Trading education
- Thread starter Candlesmon
- Start date
I'm not looking for the holy grail of trading. Just ways to improve/build on what I already know. This is NOT my primary income so there is no pressure in trying to make a small fortune. I firmly believe in continuous education. I try to learn as much as I can about what ever I am pursuing. The markets are dynamic and one must keep up with the changes(be it technoloy or whatever). That's my reason for wanting to learn more.
I will take a look at your site
The reason you want to learn more is that you are not meeting the potential objectives that you believe are possible from trading.
I would suggest that you ask yourself what it is that you expect of your trading and why is it that you are not achieving those results? Be honest with yourself, it might save you a lot of money. Or at least let you know where to best spend your money.
Point well taken.
In regards to OTA I have taken the course and in my opinion it was money well spent. You can look at previous posts that I and other previous students of OTA have placed on EliteTrader and judge for yourself. I'm sure there are other great sources of education out there but it will be up to you to do your own due dilligence and speak with the instructors to see if what and how they teach fits you.
You are correct about education, it is necessary, don't listen to these other losers here that tell you to buy a 20$ book and read wikipedia. Trading is a mental game, and unless you surround yourself with people in the business or watch the pros do it, you will never fully grasp the psychological element of it.
IMO you don't really need to be a professional candlestick reader or spend weeks learning any of the other technical indicators, most of them are not really useful on a 1 or 5 minute chart, you just need to be aware of how these things work so you can make good judgments while under pressure, and get a better sense of what the herd is thinking.
You will always be reading books, before and after taking this on full time, but you should definitely consider a live training course with a pro that will provide their own insight and critique your style, and/or join a live trading group where you're able to listen in as pro's call out their trades and provide analysis as to why they make the decisions they do, there's nothing like on the job training. Some prop houses offer this or you can find similar services on your own without having to join a prop house. PM me if you want some info on this I have a few places I tried and they're free for a month or two, they won't make you a millionaire or give you the "magic key" to trading, but will certainly offer insight.
First you need to learn how not to lose money, and then concentrate on making money. Your situation is similar to mine and luckily you are smart enough to realize that good education is an investment sooner rather than later with 25k in the hole.
You are correct about education, it is necessary, don't listen to these other losers here that tell you to buy a 20$ book and read wikipedia. Trading is a mental game, and unless you surround yourself with people in the business or watch the pros do it, you will never fully grasp the psychological element of it.
IMO you don't really need to be a professional candlestick reader or spend weeks learning any of the other technical indicators, most of them are not really useful on a 1 or 5 minute chart, you just need to be aware of how these things work so you can make good judgments while under pressure, and get a better sense of what the herd is thinking.
You will always be reading books, before and after taking this on full time, but you should definitely consider a live training course with a pro that will provide their own insight and critique your style, and/or join a live trading group where you're able to listen in as pro's call out their trades and provide analysis as to why they make the decisions they do, there's nothing like on the job training. Some prop houses offer this or you can find similar services on your own without having to join a prop house. PM me if you want some info on this I have a few places I tried and they're free for a month or two, they won't make you a millionaire or give you the "magic key" to trading, but will certainly offer insight.
First you need to learn how not to lose money, and then concentrate on making money. Your situation is similar to mine and luckily you are smart enough to realize that good education is an investment sooner rather than later with 25k in the hole.
LOL
Same spammers and same idiots from OTA come and spam this site, as if there are tons of morons that will give them money with
ZERO AUDITED RESULTS
why do they find it's more profitable to sell their "system" than trade it?
keep changing aliases and spam this horrible company
if this is the kind of sales they do, imagine how little integrity they have once you are a client.
Do you see actual firms or actual mutual funds spam like this?
professionalism out the window
stay very far away from OTA
their "education" is horrible
i wouldn't even let them pay me to try to get me to think like a loser
Same spammers and same idiots from OTA come and spam this site, as if there are tons of morons that will give them money with
ZERO AUDITED RESULTS
why do they find it's more profitable to sell their "system" than trade it?
keep changing aliases and spam this horrible company
if this is the kind of sales they do, imagine how little integrity they have once you are a client.
Do you see actual firms or actual mutual funds spam like this?
professionalism out the window
stay very far away from OTA
their "education" is horrible
i wouldn't even let them pay me to try to get me to think like a loser
You are saying that the value of these courses is in the psychological side.
That they are not going to teach you any magical little known set-up that works all the time.
Can you give an example of something you got from the course that you wouldnât have learned eventually?
What is it that the course provided that isnât available in books or on the internet?
Hey duhmentor Im not their salesman, to get the in-depth info on what they specifically teach go to their site and judge for yourself, all I'm saying is that one should not base their decisions on some of the fearmongers here on ET.
No they did not teach a "magical setup", they presented various setups, one-on-one instruction during the live trading sessions (which is done with their real $$$), answered all questions and provided their in-depth knowledge, reviewed my trading style and helped fine tune it, told me what was most likely to work and what didn't etc. etc.. It's pretty in depth that is why it is a week long for 8 hours a day. The instructor did not just read slides or give a lecture from a book. Had they provided a magical set-up which did not work, or had I been unhappy with what I got from there, believe me I would be singing a different tune on this post and demanding my money back, but that was not the case, I am happy with my investment there.
The selling point for me was that you have the opportunity to train with a new instructor and get their insight every time you re-take the course. I have not retaken the course so I cannot provide specifics but the they do offer free retakes, the knowledge that I can go back after blowing a couple of thousand and fine tune whatever I was doing wrong helped.
"Can you give an example of something you got from the course that you wouldnât have learned eventually?"
How not to blow my account? Sure I probably could have learned this myself some thousands of dollars later, but maybe not, who knows, but I was not going to take that chance, once I lost some money I knew I needed some more education, I searched around that found that this was the best at what they did, I went to their presentation met the instructor and signed on.
"What is it that the course provided that isnât available in books or on the internet?"
I read tons of books, been a member of ET for years and years before even signing up as a member, tried several different methods day trading, and I still lost money. So it was very simple for me, keep reading books, keep reading posts continue trying systems while my account dried up, give up on daytrading, or try another route so I chose live education.
Look, if you are making money trading, there is no reason to take any courses, just keep doing what you're doing. If you are not making money you need to swallow your pride and change your approach, whatever it is you're doing is wrong, the way I see it, there are people making money every day on Wall Street. If you find a book that has a "system" that works and helps you make money consistently then congratulations, because I have not been able to in all the research I have done. I have found many books that provide good information, but not enough for me to make a living doing this. Don't get me wrong I continue reading books and reviewing ET posts on strategies even after taking the course.
Personally I don't use a "system", I use a combination of what I have learned reading books, at OTA and what I have picked up over the years, not one professional I have met uses a "system", their style changes depending on the condition of the market, and they let the market dictate what style they use.
"You are saying that the value of these courses is in the psychological side."
No, IMO the psychological side is the most important in this business, to know what the masses are thinking, and I believe you can grasp that by watching the successful traders and listening in as they provide the reasons as to why they buy what they buy and why they short. OTA offers this, but only for four days during live trading. There are sources out there, including prop trading firms, that offer this service where you can listen in on the head traders opinion of entry and exit points and some allow you to make inquiries during live trading. Some of these businesses offer a free month or three month trial so you can judge for yourself. Having a successful day trader friend or family member who can show you the ropes doesn't hurt either. I didn't have either so I had to do it the costly way.
Hope this helps and happy trading!!!