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And isn't it so liberating to focus COMPLETELY on the process and forget about 'making money'? What if each trader's goal was "I want to become the best trader that I am capable for becoming" (on the timeframe I like, trading the way I like, trading what I like)?? It would be a completely different experience...and the chances of actually succeeding would go up exponentially, I think. Just focusing on becoming the best version of you, as a trader, as a person, in everything...
You are never in the wrong place... but sometimes you are in the right place looking at things in the wrong way.
I love this ! That's been my approach, which is that the Research and
Development work needs to "solve the predictive problem"; and,
when it does, the Money just flows as a result. [edit] as a "side effect"
So I don't focus on "making money" but on "solving the problem of
prediction" and of keep an "edge" which is based on fairly solid
theoretical grounds.
Over the years, people have said "You don't want to make money"
because I wait so long in the R&D phase. But really, I do want to make
money, but as a result of "solving the problem" and understanding it,
after which Money should flow. If that makes sense.
Unlike Traders who are OK following some rote method, not knowing
Why it works; I have to have a theory behind it, and to understand why
it should work; otherwise, I'm just operating on superstition.
That's why I wrote extremely "custom" indicators; because they are
based on my theories as to What to measure, and Why it should
be predictive.
I want Technical Trading to have a "scientific basis" so I can explain
Why I am expecting what I am seeing; or I'm not satisfied.
You are so correct about not finding what works in the market . It is what works for you in that market . My problem was starting to look at to many mkts. at one time and never really knowing any of them . As far as a Holly Grail I sure haven't found one over the many years . Now that I am retired I want to trade the London session for awhile and see how that goes .
- But also, do not swallow the claims of anyone telling you they have a great "system," which will make you rich and they are willing to sell to you. If they are willing to sell the great system, it's because they make more from selling to hopeful traders than from trading it. This basically is a definition of a waste of your money. (Note: almost all of us have swallowed someone's claims and bought their system at one time or another. Just don't sink too much time and money into these traps.)
- Spend a lot of screen time working with the ideas you find most useful.
- You can "trade" with a simulator for a while, but you will need to experience the reality of taking risk in the market at some point, and learn to manage your own responses to it. Sim trading seems like a good tool, and it is when you get started, but avoiding the reality of risk will hold you back. Once there is money on the line, all the theoretical results of sim go out the window.
- Learn to keep your losses low. There is no more important thing that anyone can tell you.
- Only, repeat, only trade money you can lose without it affecting your personal situation. If you can't just shrug when you have a loss, learning will be harder. If you lose the money that should go to paying the rent, learning will be impossible.
- Have a long-term perspective and try to stay rational with your expectations. There is a reason why not everyone is a billionaire.
Other people may give other suggestions, which may be useful or more useful to you, but I would at least take these to heart.
You may notice that I said nothing about what method of trading you should use. This is deliberate: many work, many don't. Two traders may seem to use the exact same "method," but one may be profitable and the other may not. It's a very individual thing, and what is more important is how you have put it to use and made it your own tool.
And good luck.
Bob.
When one door closes, another opens.
-- Cervantes, Don Quixote
