Finally closing this dead end.

[JSOP]

This is so insulting to so many people here, including myself, that I am at a loss for words.

Try profit, BE, profit, BE, loss, BE, profit, loss, BE, loss.

And the circle keeps turning. If it was truly your passion, you'd keep at it. I keep at it, and keep at it, and keep at it.

Of the two frogs in the bucket of milk trying to escape, I'm the one who keeps paddling the milk to find a way out. Eventually it will churn to butter and I will find my purchase to escape the bucket. I will not be the one who gives up and drowns in the milk.

Yeah but if you die of exhaustion before the milk churns into butter, you still die. LOL I mean I admire your perseverance and I wish you all the success always but everybody is different. Looks like @Risepoint1879 is just exhausted. And actually if you are a frog, the best way to escape from the bucket is to leap out using your legs not paddling. So maybe that's what @Risepoint1879 needs to do, find a way to leap out instead of paddling which is exhaustive and not really that effective. But I respect @Risepoint1879's decision. There are other things far more important and worthwhile than trading in life. Trading should be just a tool for us to use to achieve those more important and worthwhile things in life, not to overwhelm you to the point that you are not enjoying life anymore. Yes trading can be fun and exciting at times but when it's not, then it's not worth the time and the efforts that you spend doing it anymore.

So all the best @Risepoint1879 to whatever you choose to do. Any time when you feel like coming back to trading, ET will still be here for you!

 

[MarketDiver]

A mentor can help shortcut the time to learn those basics of risk management and not stock chasing. But that's just the foundation to not blow your money in two days. It doesn't teach a profitable edge.

There's a guy on youtube, Adam Khoo. He has great videos on risk/reward, and making sure it adds up to a positive expectancy. But it's all a pointless smokescreen, and meaningless without the most crucial and elusive element: a system with a consistent edge. Everyone comments on the video "oh, that's all I need to do, set my risk at 1R and profit at 2R." Nope.

Even mentors with a consistent edge may not be able to teach it. There are people like Andrew Aziz who clearly have an edge, but the parameters to that edge can't be taught. They are completely hidden in the intuition of his mind and how he sees price action.

He teaches about risk management, and basic ABCD consolidation patterns. But those patterns aren't even what he uses on a daily basis to trade successfully.

Traders have as much chance learning his personal system as they do learning how to make hit songs from Taylor Swift. The inspiration comes from her mind, there is no equation a+b=c.

Adam Khoo, you mean the Sikie guy?
These 'gurus' will not reveal their edge (if they actually have it) but instead emphasize on money management and psychology.

 

[vincentnyc]

A mentor can help shortcut the time to learn those basics of risk management and not stock chasing. But that's just the foundation to not blow your money in two days. It doesn't teach a profitable edge.

There's a guy on youtube, Adam Khoo. He has great videos on risk/reward, and making sure it adds up to a positive expectancy. But it's all a pointless smokescreen, and meaningless without the most crucial and elusive element: a system with a consistent edge. Everyone comments on the video "oh, that's all I need to do, set my risk at 1R and profit at 2R." Nope.

Even mentors with a consistent edge may not be able to teach it. There are people like Andrew Aziz who clearly have an edge, but the parameters to that edge can't be taught. They are completely hidden in the intuition of his mind and how he sees price action.

He teaches about risk management, and basic ABCD consolidation patterns. But those patterns aren't even what he uses on a daily basis to trade successfully.

Traders have as much chance learning his personal system as they do learning how to make hit songs from Taylor Swift. The inspiration comes from her mind, there is no equation a+b=c.

Lol @ Adam Khoo as a mentor. He is in the list of mentors like Tim Sykes, warrior traders, Ricky guiterrez, claytrader etc. these mentors never give the full detail of their strategy. They just give general things where you can find it anywhere on the web if you look hard enough.

Real mentor give you the exact rules, their detail rules for screening their stock, when/why they enter and exit a stock etc. But hey good mentor are hard to find just like anything else in life. There are good teacher and bad teacher.

When you learn from a real mentor, you don’t need anyone anymore (not even the mentor). You don’t care about anyone else opinions or follow anyone. You become independent and rely on no one but yourself.

