Let me try and answer some of the responses that I have received on this post so far .......
As far as my 3 rules goes .........
I will tell you once more that you can either learn from the mistakes of others or you can do it the hard way as I did $100,000.00 dollars (that's 1/3 the value of my humble home).
Secondly; Now that I am a profitable trader if I where to ever decide to sell my methods, not that I would because I didn't get into this to become an educator.
I got into this to make a living from trading and the amazing lifestyle that it can bring mainly freedom.
Really think about that, when these vendors ask you for money.
Now that I can pull money from the markets, they are so big that it is really limitless as to my income, why in the world would I need anything from you, come on.... really use common sense here.
If anything I would gladly tell anyone that really wants to know for free. This whole concept of secrecy is just a load of hog wash.
There is NOTHING new.
Everything that we do as traders has been done before by a lot more intelligent men/women than us.
The truth of the matter is that I kept seeing the same advise and logic given over and over again by the greatest traders. I just didn't want to listen until finally after $100,000.00 worth of pain I had to decided that it was time to go back to the BASICS and start over this time with humility and common sense.
The common theme's that I kept seeing over and over again where.
1. Control Your losses.
2. Trade 1 pattern (or whatever you use) until you know it inside and out upside down and backwards. This is the infamous KEEP IT SIMPLE RULE.
Nothing will work forever and in order to learn how to understand the markets you need to understand that your methods will have strengths and weakness's. Once you know them you are home free because you know when to be in and when not. It really is that simple.
3. Make a business plan and follow it, write out goals and track results methodically this will give you your points of reference that you need to understand the markets behavior.
4. Patience and self control, the piece of mind to know that tomorrow is another day and I must learn from my mistakes or stop trading all together. (This is the hard one and there is no easy answer to it, it's just one of those things you have to go through to understand).
There you have it a free method that didn't cost a dime.
Apply anything to these fundamental trading truths and you can make an income from trading.
As I said before it really doesn't matter if it's Fibs, Gann or a simple indicator like a moving average cross just find a method that makes sense to you and study it's strengths and weakness's and accept the fact that this is as good as it will get the rest is now up to me.
As I mentioned earlier I really like Price Action and Chart Patterns I liked Linda Bradford's book (Street Smarts) and her Video Classic Chart Patterns $49.00 and $149.00.
But
before I even got to that stag though, I would read every single book in the classics section of this web site once or even twice.
They are an absolute must if you are serious about this business.
Just see if you have the disipline to do that and if you can do that you have the disipline to trade with real money.
http://www.elitetrader.com/bo/index.cfm?action=showbooks&CatID=5
I truly hope this helps and I truly hope rooms like this continue to flourish as our best tools our each others experiences.
Just watch the responses on these posts from this post, note the ones that agree versus the ones that argue, you will see that the greatest traders in here know these truths and the others who argue them are probably still in that (I'm smarter than everyone else mode) or there trying to sell you something ... LOL
Good Luck and Good Trading ......
As far as my 3 rules goes .........
I will tell you once more that you can either learn from the mistakes of others or you can do it the hard way as I did $100,000.00 dollars (that's 1/3 the value of my humble home).
Secondly; Now that I am a profitable trader if I where to ever decide to sell my methods, not that I would because I didn't get into this to become an educator.
I got into this to make a living from trading and the amazing lifestyle that it can bring mainly freedom.
Really think about that, when these vendors ask you for money.
Now that I can pull money from the markets, they are so big that it is really limitless as to my income, why in the world would I need anything from you, come on.... really use common sense here.
If anything I would gladly tell anyone that really wants to know for free. This whole concept of secrecy is just a load of hog wash.
There is NOTHING new.
Everything that we do as traders has been done before by a lot more intelligent men/women than us.
The truth of the matter is that I kept seeing the same advise and logic given over and over again by the greatest traders. I just didn't want to listen until finally after $100,000.00 worth of pain I had to decided that it was time to go back to the BASICS and start over this time with humility and common sense.
The common theme's that I kept seeing over and over again where.
1. Control Your losses.
2. Trade 1 pattern (or whatever you use) until you know it inside and out upside down and backwards. This is the infamous KEEP IT SIMPLE RULE.
Nothing will work forever and in order to learn how to understand the markets you need to understand that your methods will have strengths and weakness's. Once you know them you are home free because you know when to be in and when not. It really is that simple.
3. Make a business plan and follow it, write out goals and track results methodically this will give you your points of reference that you need to understand the markets behavior.
4. Patience and self control, the piece of mind to know that tomorrow is another day and I must learn from my mistakes or stop trading all together. (This is the hard one and there is no easy answer to it, it's just one of those things you have to go through to understand).
There you have it a free method that didn't cost a dime.
Apply anything to these fundamental trading truths and you can make an income from trading.
As I said before it really doesn't matter if it's Fibs, Gann or a simple indicator like a moving average cross just find a method that makes sense to you and study it's strengths and weakness's and accept the fact that this is as good as it will get the rest is now up to me.
As I mentioned earlier I really like Price Action and Chart Patterns I liked Linda Bradford's book (Street Smarts) and her Video Classic Chart Patterns $49.00 and $149.00.
But
before I even got to that stag though, I would read every single book in the classics section of this web site once or even twice.
They are an absolute must if you are serious about this business.
Just see if you have the disipline to do that and if you can do that you have the disipline to trade with real money.
http://www.elitetrader.com/bo/index.cfm?action=showbooks&CatID=5
I truly hope this helps and I truly hope rooms like this continue to flourish as our best tools our each others experiences.
Just watch the responses on these posts from this post, note the ones that agree versus the ones that argue, you will see that the greatest traders in here know these truths and the others who argue them are probably still in that (I'm smarter than everyone else mode) or there trying to sell you something ... LOL
Good Luck and Good Trading ......
RS
I think the market is the best place to learn trading.