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I could have written this post. Except..... I would have put intraday trader where you put swing trader and vice versa. You are so right on with "It left me completely open to focus 100% on just developing my own complete method of trading".
Watching almost everyone else trade makes my head spin.
I remember one trader say to trade like a 10 year old. "Is it going up son or is it going down?".
I do like what Al Brooks said, "There's a trade in every 5 minute candle".
I couldn't agree more. Watching others trade makes my head spin also. Seen some freaky trade by people who have no idea what they are doing.
I also agree with Al Brooks and what you said about whether you can see the trade.... That's where all the fun comes in. I LOVE technical analysis and trade development. I will often times get into it so deep it is 5 or 6 hours before I even look up. It's fun once you start to understand the charts and how they move.
Sounds to me like we have a similar pair of glasses on. Yep, my little wifey and I have spent 3.5 years @ 60-70 hours a week staring at charts, watching trading/psychology videos. Since we don't have mentors and have no intention of paying some huge fee for training, we have taken our own path.
It's been a long haul, but it is worth it.
We have had the time as I am retired from the day job. Keep our life simple and devote our time 100% to trading.
It's worth all the effort. When we can see results of 30%-50% per day (roughly 1 hour of trading the open), I think it's worth it.
Scalping is not for everyone, but then we are all so different.
Each to his own heh?
Like the Beatles song says "You know it don't come easy". But in the end it is simple once you can relate to price action and set aside excessive fears.
Enjoy those charts and thanks for the comment!
Ps. Al Brooks' success probably came with countless hours figuring himself out and figuring out the charts. I can't trade like him. I'm not in his league, but he probably can't trade the way I do. But I do admire him.
You can learn to trade by watching a trader trade; really hard to learn anything without watching.
Here is the big BIG problem; I saw in a video there are 2188 "futures trading rooms" of which 2163 DO NOT TRADE!. The futures trade industry is a futures sales room industry in which no one trades.
There are only a handful futures rooms that actually trade - and sim at that.
I am in Trade for Greatness - she is a marvelous trader; averaging some $498/d for the last 6 months; all trades are shown in real time and easy to see, replicate and understand
Finding a futures trade room that actually trades that you can see and duplicate and learn by watching is really hard. Just saying...
I started off in 2017, knowing absolutely nothing except that I wanted to learn how to trade. Day trading stocks wasn't an option because of the 25K minimum which I did not have at the time; this led me to futures.
Fortunately, I discovered FIO almost right at the beginning, and it has been an absolutely invaluable resource, not to mention the friends made along the way. I really don't visit any other trading forums, because I believe everything you need to succeed is here. To date, the $100 for Elite membership is the only money I have spent on my education outside of the market other than a handful of books:
- Mind Over Markets (Dalton)
- Trading In The Zone (Douglas)
- Enhancing Trader Performance (Steenbarger)
- Daily Trading Coach (Steenbarger)
I've also pored over a number of free resources online that have helped and harmed along the way (unlearning bad habits can be difficult.)
Thousands of hours spent on charts; I spend more time on them than I do at my day job, which fortunately pays the bills without a huge time investment. Tried just about every conceivable method of technical analysis and type of indicator, along with a variety of markets, and huge amounts of learning and introspection in an effort to understand myself and who I am as a trader, where my strengths and weaknesses lie.
In the market, I have spent roughly $11K on my tuition in the form of losses and learning what not to do, mostly in the Micros (AKA $110K in the minis haha.)
I am also fortunate to have a fantastic friend and mentor that took me under his wing and has helped me immensely along the way. Even though he provided valuable information from the get-go, it has taken years of practice and understanding for his instruction and advice to really sink in. It can take some time before we are truly ready... and able... to be receptive. Most of this is not in the technique, but in coming to terms with who we truly are, and what resonates and makes sense to us as traders.
It has been a long and arduous journey. After four years, starting from scratch, I am finally at the point where I have established consistency, and am comfortable with my markets, tools and methods. But...
It is a never-ending process; every day in the market is a school day... so I am always still learning to trade There is much work to be done, and the passion required cannot be underestimated.
I don't know if multiple choice polls are an option (assuming you are running PHPBB), but that would give a better breakdown of percentages across learning modes.
These early years are where we are susceptible to do lot of silly things and lose everything but if we manage through them, good days are not too far away.
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"Be an observer, You are not your trading performance, Stop thinking so much, Eliminate/reduce social media activity, Accept the randomness" - Josh