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You have never bought a book on the markets? Only the FIO elite membership? If that is so you are missing out. Lots of good ideas out there. And 99% of the info I find here is for day trading. I'm not interested in day trading at all.
Can you help answer these questions from other members on NexusFi?
Two things. First an almost free book. Then some internet guys. Yes, I also found Larry "I really Trade" Williams when I started.
Dr. Van Tharp was (I assume still is) giving away the paper back version of "Trading Beyond the Matrix" for shipping and handling, around 7 bucks. He has at least a short form version of about everything from his prior books in this one. He also has his outline of what you have to do to have a trading business. Exactly the stuff you are asking, money management, back up plans legal entity, trading plan, family buy in, the whole 9 yards. There may be bits and pieces the crowd here will not agree with but most of what he has to say about trading (his ideas about what works and why) is on the money according to most of the posters here even if they don't know who he is. He is a coach, not a trader. He has worked with a lot of successful traders. I think expecting to find a great trader who is also a great teacher is asking pretty much the impossible. They are totally separate skill sets.
For someone who swing trades and writes about it each and every day applying straightforward statistics then Cobra's Market View is the place. He has a getting started section, but be warned Cobra is a man of very few words. None of them are absolutes either. Expect to hear things like 78% chance of a higher high after pull back ends so longs best chance is to play dead for a couple of days. Then he shows you the proof, as in 17 of the last 23 times, all marked on a huge daily chart. The forum is free, his charts are up at Stock Charts for free. His nightly outlook, forecast for the next day and at least three times a day updates are around $30 a month. Like I said he won't tell you buy this level sell that level. Different from but not unlike FuturesTrader71 morning view. Also he is clearly a conservative person, use any foul language or attack someone personally and you disappear now. None of the consensus stuff about bad apples like this site. Not a judgement statement on my part, just sharing some facts.
The only one I know who trades and teaches is a London forex trader, Tom Dante. He has an unending foul mouth but tells you the difference between buckwheat and bear scat. So if you want to learn about trading and learn how to talk like a drunk soccer hooligan in a London pub, he is the guy. His scorecard for keeping track of Dante's trading devils (mental errors) is brilliant.
Finally, a trader who occasionally posts how to do it rules on twitter is Coolbiz1@coolbizone. In August as a personal challenge he said he would try for a $300,000 net for the month. He did it with days to spare. He posts his brokerage account to back up his claims. He is not a day trader, he is a swing trader who uses price action and Elliot Wave. I have followed him across the internet for years. The guy is amazing and inspiring, but a lousy teacher.
Also, just because someone is being bad mouthed on this site doesn't mean they are no good. And the opposite is true, I have seen obvious frauds defended. Make your own decisions, but keep a very very firm grip on your charge card.
And if you do find something that makes you consistently profitable after 30 days please do let the rest of us know about it
I learned a lot from traders @Zunaa (they closed their shop as the lead trader passed away). They taught me how to read the market using Internals, volume and price action. This was in 2011 but I was a breakeven trader for next few years.
The struggle was on the psychology side. I have tried almost every method mentioned in this site and more ( emotion code, sedona method, Lefkoe method, Dr Hawkins, Light and sound machines, binural beats , bio feedback , Muse neuro feedback, Hypnosis, NLP, trained with a Samurai on Zen and mindfulness,SRF, Isha Yoga and countless books). I was looking for a quick fix and eventually realized there is no quick fix to gain control over impulsive and emotional behavior. Honestly this has been the biggest part of my trading thus far, it was a roller coaster ride, but worth it.
