80% of retail traders LOSE and probably more than half the remainder don’t make enough profit to class trading as anything more than a hobby.
I done a trading course with an ex prop trader of 20 odd years when he was just starting out, so paid only $500 per term, for 12 live lectures which lasted anything between 2-5 hours each and was accompanied by 12 one to one online tutorials. Demand for Brian Beamish’s or ‘The Rational Investor’s’ courses has exploded since then, and his prices have taken a hike, and the 1-1 tutorial sessions have been dropped in favour of 1-1 group tutorials…BUT his program is excellent. From have learned how to trade from this guy, I can safely say that most of the free trading setup advice you will find online and certainly the training courses offered by brokers, are fkn terrible and are only setting traders up to have a false sense of confidence, and then to go into the market and LOSE.
Until you have statistical confidence in your ability to read the markets and execute certain types of trade set up with a 50% or greater success rate. DO NOT TRADE WITH REAL MONEY! This was the advice I was given, and advice I totally ignored as I didn’t see the point in trading without having any skin in the game. With hindsight I realise that this totally hindered my learning progress which meant it took longer for me to get to a competent level as I was fighting with all the strong emotions that come from getting fk’d over by the market and which totally cloud and taint your judgement.
If you are going to be good at trading, you have to LOVE the game for itself, regardless of having money on the table or not, and when you do have money on the line, you have to act like you don’t, relentlessly following the successful strategies that you have internalised as having more probability of working or not without any emotion. No fear, and certainly no greed. To this end the amount that you can risk on any given trade has to be an amount you genuinely don’t care about losing.
The real trick to a finding a successful trade setup, is being able to read the market state. Read the market state correctly, and any old half baked trade setup is likely to work. With so many conflicting indicators and signals across so many different time frames, reading market state boils down to more of an art form than a science and to this end, again, before you trade real cash, paper trade any given asset class like crazy until you begin to feel you have your finger on the pulse of the markets character.