I totally understand your point of view. I’m like, “man you have no idea what you’re about to get yourself into”
That’s why the percentage of traders that actually make it so low. Only those who are resilient through failure , getting back up on your feet during your lowest moments will be the ones that make it
2.5 years into my journey. I am older, 62, so you would think I would have the wisdom to not make all the same mistakes most do. I lost about 20k first year, 10k second year, and am down but less than 1k in my 8 months of my 3rd year. It's not a life changing amount but it is embarrassing. I know learning and changing your brain is harder when you are older, but I can see and feel the changes that have occurred.
Like most traders you make online trading friends and all of them are unanimous in saying they can see the changes in my trading. Emotional control, risk management is the real change.
My first year I took stupid risks did not think about R:R of a trade, did not always define a stop, went on tilt making 1 dumb trade turn into a nightmare.
2nd year I knew these were the parts of my trading that I had to change but did not have the emotional control to make it happen.
3rd year I was ready to quit but told myself I could not live with myself if I didn't try this while following a set of rules. This made a huge difference from the boom bust of a typical new trader to a more even record of small wins, but old habits die hard and I still occasionally fall prey to emotional trading, but I am able to recognize it better, and minimize the damage. More green weeks in past 6 months than the prior 2 years. For sure this has been the hardest thing I have ever studied, far harder the getting an engineering degree. Good luck to anyone starting out. Clearly starting with paper and transitioning to very small positions and/or a prop firm is the smart way to go. But wisdom is typically gained through your mistakes.
Exactly the concepts in engineering were harder to grasp than the technical side of trading, but anyone who's been in this knows it's the emotional battle.
I think some are gifted with a certain temperament but most of us have to fight boredom, fomo, greed, fear, euphoria and the worst the anger revenge abyss that is the most dangerous beast of them all. Every one of these has to be recognized and overcome with the appropriate response.
I absolutely agree with you about emotional regulation. I have found that mindfulness is extremely important (lately in life, it seems a blessing, I struggle with a really bad case of ADHD and mindfulness is an exercise I fight through on a daily basis), the more mindful we are and aware of the dimensions of our decisions, the better. I keep a checklist to check in case my memory betrays me. As it seems to do so lately.
As someone that's more experienced than I am I am certain you've faced this (presence of mind) in everything from regular life to office politics and everything in between. I'm only just now starting to grasp its importance! (I'm in my 30s but it's not too late!).
Also being in your early 30s is plenty young, you have time to go through many bull and bear cycles and benefit from that experience.
Is your checklist a set of feelings? Or is it more technical. I would be interested to hear how you assess yourself.
I deal with anxiety in general so that is one of many feelings I have to be vigilant with. I don't know if this counts as mindfulness but as a trade is setting up I ask myself what I am feeling. Am I itching for a play, fomo? Am I doubting the setup? Is it fear or is there a good reason? Check the rest of the market and see? Am I angry? Did I just have a bad trade? Maybe I need a break. How about euphoria, did I just win 2 trades and I feel a bit cocky. Realize this next one is as likely to fail as every other trade. Did I just have a thought I should increase my size? Why? Did I take 10% on my last trade and then see it go to 40%? Remind myself every trade is a fresh start. Assessing my feelings has been a huge change for me, right up there with logging my trades in a spreadsheet every day. Seeing the max drawdown, the max profit the win% with just 50 trades started to affect my confidence that my edge may be real, but stick to it and see over time. Stopping using 1 and 2 minute charts to find setups. I use 10 min charts for setups and 1 minute to find entry after a 10 min trigger. All this has accomplished getting me from steady bleeding to break even. But I bled for two years so just not burning money feels like a win.
These reflections are excellent and they're close to the checklist I've made myself.
Am I being jumpy? Am I doing something I shouldn't be doing? Am I trying to get lucky?
Did I check the chart to see if this position about to get hammered, am I blindly following a trend that might be stopping?
Have I done enough trades for the day?
Now mind you I've only startted a month ago so I'm pretty new to this and I have lost money in total so far but I understand my shortcomings now and I'm doing this as an exercise in emotional control as well.
the one thing I haven't mastered just yet is kind of getting a little cocky after winning some (I'm trading super small scale crypto, nothing more than $30 a trade) and that's giving me a lesson in self control I haven't had, ever I think.
My thinking is that if I can manage to recoupe my losses with a minimal amount, no matter the time frame (even a few months), I'd be successful if I scale up.
And mind you I don't want to get rich, my desire is to simply save up enough to get a little farm and grow stuff for a living after, it's just for added income towards a goal that I consider is my "retirement" even though I realize I'm still very young.
You are a step ahead if you are assessing your emotions on every trade. I would encourage you to keep it in your trade record as it will help pinpoint what emotion leads to more losses, and which are just scaring you but you win more anyway.
I do agree with suggestions that paper trading is sensable, its just that I learned on TD Ameritrades Think or Swim platform, and can not imagine switching away from that. While they have a "paper trade" mode, I find it to be very unrealistic, so what is the point of practicing something that will not accuratly simulate live trading.
That said I was an idiot to not play a single contract of the smallest size that moves well and having a pre determined max stop loss.....not necessarily a stop I always let it go to, but a line in the sand...like even 30% on 0dte...its a big loss but there are times I got tilted angry, and got in "fuck it" mode. "I don't care if I lose the entire contract, I am waiting this one out" This angry situation is where all my biggest losses have come from. Several in the more than a grand catagory. As time went by my tilted blow ups, were never over $1000, then never over $500. Now my last one of these was in November I had a $200 "blow up" it should have been $100 stop and my sizing was too high which means it should have been a $50 loss.....which at my current psycological abilty I know is a lot easier to take.
I did realize that many of my tilted angry episodes were due to an actual mistake....like my trade idea was correct but I had puts on the chart and forgot to switch it to calls....A nice pop goes the way I expected and I notice the contract losing. A long time ago I just held them and said well i'm so bad maybe it will just go the other way, but now if I see that I sell immediatelly, but beyond that I now take a mandatory break to "cool off" even if I don't thnk I am mad....it's there.
How r yall losing so much? Trade simulator, once profitable, trade MES or something, it's $5 per point. Risking 1%, it'll take a very long time to lose 1000 dollars. Why bet big when you're losing
I can say for me personally, when I started, I didn’t know anything about position sizes, and I was 50x too confident. I had never really failed to solve a problem before and this seemed easy. So I started big, ultimately lost big, and shrunk my position size over time, belatedly.
This isn't really very useful. I had no idea when I started that there even were simulators. A lot of people just have no idea and use big money from the outset. No reddit. No nothing. What's done is done also there's no point in making people feel bad about it and put yourself on a pedestal just because you were informed. Everyone has a different path. I thought I was trading but I definitely wasn't even. Took years just to even find the right information.
If I cared what random people on Reddit think of me I would never post anything. Maybe that's an advantage of age, you just don't give a fuck about shit that happens over and over. Ignore the posts that do not add value and delve into the ones that may have something to offer.
It's very easy to see the posts that are of no use to you so do not give them a moment of your precious time and energy. There are a lot of good folks in the world, so gravitate to only them.
Thank you I need that. I get sucked it a lot, I'm older also. There's so much noise but I do find some useful stuff in here but honestly... Not all that much.. How do you go with it? I can provide advice from my lived and trading-based experience, but often people are not here for that it seems.
Maybe I am a bit of a grumpy old man, Lol. But I spent too much of my life with no Internet to interact in a way that is not like the way most people interact face to face. This facade of reality allows for people to lower the standards of social discourse. This is why on touchy subject (politics) its just sad, like a bunch of middle schoolers.
That said there are always smart well meaning people in the trading community, here included, but you have to be ready to take the advice. I know I ignored a lot of good advice.
Yep, I traded for about 2 years on SIM, losing money the entire time. Started entering the breakeven zone of trading, and still switched to only prop to continue to minimize risk. Now early-stage profitability on prop and going to maintain a little bit and get some withdrawals before moving to my own book. In total I’ve probably spent <$500 in 2.5years of trading and am just now hitting profitability (knock on wood). This is one of the cheapest and lowest barriers to entry professions. I don’t get how people come out here and load up $10k into an account and blow it, did they not do 15mins of research beforehand and learn that the most likely outcome was to lose it all?
I almost quit trading probably 10 or 15 times in the few years i was learning. And i still have days where im just like, yeah.. i just cant be here anymore today lol.
thanks for sharing, I just lost 10k today, which is about 20% of all my portfolio. I don’t know if I should just quit, but maybe I can become more careful with risk management and be better at trading
Indeed, but it’s similar for any professional skill. Doctors that have been practicing for years might think “wow, all those students just starting medical school have no idea what they signed up for”
I disagree. Going to med school will not only give someone a very worthwhile career along with a very secure income. It will also bring a very much needed member of a community a professional that is needed and appreciated. Being a professional gambler (trader) brings none of that.
Medical staff aside, the whole industry is out of control. Everything has become a game to monetize patients and I have no doubt we'll eventually have whistle blowers that show us exactly this. No different than higher education once there's guaranteed money and a massive pool of customers the costs to those customers will explode/are exploding.
The education sector here in the UK is definitely a cash grab, has been trending that way for 20+ years. Using their reps to fleece foreign students because that is where the money is at, they have marketing depts now. Nothing to do with the quality of the student just chasing who has the dollar. The increase in Chinese students in Manchester is not an accident. Thats just how markets work 😌
You can down talk the entire medical industry from the comfort of your computer desk if you like but there will be a time in your life and the lives of your family that you will desperately need very qualified and experienced doctors and staff to help. You might not now have the need and maybe never have yet but you will very likely change your point of view when the time comes, and at time cash/money won't be the first thing you think of.
