I want some advice or guidance

[Beau-Regard]

I am a beginner or a novice.

I want some advices or guidance to

make some money.I find your webside doing my own re-search and find it cool.

This platform can be helpful for a beginner like myself.


Salute you all.
BR.

 

[Jason101]

My advice would be that trading is fairly easy to pick up. But not implement. What is not so easy is the psychology and discipline.
And everyones psychology is different and personal. Therefore trading is something that can not be learned, or taught. But developed over many years of a journey of personal and emotional development both in the trading environment and with yourself in the greater world. A massive attention to your own emotional cognition is imperative in my opinion.
-- But I have a real world mate who is a professional trader and makes a good living from trading news, who would say to me, Jason, you talk a load of sh#t.
What a load of psychology bable

So it's horses for courses I'm afraid.
Just remember their is no one correct way and most traders lose money, so the odds are about 80-90% that you will loose your money and give up

 

[Unicorn Jack]

Best thing anyone can do who wants to trade financial markets is to buy a subscription for the FT and WSJ. Even if you intend to be a short term trader you need to understand the context of the world you are entering. Never believe there is some secret sauce for trading, a system that provides consistently positive returns; they will break down and bite you in the ass. Ultimately it's down to educated judgement, so start educating yourself from first basics. There are no shortcuts but the journey is rewarding.

 

[tomorton]

My advice is profile what you want out of a project before you start it: avoid wasted effort and delay. Start at the trading desk not in the library -
* what will be your trading style?
* for trading of that kind, list what you will need to know to enter, allocate funds and exit
* set the rules of your trading system
* start small and practice

 

[Raynold]

Yeah, great place to learn about trading. Are you interested in Trading business? If yes, you have come to the right place. Stay tune.

 

[Haffizz]

Forums are not the greatest place to learn from, but at least you can share your ideas and get some feedback (there is no guarantee that it will be high-quality)
The best places to start are libraries with e-books, podcasts, etc

 

[tradingdojo]

My advice would be that trading is fairly easy to pick up. But not implement. What is not so easy is the psychology and discipline.
And everyones psychology is different and personal. Therefore trading is something that can not be learned, or taught. But developed over many years of a journey of personal and emotional development both in the trading environment and with yourself in the greater world. A massive attention to your own emotional cognition is imperative in my opinion.
-- But I have a real world mate who is a professional trader and makes a good living from trading news, who would say to me, Jason, you talk a load of sh#t.
What a load of psychology bable

So it's horses for courses I'm afraid.
Just remember their is no one correct way and most traders lose money, so the odds are about 80-90% that you will loose your money and give up

I do not agree with this. The best trading strategy is actually very difficult to find, yet easy to implement, which is the opposite of what you said. Once you know it works after having tested it, the psychological battle you speak of becomes manageable. You wouldn't know that unless you've been there.

Trading can be taught. I LEARNED from others.

There is a such thing as the best way. There are maybe 2 optimal technical trading strategies. A handful of techniques that are truly much more consistent and precise than the rest. I disagree with just about everything you said.

 

[Jason101]

I think something has been lost in communication. My psychological issues have been due to a system working to well (not a lack of confidence in the system) I became to blasé, incredulous at (within the system expected loss ratio) loss.
So happy with the system that in the past I had taken chances on greater risk than my system told me too. Rectified now though. Mechanically, it is very very easy to implement, maybe lost in communication again? As to easy or not to learn what works, well I guess this is different for different people, you need to cut through so much trading b.s. that is out there, strip everything back and look afresh.
You can be taught to trade, I'll give you that, but not everyone can, but it's the experience of trading that really seals the deal.
As to there only being two ways to trade successfully. I have personally only found one (with various variations) but how would you explain the difference between Locals, specialists, fixed income, insider traders, front runners, interbank, scalpers, super fast connection algorithm traders, position traders, news traders, George Soros, Paul Tudor Jones, Ed Sykota, anyone from the market wizard books?

