Thank you for your comment. I understand that my story may have come across as confusing and I apologize for any confusion. I initially made money through mining PoW blockchains and achieved a then 20% growth., but then I moved into futures trading without proper risk management, which led to losing my capital multiple times. I learned a hard lesson and realized the importance of risk management. However, instead of solely focusing on risk management, I also want to focus on long-term capital growth and understanding price action mechanics. I understand that it may seem like I am not clear on my goals, but I assure you that I am determined to improve my understanding of risk management while also focusing on long-term growth and understanding price action mechanics. I am open to suggestions and guidance on how to approach this and I appreciate your input. I'll make sure to take the time to clear my mind and focus on what's important for me.
From Zero to Hero: A trader's journey to understand and use price action mechanics for long-term suc
- Thread starter TheAlgoAce
- Start date
Thank you for your comment. I understand that my story may have come across as confusing and I apologize for any confusion. I initially made money through mining PoW blockchains and achieved a then 20% growth., but then I moved into futures trading without proper risk management, which led to losing my capital multiple times. I learned a hard lesson and realized the importance of risk management. However, instead of solely focusing on risk management, I also want to focus on long-term capital growth and understanding price action mechanics. I understand that it may seem like I am not clear on my goals, but I assure you that I am determined to improve my understanding of risk management while also focusing on long-term growth and understanding price action mechanics. I am open to suggestions and guidance on how to approach this and I appreciate your input. I'll make sure to take the time to clear my mind and focus on what's important for me.
Thank you for your kind words and support. I appreciate your willingness to point me in the direction of someone who can help me. I'll definitely check out the link you provided and see if it could be beneficial for me. I understand that not everyone may understand my situation or goals, and I am open to seeking guidance from those who do. I am here to learn and grow as a trader and I appreciate your guidance. Thank you for your help and I'll keep you updated on my progress.
Thank you for your question. Currently, I am focusing on paper trading BTC/USDT and E-MINI NASDAQ as they are the instruments that I am most familiar with and I plan to find the most suitable instrument for me as I continue to learn. I am following Michael J. Huddleston's free mentorship on youtube under the pseudonym Inner Circle Trader and focusing on Smart Money and the concept of price action. As for timeframe, I usually trade on 15m/30m/1h frames and plan to make intraday trades as paper trade in the early period.
Regarding my primary source of income, I have 7 years of experience in intensive care nursing and I currently lead the team of nurses in a private hospital. I also manage a family-owned hotel business online. However, I live in a country where my income is below $500 and inflation is high, so I try to support my trading goals with this income as much as possible.
Thank you for your comment globalarbtrader. I agree with you that having a good understanding of the fundamentals and technicals can help lose capital more slowly and provide more time to learn and find good trends. I acknowledge my previous mistake of not understanding risk management properly and I am now focused on improving my understanding of it. I understand that proper risk management is crucial for success in trading and I am dedicated to studying and learning more about it. I apologize if I cannot explain my understanding further at this time and I appreciate your understanding.
Thank you for your comment. You are correct in that I invested a significant amount of money in crypto and it was going well initially, but due to my lack of understanding of risk management, I held onto my investments as it began to decline and ultimately lost all of my capital. You are also correct in pointing out that crypto is a risky and volatile product and it's important to be aware of the risks before investing.
I have learned from my mistake and now understand the importance of investing only an amount that I am comfortable losing, such as 2% of my capital. This way, even if I lose the 2%, I still have plenty of dry powder to invest in crypto or try something else and learn more about risk management. I appreciate your advice and I will make sure to keep it in mind as I continue to learn and grow as a trader.
I have such a study for risk management related to this process. I plan to continue as R:R 1:3 and 2% per capital, which appear visually.
Thank you for your comment. I understand that my previous mistakes may seem obvious in retrospect, but I assure you that at the time I didn't fully understand the risks involved in trading crypto and the importance of proper risk management. I have learned from my mistakes and am now focused on improving my understanding of risk management and implementing it in my trading strategies. I appreciate your feedback and I will make sure to keep in mind that "the obvious is not so obvious" in the future.
I have shared my journey and answers to some of these uncomfortable questions in the thread you've linked, https://www.elitetrader.com/et/thre...-for-long-term-suc.372210/page-2#post-5753272. I appreciate your suggestion and I'll make sure to keep exploring this path of learning and growth as a trader, and keep updating my progress in the same thread.
Thank you for your comment, I understand that asking and answering uncomfortable questions is part of the work that comes with improving my understanding of risk management and utilizing price action mechanics for long-term success. I have shared my journey and answers to some of these uncomfortable questions in the thread you've linked, https://www.elitetrader.com/et/thre...-for-long-term-suc.372210/page-2#post-5753272. I appreciate your suggestion and I'll make sure to keep exploring this path of learning and growth as a trader, and keep updating my progress in the same thread.
Good luck on your journey, ICT is a legend.
Also, risking 2% on a single trade is way too much, especially for a beginner.
Risk 0,5% on a single position first. this will also help you with getting emotions under control.
Also, there are plenty of prop trading companies where you can get funding once you achieve the skill. Maybe something to think about!
He's a good educator and requires dedication, commitment and ample note-taking and backtesting, but relatively unknown in these parts. Most likely you'll get a lot of shade cast from folks quick to criticize - put those folks on ignore to increase your signal-to-noise. There's truth to the truism "can't teach an old dog new tricks" in this particular case.
How are your structuring your assimilation of his concepts?
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