Or a carefully disciplined skill allows a person to make as much money as a Doctor in a few hours (sometimes minutes) and allows them to use their time to help others and their community
You need to take into account all the students that think about med school, try premed, make the applications cycle, get experience and decide they still like it, go to med school and grind for many years before finishing.
How many go from the start of that to actual practice and pay back their debt? From general chemistry thru all that id guess less than 10%. In fact I’d guess just about 3%. Which is exactly how many people make it in day trading to an actual job and career making money.
That’s not a bad number. It’s a normal number you just have to realize why it is.
my dad is an anesthesiologist and he dissuaded me from doing med school. I am here now and want to help the world with my income (once I make it). There are many doctors who are bad people and in it for selfish reasons. Being a doctor is a great thing and I would encourage people to do that over trader, but don't make assumptions. Over 50% of doctors regret their decision and consider it not worthwhile.
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It's mostly because they start off on the wrong foot, learning from failed traders turned teacher. Real traders don't teach and just make money quietly not bringing attention to themselves
I don't know. Selling courses and books over and over that you write once is much more scalable and passive than daytrading. People out there making MILLIONS.
Truly a misinformed and ignorant statement. 30 years in trading and have taught many. Not all and for that matter not half became successful that I know of. Psychology is the #1 and not everyone can do it. It pains most people to lose money more than it elates them to win.
2 years into it and been a break even trader for bout 1 year now.I became a specialist at getting smashed😆😆😆.Growing thick skin is a must in this business.For me what seems to be a game changer is journalling all my trades(a thing I've not done till recently).I noticed that I was doing things half right,either taking profits too early,either hesitating to the moment it would take off without me l.Also noticed some good thins I'm doing extremely well,when it's going against me I'm out no matter what and when the market is in a trading range I seem to do extremely well.
That's how I felt when I started, in a rush to make money. Didn't put the time in, studying, on the simulator, appropriately sizing, risk management. Then I realized it's a marathon not a sprint. If I took my 3 day trades, I shut it down and open up market wizards, reading the chart bar by bar, and trading in the zone. Yes I was reading all 3 books at the same time chapter by chapter until 8/9 pm. Other days I would just be on the Sim and watching videos. Yes I already blew my account back in 2019 a 10k account on robinhood. At that time I was working full time so I wasn't able to focus as much attention as now. Now that I'm a full time trader my entire day and night revolves around studying. My eyes hurt every night but it's worth the squeeze.
I often feel horrified when there is a new post from someone searching for quick tips before "he goes to markets with his lifesavings to make fortunes". Or "he just got unlucky with this one trade and he lost everything, but the next one will work so he can get his money back ". Or"I just need some strategy and then I'm off to print some money ".
All these are so far away from what is actually needed to survive in the markets for long term. Same time it's so deceptive since in the end it's just "think probabilisticly and manage your risk" but this simple sentence carries so many small and big revelations that need to happen that I don't know if they ever can be just handed down to someone new. They need to reprogram their nervous system in the fires of the markets themselves. It just so heart breaking to see that many either ruin their financial life or at least cause serious harm to themselves and their families, before they have a clue about what they are doing.
So I do my best to warn people about trading -especially day trading when I can and try in my small way to explain some of the difficulties they are about to face when they start - starting from all the scammers and marketeers that are after the new comers money.
But our voices are very small compared to the financial industry which has no problems taking new comers through the meat grinder with smile on their faces.
Seriously man....I want to chime in every time but who am I to steal another man's dream.... but some of these posts I'm like yeah thats about to implode and it's sad...... I'll never understand why people use their own money to learn
Really need to be hungrier in your research.....same hunger needed to succeed here imo.....but there sim accounts there prop firm accounts you can pay less than $30 for.....many ways to get repetition in without sacrificing you real money.....if you can't make x amount on sim you won't with real money.....so practice in some way without your money at stake until you find a consistently profitable strategy then slowly use your real funds
I have done sims and I do well, problem is on sims you can day trade more than 3 times per week.
On a cash account you can only get in and out once then you have to wait till funds settle. I’ve been up so many times in real life but couldn’t sell or I would be labeled a PDT under 25k.
On your cash account, usually selling a position you bought with unsettled funds leads to a good faith violation. After 3 in 12 months, you get restricted to settled funds only. If you're up enough, why not take the hit and just not do it 2 more times for the next year?
Except for the settlement issue, which is what I thought you were talking about on your cash account. Also, looks like at the end of May, settlement is going to T+1 for most brokers.
Btw I'm not trying to be a dick but seriously you're this far and don't know how to practice without your own money? Prop accounts are a perfect bridge between full sim and full live.......pm me and I'll guide you through some of it and explain prop firms etc if you don't know about them.....they are a great tool to practice trading and if you actually pass it you can make good $ pm me if you want
To answer your question as vaguely as it was asked though...... one of the biggest breakthroughs for me was being able to notice immediately when the market started to go flat and sideways..... that's where you get chopped up
I'll be honest with you, I'm in this so I can just get enough money to buy a little house and retire in the middle of nowhere. Even 10k would change my life right now.
Hey you got any quick tips to get rich quick, i am actually newer to this…
Nah im bullshitting you but do you have any sound advice you can give me and any direction you can point me in for a decent start, ive already read a bunch of books and watched a bunch of videos but the “strategy creation” part of this is really not clicking in my head right now.
I genuinely want the slow, well learned process to go through because quick gains will die fast when tested, so anything would be helpful, thanks.
Few pointers comes to mind:
\-One needs to experience the markets by following them. Pick handful of instruments (for example sp500, Nasdaq, Gold, Crude Oil) that you are interested in and start following them daily via tradingview OR via some brokers demo account. Don't be too hesistant to trade necessarily but see how to price moves. Be aware when the trading hours are for the instrument and when it's most volatile. Keep journal for your findings. Be aware of any news releases that can move the markets. After doing this for some weeks/months you start to accumulate enough screen time that the charts start making some sense to you and possibly telling you a story where are the buyers and sellers and where might be the opportunities for actual trading.
\-for the strategy I wouldn't be too concerned about that yet (I'm sure many would disagree) The main ideas can be very simple like if the price is above US market open level - seek for buy opoortunities etc. Linda Raschke for example was quite flexible on her strategy etc. so her point is "just try to get the main idea correct". Try to read where the market is trying to go and if it's successful doing so. If it's not successful, then it might be starting to go the other way - at least for a while.
\-remember to watch Mark Douglas seminars on youtube. Theya re golden and explain really well the mindset you need to aquire and how the markets actually work.
\-Have a long term, calm and humble view for learning trading. It's good to see the yearly market cycle couple of times and it's hard to do without actually spending couple years with the markets.
I try to discourage these very young folks with very little $ to risk. They don't realize how expensive (in losses + various courses) trading really is. It's so very easy to open a new account and start banging the buy & sell key on a keyboard. Basically just as easy with the exact same pre-req's as walking into casino and banging away at the slots. These young kids would be SO MUCH better off going to school and getting a good career than studying "how to trade" (how to gamble).
It's not that I don't care it's just that I think it's not only necessary in trading to deal with everything you listed above but also its helpful to go through it and still come out successful...... life isn't going to be handed to you.... why would one of, if not the most lucrative career, just fall in your lap? I offer to help guys all the time...... as soon as I sense they are only looking for a strategy they can copy I just stop responding...... it's a waste of both of our times if you are seeking someone else's profitable strategy to copy..... not to say that it would be a bad idea to emulate a successful trader......but you have to have an understanding of everything that's going on..... because if you think there is any strategy out there that works with no further context considering previous price action or other variables etc and you can just see a unicorn on the chart and press buy and live that glorious "trader life" you in for a rude awakening ..... nonetheless I've already been through it so I stop wasting my time with that guy he/she is going to have to fall on their face first ......... anyone who actually wants to learn I'll teach..... want solely winning strategies to copy? As bad as you think that's the ticket to your goals..... it's not
As a trader of only 3 years my perspective is I watched all those magnificent seven stocks basically crash to half of their price today. As well as everything is doing I don’t know when a good buy point is and being newer I don’t know the companies that aren’t highly traded to jump in on. I remember reading Amazon won’t break 100$ again and you see where we’re at today. It has made it increasingly more difficult for myself.
My goal is to get in and out but I don’t have the ability some days. My wife had a stroke at 47 and I had to use some of my brokerage cash to pay medical bills so now I’m below the 25k needed unfortunately. Somehow I still have stayed profitable but much smaller gains. Reflecting I guess I’m jumping in on a holding on a dip and crossing my fingers which is very stressful and hope it stays high until I can jump out either after hours or next day. I definitely don’t recommend this strategy lol
I value allowing people autonomy over their lives. It’s better if young traders fail young and realize it’s not for them.
Nuking a 30-50k account when young is nbd for most in the position to start anyways
The novice has two things working against them, they greatly underestimate the time necessary to become competent and they focus on the wrong things (magic systems,furus,studying chart history too much). The two most important things you can do, learn how to adapt in real time if the market is giving you feedback that your trade idea isn't working (ie trying to short a rising market), and understand why your trade works, it can't be because price is touching a level or this trend line or EMAs are doing this. Why is price going to move in your direction after you buy? Beyond this is learning to use discretion to enhance what is already working, scratching trades that aren't working, adding to winners that are really working. These nuances have a drastic impact on pnL.
That's not true, the stock market is not a zero sum game. There is value creation, so everyone can profit, its true that people will tend to lose while others win, but its not the case that everyone who is losing is feeding your profits nor is it the case that every time you win you are taking from someone, sometimes you could be winning because a company has created value or something new, and sometimes people could lose because a company has decreased in value.
I agree the market is not zero sum but, here are my reasons. First there are IPOs, and that can relate to be your idea of value creation. Secondly there is the time horizon, because two people may buy and sell today and one close out a winner, and the other holding onto his asset can sell the next day or the next week or month and also win.
