all novices:before you start trading read this
- Thread starter padutrader
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The problem with that is the so called gurus are not even gurus. So, you would just be throwing your monies away. A lot of those selling trading education are salesmen! They sell you the dream of making millions in the stockmarket and it is so easy! They never talk about the risks of trading and why you need risk management. Hell, they do not even discuss a single setup? I attended one time an online seminar and it was nothing but, fluff, you will make a $1,000,000 if you use our software to trade. I ask the presenter, why are there not a single setup in the seminar. All of it was fluff and empty promises. You know what he said? We only give out our information to paying clients. Ha ha ha! That is a hoot! Of course, they will take your monies and teach you garbage. A real trader atleast, should be able to show you some setups. A lot of the You Tube videos do! Might as well watch You Tube and learn on your own. The real good traders have little time to teach, even if they charge you a fortune. They are too busy making monies in the stockmarket to care about teaching someone to trade!
that is a problem but i think pride and ego comes from ignorance.
if i know the damn thing is going to fall or is falling, i will get out.
but no one knows for certain, so the ego comes in
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Amen
but i said watch a profitable trader actually trade live
that is what Seykota said too.
how many traders here in this forum have watched a profitable trader trade live?
name a market that you trade and let me see what i can do. something i can get data on.
smallfil,
This problem is very easy problem to solve!
I have ask many trading specialist gurus (some on youtube) selling a course/training this one and only questions:
1."Can I please skype with you and screen share and show me your trading account and tax records before I purchase your course"
2. "Can I please watch you trade via skype screenshare for 3-4 weeks" "Put your DOM on one screen, for your protection, keep your trading chart on another screen"
I ask a few more verification questions as well.
If he/she says no to those two questions, I move on to the next one or continue learning on my own. Nice and simple.
Many (well all) of them laugh at me and said No. So I kindly reject their offer and keep it moving.
You want my money, you better prove it to me. Otherwise I keep my money in my savings account.
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So, we are back to square one and you have to fend for yourself. If you have some experience trading, you would probably, have already backtested strategies and know which ones work for you and which ones don't. Then, when watching You Tube videos on trading, you will be able to pick up nuggets of wisdom from other traders. You do not have to buy anything. One such trader, Adam Khoo said something that resonated with me. He said "we as traders must trade like a casino." What does that mean? It means if you have an edge like the casino has, you just have to have enough trades to end up profitable. You would not care which trade worked and which one did not. Each trade having the same weight as the next one. This ties up perfectly to risk management when trading. Never risk more than 2% based on numerous studies on trading. That is so you do not blow up your account. Some traders bet the farm including the cows, pigs, chickens, etc. because they think a setup is perfect, everything lines up and cannot lose this trade. So, after putting 60-70% of their monies on one trade, it fails and they suffer very large losses and mentally, shell shocked to boot!
nice of you but no thank you
i no longer need help...i have finally put it together.......
my style and and what i wanted to do was always, not classical, to say the least and many traders would call my methods 'mad'.
be that as it may, after a journey of 12 years i have reached the promised land,a land which i has promised to myself, i would reach.
i never believed that markets were random and i always believed it was possible to make 100s of trades and not make a single loss.
i had difficulty in making anyone, especially traders and even more, experienced traders, believe this
i would save you a great deal of trouble....dont bother with those questions....even if trader were profitable there is no guarantee that his method would work for you.
there is a lot abstract analysis done, that is impossible to explain, before a trade is born.
i am sorry
take a few ideas trade with it if it does not work trade with a lot more and then find something else.
in that way you learn what is this animal known as the market and you will learn what sort of animal are you.
that is only way to learn