False. There is an edge. It’s very counterintuitive, but it’s there.
Young guy wanting to start trading
- Thread starter muenster
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False. There is an edge. It’s very counterintuitive, but it’s there.
ET is not really an ideal place for learning, that's because there are myriads of ways to trade.
Every person is an individual with different preferences, time frames, software, brokers, instruments, stops, TA, FA....you name it.
Personally in terms of my individual technique, hardly anything have I gained from ET, I just dream up my own quirky way of arriving at how to divine trading.
What I gain most from ET besides a chuckle due to so many funny guys here, is ideas often not directly linked to trading, software, hardware, news releases, web sites and just listening to chatter.
What every aspiring trader needs learn do is dig into 'Google search' and hunt down ideas for themselves.
Also, don't be afraid to spend money on your equipment. Trading IS A BUSINESS, buy the best you can afford.
Tell you the truth about something, 18 months ago I bought some gear to experiment on creating a new sort of algo. Results looked promising after this time but the hardware was I thought a bit too budget, so bought out of USA more heavy lift gear this week it arrived. I thought maybe I would pay it off in 2-3 weeks, it took me 2 hours of trading to pay it off. Not boasting BUT....without leaning upon yourself, your talent which constantly needs stretching, you will struggle. A businessperson needs original thinking, that sort of stuff will rarely be shared on ET, YOU must create it.
Counteroffer: I'll pay you 100,000,000 instead of 100,000 once I've made it based on your method. Let's roll up the old sleeves, shall we?
That's fine. I thought the same thing years ago (with other methods). In hindsight and on demo, I thought I had the market all figured out. But the market doesn't let you superimpose your own structures on it...at least not for long. And the thought of someone understanding the markets "very well" after 4 months is laughable (no nicer way to put it).
Wait until you start trading live. If Wyckoff, VSA and CME Futures Group stuff worked that well, tens of thousands would trade for a living from their living rooms.
Think about it...if firms with PhDs, faster execution, much better software and $ millions of R&D have trouble beating the market...you think you can with 100+ year old methods and cheap retail trader software?
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I've spent 20 years living aboard, seven of them in the Caribbean. In hindsight, this would not be a bad life for a trader... I was broke during most of those years, and didn't feel the lack of money very much (it takes very little to live out there - most of your food is free and within easy reach.) Sold my Morgan 45 last year and shifted to a 40' RV, and am doing my trading from the Colorado mountains right now.
But you must own a solid set of relevant skills. The ocean forgives very, very little - and kills the fools and the ignorant.
My second boat, the one before my Morgan 453, was a 34' Dutch steel ketch (pretty close to what they call a gouwzee in those parts.) Being a pretty decent welder, I'd thought about building a bigger boat - looked at the plans for a Roberts and a few others - but never quite got around to it.
Maintenance on steel sucks, unless it was done right when built. Most aren't.
Join the military (any branch). You'll get some basic life skills in a hurry. If you survive, and most people do, you'll be in a much better position to figure out what you really want to do with your life after that. If you get a dishonorable discharge, then suicide is probably your best option. Like you said, tough love.
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I am happy that you found your edge!
One can also find an edge buying options.
But there is no edge if you regularly, mechanically write (or buy) calls or puts. I tried mechanically selling hundreds of calls/puts for 6 months back in 2013.
I don't use the software, I prefere to analyze by myself the charts.
Let me try. Between my demo and the real market the only differences are my feelings and nerves, and the use of my real account instead the demo account.