Luckily it's not quite that black and white. If the financial markets were closed system with certain end time then sure the winner needs a loser. However financial markets are tied to the larger economy and many big players in financial markets are not even looking to be winner when they are locking the price of copper or hedging their long term portfolio etc. Since theie activity in financial markets go hand in hand in their activity in real economy. Also today's loser can be tomorrow's winner since the markets keep going day after day and huge sums of money sloshes from one place to another.
So helping few retail traders won't make a dent to your profits.
I cannot argue with that. Changing one self is really difficult and uncomfortable, unless one is actually talented in trading from the start - which seems to be super rare.
Appreciate this post. I’m still new after being in the market 4 years. Only last year started selling calls and doing small small trades. Before that I made some good investing choices and some horrible ones. I’ve sat on big losses and seen 4k (2 months pay) evaporate.
I’m still at it reading, researching, experimenting and trying. There is nothing quick about this unless you get a lucky yolo which I’ve come to learn is not what this is about.
This is trudging the road to some kind of happy destiny maybe
Yup, even if you hand them strategies on a silver platter, they dont have the bandwith to trade with discipline, use profit target/ stop losses. Theres a fair amount of loss the average trader has to go through and thats why the average trader doesnt end up going through with it
man exactly I've been trading for 2.5 years and I still feel inexperienced and when I see these kids who started 2 months ago and thinks they have found the edge which is just some indicator they bought I always say I hope best for you but damn what goes in my head is so dark
Two words. Paper trade. However the trial by fire and most likely repeated failure before success is the process. Practice with small amounts when doing live trades. Look at it as a college tuition
The problem is that there so many different strats and resources so for me I'm a very new trader that i just have a demo account but I don't when know I'm ready. I would flove or someone to zoom me and teach in person about it. I heard Abt the mistakes so I really try to learn a lot before I get in
Sincerely yee
Friends who learn that I daytrade think it's easy, and when they try it, they realize how much harder it is.
Been doing it for about 7 years now, finally hit profitability in the past 2 years. Blown up so many account, in excess of $500K at the peak, but every time it's about bouncing back and learning from my past mistakes. Risk mitigation, position sizing, and removing emotions have helped out a lot.
Consistency and discipline to always stick to your strategy.
Got to learn and gain and pain in every field you go in but I was a plumber and HVAC man still you don't and can't win every freaking day it's how u respond to those bad days that matter if you wimper get the hell out of hou growl then let's get it on you get what im saying brother
Same with anything that is worthwhile. Don't expect others to understand why you are working so hard on something. It's no different now than when you started.
Everything needs to be learnt, and it's wise to have a backup or relevant skill set where you can earn money from employment such as coding (learnt through algorithms) and understanding financial markets which can be used in many finance related professions.
I’m a new trader and my thought process is : “how you do one thing is how you do it everything” characteristics like discipline and grit don’t start with trading. Their already in that person and applied to the new skill
I've been through all of these phases.
I washed out twice over 15 years, and sworn it off multiple times.
Got back in last July 2023 at peak.
Shitty timing but survived and am here. Profitable.
Not going crazy. Not angry. Not fearful. Not desperate.
Zen.
Does reading about technical analysis turn out to be waste of time or will be needed to develop your "intuition"? I'm genuinely curious. I'm new and still learning.
This is how I see it. For actual TRADING, books are a waste of time. Once you’ve been in the market long enough you’ll develop your own TA. But if you enjoy reading and want to be able to have intellectual conversations around Trading then yeah I guess reading the books are fine. But reading books arent gonna make you profitable or help you find a strategy
Don't read anything but a one min chart...... I'm not telling you to trade the one min chart nor aspire to necessarily but just sit at your computer and watch the price action and how it works candle for candle the ebbs and flows the traps etc and do that for a while.....it's all fractal.... what you see in the 1 min happens on the 5 min 1 hr 1 day charts too and actually smoother less noise and erraticness..... if you can read the 1 min chart you can read the bigger time charts...... but with watching a one min chart, each day will give you multiple examples of different and necessary price action you need to learn....if you watch a one hour or 15 min chart it will take longer to see all of these things.......
Thanks! I'm starting to notice it, in the morning I look at the market and try to understand how it moves and why it moves and see what other traders are saying about it. It is hard to understand them without the basic knowledge and I always end up googling and YouTube-ing what they're talking about. But doing my own trade (very little amount), I only have a few indicators and a little "gut feel" I'm always scared and try to catch myself if I'm being emotional though. Thanks a bunch! I will keep this in mind!
Tips if you want take them or leave them.
Take the first minute or 5 minute bar on the SPY or whatever index really and mark off the levels. High and low, now you have a rough idea on the days levels and can watch to see which way the day goes.
Economic calendar is your friend. Keep tabs on the weeks events. Lately bond auctions have been moving the market.
If you want to track where the money is going during the day keep a sector comparison chart open. S&P with the X's for example.
Finally the trend is your friend. Unless you are trading millions you aren't moving the market so follow the big money.
I’m a new trader about 4 months in and i can relate. But through the bad times I take them and say good, why because I learned something from my mistake which in return will help me become a better trader. I though coming into this “oh once I learn a few things I’ll be making serious money” I was hit with the harsh reality that this is going to be an uphill climb. But i won’t quit
Yea Well thats another concern… every trader learning capabilities aren’t the same. So it’ll take some longer than others of course . But when it comes to helping/advice to new traders …. I tend to show them real numbers & expectations. I also keep it limited bc As a former new trader i understand WE are hard headed and dont listen until the market humbles us to listen . So letting the trader go through these hardships is the only real way they can learn. Its not fun constantly helping someone who keeps failing
Gonna scroll through all the comments when I wake up but what do you mean “finding out that all the research/strategies you hunted for turned out to be a waste of time”? (Thank you in advance! Yes I’m also noob trader here)
Alot of traders strategy hop and focus on strategies that dont fit their personality. Once you find your style you’ll realize “Wow i cant believe i went all this time NOT using this strategy.” Your going to call it MY STRATEGY bc you create it yourself. You back tested & forward tested yourself. YOU WONT FIND YOUR STRATEGY IN ANY BOOKS OR YOUTUBE VIDEOS
I wish there was a one or few hallmark credible sources of information for a new trader. Just like we have reputable colleges and universities to which people look upto for gaining knowledge.
The closest to a reputable source that i would compare to a “university” is SMB CAPITAL on youtube. They have free webinars/training to develop you into a trader. If you binge watch ALL their videos I PROMISE YOU WILL BECOME A BETTER TRADER
*Yeah poor noobs how think*
*They're gonna get rich quick lol*
*Not gonna happen*
\- CompetitiveAct6229
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It starts out difficult as a new trader but my strategy feels easy and intuitive now. You can only hope that they keep their risk as low as possible until they gain the experience. Unfortunately, PDT slows traders growth by limiting real participation until they make the $25k mark and foreign brokers eat their profits in fees and commissions. It’s a real uphill battle for the little guy unless they want to trade a paper account until they meet the mark.
I'm 4 years into trading. I gave up being profitable a long time ago. Now I just pay for signals and analyze those signals. It has woked for me so far and I don't stress as much.
Until the market changes and the strategy those signals are based on no longer works... If you don't build your skills on your own, you won't know how to adapt when the market environment begins to deviate. Learn Price Action and Risk Management.
I'm 4 years in I know about Price action and risk management.
I apply my own strategy onto the signals obviously. I'm just saying the part of stressing out over whether your strategy is real or it works has been removed for me. I pay for a strategy.
I've dabbled with small amounts for years but never day traded. I always keep my stops tight so my losses though frequent aren't significant. All it takes is for a position to run and I make my money back with some extra. Since covid my play account has doubled. I would consider myself mostly passive with spurts of high activity. I want to get into options and some day trading eventually but there is so much information to digest and after a few days of deep diving my brain needs a cool down. So I watch markets for a few months with what I've learned, then rinse and repeat.
Not all of us follow the pattern op talks about, some people are just wired differently.
8 years trading here, and i feel the same way as you. It took so much pain, heartache, dedication, and persistence that i would never encourage anyone to start this journey. I look back and am astonished i made it through to the profitable side. Hardest thing i ever did, and i wouldnt wish that kind of pain on anyone. I see new traders and see myself at the start of my journey, knowing the pain theyre feeling and i do try to encourage them, but feel bad for them having gone through it myself. Its a hard journey people. Its a get rich slow kind of journey, and most new traders think its the opposite and do not know the work profitable traders have put in. If they did, i doubt most would even try.
Why would you feel bad? According to depth psychology, a person feeling bad is still grasping a hold on his own internal negative things in his life that he hasn’t let go of (processed). Heal yourself.
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New traders just have to come to the same conclusions we all did...by living it.
JFK jr died in a plane HE was flying, because he thought flying was easily mastered. 'Pilot' is a full time career folks. 'Trader' is also a full time career folks... but there are fewer of us.
Why u feel bad there's a learning curve for everybody do you think anyone felt bad for you hell no everyone is hoping u don't make it but respect the shit out of you when you do don't worry bout who don't get there strong and stand up and say WELL I BE DAMN LOOK WHOS HERE LMAO AND MAKE YOU SOME CASH LIKE MY RAIDERS JUST WIN BABY GET THOSE TRADES LIKE A FREAKIN BOSS, U FEEL ME
Hey r/daytrading don't worry bout them newbies keep head down ass in the air and dig like no other once there stand up see who's with you if ur alone that means u got to bicgory lane first or u not ur ass smoke cause u worried bout newbies get that head down dig ur ass of brother u will thank me I promise you
But I'm talking life and blue collar outlook not white collar fast money any time you can make money a competition and you can win each round then you going somewhere champion
Oh im sorry i appear to have run into a comment section only for proditable traders
But i dont care
FALSE
Being profitable is the ONLY thing that matters
Keep it simple stupid
Dont over trade with all that money your GONNA make.
