A beginner wants to make it

Quote from d0n:

Hi everybody,
first of all, I am fascinated by the world of trading. I see a lot of potential there. I've never been the kind of person who would think that a 9-5 job is the way to live well.

I would like to ask for advice on how to become successful.
More...

Best advice I can give you - find a mentor who has been successful for years consistently, and become a sponge.

You sound like me when I started a few years ago and I'll say this: all that garbage technical analysis you were talking about did not help me one bit. Remember this - every trader is different, because something works for someone doesn't mean it will work for you.

It will take you a while to find your style, your personality, and your appetite for risk. Don't become anxious to make money, just focus on the process of learning, and above all, being CONSISTENT.

That's the best advice I can give.
 
Quote from speero:

Best advice I can give you - find a mentor who has been successful for years consistently, and become a sponge.

You sound like me when I started a few years ago and I'll say this: all that garbage technical analysis you were talking about did not help me one bit. Remember this - every trader is different, because something works for someone doesn't mean it will work for you.

It will take you a while to find your style, your personality, and your appetite for risk. Don't become anxious to make money, just focus on the process of learning, and above all, being CONSISTENT.

That's the best advice I can give.
More...

This; though finding a mentor who's any good will be tough.
 
Quote from WS_MJH:

This; though finding a mentor who's any good will be tough.
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Definitely... as a matter of fact, in my experience, nearly impossible. There's so many benefits to networking nowadays - just THIS forum for example, or stocktwits, etc. While there's a lot of garbage, there's some diamonds in the rough, just have to find who is legit.
 
Quote from d0n:

I see a lot of potential there. I've never been the kind of person who would think that a 9-5 job is the way to live well.
More...

Ok but what do you think trading the market is? A part time gig anytime you wish?

It's an 8-5 commitment plus additional hours of research & testing.
 
It's extremely likely your mentors are not just depending on those three lagging indicators you mentioned, the stoch and CCI and MACD.

You need to learn about some "leading indicators" ideas such as price action, divergences in order to anticipate and confirm a more likely move since stoch and CCI taken by itself crossing over threshold lines will always be lagging by one bar usually after the close. Also try to incorporate support and resistance line awareness in your trading. And also some "dynamic s/r" such as a 60 ema. If trading stocks or stock futures indexes such as the ES, the $TICK can be helpful since the TICK pretty much shows what most stocks are doing.

that you mentioned a candle pattern in conjunction with a certain CCI move is good. when you are using more indicators in conjunction with certain price action patterns the probability gets improved. And be aware of using indicators such as the CCI in different ways, such as drawing trendlines on the CCI itself. But just finding a way to trade off just one indicator rarely works in the long run. It will take experience with price and learning to get out early when there is no reason for the edge lasting anymore. Good luck.
 
Quote from SREC:

Ok but what do you think trading the market is? A part time gig anytime you wish?
More...

That's the exact impression I get from my friends when I tell them I primarily only trade the first few hours of the day and have the profit targets that I do. Seems like unless I explain in great detail the pain and struggle one goes through to get to a profitable point in their career do they fully undertand the commitment.
 
Quote from d0n:

Hi everybody,
first of all, I am fascinated by the world of trading. I see a lot of potential there. I've never been the kind of person who would think that a 9-5 job is the way to live well.

I would like to ask for advice on how to become successful.

I am part of a little commodities trading group, where two succesfull mentors are teaching their strategy. It seems to be a great working strategy, but the problem is that the specific occasion occurs only 2-4 a week. (it is a special kind of bar, specific point on the CCI, eventually the MACD). It is very difficult to be watching the graphs for several hours a day and wait for it to occur only 2x a week.

I am also curious to start with stocks now.
I talked to a good trader who recommended me that I could start with two things,1. look at the stocks in let's say NASDAQ that do the best or the worst in the first 4 minutes after the market opens. They should gain or lose at least 4%, then either buy or sell them and hold them for a few hours. Do this with 2-3 stocks.

2. use a slow stochastic (80 and 20), 3 MAs (20, 50, 200) and based on those enter trades. If the stochastic is over 80 then sell, if under 20 then buy. Also based on the 20 and 50 MAs to cross and follow the trend by the 200 one.

Does any of this have sense? would anyone improve that?
Where do I find good live stocks chart data for free to start with?

I plan to start with approx. 2000-3000 USD.

Thanks for the help.
More...

So u came in with a "beginner thread" and want to be successful in trading.

Who here in this forum doesn't want to be successful ?

So if I say theres a sense in what you are doing ? Why would I tell u? I'll probasbly take what you've said, put in onto my existing syste to see if there's Alpha, period. btw did I see wrongly ? $2,000-$3,000 USD ?

Go to Las Vegas. Its faster.
 
Quote from d0n:

Hi everybody,
first of all, I am fascinated by the world of trading. I see a lot of potential there. I've never been the kind of person who would think that a 9-5 job is the way to live well.

I would like to ask for advice on how to become successful.

I am part of a little commodities trading group, where two succesfull mentors are teaching their strategy. It seems to be a great working strategy, but the problem is that the specific occasion occurs only 2-4 a week. (it is a special kind of bar, specific point on the CCI, eventually the MACD). It is very difficult to be watching the graphs for several hours a day and wait for it to occur only 2x a week.

I am also curious to start with stocks now.
I talked to a good trader who recommended me that I could start with two things,1. look at the stocks in let's say NASDAQ that do the best or the worst in the first 4 minutes after the market opens. They should gain or lose at least 4%, then either buy or sell them and hold them for a few hours. Do this with 2-3 stocks.

2. use a slow stochastic (80 and 20), 3 MAs (20, 50, 200) and based on those enter trades. If the stochastic is over 80 then sell, if under 20 then buy. Also based on the 20 and 50 MAs to cross and follow the trend by the 200 one.

Does any of this have sense? would anyone improve that?
Where do I find good live stocks chart data for free to start with?

I plan to start with approx. 2000-3000 USD.

Thanks for the help.
More...


Using indicators is a dead end
Use your eyes instead
And automate!
Read a book about Mone Carlo
 
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