Tips on how to succeed 4 wannabe Prof. Traders??
- Thread starter justme100
- Start date
LOL
Look i dont come on forums to have petite bitch fights with sados who know absolutely nothing about how to make money trading!
I have a rule that unless ive seen proof of peoples consistent earning then i just don't even bother wasting my time reading any of the nonsense they write!
Look i dont come on forums to have petite bitch fights with sados who know absolutely nothing about how to make money trading!
I have a rule that unless ive seen proof of peoples consistent earning then i just don't even bother wasting my time reading any of the nonsense they write!
Do you think Tiger Woods became extremely successful via 4-8 hours for at least a couple of months?
Even profitable trading for a couple of months does not make you a profitable trader. It only means you had a couple of profitable months.
The only people I have seen who succeed after such little effort are paper traders.
Try 6-8 hours a day for at least a couple of years. And even then, most do not make it. They keep looking for short cuts.
spanish89 has just given away a nice piece of knowledge here on how traders actually learn and develop their intra-day strategies.Quote from spanish89:
Trading is actually more physical... lol
You dont even need to use your brain, but you gta get yourself up early every morning, sit infornt that comuter and watch the screen all day, and even if you dont use your brain you have to atleast use your eyes and just watch the patterns in relation to S&R levels and start from there.
Hope you guys use it to your advantage.
Thank you mate.
I wasn't actually trying to suggest to anyone to 'turn their brain off' while trading, as this would be rather foolish not to mention not actually physcially possible.
But i was trying to explain to the thread starter and other newbie traders that using your eyes and just spending hours and hours per day just watching the different market movement and patterns, seing how it reacts when it hits S&R levels, seeing what it does when it spikes up quick and fast...
Is ALOT more beneficial than any uni degree or book can be for you in actually consistently earning money trading.
Its no bad thing to have a degree, but it is actually irrelevant when it comes to the actual trading.
Since just because you know all the detailed specifics about the economic system, that when your looking at the screen and needing to consistent profit from short-mid term market price movements, none of that knowlege can help you unless you have put in all those hours each day for nonths and months jsut watching how the market actually moves in real.
Your Eyes
1. Your eyes always tell you when price is moving up, and price is moving down.
2. Your eyes will never lie to you.
3. Your eyes see price action clearly and simply.
4. Compared to your mind, your eyes are a genius.
5. Your eyes are never greedy, and always calm and relaxed. They will always tell you when you have a nice profit after you took the trade that they suggested, to close your trading app and come back tomorrow.
Your Mind
1. Your mind always wants price to move up when it is moving down, and it always wants price to move down when it is moving up.
2. Your mind will always try to second guess you.
3. Your mind will always try to develop complicated strategies ⦠most of which are curve fit and over 95% of which wonât work (I can guarantee you this).
4. Compared to your eyes, you mind is a simpleton.
5. Your mind is always greedy and it is never satisfied. It always wishes you had held on for just a little bit longer, or wants you to get back in the market after youâve made a nice chunk of change for the day. And it is going to be the same way tomorrow.
1. Your eyes always tell you when price is moving up, and price is moving down.
2. Your eyes will never lie to you.
3. Your eyes see price action clearly and simply.
4. Compared to your mind, your eyes are a genius.
5. Your eyes are never greedy, and always calm and relaxed. They will always tell you when you have a nice profit after you took the trade that they suggested, to close your trading app and come back tomorrow.
Your Mind
1. Your mind always wants price to move up when it is moving down, and it always wants price to move down when it is moving up.
2. Your mind will always try to second guess you.
3. Your mind will always try to develop complicated strategies ⦠most of which are curve fit and over 95% of which wonât work (I can guarantee you this).
4. Compared to your eyes, you mind is a simpleton.
5. Your mind is always greedy and it is never satisfied. It always wishes you had held on for just a little bit longer, or wants you to get back in the market after youâve made a nice chunk of change for the day. And it is going to be the same way tomorrow.
And in relation to your very foolish and immature statements-
Quote from NasdaqPlayer:
Dude your giving us young people a bad rep.
*No, people like you give yourself and other younger people a bad reputation, by waking up 1day, reading a couple of books about economics, and then thinking you've now discovered and are on your way to becoming a millionaire!