 

[tradingdojo]

I think something has been lost in communication. My psychological issues have been due to a system working to well (not a lack of confidence in the system) I became to blasé, incredulous at (within the system expected loss ratio) loss.
So happy with the system that in the past I had taken chances on greater risk than my system told me too. Rectified now though. Mechanically, it is very very easy to implement, maybe lost in communication again? As to easy or not to learn what works, well I guess this is different for different people, you need to cut through so much trading b.s. that is out there, strip everything back and look afresh.
You can be taught to trade, I'll give you that, but not everyone can, but it's the experience of trading that really seals the deal.
As to there only being two ways to trade successfully. I have personally only found one (with various variations) but how would you explain the difference between Locals, specialists, fixed income, insider traders, front runners, interbank, scalpers, super fast connection algorithm traders, position traders, news traders, George Soros, Paul Tudor Jones, Ed Sykota, anyone from the market wizard books?

Successful and optimal are not the same thing.

 

[Jason101]

These traders are amongst the top in their field, to be that successful they must be trading at the best or most favourable way for them (which is the definition of optimal), I would have thought.

Could you please expand on how your ideas on optimal trading preclude some of the top traders in the world.

 

[tradingdojo]

I don't know what preclude means or think you're using the term properly. Feel free to keep thinking your way.

To everyone else, optimal means consistently getting better entries and being more active than your competition. By competition I mean the traders operating on the same time frame.

A bullish example, if we're trading within the weekly trend and I am consistently entering closer to the low of the week than you, and am capitalizing on more setups, then my strategy is superior to the yours. That is the bottom line. All I've done to get to this point is adapt to concepts that were better than what I was doing at the time. Aspiring traders would be wise to do the same and stop letting ego get in the way of your growth. As it turns out improvement is good, and it requires adaptability.

 

[tradingdojo]

You not having found it does not mean that a holy grail does not exist. You're unknowingly implying that you're the smartest person alive. Chances are you're not. Which means a holy grail could still be out there. I guess what I'm trying to say is please change your footer, its foolish.

 

[Jason101]

I don't know what preclude means or think you're using the term properly.

"to prevent something or make it impossible, or prevent someone from doing something:
His contract precludes him from discussing his work with anyone outside the company."

I was saying that you seemed to be precluding some of the top traders in the world from a list of optimal traders.

Feel free to keep thinking your way.

If I am asking you for clarification, doesn't that indicate that I am even more interested in other ways of thinking than "everyone else".

To everyone else, optimal means consistently getting better entries and being more active than your competition. By competition I mean the traders operating on the same time frame.

A bullish example, if we're trading within the weekly trend and I am consistently entering closer to the low of the week than you, and am capitalizing on more setups, then my strategy is superior to the yours. That is the bottom line. All I've done to get to this point is adapt to concepts that were better than what I was doing at the time. Aspiring traders would be wise to do the same and stop letting ego get in the way of your growth. As it turns out improvement is good, and it requires adaptability.

Now we are getting somewhere!
Ok I understand you now. You are limiting your use of the word optimal in trading to your time frame for entry and exit, i.e. your direct in the moment competition.

Sounds fine to me, everyone should try to optimise (amongst other things) their entry to buy long at the lowest they can or sell short at the highest they can.
And also as you point out to capitalise on as many set ups as they can.

What is your advice for people who want to do that?

[Edit: just seen your last post about the footer, I knew there was something more to this.]
[Edit2: just taken it off for you.]

 

[tradingdojo]

Backtest concepts shared by others and add the consistent ones to your core strategy. Although I'm not a fan of trading advice, more of a share my entire method type of guy. Might as well give you the best chance to succeed. Even then I'm only increasing your chances of success by a small margin. Its better than a virtually zero chance, which is what you get with clues, insight, and one liners. This is a shot to anyone on here talking like they know what they're doing yet are unwilling to form teams or train anyone. Backtesting is the only way to know if someone is legit. Track records are secondary.

