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I would disagree with this admonition to this extent: Adam Grimes is a quant and trader who provides an excellent and free market training series. About 30 hrs of videos, and a large volume of free reference and training materials.
I've been returning to the markets after a 20 year absence, and his materials have provided an effective "on ramp," at least for me. I'm grateful to him for sharing so much information, experience and worthwhile opinions.
being new to this game i have to wonder about all the free training material out there. i think i'm reaching the end of free youtube content on the subjects of day trading & technical analysis.
I even started a Kindle unlimited subscription and while it is not exactly free, not every trading instructional book is included. is this the best quality or even comparable to the textbooks that are not included at this price level?
and whats the alternative, pay these trading "gurus"?
Back to the title of this original post, i have no edge, i feel like i could spend as much time learning terot cards and apply that to technical analysis as an edge with as much success.....
his training is indeed very good and i highly recommend it. but trading his approach is another story. i have been looking at his forex calls, i have no further comments.....
Can't disagree with you in that regard. He monitors and identifies continuation trades, not reversions. Choppiness pretty well beats up a number of his recommendations. Earlier this year when the currencies were more prone to continuation, he cleaned up on a handful of them. Comes and goes, just like my trading!!!!
i would agree Grimes is one of the few good guys in trading education . i have taken his free course . it would help him I.D. brake out failure , trend continuing , and a other core material. however Grimes is not an expert in day trading . that is a different ball game. most folks on here are wanting to do that.
Interesting, Forgiven, I haven't spent enough time here to realize there was a balance of interest in day trading. I guess now is a pretty good time for it, with the continuing high volatility.
During more "normal" times, I always had aggravations with the lack of "elbow room" within a trading day. Like 30 to 40 handles wall-to-wall in S&P or bonds. I prefer swings, but often wind up punching out during the entry day as a defensive issue. So, I guess I'm often a "reluctant daytrader."
Nothing could be more true. Trading with 2 contracts is way easier than trading with one...unless you have software that can move your stop after a certain number of ticks go in your favor.
Nowhere have I seen a reason for why the trades are being taken?
What's the plan here? Trading a news event? One needs a purpose and a method to trade well.
To become a profitable trader you need to be well educated, like any other profession. you cannot become a doctor or a accountant overnight, so the Idea anyone can open an account at a broker and then start trading and expect to make money it does not work that way. For you are up against some of the brightest coming out of the elite universities, and institutions with very deep pockets, moreover machine trading with bots .
That said there is room for the small retail trader which is the agility and flexibility of day trading for instance,.
Now education is a difficult one there are so many vendors out there canvasing there courses, whereby a majority of them are dubious at least by the complaints, of spending thousands with no results of profitability.
There are a many different approaches to trading and there needs to be a fit to the style of how you would like to trade, this site is ideal for that approach as there is a many well educated and profitable traders to assist and try different styles and then recommend a reputable vendor for you.
I mean that some people go through that whole process of becoming a SIM millionaire, then blowing SIM accounts, then shooting for SIM stars so many times that SIM becomes meaningless for them.
Sometimes you break something beyond the point it can be repaired.
If you have any questions about the products or services provided, please send me a Private Message or use the futures.io " Ask Me Anything" thread
Hehe, yeah, I can't stand watching another video... 99% of them are using totally illogical analysis techniques IMHO. Like candles, trendlines drawn 'intuitively' nevermind calculated/drawn wrong, squigglies (indicators) that don't have any meaningful information, everything is bar-centric [who cares about those pesky swings that actually mean something], using one chart (scale) to trade off of [who cares about that pesky trend direction].
Some have a catchy title, and then in the video they're telling you things like "you should always have a stop loss". OMG. Super lame. They should have titled their video "super lame braindead advice for total beginners".
And, don't get me started about the salespeople...
Typical sales pitch: "...don't be like the 'retail traders' and lose money, the big guys run stops and the retail traders lose." Well, I don't think that's entirely accurate. IF the "retail traders" were losing all the time, they would quit due to having no more money to lose. So, logic dictates that this premise is false.
Sales pitch #2: "...you can make TONS of money in the "first hour" of the day." Yeah, sure you can make $50 maybe. But you're leaving $100's/$1000's on the table by quitting after that first hour. Yeah, if you're ALREADY a millionaire, then maybe you don't mind making only $50 a day on your $15,000 capital. That's 10% a month return on your invested capital. That's not bad. But the people interested in learning how to trade aren't looking to make 10% a month, they're looking for more than that so they can actually live off this income. Geez.
Sales pitch #3: "...make $10,000 in one hour" (or one day -- whatever)" BUT, the catch is they don't tell you how many shares/contracts/lots that is! They don't tell you how much they make on ONE lot/contract, the truth is it's probably much less exciting, like $100 a day or whatever. Plus they don't tell you that they only make that much one day out of the year. HAHAHA LAME.
Aaaaand, if you want their "expert" training, it's gonna cost $5,000 - $10,000, or, they have a monthly fee. OUCH! That's what it costs to tell you that they basically just look at big levels (or lines/channels) for their setups and then their signal is some kind of breakout (like a 20-bar-lkback ema) & the old classic 'step/zig-zag' pattern (iow for a buy signal it'd be a higher low followed by a higher high). Oops -- I just told you all their secrets! Now you owe me $5,000. Oh, I forgot one thing... at least look at the ~next larger scale to make sure you don't go against the trend direction, and/or also look at the dominant scale's trend direction. And signals use a smaller scale than the setups. Uh oh, now you owe me $10,000.