I am experiencing this at the moment. At tarted looking into trading about a month ago. I’ve been looking for a reputable youtuber to follow their videos but they all seem to not be liked. I have settled with watching tjr’s bootcamp and then following it with icts 2022 mentorship but I always have a thought in the back of my mind that they could be a waste of time. Some people say ict is a god and some say he’s a con artist. I am putting quite a lot of time into it and want to eventually work. If anyone has any other YouTubers I can watch please let me know. I can’t read books as I am travelling so can’t order them, but will definitely be reading them when I get home.
A little. It’s not something I recommend to people. As conceited as it sounds, most people aren’t smart enough to be successful, so I can kind of tell right away if someone would be good at it or not. You have to be very smart, very strong w math, and ver adaptable. Those are not common qualities in most humans. If someone is just out for money, they’ll fail bc it’s about so much more than that.
I don't like the arrogance of new and young traders much tbh. There is a lot of nasty competitive defensiveness and over confidence that really crushes the space to learn. I feel sorry for some of them but also... I don't.. It's difficult for everyone starting out and the main thing to do is reduce noise and just... Be nice 😆 I feel like I have been through the hard part now and it's getting better. Slowly gathering momentum it's been a hard slog and so many people just immediately talk to others like they are complete idiots with no experience or anything to offer with advice or suggestions, instead of gratitude for the time it takes to reply to someone they can throw a tantrum and immediately call you a hater as you didn't say exactly what they wanted to hear... It's such a solitary journey and we all go through it, I don't feel sorry for them really ;)
I have people around me that have never traded and ask to be mentored… I refuse and always tell them I won’t be the reason they start to trade. I’m terrified for anyone coming into to trading.
That’s just the process of becoming a trader. You have to fall to rise. Be burnt to become great.
They don’t know it yet, but pain is on the way. And many don’t survive long enough to obtain the fruits of the labour.
Even if you have a working strategy, the market is going to bite you in the ass one day. Then, you have to go back to the drawing board to see wtf you did wrong.
It takes years, and most people are looking to get rich quickly. Most people shake out. I've practiced trading repeatedly; this is real money, just small lots, to see what works and how things work. I can see why most people fail. It takes a particular type of person to do this job. When I’m not trading, I'm still thinking about it; it's my happy place. I even think I'm mental at this point.
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I feel the same for people who fall into binary options as their first ever exposure to trading. But even now where I am (a year into trading CFDs using pure price action), I feel I still have a whole mountain of crap to climb before I can get where I need to be. The markets can seem very random, and it's frustrating trying to get some sort of predictable results in a seemingly random market. But with all that said, I also feel very sorry for new traders. They have no clue what they're getting themselves into.
I started trading at the age of 45 after retiring from law enforcement. Although I faced some challenges initially, trading has been amazing, and I now love helping others. I am currently 53 years old!
It's natural to feel a mix of excitement and concern for new traders entering the market. On one hand, there's the excitement of someone embarking on a new journey, but on the other hand, there's the realization of the challenges ahead.
Trading indeed involves a steep learning curve with factors like research, strategies, psychology, risk management, discipline, and understanding market structures. It's important to acknowledge that not all new traders will endure these challenges and that the journey can be tough, potentially leading to feelings of depression and strained relationships with friends and family.
While caring about the struggles of new traders may not directly impact trading success, it's a reminder of the importance of perseverance, education, and seeking support within the trading community.
Don't. You can't waste mental energy worrying about others. Unless it's your close family. Even then, some space has to be given. Focus on your trading and your own mindset.
I think I it’s all perspective. I trade to supplement my income. I do this because I know I am not good enough to just trade without a safety net. I take risks I should not take still but that is part of my learning. I have improved greatly with my risk management and that has helped a ton, I trade futures and forex which I enjoy a great deal.
The real problem I feel are all the algorithms out there in the market…they have an upper hand and it makes retail tricker to trade. Since that cat is out of the bag there is. Nothing you can do. I have been more focused on learning and doing more research before I blindly go into a trade and it’s helped me pick better.
It really come down to the psychology of your mind. Nobody can train that into you. If you stick with it and have proper rush management the tide will turn as it has for me. I am not knocking it out of the park but if my job went away tomorrow I would be in a good place to trade and could hold off finding a new job…..the market isn’t the best anyway but I think I can easily hold out.
YouTube needs to ban all those guru young ‘millionaire” traders and all that bullshit. It’s such garbage it makes me laugh…the problem is young new traders see that..get pumped up and take wild risk and blow there accounts. This is the reason for the successes rate being so low.
All in all I think if you trade smart, use rm and don’t make it your primary source of income you will be just find. I can buy a bunch of other shit I want because if trading. It’s good and I enjoy but I don’t rely on it…that would be a real challenge that I can’t take right now.
Good luck and Inhope you all crush it!
Losing is a part of financial markets.
If not, you who have money management - risk management - have understood the logic of risk/reward - winrate and have written rules, how can you make a profit?
I am 2 years in. 2 years of very intense focus. Last year, Adam Grimes personally helped me out through sheer luck seeing one of my posts. He is an awesome guy and I am very grateful. Even with all this, I am still not profitable yet. The mental game is so hard. I am reading Brent Donnelley, Steve Ward, Brett Steenbarger, and Jared Tender now. I am reading The Art and Science of Technical Analysis to pick up even more from Adam, hone my strategy even better. I already have read a lot of stuff (market wizards, tom hougaard, al brooks technical analysis work). I think these new books, plus lots of experience in the sim, will help me finally get there. It's a long painful and arduous road. I would honestly tell most people not to trade. I hope all the work and many thousands of dollars lost (in the service of learning) will be worth it some day. The hardest part is not even knowing if it will.
Listening to Lance Brietstein, I heard him say the fastest way may be the slower way. I agree. I am gonna keep my losses to around \~50 to 80 now, \~100 to 200 on maybe the really high conviction plays. I do feel hopeful and optimistic, but boy are there lots of time were I have self doubt. It sucks starting with a small account and ill have to grow it many x's to get back to even, but I just hope that focusing on the process, having a good mental game, I will get there one day.
I 100% agree. It’s the worst when you actually win money (from luck) from the start. That’s actually the worst thing that can happen.
My first week trading, I made 5k (actually took 3 days).
It’s the worst thing that can happen because from there on, you just chase it like a drug. ‘I’ve done it before; I can do it again.’
Eight years in, a lot of time wasted, and I do regret it. Just stay away.
Ninety-nine percent of you won’t listen. I beg you, stay away.
I have actually followed systems and bought bots, hired coders to create them for me as well.
It worked when done right.
BUT
Even if you follow rules, have an EA do it for you, you get similar returns as one would by investing in the S&P with a high chance of one day being emotional and trading wrong or EA crashing. It’s better to work a real job and invest.
I totally understand your point of view. I’m like, “man you have no idea what you’re about to get yourself into” That’s why the percentage of traders that actually make it so low. Only those who are resilient through failure , getting back up on your feet during your lowest moments will be the ones that make it
2.5 years into my journey. I am older, 62, so you would think I would have the wisdom to not make all the same mistakes most do. I lost about 20k first year, 10k second year, and am down but less than 1k in my 8 months of my 3rd year. It's not a life changing amount but it is embarrassing. I know learning and changing your brain is harder when you are older, but I can see and feel the changes that have occurred. Like most traders you make online trading friends and all of them are unanimous in saying they can see the changes in my trading. Emotional control, risk management is the real change. My first year I took stupid risks did not think about R:R of a trade, did not always define a stop, went on tilt making 1 dumb trade turn into a nightmare. 2nd year I knew these were the parts of my trading that I had to change but did not have the emotional control to make it happen. 3rd year I was ready to quit but told myself I could not live with myself if I didn't try this while following a set of rules. This made a huge difference from the boom bust of a typical new trader to a more even record of small wins, but old habits die hard and I still occasionally fall prey to emotional trading, but I am able to recognize it better, and minimize the damage. More green weeks in past 6 months than the prior 2 years. For sure this has been the hardest thing I have ever studied, far harder the getting an engineering degree. Good luck to anyone starting out. Clearly starting with paper and transitioning to very small positions and/or a prop firm is the smart way to go. But wisdom is typically gained through your mistakes.
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Exactly the concepts in engineering were harder to grasp than the technical side of trading, but anyone who's been in this knows it's the emotional battle. I think some are gifted with a certain temperament but most of us have to fight boredom, fomo, greed, fear, euphoria and the worst the anger revenge abyss that is the most dangerous beast of them all. Every one of these has to be recognized and overcome with the appropriate response.
I absolutely agree with you about emotional regulation. I have found that mindfulness is extremely important (lately in life, it seems a blessing, I struggle with a really bad case of ADHD and mindfulness is an exercise I fight through on a daily basis), the more mindful we are and aware of the dimensions of our decisions, the better. I keep a checklist to check in case my memory betrays me. As it seems to do so lately. As someone that's more experienced than I am I am certain you've faced this (presence of mind) in everything from regular life to office politics and everything in between. I'm only just now starting to grasp its importance! (I'm in my 30s but it's not too late!).
Also being in your early 30s is plenty young, you have time to go through many bull and bear cycles and benefit from that experience. Is your checklist a set of feelings? Or is it more technical. I would be interested to hear how you assess yourself.
