Is trading only a hobby or job for the rich?
- Thread starter Wach80
- Start date
Seems good , im trying to understand your sla concept , i dont think i understand what we achieve with these lines , why does it offer predictive value to track these lines? cant we just look on the chart and tell if something goes up or not and why all this matter? just be aware i havent read all of it but also my english are not the best therefore i may not digest all of the material.
Btw my platform has these trendlines , i can test them out once i understand them
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Seems good , im trying to understand your sla concept , i dont think i understand what we achieve with these lines , why does it offer predictive value to track these lines? cant we just look on the chart and tell if something goes up or not and why all this matter? just be aware i havent read all of it but also my english are not the best therefore i may not digest all of the material.
Btw my platform has these trendlines , i can test them out once i understand them
At this point, none of that matters. Focus on developing a plan. The SLA is only one option of many.
As for English not being your primary language, one of the chief advantages of the SLA is that it is purely visual. No language required. But, again, the plan comes first.
When you say section 2 do you mean the second step? if thats the case then i already know what i like , i plan to play on my demo account and trade forex because forex enables me to exercise good bankroll management even with a very small capital , other than that i dont think i have the patience for long term trades , i prefer my trades to end on the next day or in 2-3 days at most , i want to set trades maybe monitor them for some time then wake up next day and collect profits. I think this is called day trading? this is what im doing right now , sometimes i may close my position earlier if i think it is very profitable.
Nevertheless i think that its important for someone to understand the tools he will use on each plan because someone may like some tools more than others and therefore have better results with a different style than the one he likes more.
Nevertheless i think that its important for someone to understand the tools he will use on each plan because someone may like some tools more than others and therefore have better results with a different style than the one he likes more.
As usual ill likely get crucified for speaking the truth and knocking down those ideas from the market machine that are not in a noobs best interest-- so here it goes.
A trading plan, like a business plan is ludicrous for a beginning under capitalized trader. any fixed plan will be destroyed by the market.
You have two choices--
1. Plunge in and hope your first several trades are nice winners to build your stake.
2. Find a proven mentor to teach you whats working now and follow the mentors directions without question. The key word here is proven. Its hard to hide real success in this business despite what the "humble" teachers proclaim.
Having a trading plan without knowing that it works is ridiculous. Not to mention that the market will morph to take out any fixed plan or system.
Do not pay attention to dubious folks who want to help you with platitudes and other meaningless statements.
A trading plan, like a business plan is ludicrous for a beginning under capitalized trader. any fixed plan will be destroyed by the market.
You have two choices--
1. Plunge in and hope your first several trades are nice winners to build your stake.
2. Find a proven mentor to teach you whats working now and follow the mentors directions without question. The key word here is proven. Its hard to hide real success in this business despite what the "humble" teachers proclaim.
Having a trading plan without knowing that it works is ridiculous. Not to mention that the market will morph to take out any fixed plan or system.
Do not pay attention to dubious folks who want to help you with platitudes and other meaningless statements.
No, I mean Developing A Plan, p. 18. But if you want to trade without one, that's up to you.
I agree with you , finding a coach and have him to teach you personally and ask him about anything is the best thing you can do , i know this from personal experience , books really take a LOT of time to improve you but mentors are far more costly than books but i suppose in such competitive game like trading where you have some veryy tough opponents like big institutions , it may take a lot of time for you to develop some significant edge without personal coaching.
Btw guys , how much does a solid trader is expected to increase on average his capital over the period of one month? i just want to see how much money someone is expected to make from trading assuming he is somewhat good at it.
The best mentors are free. Beware of mentors who charge you--- while there are likely legit ones, the vast majority are just interested in your money. Here is a good article that explains how you can locate a legit mentor and how to verify that mentor. http://www.jamesaltucher.com/how-do-you-find-a-mentor/
your last question, I would venture that 1-2% per month is outstanding performance for an active trader. surf
wait , do you mean that if someone has 5000$ starting capital and he is actively daytrading , is it outstanding for him to average 100$ per month? assuming he is excersizing decent money management.
Im really curious how many trades does an active trader make per day? assuming he is a day trader.
I guess the volume of trades one can put into this must be really low therefore the outcome is not that strange but if you are correct then you really need a very big capital to make anything significant over the long run.
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1. Yes, that is outstanding performance if you can do it consistently. However, i think that if you start with small sums you should risk all of it -- going for 100% plus returns-- otherwise its a waste of time. Just understand u can easily lose it all.
2. It varies depending on the strategy 1 to 1000 plus per day.
3. Yes, money is your "raw material". You need substantial sums just to earn an average middle class living.
I posted the wrong link about mentors from my friend James A. Here is the full article. https://www.linkedin.com/pulse/ultimate-guide-finding-mentor-james-altucher
Right now, 100% of your effort should be devoted to finding a mentor.
surf