Get out while you can the cost of sucess
is far greater than most can imagine.Attached is a post from Big Mike
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is far greater than most can imagine.Attached is a post from Big Mike
I ended up one night sitting on the beach, utterly destroyed, with the barrel of a loaded .44 between my teeth.
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I disagree. That post demonstrates that he should get in, with determination.
Regardless, that was an excellent article, EON Kid. Thanks for posting.
This has been one of the most informative threads I have read on ET in a long time. Thanks to everyone who has participated.
Brooks opened my eyes to concepts I never considered. Volman's first book (I heard he has another out) focuses on scalping with the equivalent of a 1-min chart (he uses 70-tick for Forex). Volman's book is great for beginner/intermediate concepts; Brooks is great for intermediate/advanced concepts. There are many excellent technical price action books; the concepts are all similar
What's key is to take the concepts, study them and develop trading strategies from the study results.
Brooks first book was dreadful to read/study but I pushed through it verry slowly and it was my greatest influence. However, if I were to show you my trading plan, very little of it matches the way Brooks describes how to trade in his book. Many of the concepts I use are Brooks, but how I apply them (how I enter and manage my trades) is all my own. I also trade off concepts that I've never seen described anywhere else. I came up with these ideas based on years of observation and intensive study to determine if my eyeball analyses of "more often than not" held up to scrutiny.
What's key is to take the concepts, study them and develop trading strategies from the study results.
Brooks first book was dreadful to read/study but I pushed through it verry slowly and it was my greatest influence. However, if I were to show you my trading plan, very little of it matches the way Brooks describes how to trade in his book. Many of the concepts I use are Brooks, but how I apply them (how I enter and manage my trades) is all my own. I also trade off concepts that I've never seen described anywhere else. I came up with these ideas based on years of observation and intensive study to determine if my eyeball analyses of "more often than not" held up to scrutiny.
How did u do your statistical analysis? Did u just look back at previous day's charts and eyeball certain patterns and then go further back and see what happened at each occurrence of the pattern?
I remember seeing that post on BMT. Going from broke, homeless, living in a car with barrel of a loaded gun in his mouth to lifetime peak high watermark in finances in under 12 months??? The rest of the story could very easily be true but going from literal rags to riches in such a short time isn't believable to me.
actually, from stories I have heard on the internet and from my own experience...... the rest of it could indeed be true. Speaking of BMT.... Mike himself is an example of that. I'm always a skeptic but was pleasantly surprised to find out that he is actually a legit trader who makes bank for real. But he himself had stated in the past that he almost lost everything during his journey....
actually, from stories I have heard on the internet and from my own experience...... the rest of it could indeed be true. Speaking of BMT.... Mike himself is an example of that. I'm always a skeptic but was pleasantly surprised to find out that he is actually a legit trader who makes bank for real. But he himself had stated in the past that he almost lost everything during his journey....
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For each "pattern" (sometimes a price behavior pattern, not always a visual pattern) that appeared might have some edge, I'd then go back and review the price behavior surrounding every appearance over the past couple of weeks (5-min charts with 1-min cross-reference) and if I found an edge, I'd then apply it each day going forward until I was satisfied that a) there was an edge based on specific entry methods and trade management rules and b) I was able to recognize the setup in real time and effectively trade it.
Thank you for the reply. Could you explain what a non visual event could be from looking at something visual like a chart?
Read this additional advice that joeyk gave in reply to the original post that I have attached.
If someone is willing to teach you, then that is a huge commitment, you cannot have a intensive weekend session and expect to make it yourself from there on. Just like with any profession, there is a path of professional development, there is structure, support and ongoing training, & you prolly had to complete a uni degree first. When you 'slip' your friends, colleagues & company is there to support you.
Trading is no different. Trading is a game of probabilities, while most can learn it given the above, the chance that you can succeed as a self taught retail trader is so slim, ironic how retail traders never seem to comprehend this probability, blinded by the ego?
Don't believe any of these internet trading "gurus", go meet them and ask to see their tax returns. GLTY
James Altucher:
A) SHOULD I DAYTRADE?
Only if you are also willing to take all of your money, rip it into tiny pieces, make cupcakes with one piece of money inside each cupcake and then eat all of the cupcakes.
Then you will get sick, and eat all of your money, but it will taste thrilling along the way. Which is what daytrading is.
B) I DON’T BELIEVE YOU. MANY PEOPLE DAYTRADE FOR A LIVING.
No. I personally know of two. Maybe three. And they work 24 hours a day at it and have been doing it for a decade or more. So unless you want to put in that amount of time and be willing to lose a lot first then you shouldn’t do it.
One more thing: when you daytrade and lose money it’s not like a job.
When you go into a job you NEVER lose money. If you show up for two weeks, you get paid. Even if you have been warned repeatedly about sexual harassment you still get paid. You might get fired but they won’t take your money.
The stock market TAKES your money on bad days.
Sometimes it takes a lot of your money. We’re not used to the brutality of that and it can destroy a person psychologically, which makes one (me) trade even worse.