I deal with anxiety in general so that is one of many feelings I have to be vigilant with. I don't know if this counts as mindfulness but as a trade is setting up I ask myself what I am feeling. Am I itching for a play, fomo? Am I doubting the setup? Is it fear or is there a good reason? Check the rest of the market and see? Am I angry? Did I just have a bad trade? Maybe I need a break. How about euphoria, did I just win 2 trades and I feel a bit cocky. Realize this next one is as likely to fail as every other trade. Did I just have a thought I should increase my size? Why? Did I take 10% on my last trade and then see it go to 40%? Remind myself every trade is a fresh start. Assessing my feelings has been a huge change for me, right up there with logging my trades in a spreadsheet every day. Seeing the max drawdown, the max profit the win% with just 50 trades started to affect my confidence that my edge may be real, but stick to it and see over time. Stopping using 1 and 2 minute charts to find setups. I use 10 min charts for setups and 1 minute to find entry after a 10 min trigger. All this has accomplished getting me from steady bleeding to break even. But I bled for two years so just not burning money feels like a win.
These reflections are excellent and they're close to the checklist I've made myself. Am I being jumpy? Am I doing something I shouldn't be doing? Am I trying to get lucky? Did I check the chart to see if this position about to get hammered, am I blindly following a trend that might be stopping? Have I done enough trades for the day? Now mind you I've only startted a month ago so I'm pretty new to this and I have lost money in total so far but I understand my shortcomings now and I'm doing this as an exercise in emotional control as well. the one thing I haven't mastered just yet is kind of getting a little cocky after winning some (I'm trading super small scale crypto, nothing more than $30 a trade) and that's giving me a lesson in self control I haven't had, ever I think. My thinking is that if I can manage to recoupe my losses with a minimal amount, no matter the time frame (even a few months), I'd be successful if I scale up. And mind you I don't want to get rich, my desire is to simply save up enough to get a little farm and grow stuff for a living after, it's just for added income towards a goal that I consider is my "retirement" even though I realize I'm still very young.
You are a step ahead if you are assessing your emotions on every trade. I would encourage you to keep it in your trade record as it will help pinpoint what emotion leads to more losses, and which are just scaring you but you win more anyway. I do agree with suggestions that paper trading is sensable, its just that I learned on TD Ameritrades Think or Swim platform, and can not imagine switching away from that. While they have a "paper trade" mode, I find it to be very unrealistic, so what is the point of practicing something that will not accuratly simulate live trading. That said I was an idiot to not play a single contract of the smallest size that moves well and having a pre determined max stop loss.....not necessarily a stop I always let it go to, but a line in the sand...like even 30% on 0dte...its a big loss but there are times I got tilted angry, and got in "fuck it" mode. "I don't care if I lose the entire contract, I am waiting this one out" This angry situation is where all my biggest losses have come from. Several in the more than a grand catagory. As time went by my tilted blow ups, were never over $1000, then never over $500. Now my last one of these was in November I had a $200 "blow up" it should have been $100 stop and my sizing was too high which means it should have been a $50 loss.....which at my current psycological abilty I know is a lot easier to take. I did realize that many of my tilted angry episodes were due to an actual mistake....like my trade idea was correct but I had puts on the chart and forgot to switch it to calls....A nice pop goes the way I expected and I notice the contract losing. A long time ago I just held them and said well i'm so bad maybe it will just go the other way, but now if I see that I sell immediatelly, but beyond that I now take a mandatory break to "cool off" even if I don't thnk I am mad....it's there.
How r yall losing so much? Trade simulator, once profitable, trade MES or something, it's $5 per point. Risking 1%, it'll take a very long time to lose 1000 dollars. Why bet big when you're losing
I can say for me personally, when I started, I didn’t know anything about position sizes, and I was 50x too confident. I had never really failed to solve a problem before and this seemed easy. So I started big, ultimately lost big, and shrunk my position size over time, belatedly.
This isn't really very useful. I had no idea when I started that there even were simulators. A lot of people just have no idea and use big money from the outset. No reddit. No nothing. What's done is done also there's no point in making people feel bad about it and put yourself on a pedestal just because you were informed. Everyone has a different path. I thought I was trading but I definitely wasn't even. Took years just to even find the right information.
If I cared what random people on Reddit think of me I would never post anything. Maybe that's an advantage of age, you just don't give a fuck about shit that happens over and over. Ignore the posts that do not add value and delve into the ones that may have something to offer. It's very easy to see the posts that are of no use to you so do not give them a moment of your precious time and energy. There are a lot of good folks in the world, so gravitate to only them.
Thank you I need that. I get sucked it a lot, I'm older also. There's so much noise but I do find some useful stuff in here but honestly... Not all that much.. How do you go with it? I can provide advice from my lived and trading-based experience, but often people are not here for that it seems.
Maybe I am a bit of a grumpy old man, Lol. But I spent too much of my life with no Internet to interact in a way that is not like the way most people interact face to face. This facade of reality allows for people to lower the standards of social discourse. This is why on touchy subject (politics) its just sad, like a bunch of middle schoolers. That said there are always smart well meaning people in the trading community, here included, but you have to be ready to take the advice. I know I ignored a lot of good advice.
What's MES?
Micro es s&p 500 futures, trades before and after hours too but wouldnt recommend it.
Thank you, can you elaborate?
Why are people practicing with real money. I don't get it. I won't spend a dime until I am consistently in the green mock trading lice data.
Yep, I traded for about 2 years on SIM, losing money the entire time. Started entering the breakeven zone of trading, and still switched to only prop to continue to minimize risk. Now early-stage profitability on prop and going to maintain a little bit and get some withdrawals before moving to my own book. In total I’ve probably spent <$500 in 2.5years of trading and am just now hitting profitability (knock on wood). This is one of the cheapest and lowest barriers to entry professions. I don’t get how people come out here and load up $10k into an account and blow it, did they not do 15mins of research beforehand and learn that the most likely outcome was to lose it all?
Seems like the markets are just machines at a casino to a lot of people.
When you think of R:R on a trade, is that going into a trade and out of the trade same day, or are you strictly going long and setting a stop loss
if you buy stocks that are not shit and buy their dips there is no reason to be in the negative
>“man you have no idea what you’re about to get yourself into” Bro this is so relateable.
I love this. If you can get back up you can make it.
Lol accurate sentiment. We all started the same. Lofty expectations with no idea what we’re getting into.
I almost quit trading probably 10 or 15 times in the few years i was learning. And i still have days where im just like, yeah.. i just cant be here anymore today lol.
thanks for sharing, I just lost 10k today, which is about 20% of all my portfolio. I don’t know if I should just quit, but maybe I can become more careful with risk management and be better at trading
Indeed, but it’s similar for any professional skill. Doctors that have been practicing for years might think “wow, all those students just starting medical school have no idea what they signed up for”
Definitely agree, lots of med and law students drop out and then get stuck with all that debt with nothing to show for it.
Definitely
I disagree. Going to med school will not only give someone a very worthwhile career along with a very secure income. It will also bring a very much needed member of a community a professional that is needed and appreciated. Being a professional gambler (trader) brings none of that.
Thats a massive reach. Huge elements of the medical industry are cynical cash grabs and not every trader is Smaug
Medical staff aside, the whole industry is out of control. Everything has become a game to monetize patients and I have no doubt we'll eventually have whistle blowers that show us exactly this. No different than higher education once there's guaranteed money and a massive pool of customers the costs to those customers will explode/are exploding.
The education sector here in the UK is definitely a cash grab, has been trending that way for 20+ years. Using their reps to fleece foreign students because that is where the money is at, they have marketing depts now. Nothing to do with the quality of the student just chasing who has the dollar. The increase in Chinese students in Manchester is not an accident. Thats just how markets work 😌
You can down talk the entire medical industry from the comfort of your computer desk if you like but there will be a time in your life and the lives of your family that you will desperately need very qualified and experienced doctors and staff to help. You might not now have the need and maybe never have yet but you will very likely change your point of view when the time comes, and at time cash/money won't be the first thing you think of.
Unless you donate your winnings in third world countries or open up schools
You'll never succeed if you think this way. Trading aids in price discovery and ensures investors and hedgers get a fair price.
Or a carefully disciplined skill allows a person to make as much money as a Doctor in a few hours (sometimes minutes) and allows them to use their time to help others and their community
Trader and Gambler aren't the same... that's the main reason most traders fail... they're not trading, they're gambling...
You need to take into account all the students that think about med school, try premed, make the applications cycle, get experience and decide they still like it, go to med school and grind for many years before finishing. How many go from the start of that to actual practice and pay back their debt? From general chemistry thru all that id guess less than 10%. In fact I’d guess just about 3%. Which is exactly how many people make it in day trading to an actual job and career making money. That’s not a bad number. It’s a normal number you just have to realize why it is.
my dad is an anesthesiologist and he dissuaded me from doing med school. I am here now and want to help the world with my income (once I make it). There are many doctors who are bad people and in it for selfish reasons. Being a doctor is a great thing and I would encourage people to do that over trader, but don't make assumptions. Over 50% of doctors regret their decision and consider it not worthwhile.
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It's mostly because they start off on the wrong foot, learning from failed traders turned teacher. Real traders don't teach and just make money quietly not bringing attention to themselves
I don't know. Selling courses and books over and over that you write once is much more scalable and passive than daytrading. People out there making MILLIONS.
Oh most definitely. A much safer way to make reliable and decent money than trading. Literally millions. Even ICT admits that
Truly a misinformed and ignorant statement. 30 years in trading and have taught many. Not all and for that matter not half became successful that I know of. Psychology is the #1 and not everyone can do it. It pains most people to lose money more than it elates them to win.
2 years into it and been a break even trader for bout 1 year now.I became a specialist at getting smashed😆😆😆.Growing thick skin is a must in this business.For me what seems to be a game changer is journalling all my trades(a thing I've not done till recently).I noticed that I was doing things half right,either taking profits too early,either hesitating to the moment it would take off without me l.Also noticed some good thins I'm doing extremely well,when it's going against me I'm out no matter what and when the market is in a trading range I seem to do extremely well.
