"I'm new to trading, what is the most pertinent question I should ask?"
- Thread starter komorebi
- Start date
How come all the big traders/investors came from late 70s/early 80s than now? You read "Market Wizard" books and don't see many who made big money in last ten years. I certainly could be wrong as I don't keep all the current on who is making what. But let's explore this, in late 70s there wasn't home computers, no internet, fees to day trade was as much as long term trading like $125 for 100 shares, $75 per side in Commodities, very few books on anything relating to investing and even less in day trading.
So, then if you wanted to chart, you did by hand each day, there is something to doing by hand to the brain that you learn better than seeing it on PC screen. So one question is how should you learn to chart, I think by hand, make monthly, weekly and daily, pick ten instruments, bet if you do by hand, after six months, you will know much more than most who only use computers. But read like Edwards and McGee on charting, or this http://thepatternsite.com/chartpatterns.html
Learn to take baby steps first of learning charting, it is like a roadmap of where you been, and history always repeats itself.
Good luck.
So, then if you wanted to chart, you did by hand each day, there is something to doing by hand to the brain that you learn better than seeing it on PC screen. So one question is how should you learn to chart, I think by hand, make monthly, weekly and daily, pick ten instruments, bet if you do by hand, after six months, you will know much more than most who only use computers. But read like Edwards and McGee on charting, or this http://thepatternsite.com/chartpatterns.html
Learn to take baby steps first of learning charting, it is like a roadmap of where you been, and history always repeats itself.
Good luck.
Agree 120%! In the 70's I sat in the broker's office all day and after the market closed I plotted up to 300 charts by hand each day. Am really glad that I had that experience.
WOW, 300...I use to think Dow 30 was a lot, LOL I applaud you Sir.
Actually, they are occurring now but you will not hear about them until 5 or 10 years from now in some book.
Seriously, look at the big names in books now that occurred in the 90s...do you remember hearing about them in the 90s as things were occurring ? Maybe. Same with the 80s, were you paying attention or talking within the network to hear about the big traders/investors in the 80s and so on for the 70s.
Heck, lets go further back...what were you doing in the 60s ? Did you hear about the big traders/investors as it was occurring in the 60s or where you doing something else in which you wouldn't have notice big news traders/investors.
My point is that if you're not in the right circles (network) to know about such as it is occurring...most likely you won't hear about it until years later when someone writes a book about it. Today, in contrast, social media is very fast...too fast and too much news. Things have been occurring today and yester-months that's big news about traders/investors but its already being buried under newer news via the nature of today's social media.
I remember a few years back I was visiting a friend at his office...an institutional trading firm. I was sitting in a waiting room until he came to get me. In that waiting room were several professional magazines I had never heard of and I thought I knew them all. While reading the magazines I came across big name traders/investors...the confirmed stories...I then had the thought that these people aren't going to become known outside of their network until years later when someone writes a book about them.
Simply, you really aren't going to hear about them until long after the fact unless you personally work in that industry or you know someone that does and he/she talks about the "what's happenings" in that network.
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Actually, they are occurring now but you will not hear about them until 5 or 10 years from now in some book.
Seriously, look at the big names in books now that occurred in the 90s...do you remember hearing about them in the 90s as things were occurring ? Maybe. Same with the 80s, were you paying attention or talking within the network to hear about the big traders/investors in the 80s and so on for the 70s.
Heck, lets go further back...what were you doing in the 60s ? Did you hear about the big traders/investors as it was occurring in the 60s or where you doing something else in which you wouldn't have notice big news traders/investors.
My point is that if you're not in the right circles (network) to know about such as it is occurring...most likely you won't hear about it until years later when someone writes a book about it. Today, in contrast, social media is very fast...too fast and too much news. Things have been occurring today and yester-months that's big news about traders/investors but its already being buried under newer news via the nature of today's social media.
I remember a few years back I was visiting a friend at his office...an institutional trading firm. I was sitting in a waiting room until he came to get me. In that waiting room were several professional magazines I had never heard of and I thought I knew them all. While reading the magazines I came across big name traders/investors...the confirmed stories...I then had the thought that these people aren't going to become known outside of their network until years later when someone writes a book about them.
Simply, you really aren't going to hear about them until long after the fact unless you personally work in that industry or you know someone that does and he/she talks about the "what's happenings" in that network.
You are right about being "in touch', when I was "caring" who was doing well in Chicago, New York or West Coast, you'd hear who were doing high numbers for few years, but they either got better or flash in pan at end of ten years. Now it just I don't care, we all get to a point where we spend time doing what we do/understand, and after awhile simply don't want to spend the time even hearing what others are doing, one less back test. LOL
"What type of trading fits best with my personality?"
So you will have to do the job to find the answer.
So you will have to do the job to find the answer.
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Can you last 7 years??
Wisdom is profitable to direct. I suggested to another trader, dont use leverage or RSI; wisdom is profitable to direct.NOT a prediction
I agree that this helps. This doesn't mean that even with computers still around, people haven't drawn any charts by hand, I know I have and I was born in the 80s.