 

[Scataphagos]

I have been immersed in trading for the past year. And it's finally time for me to move on.

"Finally"? After 1 year? LOL!

 

[qlai]

But that's just the foundation to not blow your money in two days. It doesn't teach a profitable edge.

Couldn't agree more! You have discretionary traders who can teach you some tricks, but they cannot simply transfer their hard earned edge (including psychology and gut feel) acquired over years onto you. To me, this is the reason 90% fail/quit ... They don't understand that the edge doesn't come from simply recognizing chart patterns. @Risepoint1879, good for you for recognizing this in such a short time. I think once people catch the trading bug they never really quit ... I wish you good luck and will see you back here when you are ready to resume. No rush

 

[vincentnyc]

Couldn't agree more! You have discretionary traders who can teach you some tricks, but they cannot simply transfer their hard earned edge (including psychology and gut feel) acquired over years onto you. To me, this is the reason 90% fail/quit ... They don't understand that the edge doesn't come from simply recognizing chart patterns. @Risepoint1879, good for you for recognizing this in such a short time. I think once people catch the trading bug they never really quit ... I wish you good luck and will see you back here when you are ready to resume. No rush

there are host of reasons why most newbies fail. i list some already...but here are some more:

1. for some reason most newbies are attracted to options when it is the hardest to trade. you are not only dealing with the direction of the stock but also time decay.

2. over trading.

3. using margin.

4. don't understand the risk of shorting.

6. have little money.

7. no journaling.

8. doing hit or miss strategy.

9. don't understand what they are trading and the risk...derivatives etf like tvix (time decay)

10. don't look at the bid or spread difference when buying a stock

11. following others, going to forum or social media site for suggestion on what stocks to trade.

12. not having own opinion and listening to news, cnbc, bloomberg which clouds their mind.

 

[Turveyd]

I've quit a few times, but trading gives hope of 1 day being rich, which short of a bank job is my ownly chance really.

Making pretty good money finally, we'll see how long for, from short term trading, it's hard but doable!!

 

[heypa]

Adam Khoo can never reveal his edge because it's located between his EARS and is quite difficult to extricate.

 

[Risepoint1879]

Couldn't agree more! You have discretionary traders who can teach you some tricks, but they cannot simply transfer their hard earned edge (including psychology and gut feel) acquired over years onto you. To me, this is the reason 90% fail/quit ... They don't understand that the edge doesn't come from simply recognizing chart patterns. @Risepoint1879, good for you for recognizing this in such a short time. I think once people catch the trading bug they never really quit ... I wish you good luck and will see you back here when you are ready to resume. No rush

That's the question I have now that I'm on the way out. Are these courses seemingly sincere courses really all a scam? Is everyone simply extracting cash from newbies excited to reach the dream, while they know deep down that a true edge is more than stop losses and flag/consolidation patterns, doji's and hammers.

Teaching trading is the biggest example of beating around the bush that I can think of.

It would be helpful if they would start of with the truth: None of these basic rules will make you profitable, and noone can teach you how to be. In order to succeed, you will need to trade for months and years, and maybe you will find an edge based on your unique skills and way of thinking.

It's certainly possible, but not billed that way.

I'm not bitter about trading. I think the mental challenge is cool, and financially it can be awesome. But NOONE presented it to me in an accurate to start off.

I read through entire books, and not once did they say "Hey these patterns are good to know.....but they alone won't actually make you money on a consistent basis. In fact, I can't even explain to you how to do it. Good luck!"

 

[Overnight]

...And actually if you are a frog, the best way to escape from the bucket is to leap out using your legs not paddling. So maybe that's what @Risepoint1879 needs to do, find a way to leap out instead of paddling which is exhaustive and not really that effective...

I think you missed the point of the frogs-in-the-milk-bucket analogy, but that's OK.

Something tells me Risepoint will be back one day to give it another go. And that brings solace. And so he'll eventually have that "aha moment". I think we all do, and while it is sometimes fleeting, sometimes it also sticks.

I've had two such moments in my trading life, but the market conditions changed shortly after those moments, so they did not last long. It just takes time is all.