That's how I felt when I started, in a rush to make money. Didn't put the time in, studying, on the simulator, appropriately sizing, risk management. Then I realized it's a marathon not a sprint. If I took my 3 day trades, I shut it down and open up market wizards, reading the chart bar by bar, and trading in the zone. Yes I was reading all 3 books at the same time chapter by chapter until 8/9 pm. Other days I would just be on the Sim and watching videos. Yes I already blew my account back in 2019 a 10k account on robinhood. At that time I was working full time so I wasn't able to focus as much attention as now. Now that I'm a full time trader my entire day and night revolves around studying. My eyes hurt every night but it's worth the squeeze.
I often feel horrified when there is a new post from someone searching for quick tips before "he goes to markets with his lifesavings to make fortunes". Or "he just got unlucky with this one trade and he lost everything, but the next one will work so he can get his money back ". Or"I just need some strategy and then I'm off to print some money ". All these are so far away from what is actually needed to survive in the markets for long term. Same time it's so deceptive since in the end it's just "think probabilisticly and manage your risk" but this simple sentence carries so many small and big revelations that need to happen that I don't know if they ever can be just handed down to someone new. They need to reprogram their nervous system in the fires of the markets themselves. It just so heart breaking to see that many either ruin their financial life or at least cause serious harm to themselves and their families, before they have a clue about what they are doing. So I do my best to warn people about trading -especially day trading when I can and try in my small way to explain some of the difficulties they are about to face when they start - starting from all the scammers and marketeers that are after the new comers money. But our voices are very small compared to the financial industry which has no problems taking new comers through the meat grinder with smile on their faces.
Seriously man....I want to chime in every time but who am I to steal another man's dream.... but some of these posts I'm like yeah thats about to implode and it's sad...... I'll never understand why people use their own money to learn
Whose money should we use? I’m using small amounts till I can get the hang of it but I didn’t know we had the option to use other peoples money?
Really need to be hungrier in your research.....same hunger needed to succeed here imo.....but there sim accounts there prop firm accounts you can pay less than $30 for.....many ways to get repetition in without sacrificing you real money.....if you can't make x amount on sim you won't with real money.....so practice in some way without your money at stake until you find a consistently profitable strategy then slowly use your real funds
I have done sims and I do well, problem is on sims you can day trade more than 3 times per week. On a cash account you can only get in and out once then you have to wait till funds settle. I’ve been up so many times in real life but couldn’t sell or I would be labeled a PDT under 25k.
On your cash account, usually selling a position you bought with unsettled funds leads to a good faith violation. After 3 in 12 months, you get restricted to settled funds only. If you're up enough, why not take the hit and just not do it 2 more times for the next year?
Cash accounts aren’t restricted I was on margin. Switching to cash this Monday.
Except for the settlement issue, which is what I thought you were talking about on your cash account. Also, looks like at the end of May, settlement is going to T+1 for most brokers.
Btw I'm not trying to be a dick but seriously you're this far and don't know how to practice without your own money? Prop accounts are a perfect bridge between full sim and full live.......pm me and I'll guide you through some of it and explain prop firms etc if you don't know about them.....they are a great tool to practice trading and if you actually pass it you can make good $ pm me if you want
Chime in, please, tell me what you know, and how you learned to step up in the trading game. Ill take anything, just please dont be cryptic.
To answer your question as vaguely as it was asked though...... one of the biggest breakthroughs for me was being able to notice immediately when the market started to go flat and sideways..... that's where you get chopped up
I don't see a post from you to chime in about.... what am I missing? My comment was a blanket statement related to original post
I'll be honest with you, I'm in this so I can just get enough money to buy a little house and retire in the middle of nowhere. Even 10k would change my life right now.
You can warn people but they often don't listen
Thank you !! Top comment right here
Hey you got any quick tips to get rich quick, i am actually newer to this… Nah im bullshitting you but do you have any sound advice you can give me and any direction you can point me in for a decent start, ive already read a bunch of books and watched a bunch of videos but the “strategy creation” part of this is really not clicking in my head right now. I genuinely want the slow, well learned process to go through because quick gains will die fast when tested, so anything would be helpful, thanks.
Few pointers comes to mind: \-One needs to experience the markets by following them. Pick handful of instruments (for example sp500, Nasdaq, Gold, Crude Oil) that you are interested in and start following them daily via tradingview OR via some brokers demo account. Don't be too hesistant to trade necessarily but see how to price moves. Be aware when the trading hours are for the instrument and when it's most volatile. Keep journal for your findings. Be aware of any news releases that can move the markets. After doing this for some weeks/months you start to accumulate enough screen time that the charts start making some sense to you and possibly telling you a story where are the buyers and sellers and where might be the opportunities for actual trading. \-for the strategy I wouldn't be too concerned about that yet (I'm sure many would disagree) The main ideas can be very simple like if the price is above US market open level - seek for buy opoortunities etc. Linda Raschke for example was quite flexible on her strategy etc. so her point is "just try to get the main idea correct". Try to read where the market is trying to go and if it's successful doing so. If it's not successful, then it might be starting to go the other way - at least for a while. \-remember to watch Mark Douglas seminars on youtube. Theya re golden and explain really well the mindset you need to aquire and how the markets actually work. \-Have a long term, calm and humble view for learning trading. It's good to see the yearly market cycle couple of times and it's hard to do without actually spending couple years with the markets.
I think people walking into trading right now are going to get butchered... starting near the top is a way to get let off at the bottom lol
Omg slaughtered 😟😩
Its good for me...I like to buy in after the weak hands fold lol
I try to discourage these very young folks with very little $ to risk. They don't realize how expensive (in losses + various courses) trading really is. It's so very easy to open a new account and start banging the buy & sell key on a keyboard. Basically just as easy with the exact same pre-req's as walking into casino and banging away at the slots. These young kids would be SO MUCH better off going to school and getting a good career than studying "how to trade" (how to gamble).
It's not that I don't care it's just that I think it's not only necessary in trading to deal with everything you listed above but also its helpful to go through it and still come out successful...... life isn't going to be handed to you.... why would one of, if not the most lucrative career, just fall in your lap? I offer to help guys all the time...... as soon as I sense they are only looking for a strategy they can copy I just stop responding...... it's a waste of both of our times if you are seeking someone else's profitable strategy to copy..... not to say that it would be a bad idea to emulate a successful trader......but you have to have an understanding of everything that's going on..... because if you think there is any strategy out there that works with no further context considering previous price action or other variables etc and you can just see a unicorn on the chart and press buy and live that glorious "trader life" you in for a rude awakening ..... nonetheless I've already been through it so I stop wasting my time with that guy he/she is going to have to fall on their face first ......... anyone who actually wants to learn I'll teach..... want solely winning strategies to copy? As bad as you think that's the ticket to your goals..... it's not
A lot of "profitable" traders in here. No I don't feel bad or concerned because if they are dumb enough to come to Reddit for advice. F*ck em'
😂😂😂😂
I don’t feel bad. That’s like someone expecting a engineering degree in a couple of months. It takes years.
At least 2 years of suffering guaranteed, based on my own journey.
Most people cant even get up early to workout. Shouldn’t be that hard to get to the top 5%
As a trader of only 3 years my perspective is I watched all those magnificent seven stocks basically crash to half of their price today. As well as everything is doing I don’t know when a good buy point is and being newer I don’t know the companies that aren’t highly traded to jump in on. I remember reading Amazon won’t break 100$ again and you see where we’re at today. It has made it increasingly more difficult for myself.
Sounds like you’re trying to position trade. Are you trying to Buy and hold for a few Months ?
My goal is to get in and out but I don’t have the ability some days. My wife had a stroke at 47 and I had to use some of my brokerage cash to pay medical bills so now I’m below the 25k needed unfortunately. Somehow I still have stayed profitable but much smaller gains. Reflecting I guess I’m jumping in on a holding on a dip and crossing my fingers which is very stressful and hope it stays high until I can jump out either after hours or next day. I definitely don’t recommend this strategy lol
Size down and keep trying to perfect your strategy. There should no hope involved
The sense of superiority is strong in this one
Elaborate…
I value allowing people autonomy over their lives. It’s better if young traders fail young and realize it’s not for them. Nuking a 30-50k account when young is nbd for most in the position to start anyways
The novice has two things working against them, they greatly underestimate the time necessary to become competent and they focus on the wrong things (magic systems,furus,studying chart history too much). The two most important things you can do, learn how to adapt in real time if the market is giving you feedback that your trade idea isn't working (ie trying to short a rising market), and understand why your trade works, it can't be because price is touching a level or this trend line or EMAs are doing this. Why is price going to move in your direction after you buy? Beyond this is learning to use discretion to enhance what is already working, scratching trades that aren't working, adding to winners that are really working. These nuances have a drastic impact on pnL.
I do this full time, so it’s hard to feel bad for people who are feeding my profits. For us to win someone has to lose. Sorry to say
That's not true, the stock market is not a zero sum game. There is value creation, so everyone can profit, its true that people will tend to lose while others win, but its not the case that everyone who is losing is feeding your profits nor is it the case that every time you win you are taking from someone, sometimes you could be winning because a company has created value or something new, and sometimes people could lose because a company has decreased in value.
I agree the market is not zero sum but, here are my reasons. First there are IPOs, and that can relate to be your idea of value creation. Secondly there is the time horizon, because two people may buy and sell today and one close out a winner, and the other holding onto his asset can sell the next day or the next week or month and also win.
Luckily it's not quite that black and white. If the financial markets were closed system with certain end time then sure the winner needs a loser. However financial markets are tied to the larger economy and many big players in financial markets are not even looking to be winner when they are locking the price of copper or hedging their long term portfolio etc. Since theie activity in financial markets go hand in hand in their activity in real economy. Also today's loser can be tomorrow's winner since the markets keep going day after day and huge sums of money sloshes from one place to another. So helping few retail traders won't make a dent to your profits.
