to 500K extremely fast.
Of course this is just a theory, but it's something that I have observed whenever I passe the combines, the first part of the trading journey it's the most difficult. So playing safely at the beginning is crucial.
So, what I am trying to say is that once you feel that you are close to becoming profitable, maybe just one single day can change everything.
I believe that you need one big day, just one..... and it will se you up for a be profitable from that moment on.