First of all why would you be giving advice on something u have no clue about, finishing a finance degree...
*The guy wasn't asking us to do his uni homework for him,
he was asking about what careers in trading he could get with a degree, and so i and others were exlaining to him that trading firms are making people redunant not hiring, and so if you wnat to trade you gta work for yourself doing it.
And then proceeded on explaining the very basics behind 'actual trading', that you don't get told when your doing your degree.
second, you gotta use ur brain to wipe that crust off ur ass not to mention 'everything else' but you say trading doesnt require using ur brain...
*Ive posted resonse to this on this page of this thread: http://www.elitetrader.com/vb/showthread.php?s=&threadid=137740&perpage=6&pagenumber=5
third, if ur barely puting 2 meals on the table for yourself(which shouldnt be much food since ur brain doesnt function ur body uses less food for energy)
*Lol, im not sure how closely you actually monitor my eating habits, but i have a comfortable food allowance, so i am not in the situation where i cannot buy food if i felt like having more meals per day.
However when you trade properly you dont get time to swan off scoffing your face throughout the day. lol
then maybe u dont trade at all.
*If it makes you feel happier your welcome to live in the pretense that i don't trade at all, and im just living off fresh air... LOL
But i keep a daily traidng journal both on here and on other trading forums that i previously used, where i have posted daily updates, live trade calls pre-trade, and posted screenshots of my account.
And no matter how much you may despise it, i have been hitting my daily targets of 5 - 10% profit on my account capital, consistently per day, each day i trade, for weeks and months and months now.
That is how i afford all the expensive stuff i buy, and bills that i pay.
oh and that shipping company... why dont u include the bills of that company/business to ur stated monthly expenses?
*My shipping company costs me £18.99 per year to keep running!! LOL
Sorry again to disappoint you, but i don't waste huge piles of money on a partime business.
But since you seem to be so interested in my life and my business model i will explain it-
I have a website, that costs £18.99 per year to host.
On this site i have a all the features required for a professional shipping business site (cost calculators, intergrated creditcard checkout, cargo tracking feature, faqs, contact details).
When people come on my site, like my prices, and choose to use us, they make their order through me and make the payment to me.
I then contact my business partner in china, who runs his own shipping comp from there anyways, i hand the order over to him, and send the payment to him for how much her charges (60% of the payment i got).
And then he just handles the order like any other order, and i make 40% profit of the price per kg, for each kg of the order, for basically just overseeing the order!
BTW, the reason people take up trading is to have more then just bills and pocket change, the ones that barely make it, QUIT.
*This is why most newbies like you fail. Because you have this view of trading as a shortcut to a 100k+ per year salary!! LOL
Sorry to burst your bubble kid, but trading just aint like that.
It ''can'' become like that eventually after you consitently built up enough capital, or if you started traidng with a few 100k to few million,
but if you starting trading with just a few thousand quid like most self employed traders do, then they don't do it expecting 100k+, they do it for the same reasons as any other job, to earn a living!
Most fail to even do that, a few who are skilled and keep working do manage to though, and in time they ''gradually'' build up to earning more.
Read what LINDQ wrote on page 1, hes been on here 6years and posted over 1,600 posts! http://www.elitetrader.com/vb/showthread.php?s=&threadid=137740&perpage=6&pagenumber=1
You seriously do have ALOT of growing up to do mate, and if you ever do start trading, the relaity of what traidngs actually like compared to the image and expectations you have of it are gna hit you very hard!!
OP asked about college and trading profesinally, ya.... STFU and let the experienced traders talk.
*I have answered the questions that he asked with answers taht will actually benefit him when he physcially comes to start trading, and i have used all experience i have gained over the many many years i have been interested in the markets, and the over 1year that ive been trading/learning, to be able to provide answers that will actually benefit the guy when he comes to sitting down infrnt that screen 1day and trying ot trade.
You see nasdaq player when you have have been gained real experience of what traidng is actually liek, will take you well over a year atleast before you do, then you will understand what is written above, and realise how perfectly and accurately written it is, its actually like a beautiful poem.
The best advice i can give to you is to copy and paste what he wrote above, put it on a word document, print out a few copeps of it, and then stick them all round your house!