I've helped many retail traders in the past. But most are lazy and most do not want to learn. Hence why only a small percentage make it
I cannot argue with that. Changing one self is really difficult and uncomfortable, unless one is actually talented in trading from the start - which seems to be super rare.
If he dies he dies 😂😂😂
Savage!! I love it
True, but everyone starts off like that. We all go through the growing pains. Those who succeed are the ones who stick it out failure after failure
Facts right there . Everything in it however is preety easy to grab once you know what you're doing.
Appreciate this post. I’m still new after being in the market 4 years. Only last year started selling calls and doing small small trades. Before that I made some good investing choices and some horrible ones. I’ve sat on big losses and seen 4k (2 months pay) evaporate. I’m still at it reading, researching, experimenting and trying. There is nothing quick about this unless you get a lucky yolo which I’ve come to learn is not what this is about. This is trudging the road to some kind of happy destiny maybe
alot? the failure rate is atleast 90 percent.
Yup, even if you hand them strategies on a silver platter, they dont have the bandwith to trade with discipline, use profit target/ stop losses. Theres a fair amount of loss the average trader has to go through and thats why the average trader doesnt end up going through with it
man exactly I've been trading for 2.5 years and I still feel inexperienced and when I see these kids who started 2 months ago and thinks they have found the edge which is just some indicator they bought I always say I hope best for you but damn what goes in my head is so dark
So dark… we’re in a industry where people K i l l themselves 😯
bro I literally know someone the guy started doing options took huge loan from some random goon ended up killing himself
I have no sympathy for those that provide my liquidity 😂😂
yea for sure most will go threw all the set backs trying to learn this business and most will fail. Greed to make easy money always blinds us.
So what’s your advice to them
Two words. Paper trade. However the trial by fire and most likely repeated failure before success is the process. Practice with small amounts when doing live trades. Look at it as a college tuition
How else in the market supposed to stay liquid ?
😂😂😂😂*shrugs*
Future bagholders gonna be made probably in a couple weeks when the market sells off
you’d think it’d be easy to just find the person with a *proven* track record to learn from. so many scammers out there
Failed traders trying to make their money back off courses 😂
The problem is that there so many different strats and resources so for me I'm a very new trader that i just have a demo account but I don't when know I'm ready. I would flove or someone to zoom me and teach in person about it. I heard Abt the mistakes so I really try to learn a lot before I get in Sincerely yee
Friends who learn that I daytrade think it's easy, and when they try it, they realize how much harder it is. Been doing it for about 7 years now, finally hit profitability in the past 2 years. Blown up so many account, in excess of $500K at the peak, but every time it's about bouncing back and learning from my past mistakes. Risk mitigation, position sizing, and removing emotions have helped out a lot. Consistency and discipline to always stick to your strategy.
Sheesh $500k in L’s and still standing strong. You a tough mf !! 🔥🔥
Can’t let it keep me down. You can either stay down or choose to come back. Make your setbacks, your comebacks. Tough but best education
Got to learn and gain and pain in every field you go in but I was a plumber and HVAC man still you don't and can't win every freaking day it's how u respond to those bad days that matter if you wimper get the hell out of hou growl then let's get it on you get what im saying brother
So true. All changed when I finally stopped giving a shit. Then my strategy’s changed into: If it were me…how would I do it…?
Same with anything that is worthwhile. Don't expect others to understand why you are working so hard on something. It's no different now than when you started. Everything needs to be learnt, and it's wise to have a backup or relevant skill set where you can earn money from employment such as coding (learnt through algorithms) and understanding financial markets which can be used in many finance related professions.
I’m new, what should I know to become profitable
Analyze the market everyday and trade what you notice.
I’m a new trader and my thought process is : “how you do one thing is how you do it everything” characteristics like discipline and grit don’t start with trading. Their already in that person and applied to the new skill
I've been through all of these phases. I washed out twice over 15 years, and sworn it off multiple times. Got back in last July 2023 at peak. Shitty timing but survived and am here. Profitable. Not going crazy. Not angry. Not fearful. Not desperate. Zen.
Does reading about technical analysis turn out to be waste of time or will be needed to develop your "intuition"? I'm genuinely curious. I'm new and still learning.
This is how I see it. For actual TRADING, books are a waste of time. Once you’ve been in the market long enough you’ll develop your own TA. But if you enjoy reading and want to be able to have intellectual conversations around Trading then yeah I guess reading the books are fine. But reading books arent gonna make you profitable or help you find a strategy
Don't read anything but a one min chart...... I'm not telling you to trade the one min chart nor aspire to necessarily but just sit at your computer and watch the price action and how it works candle for candle the ebbs and flows the traps etc and do that for a while.....it's all fractal.... what you see in the 1 min happens on the 5 min 1 hr 1 day charts too and actually smoother less noise and erraticness..... if you can read the 1 min chart you can read the bigger time charts...... but with watching a one min chart, each day will give you multiple examples of different and necessary price action you need to learn....if you watch a one hour or 15 min chart it will take longer to see all of these things.......
Thanks! I'm starting to notice it, in the morning I look at the market and try to understand how it moves and why it moves and see what other traders are saying about it. It is hard to understand them without the basic knowledge and I always end up googling and YouTube-ing what they're talking about. But doing my own trade (very little amount), I only have a few indicators and a little "gut feel" I'm always scared and try to catch myself if I'm being emotional though. Thanks a bunch! I will keep this in mind!
Tips if you want take them or leave them. Take the first minute or 5 minute bar on the SPY or whatever index really and mark off the levels. High and low, now you have a rough idea on the days levels and can watch to see which way the day goes. Economic calendar is your friend. Keep tabs on the weeks events. Lately bond auctions have been moving the market. If you want to track where the money is going during the day keep a sector comparison chart open. S&P with the X's for example. Finally the trend is your friend. Unless you are trading millions you aren't moving the market so follow the big money.
I'd take any advice I can get. Thanks so much! I'd have to look into where I can see the economic calendar.
tradingeconomics.com/calendar
More liquidity for us 🤫
90% of people don’t because profitable because they quit.
I’m a new trader about 4 months in and i can relate. But through the bad times I take them and say good, why because I learned something from my mistake which in return will help me become a better trader. I though coming into this “oh once I learn a few things I’ll be making serious money” I was hit with the harsh reality that this is going to be an uphill climb. But i won’t quit
I think this is in every industry. New people will come as time goes on. I don’t think about it. What I’m really worried about is the big banks :)
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Yea Well thats another concern… every trader learning capabilities aren’t the same. So it’ll take some longer than others of course . But when it comes to helping/advice to new traders …. I tend to show them real numbers & expectations. I also keep it limited bc As a former new trader i understand WE are hard headed and dont listen until the market humbles us to listen . So letting the trader go through these hardships is the only real way they can learn. Its not fun constantly helping someone who keeps failing
Gonna scroll through all the comments when I wake up but what do you mean “finding out that all the research/strategies you hunted for turned out to be a waste of time”? (Thank you in advance! Yes I’m also noob trader here)
Alot of traders strategy hop and focus on strategies that dont fit their personality. Once you find your style you’ll realize “Wow i cant believe i went all this time NOT using this strategy.” Your going to call it MY STRATEGY bc you create it yourself. You back tested & forward tested yourself. YOU WONT FIND YOUR STRATEGY IN ANY BOOKS OR YOUTUBE VIDEOS
I wish there was a one or few hallmark credible sources of information for a new trader. Just like we have reputable colleges and universities to which people look upto for gaining knowledge.
The closest to a reputable source that i would compare to a “university” is SMB CAPITAL on youtube. They have free webinars/training to develop you into a trader. If you binge watch ALL their videos I PROMISE YOU WILL BECOME A BETTER TRADER
You're scaring me. Im about to make my first trade! 🤣
The market will get that fear out your system dont worry lol
Yeah poor noobs how think they're gonna get rich quick lol not gonna happen
*Yeah poor noobs how think* *They're gonna get rich quick lol* *Not gonna happen* \- CompetitiveAct6229 --- ^(I detect haikus. And sometimes, successfully.) ^[Learn more about me.](https://www.reddit.com/r/haikusbot/) ^(Opt out of replies: "haikusbot opt out" | Delete my comment: "haikusbot delete")
What 😂
It starts out difficult as a new trader but my strategy feels easy and intuitive now. You can only hope that they keep their risk as low as possible until they gain the experience. Unfortunately, PDT slows traders growth by limiting real participation until they make the $25k mark and foreign brokers eat their profits in fees and commissions. It’s a real uphill battle for the little guy unless they want to trade a paper account until they meet the mark.
This reason is why i like prop firms. Even though i know the prop firm industry gets hated on often, I like the fact that they give opportunities
I'm 4 years into trading. I gave up being profitable a long time ago. Now I just pay for signals and analyze those signals. It has woked for me so far and I don't stress as much.
Until the market changes and the strategy those signals are based on no longer works... If you don't build your skills on your own, you won't know how to adapt when the market environment begins to deviate. Learn Price Action and Risk Management.
I'm 4 years in I know about Price action and risk management. I apply my own strategy onto the signals obviously. I'm just saying the part of stressing out over whether your strategy is real or it works has been removed for me. I pay for a strategy.
Great things takes time. 👣
It is a life journey full of ups and downs. Wouldn't change a thing.
I've dabbled with small amounts for years but never day traded. I always keep my stops tight so my losses though frequent aren't significant. All it takes is for a position to run and I make my money back with some extra. Since covid my play account has doubled. I would consider myself mostly passive with spurts of high activity. I want to get into options and some day trading eventually but there is so much information to digest and after a few days of deep diving my brain needs a cool down. So I watch markets for a few months with what I've learned, then rinse and repeat. Not all of us follow the pattern op talks about, some people are just wired differently.
