Good for you - you should be teaching the institutional traders then at the likes of City Bank and Goldman… :35:
Oh dear… must we really go here again
[B][U]Here is a fun fact[/U][/B] - If you have been trading for 14 years and make 10% per month on average as a minimum [as you have stated] and you started with a TINY $100 account [my guess is that it was certainly more], do you have any idea how much that would be worth, assuming we compound at each month end?
[B]$900,000,000[/B]
([I]of course you could argue that income tax needs taking into account - but with this size of profit i’m more than sure that any sensible trader would move off shore to a zero tax haven[/I])
And instead you’re rather here, batting around unjustified, misleading comments to new traders who want real advice from rational real traders. But don’t believe me, the returns of retail traders are public information, easily accessible through the likes of the FCA and other financial authorities [admittedly sample data of real accounts, but significant enough to draw conclusions from for proposal papers] . It’s not a lie, it’s facts
1- dont believe what cant be done.if you do you will never succeed…remember people used to believe the earth was flat and if you sailed too far youd fall right off…the 4 minute mile would never be broken… there are so many storys of what is not possible…but hey most have been broken and many more will fall over the coming years. so keep your mind open…
This may hold some validity - but please, stay realistic here. There is a fine line in beleiveing what is rational and what is highly irrational.
2- Indicators where first created as a selling tool, to get people to invest in a product… that alone should tell you they dont do what you hope they do… take a moment look at the charts and think about that one it will come to you.
This is not true at all, indicators where historically created to understand the securities of which they adapted to, by proven mathematicians - not by salesmen. This comment made me laugh. It is true that they are being increasingly used in todays day and age for sales tactics; however that should not be taken away from their true meaning, again they are still used by many successful traders [retail & institutional - across the board of FX, Stocks & Commodities]
3- many studies have been done on trading markets using random entry, outcome random trading is more profitable than structured.- that should tell you alot right there
Cant disagree here, although these random entry studies were net of spread - if you were to include spread then they would not be profitable as trading is a zero sum game - think about this for a moment, perhaps?
4-money management is key
It’s certainly one of the Keys, not much use if you don’t have a structured trade plan with a proven positive expectancy.
5- “find an edge in trading” WTF is that??? is it a indicator? is it a certain balance of indicators??? no the “EDGE” is “YOU”
No, an edge is most certainly quantifiable - how do you suspect trading algorithms work?
6-if you dont understand time and relation …your screwed.
Not much context provided here, perhaps you could expand?
7- the day you first sat down and looked at a bar chart and said “hey i can make money” is for most traders the only and last time they ever saw a chart correctly. and the mountain of info that came after it has done nothing but cloud them.
Yes, there certainly is a lot of misguided information available that new traders take as the truth. Deciphering this into useful information is highly time consuming.
8-traders that tell you it cant be done, only say it because they couldnt do it. and they are cleverer than you. that there tells you alot.
Experienced traders tend to be rational when discussing expectancy - after [I]14 years[/I] you should know this?
9-Trading is a “ART” and like painting or drawing or sculpting you have to learn the strokes and spots of the market just like any technique that is applied to art.
Questionable, i’d personally say it is a science. Coming back to institutional trading algorithms, these are most certainly not an Art - they are quantified, mathematically proven systematic entry criteria. I don’t know about you, but the successful traders that I know do not paint over their charts in the hope to become the next Picasso
10- Should you succeed it is a very very lonely place. have someone to share your time with … you will have plenty of it free…
Finally, something we can all agree on?
I don’t want to come across as an obnoxious ars*hole - however when providing advice such as your above comments can we please try and be correct, or at the very least realistic. This forum is full of people dropping by, people who smash comments down with no real effort and this is taken as ‘truth’ by the people who are here to learn.