 

[Jason101]

That's fair enough I can respect where you are coming from in principle.
So you are heading up a sort of open source pool of provable past performing trading systems in order for each member to benefit from shared systems.
If it is fully transparent and equitable, why not.
You may want to check with the mods to see if you need a vendors badge?



Edit: One of my issues is that I don't trust anyone. There are so many
people out there waiting to rip off new and aspiring traders.

 

[tradingdojo]

Its not a pool, its one strategy that has proven itself, nice try.

I would say that the major misconception traders have is they think its them. Its not you, your strategy is the problem. In other words, without your method being near perfect you have to pick up the slack and be perfect. Traders struggling with execution emotions should look no further than their method as the culprit. Ironically, we all know this instinctively and do this at first, but then through research we become convinced we are the problem ehem Mark Douglas.

One area where emotions do affect aspiring traders is doing the work to perfect the strategy. People are lazy and don't want to sacrifice their lifestyles. Ironically, the focus they place on execution emotions is to take attention away from the true problem, laziness. I don't recommend reading Mark Douglas until you've tweaked the sh out of your method, and have grown to trust it via backtesting. To sum it up, the solution to execution issues is to improve your method via backtesting, at least 3 years worth.

PS, Please change your footer. Change it to something fun and I don't know, true. For example it could read "If you take losses and don't understand the reason, you're not ready. Answering this will take you one step closer to finding the holy grail."

Please don't take offense to any of this as, in all honesty, I'm targeting the readers that are already thinking along these lines. My logic makes conclusions that happen to be the opposite of conventional thinking, I don't blindly follow any idea.

If you are the same way, feel free to contact me, if not, please don't because our meetings will be you regurgitating something you've read and me showing you things that I've tested countless times which contradict your source. I think I've unknowingly illustrated the difference between wolves and sheep.

 

[Jason101]

So you are a vendor: Get a badge.

 

[tradingdojo]

Hey I was kidding about the footer man. Now I feel like a bully. All joking aside, the misconceptions must be addressed. Not selling anything but I'll look into the badge anyway, make sure I'm good, thanks for the heads up.

 

[tradingdojo]

There is a direct correlation between the consistency of a trader's strategy and the level of confidence when pulling the trigger. Confidence makes you a more active and consistent trader. So by proxy there is a link between the hours you've spent backtesting and your performance. This means that our primary objective as developing traders should be improving the consistency of the strategy via mastery of price attributes. Which simply means you've familiarized yourself with and labeled/categorized every variation in the way price moves.

Thoroughly backtest every concept you find and start making a list and you eventually realize that it really is just putting the work in. You need to be able to summarize highly complex problems through abstract thinking. If you can do that, you will be able to explain something as intricate as the fractal structure of markets in a comprehensive format. The trick to summarizing is making sure you're not overlooking anything, a feat which requires... mastery over price attributes.

Are you willing to make the necessary sacrifices to change your life forever? Its been my experience that most people don't want it that bad. You have to have a desperate man's ambition. Thats why I prefer connecting with people under 35. Ambition fades once you reach a certain level of comfort that you're unwilling to give up. I would trade my entire twenties for what trading has to offer. If I were 30, that number goes from 10 years to only 4, just enough time for what this requires of you. If I were 36, I would likely decline the offer. This is why I commend older folks that actually make such a commitment and become successful. If you've done this, you're the man.

Patience is a must have for a trader. If you are not disciplined, either become the most disciplined person you've ever met, or don't waste your time. It seems obvious to me that mastery of any sophisticated profession requires intense work ethic and sacrifice. A devtrader that doesn't backtest is like an aspiring doctor that doesn't study medicine. I hope I've answered some questions out there and offered people a glimpse of what to expect when pursuing this dream. If you want details on the price attributes that I've mastered, feel free to reach out to me and I will cautiously reveal some things and feel you out to make sure I don't wind up wasting my time. Thats a no no.

 

[darktone]

Jeez, I remember thinking I knew something five years in :cheesy: