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[wrbtrader]

I dont have any friends or family members and I dont know anybody who trades. That is why I am asking here, if I would have somebody who could point me or help me I would not be here...

Please join a nearby trading club. You know, the ones where they have in person meetings, get togethers and real trading sessions.

https://www.elitetrader.com/et/forums/hook-up.28/

https://www.meetup.com/topics/daytraders/

The sooner you can talk and/or trade with others in person instead of leaning on anonymous people on the internet...the better because he said this, she said that, I heard this, I heard that from anyone on the internet will just get you lost in the woods at night.

wrbtrader

 

[Badget01]

my son had a passion for cricket and so i joined him in coaching camp.....they made him run for a hour and that was it...... he came back.
you need a lot of hard boring work to become a pro

Yes I know, I know it takes hard work, I played football since since I was a child, had to train Monday to Friday twice a day, I know what it takes.

 

[cornerstone]

Hello Guys,

I am not sure where to ask or who to ask so I am trying this here.

Basically I would like to learn trading and become profitable and create some kind of consitent income. I dont mind if it is going to be in 1 year, or 5 years, I just know that this is something what I want to do and be good at. I have big passion for it and I don't mind staring at a chart all week long and it is so interesting anyway.

I started with Forex, and of course I lost money twice, so I know that feeling when you want to be millionare and then - suprise!

So I strated to learn about options and stocks, I feel more comfortable with this and I thing you have more chances to be profitable than in Forex (I know there is peoplo who can be profitable in Forex or basically everywhere, but I am more intersted in options and stocks)

I don't have money to fund big account, but I am 23 and I just managed to get a job where I can save 1500£ monthly, so I am taking this as my "university" where somebody is paying me to learn how to trade. So in 1 year from now on I can start with money about 18000£, maybe you say it is not enough that's fine I can wait 2 years.
Or I was thinking about starting a trading account and fund it every month with this money, what do you think about that?

Ok and now why I am feeling lost. Because I don't know where to start. There are too many gurus, courses, chat rooms and it seems like if I would try everything, 18000£ would be little money, everybody is just saying they are the best they trading is profitable etc, but of course if you pay 200$ and you have there 300 and more people, you dont really care about your trading, maybe I am wrong and you can find really good mentors who actually cares about you, but as I said there are too many so it is hard to pick one. It all feels like BS to me.. What I found great is TastyTrade but anyway there are many people who are saying TT is BS..

Another thing, somebody is saying selling premium is the only way to earn money where other people hate selling and they are saying the only way is to buy premium.
Also another thing, should I focus on options only or look for low priced stocks which can be day traded with little money?

So my question to you, to experienced traders who was maybe one day where I am now. Where to start, what books to buy and start my "university", what to learn, what instruments trade, learn everything about options or stocks etc..

I am sure there will be few people who will write - dont trade, you will lose anyway, find something different, GO AHEAD but I will disappoint you, this is my passion, this is my hobby and actually mi biggest dream to become a trader so you will not discourage me from this journey.

Thank you for your time and help.

Dom

My recommendation is to look very hard because there are a lot of imposters out there. I can recommend on one in private if you like (my email ronenv23@gmail.com).
Anyway I mostly recommend to check out Bookmap as a good and unique software for displaying price action, they also have great learning videos in youtube.

 

[kmiklas]

Hello, so do you think best way is to choose one sector which I understand and try to be good just in this sector for example IT and watch for news and everything? Thanks

Yes! Even master one company that you know well. There is a ton to learn by studying just one company:

- What are the products or services earning them revenue? You’ll have to learn to read a balance sheet and SEC filings.
- Who are their suppliers, and who do they supply? You’ll learn supply chain: there are tons of indicators here. Example: if ABC supplies XYZ, and ABC’s revenue is low for a quarter—they’re getting less orders—it may indicate a slowdown for XYZ
- Who are their executives, and on what other boards do they serve?
- Who is their competition? Study who is competing for the cash in their market segment.
- When are their quarterly earnings calls? You’ll have to listen, and also listen to the supply chain earnings calls.
- How do external market forces affect them, like monetary policy changes, tarrifs, or political forces?
- If they sell in other countries, you’ll have to look at how currency fluctuations affect their bottom line. Hello, Forex!

On a practical level, you’ll also get your money management game together: the mechanics of buy, sell, short; the order types: MKT, LMT, STP, and the variants. How to cost average up/down, how to hedge out risk, and when to take profits (I always take profit when the news reports my insights).

