Dubai Trader | Virtual Trading Buddy

swatson said:
Have a plan and don't deviate in the slightest.
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I don’t disagree at all except that I would say to have a winning plan—and at least for me personally, that did not come without a bit of trial and error, and over about a four to six year period, depending on how you look at it.
 
swatson said:
I'm based in Dubai, and i'm a successful trader. Happy to answer any questions you might have. Mentorship i wouldn't really do since it wouldn't make much sense for me to give away my trading strategy for free

Here's some advice i can give you, take it or leave it, but its based on years of knowledge in this industry:

1) Forget Warrior trading. 99% of all these websites are utter hyped up nonsense. You can check out a review of warrior trading at tradingschools.org. The reason up to 90% of traders who start out fail is exactly because they think they've uncovered the holy grail of knowledge in these type of websites and waste time and energy learning something that is useless.

2) If you want to day trade, fine. Look at futures not equities. 'some' futures trend a lot better than equities, and trading futures doesn't require the PDT $25,000 requirement that all brokers have for equity day traders.

3) If you want to swing trade than learn about Options or better yet, learn about trading spreads.

4) Educated speculation is not the same thing as gambling. Gamblers (professional or otherwise) get slaughtered in these turfs.

5) If i had to condense all my knowledge and experience into one magical word that if understood properly would transform any amateur into an expert trader - that word would be 'probability'. It's such a simple word and most traders take it as an obvious given but few actually understand exactly what it means. My mentor once said, before you take any trade, think of a chair, it needs a minimum of 3 legs to be able to stand without falling, similarly dont take any trade unless you can find a minimum of 3 or more reasons that support the proof that the trade will go in the direction you are expecting.

6) Be robotic in your execution and be emotionally void. Have a plan and don't deviate in the slightest. This is tight-rope walking, no room for mistakes.
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Thanks for the response. I had honestly lost hope!

I'll respond to your comments.

1) Warrior Trading. I just read the full review on tradingschools.org, thanks for that. Most of it was not new to me because I'm a cynic by nature but, admittedly, I fell into the trap.

Anyway, I don't want to regret it entirely and it's fair to say there have been a few positives: Firstly, the cost of the course will be rebated to me by Lightspeed Trading through reduced commissions until the Warrior Pro fee is paid back. Of course this won't matter if I lose anyway but whatever. Secondly, the course and material is more useful than actually watching Ross trade; which, I agree, would lead to a slow death. Could I have found the same material for free? Definitely but it's been good to listen and watch someone explain things. Thirdly, if I've learned anything at all, it's how to actually navigate and use trading software, hot keys etc. Was it the best $2400 I ever spent, no, but it hasn't been a complete waste. Suffice to say I won't renew the subscription but I've taken exactly what I need from it and left the dangerous stuff at the door.

2 & 3) Again, I had to start somewhere and equities required even less basic understanding than Options or Futures but I would be very interested in learning more about both and Forex. Thanks for the advice anyway.

4) I certainly agree. I keep bringing up poker but it's the exact same. If you're a competent poker player and put in enough time and hands, you win in the long run. Fact, because it isn't gambling.

5) This is an interesting concept and I'm reading about this is Covel's book, The Complete Turtle Trader. I'll probably ask you more about this privately if that's ok.

6) I'm still learning this but I have high hopes because, guess what, it's identical to poker in terms of risk management, playing your game and not deviating from it, not having any leaks as we say in poker.

Anyway, thanks so much for the insight and I'll get in touch privately if you don't mind!
 
Hi, I'm also a based in Dubai and have been trading since 2012. Been in the UAE for the last 4 years having moved from the UK. I mainly trade US equities but I'm more of a position trader, with typical position holding times of weeks / months. Would be happy to discuss further with you if you're interested, I've been searching for fellow traders in the UAE for some time and never really found anyone else
 
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