Education for Traders

newfuturetrader

Junior member
18 0
I really appreciate that louis.

Fortunately I am not in a hurry and before anyone gets any money from me I will check it out very carefully. Maybe I do not find anyone but that is ok for me but I still think that there are some good guys out there.

I am not interested in any get rich quick shemes etc and I always ask the coaches if they can gurantee that I make money. Some said yes so they are out.

No one can gurantee that I know it is a numbers game and even if the odds are in my favour I still can lose money. All the coaches i talked so far gave the wrong answers.

I am no expert in trading but I understand how it works. It is like running an insurance company or a casino. Simple Math you need the odds on your side but still it is simple but not easy.

If I should find a coach and of course tested it I am happy to share my expierence but it is a BIG IF, because I am aware it will be pretty hard to find a decent coach
I will keep you updated

Have a wonderful day
 

newfuturetrader

Junior member
18 0
Guys the weekend is close and I want to share some ideas why I do not want to scalp.

When you read my post one of my filter criteria was no scalping and I want to explain why. Maybe it helps some poeple who are looking for there path to trading

Why no scalping

- High Order Fees

Even when you are comparing a lot of brokers and some of them offer really good deals, still it is way too expansive to scalp. Percentage wise the commissions are huge and in my opinion you only make the broker rich. I think you have to be a floor trader that scalping is worthwhile.

- Time

I think time is the most precious commodity we have. We do not get back any time and I see no sene in sitting all day long in front of a computer screen just to scalp a few cents out of the market. my goal is to trade a bigger account in the future and I think scalping will not allow that.

- Algo Trading, HFT

Competing against machines must be almost impossible. Now human beeing is as fast as a computer. I dont want to compete against machines which can process information in nano seconds.


Bottom line

I think scalping is only popular because it is kind of exciting to see instant results and the industry is advertising it a lot. For every Broker a scalper is a very good client because of the high commissions he/she generates.

I dont htink that you can find any retail client, who is a successful scalper, because it is like going to a gun fight with a knife. The commissions are far too high.

Most people are impatient and want to trade. In my opinion you should sit down first and think what you want to achieve with trading. Furthermore do not listen to brokers, they are only interested that you trade.

Hope it helps

have a wonderful weekend

P.S. I contacted some more coaches and I hope they will reply over the weekend
 

MajorMagnuM

Legendary member
9,284 888
He didn't pay for anything. Nobody I know that's successful paid for any "teacher"

It's a scam. Everything they teach you, you can find on your own. If you want to pay some guy who was successful 10-20 years ago $5,000 or $99/month to read you bedtime stories, then be my guest. Might as well put give your money to one of those Craigslist get rich working at home ads.

yes. very important is finding someone who can teach also
 

newfuturetrader

Junior member
18 0
Hi folks,

hope you all had a great weekend. So far nothing new regarding the coach, but you have to be patient it is like trading. Do not trade because you are bored and do not sign up for a coach just to have one.

One Coach told me he can show me a way how to make 10% per month guranteed, I sent him the forbes list and asked him why I cannot find him at the top?

No reply so far. No one can gurantee you money, I want someone who brings the odds into my favour, that is all a coach can teach you in my opinion.

As soon as I have news you will hear from me
 

louistrader

Junior member
46 3
In addition to my previous post, most will teach you some technical set ups that involve chart patterns and/or indicators.

Regarding your thoughts on scalping: all strategies and approaches are valid if executed correctly. Scalping is one of them.

I am telling you that I highly doubt you will find exactly what you're looking for unless you have a personal friend or relative that does this and even then they may not be able to help you. They all give you pieces, but never the whole puzzle. You may spend money on a system and the system itself is worthless (it doesn't work), but it may give you some other insight.

Find what works for you + combine a proper risk management strategy + make sure you have a favorable risk-reward ratio and you can make anything work.
 

louistrader

Junior member
46 3
I came across this and thought of this thread. Here is part of a disclosure from an e-mailed offer I received to buy someone's system where he guarantees that he will generate $100,000 in profits or your money back.

"...The trade record does not represent actual investment results. Trade examples are simulated and have certain limitations. Simulated results do not represent actual trading. Since the trades have not been executed, the results may have under or over compensated for the impact, if any, of certain market factors such as lack of liquidity. No representation is being made that any account will or is likely to achieve profit or losses similar to those shown."