You’ll see that the different markets are all interconnected.

All this, and much more, from studying just one company.

So pick a ticker, and get to work.

 

[padutrader]

Looking for an advice from people who was one day where I am today, advice from experienced traders who could point me to right direction.

when i was in your place a experienced with 20 years behind him told exactly what the market does and how i must trade.
it took me 12 years after that to understand and to do it.
you need experience to understand what an experienced trader will tell you

 

[padutrader]

advice from experienced traders

ok i read my first book in 1994

i started trading on daily charts buying stocks and taking delivery ....so no margin.
in 2003 i realised that a bull market was starting and started using stock futures.
in 2007 i started day trading trading forex........it took me till 2019 to turn a profit.
i have learnt and used eliiot wave, fib, Demark, and Brooks to name a few i remember.
i have forgotten about 40 others at the very least,it may be 80

but since i have forgotten i cannot count what i have forgotten.
it is easy to be a amateur in many things like cooking, golf, baseball, entrepreneur...but become a pro takes more than just passion....it takes blood sweat tears persistence .......and many other things which you will find out about.
you are lucky you have job.....so start reading do not leave your job

 

[Badget01]

ok i read my first book in 1994

i started trading on daily charts buying stocks and taking delivery ....so no margin.
in 2003 i realised that a bull market was starting and started using stock futures.
in 2007 i started day trading trading forex........it took me till 2019 to turn a profit.
i have learnt and used eliiot wave, fib, Demark, and Brooks to name a few i remember.
i have forgotten about 40 others at the very least,it may be 80

but since i have forgotten i cannot count what i have forgotten.
it is easy to be a amateur in many things like cooking, golf, baseball, entrepreneur...but become a pro takes more than just passion....it takes blood sweat tears persistence .......and many other things which you will find out about.
you are lucky you have job.....so start reading do not leave your job

As I said, I know it is not going to be easy, it is going to be very hard, but I dont care if it will be in 5 years or 10 years or more, one day I will make it.

I am not going to leave my job, I can leave my job maybe after 1 or 2 years of profitable trading, in the mean time I can save more and more and have a good starting capital. As I said, I am looking on this that way - I am getting paid while I can learn and study.

 

[Badget01]

ok i read my first book in 1994

i started trading on daily charts buying stocks and taking delivery ....so no margin.
in 2003 i realised that a bull market was starting and started using stock futures.
in 2007 i started day trading trading forex........it took me till 2019 to turn a profit.
i have learnt and used eliiot wave, fib, Demark, and Brooks to name a few i remember.
i have forgotten about 40 others at the very least,it may be 80

I know indicators can point you if market is oversold or overbought but I prefer clean chart and I would like to master naked chart reading - this is what I am trying to learn now. Anyway indicators are just picture what happened in the past.

 

[tenny1886]

Looking for an advice from people who was one day where I am today, advice from experienced traders who could point me to right direction.

1.First choose what instrument you want to trade, how you want to trade it, scalping, day trading, swing etc
2.Second understand the instrument, as much as you can reading books, watching videos online etc.( don't go looking for mentors coz there are none who are profitable and if they are they wont be in books or videos, just use the knowledge to form a basis)
3. Spent a lot of time on screen, use some demo account to see what works and what does not.
4.* Find an edge, that works and set the best parameters for it to get the highest probability ( you have to do it on your own even if i tell you how i do my trades it won't help you unless you understand it on your own)
* (Most imp. stage as rest of the steps from 5-7 will only happen after this)
5. Understand risk management and utilize it in every trade.
6. most imp. Understand not all days are for trading, it is not a 9-5 job, there are days when not trading is the best and then there are days when you will trade day and nights.
7.keep implementing and improving until trading just becomes a natural thing, when you don't get super ecstatic on wins and severely dejected on losses then you are on the path as at that time you are trading and not gambling, so win or lose does not matter as you are trading within your set parameters and results are within what you expected to be, or losses how you imagined would be.

 

[MattZ]

Simulators are not suppose to be used to indicate if you will fail or not.

Beginners must use the simulator of their broker so that they can become familiar with trade execution platform, setup their templates/configurations and such.

We are on the same page. We provide simulation trading software for every platform we possibly can. A Trader has to study the order execution, Dom and Chart functions.
But, the context of my post was using a demo as a performance measure as discussed for the OP.