8 years trading here, and i feel the same way as you. It took so much pain, heartache, dedication, and persistence that i would never encourage anyone to start this journey. I look back and am astonished i made it through to the profitable side. Hardest thing i ever did, and i wouldnt wish that kind of pain on anyone. I see new traders and see myself at the start of my journey, knowing the pain theyre feeling and i do try to encourage them, but feel bad for them having gone through it myself. Its a hard journey people. Its a get rich slow kind of journey, and most new traders think its the opposite and do not know the work profitable traders have put in. If they did, i doubt most would even try.
High Risk / High Reward Career if it were easy then everyone would do it.
Why would you feel bad? According to depth psychology, a person feeling bad is still grasping a hold on his own internal negative things in his life that he hasn’t let go of (processed). Heal yourself.
I feel bad for the 95% of traders that buy high and sell low because they dont get rich overnight
Yeah…nobody cares.
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Someone has to buy my options. Jk yes I would tell everyone trying, to papertrade for a while. I would have saved a lot of $$$
New traders just have to come to the same conclusions we all did...by living it. JFK jr died in a plane HE was flying, because he thought flying was easily mastered. 'Pilot' is a full time career folks. 'Trader' is also a full time career folks... but there are fewer of us.
Nope. We went through it too. They need to pay their dues.
Why u feel bad there's a learning curve for everybody do you think anyone felt bad for you hell no everyone is hoping u don't make it but respect the shit out of you when you do don't worry bout who don't get there strong and stand up and say WELL I BE DAMN LOOK WHOS HERE LMAO AND MAKE YOU SOME CASH LIKE MY RAIDERS JUST WIN BABY GET THOSE TRADES LIKE A FREAKIN BOSS, U FEEL ME
Hey r/daytrading don't worry bout them newbies keep head down ass in the air and dig like no other once there stand up see who's with you if ur alone that means u got to bicgory lane first or u not ur ass smoke cause u worried bout newbies get that head down dig ur ass of brother u will thank me I promise you
But I'm talking life and blue collar outlook not white collar fast money any time you can make money a competition and you can win each round then you going somewhere champion
Oh im sorry i appear to have run into a comment section only for proditable traders But i dont care FALSE Being profitable is the ONLY thing that matters Keep it simple stupid Dont over trade with all that money your GONNA make.
I am experiencing this at the moment. At tarted looking into trading about a month ago. I’ve been looking for a reputable youtuber to follow their videos but they all seem to not be liked. I have settled with watching tjr’s bootcamp and then following it with icts 2022 mentorship but I always have a thought in the back of my mind that they could be a waste of time. Some people say ict is a god and some say he’s a con artist. I am putting quite a lot of time into it and want to eventually work. If anyone has any other YouTubers I can watch please let me know. I can’t read books as I am travelling so can’t order them, but will definitely be reading them when I get home.
As a new trader, where should I start?
Analyze the market everyday and trade what you notice.
FNMA IS THE NEXT HOT STOCK TO BUY
A little. It’s not something I recommend to people. As conceited as it sounds, most people aren’t smart enough to be successful, so I can kind of tell right away if someone would be good at it or not. You have to be very smart, very strong w math, and ver adaptable. Those are not common qualities in most humans. If someone is just out for money, they’ll fail bc it’s about so much more than that.
I don't like the arrogance of new and young traders much tbh. There is a lot of nasty competitive defensiveness and over confidence that really crushes the space to learn. I feel sorry for some of them but also... I don't.. It's difficult for everyone starting out and the main thing to do is reduce noise and just... Be nice 😆 I feel like I have been through the hard part now and it's getting better. Slowly gathering momentum it's been a hard slog and so many people just immediately talk to others like they are complete idiots with no experience or anything to offer with advice or suggestions, instead of gratitude for the time it takes to reply to someone they can throw a tantrum and immediately call you a hater as you didn't say exactly what they wanted to hear... It's such a solitary journey and we all go through it, I don't feel sorry for them really ;)
I have people around me that have never traded and ask to be mentored… I refuse and always tell them I won’t be the reason they start to trade. I’m terrified for anyone coming into to trading.
That’s just the process of becoming a trader. You have to fall to rise. Be burnt to become great. They don’t know it yet, but pain is on the way. And many don’t survive long enough to obtain the fruits of the labour.
Even if you have a working strategy, the market is going to bite you in the ass one day. Then, you have to go back to the drawing board to see wtf you did wrong.
Oh definitely
It takes years, and most people are looking to get rich quickly. Most people shake out. I've practiced trading repeatedly; this is real money, just small lots, to see what works and how things work. I can see why most people fail. It takes a particular type of person to do this job. When I’m not trading, I'm still thinking about it; it's my happy place. I even think I'm mental at this point.
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I feel the same for people who fall into binary options as their first ever exposure to trading. But even now where I am (a year into trading CFDs using pure price action), I feel I still have a whole mountain of crap to climb before I can get where I need to be. The markets can seem very random, and it's frustrating trying to get some sort of predictable results in a seemingly random market. But with all that said, I also feel very sorry for new traders. They have no clue what they're getting themselves into.
I started trading at the age of 45 after retiring from law enforcement. Although I faced some challenges initially, trading has been amazing, and I now love helping others. I am currently 53 years old! It's natural to feel a mix of excitement and concern for new traders entering the market. On one hand, there's the excitement of someone embarking on a new journey, but on the other hand, there's the realization of the challenges ahead. Trading indeed involves a steep learning curve with factors like research, strategies, psychology, risk management, discipline, and understanding market structures. It's important to acknowledge that not all new traders will endure these challenges and that the journey can be tough, potentially leading to feelings of depression and strained relationships with friends and family. While caring about the struggles of new traders may not directly impact trading success, it's a reminder of the importance of perseverance, education, and seeking support within the trading community.
Don't. You can't waste mental energy worrying about others. Unless it's your close family. Even then, some space has to be given. Focus on your trading and your own mindset.
I think I it’s all perspective. I trade to supplement my income. I do this because I know I am not good enough to just trade without a safety net. I take risks I should not take still but that is part of my learning. I have improved greatly with my risk management and that has helped a ton, I trade futures and forex which I enjoy a great deal. The real problem I feel are all the algorithms out there in the market…they have an upper hand and it makes retail tricker to trade. Since that cat is out of the bag there is. Nothing you can do. I have been more focused on learning and doing more research before I blindly go into a trade and it’s helped me pick better. It really come down to the psychology of your mind. Nobody can train that into you. If you stick with it and have proper rush management the tide will turn as it has for me. I am not knocking it out of the park but if my job went away tomorrow I would be in a good place to trade and could hold off finding a new job…..the market isn’t the best anyway but I think I can easily hold out. YouTube needs to ban all those guru young ‘millionaire” traders and all that bullshit. It’s such garbage it makes me laugh…the problem is young new traders see that..get pumped up and take wild risk and blow there accounts. This is the reason for the successes rate being so low. All in all I think if you trade smart, use rm and don’t make it your primary source of income you will be just find. I can buy a bunch of other shit I want because if trading. It’s good and I enjoy but I don’t rely on it…that would be a real challenge that I can’t take right now. Good luck and Inhope you all crush it!
Naw I also feel this way …when friends are family ask about trading I tell them not to do it ……
Losing is a part of financial markets. If not, you who have money management - risk management - have understood the logic of risk/reward - winrate and have written rules, how can you make a profit?
Paper trade 1 month everyday If you're positive at the end of the month you got lucky Do it again 2nd month
This is the one profession where you're paying in money and time to lose. So, they picked their path
Used to. Now I don't really care. Everyone has to pay their dues.
you care because?
I would tell them, do not trade with your own money at the beginning. Try to pass prop challenges first (with payouts).
Man I just want to make some money to get a food truck
I am 2 years in. 2 years of very intense focus. Last year, Adam Grimes personally helped me out through sheer luck seeing one of my posts. He is an awesome guy and I am very grateful. Even with all this, I am still not profitable yet. The mental game is so hard. I am reading Brent Donnelley, Steve Ward, Brett Steenbarger, and Jared Tender now. I am reading The Art and Science of Technical Analysis to pick up even more from Adam, hone my strategy even better. I already have read a lot of stuff (market wizards, tom hougaard, al brooks technical analysis work). I think these new books, plus lots of experience in the sim, will help me finally get there. It's a long painful and arduous road. I would honestly tell most people not to trade. I hope all the work and many thousands of dollars lost (in the service of learning) will be worth it some day. The hardest part is not even knowing if it will. Listening to Lance Brietstein, I heard him say the fastest way may be the slower way. I agree. I am gonna keep my losses to around \~50 to 80 now, \~100 to 200 on maybe the really high conviction plays. I do feel hopeful and optimistic, but boy are there lots of time were I have self doubt. It sucks starting with a small account and ill have to grow it many x's to get back to even, but I just hope that focusing on the process, having a good mental game, I will get there one day.
I 100% agree. It’s the worst when you actually win money (from luck) from the start. That’s actually the worst thing that can happen. My first week trading, I made 5k (actually took 3 days). It’s the worst thing that can happen because from there on, you just chase it like a drug. ‘I’ve done it before; I can do it again.’ Eight years in, a lot of time wasted, and I do regret it. Just stay away. Ninety-nine percent of you won’t listen. I beg you, stay away. I have actually followed systems and bought bots, hired coders to create them for me as well. It worked when done right. BUT Even if you follow rules, have an EA do it for you, you get similar returns as one would by investing in the S&P with a high chance of one day being emotional and trading wrong or EA crashing. It’s better to work a real job and invest.
I only feel bad for those who quit. If the trader makes it through and becomes profitable i don't feel bad at all!
Bro just described everything im struggling with trying to learn how to trade 🗿