I am a nobody, but understand that I am saving you thousands by telling you this. I have personally spent thousands of dollars on systems that simply do not work. Build up a very strong base knowledge first and then explore different courses.
 

newfuturetrader

Junior member
18 0
Thank you Louis,

I am doing my best reading as much as possible. I think my understanding gets better, but if someone could not offer me a track record no chance

Put your money where your mouth is. I am not tempted by advertising like that.

My filter criteria apply for every coach.
 
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louistrader

Junior member
46 3
Thank you Louis,

I am doing my best reading as much as possible. I think my understanding gets better, but if someone could not offer me a track record no chance

Put your money where your mouth is. I am not tempted by advertising like that.

My filter criteria apply for every coach.

The thing is that right above that disclosure was a link to his trading record and tax statements that brought one to a link that didn't show them. It's all very deceptive. Most don't trade and almost all never trade live. Their money comes from selling courses.

What type of trading do you want to do? I know you said no scalping, but do you have a preference for anything?
 

newfuturetrader

Junior member
18 0
I am not sure by now.

I do not like to sit in front of the screen all day. I am ok with daytrading if I can put limits into the market like buy at x take profit at y.

That is the reason I need a coach with exact rules and no gut feelings.

For example if it wouldbe daytrading I want to check the markets before they open put in my limits and that is all.

I hope I can be more precise in the future
 

jbmarwood

Newbie
6 0
You are never going to find a coach who will give you the exact rules to profitable trading because they do not exist. At least not on a short term timeframe.

Financial markets are dynamic, constantly changing and extremely efficient. They are dominated by machines and other trading systems (built my extremely smart people with massive financial backing) all trying to scrape just 1 cent of profit. You cannot hope to compete with global giants like Goldman Sachs with a short term, systematic approach.

Your best bet is to look at much longer timeframes, treat trading as a part time endeavour, be realistic about your returns, and be flexible with your rules.
 

newfuturetrader

Junior member
18 0
Hi,

thank you for your post. I do not hope that someone will teach me the holy grail. But I am looking for a profitable trader who can offer me a track record, because I think when you want to learn something find someone hwho already mastered it. is it a gurantee no way. Same like attending the university does it mean you will earn a lot of money ? No way you are just increasing the odds.

I do not want to scalp because I agree with you that it should be extremly hard to make any money.

Fortunately I do not want to be a full time trader or have to earn my money in the markets.

So far you are right I had no success finding someone who would be a good coach, but I never said it will be easy. Maybe you are right and I will find no one but at least I tried.

All have a wonderful start in the week
I will keep you updated
 

newfuturetrader

Junior member
18 0
Hello Guys,

long time no hear from me. I researched a lot and I finally found a coach that convinced me.

I will start working with him next year. I have seen his track record and he is earning money without any doubt. He is not a gunslinger I could see that from the equity curve.

I will keep you updated if he is the real deal.

To all Merry Christmas and a happy new year
 

New Member

Junior member
18 2
I have been playing the markets last few months with virtual money and think I should be moving on to the real thing. My trading strategy has been to trade the range, buying support and selling resistance. I have used the stop losses successfully to minimise losing trades but have a tendency to close out winning trades too soon. Is this psychology? How do I let the winning trades run? By the way, I have been more a swing trader, usually in the trade for days to weeks. I just don't have the nerve to day trade.

Also, when I look for stocks to trade I only go by resistance and support. Should I be using other indicators to justify selling at resistance and buying support. If so, which ones?

Thanks
 

newfuturetrader

Junior member
18 0
To be honest I have no idea what you can do, because I am not an expert. As soon as I start trading with my coach I will post my trades here.

Maybe it is helpful for other and it will be helpful for me to see my process.

See you all next year
 

MajorMagnuM

Legendary member
9,284 888
First, be positive in some information shared via internet. This will help us to enhance our chance to have good jobs especially in trading forex. Besides in cryptocurrency, bitcoin, I am also learn and now have good basic knowledge about forex trading. That is why I join and trade in accent forex, a real broker with good transparent.

can you give me more details of this wonderful opportunity? i have been looking for something like this four twenty days
 
 
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