I truly appreciate your help mate!
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Well, I just started too. But as you’ve been told, just take one step at the time. Also, it’s not just about learning theorical things (like books, YouTube videos, etc.). Sometimes you should put all of that theory into action (that’s why we have demo accounts), and the feedback will also teach you so many great things. They say “experience is a great teacher.”
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I guess you’re right. I should give it a try.
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Trading in financial markets is a challenging endeavor and not suitable for those who are easily discouraged or lack the emotional resilience to handle its inherent risks and uncertainties. It requires dedication, persistence, and a strong mentality to navigate the complexities and volatility often associated with trading.
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I agree! Just follow whatever information is necessary for your strategy, and ignore everything else. If you want to go long on JPY, but people on twitter keep saying ¨go short¨, you will be very confused and doubt your own strategy.
You will reach a point at which the more you learn, the more confused you get. Hahah
At some point, you realize the problem is not the strategy–it’s just you. Just about every strategy is profitable. The question is do you have the patience to wait for the proper entry according to that strategy?
If we keep recklessly trading, NO strategy will every work.
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i described the most basic flowchart of ANY trading system, whether it is manually traded or fully automated.
this is pseudo code:
if(CURPRICE<TARGPRICE)
{
buy();
}
else
{
sell();
}
the thing that i DID NOT and WILL NOT describe or even hint at is how one goes about calculating the TARGPRICE.
how to calculate TARGPRICE is the only problem in trading.
thank you.
Couldn’t agree more!
I don’t know what to say man! each line of yours hits hard. I needed to hear them. Thank you!!!
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Definitely don’t give up! And my recommendation if you ever get bored or lose motivation is to start a tiny tiny live account just so you have “skin in the game” and it gets more “exciting” because the wins and losses are real. For me, that helped change how I see trading!
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In my opinion, the best mindset for a trader is one that is disciplined, patient, and adaptable.
Hi Ethan!
I’m a new guy just like you, and sometimes I also feel lost and “dumb”. I think it’s normal for us, the new guys, but we cannot let this stop our journey, we need to remember why we started and what’s our goal with all of this! Also remember that everyone was in your position some time in the past, so…don’t worry.
I hope this helps you.
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I hear you. I feel the same myself but can be overwhelming. And I wonder how people got it all down. I personally have always worked better in a class but that’s not possible at the minute and i wouldn’t know where to go and probably couldn’t afford it. But I do know when I give up trying that’s when I’ve really lost.
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Be patient and give your self at least 15 months to start understanding what it is all about.
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Thank you for the generious words. Of course it helps! 
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That is something I should always keep in mind!
Well, there are to ways: a. giving up and lose. b. keep going with patience and determination.
Ethan,
First off, welcome. I too am a “newbie”. Here are the steps I identified for myself to successful trading:
- Identify your purpose in trading
For me, it’s income after retirement - Define success
I want to be consistent and am in it for long term income - Formulate a plan
A trading plan is paramount to long term success. - Do the work
This is where I failed in the past trading options.
I’ve decided to learn everything I can about the market I plan on trading (here and
elsewhere, about my own state of mind ( trading psychology), and what it takes to achieve success (risk and money management). - Find a strategy you are comfortable with (try the trading systems forum here)
- Backtest, backtest, backtest
- Journal
- Paper trade
- Journal
- Live trade
11.Journal
If you don’t want to blow up your account and be out of the game in 3 months, learn to work a system consistently, leave your emotions at the door, be honest with yourself, and reflect on performance regularly. Sorry for so many words. Cheers to your success!
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no.
backtesting is absolutely no indication that you will be profitable in realtime trading.
backtesting is a pure delusion that only pure newbies believe in.
people that sell worthless trading bots love to show their backtests, because that fools newbies into buying worthless trading bots.
have you ever seen the disclaimers that say that PAST RESULTS ARE NO INDICATION OF THE FUTURE?
yup.
if it was as simple as producing a backtest, everyone would be driving a fleet of ferraris.
Thanks a lot for the time you spent writing these. It’s good to have a plan for each step of the way, and I’m glad you have one. You helped me to create one for myself. So, thanks again.
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Wow! I have to have such a planning. Once I heard “a man who knows where he’s running to, will eventually get there; but a man who’s just running will only get tired”.
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