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I guess, specifically, this was the post that I disagree with. The first problem is NOT to overcome emotions. First thing first is to sit beside a successful trader and watch him trade. Actually, by sitting next to a successful trader, you'll probably also be learning how to handle emotions as well.... so basically Kill 2 birds with 1 stone.
I wouldn't seek help from an arm chair professor right off the start, because that's all he does, sit on an arm chair, he's not actually trading. That would probably be something I would do if I was already way ahead in my game (e.g. I'm making like 200k a year consistently and I really want to break the plateau and make 1 million a year).
Maybe I'm not really understanding your post, but this that I thought you mean. Correct me if i'm wrong.
The problem is that we look at it through our experience.
I spent 6 years to educate myself. Two times I quit even I did not start to trade. I did not believe I can make it.
One time it was for year, another half a year. Then one day I realized I'm ready. I made profit for that year. It's my second year. My goal for this year to learn but make money. I'll finish this year with profit but my point is to learn.
Your experience(I'm guessing) went through a lot of psychological pain and losses. You believed that it had something to do with Karma at some point.
To sum it up. Whatever works for you you should apply it. The goal is to be profitable.
I actually wrote my education process for beginners. They fail on emotions and fears. I'm pretty confident at that.
Seems like you really reckon sitting next to a successful trader is the way to go. In theory you will learn how he trade, which includes execution, trading system, money management, psychology and every other key characteristics a successful trade suppose to possess. But there is a few problems here. 1) successful traders are rare animals, it's hard to find one and it's harder to get one to coach you one on one. 2)good traders may not be good teachers, they know how to trade profitably but may not be efficient in delivering every bits of their thoughts to you. They recognise good set-ups in the market only because they accumulated vast screen time, they can tell you the reason why they think it's good but do you think you can apply it when the situation comes? doubt it. 3)trading is a career of lone wolf, you can bump ideas from other but what you can learn from others is extremely limited. Do you think successful traders achieve what they had achieved because they learnt it off another successful trader? At the end of the day, all the real successful traders are all coaches of themselves.
Of course you need the knowledge of market, you need to know what a candlestick means or how MACD or RSI is formulated or how to place an order, but they are the very basic fundamental basics that you supposed to know when you come in to the trading industry. They are rock solid facts easily learnt. On the other hand psychology is the game of next level. If you think about it, trading is all based on your decisions and your brain is the one that make decisions, hence whatever happening there without a doubt is important.
That being said, it varies depending on different people's circumstances and what stage of trading are they currently in, if you are rather novice, yeah sure you will probably learn more sitting next to a "successful" trader rather than diving yourself into the trading psychology.
I've searched through the website to look at strategies. I was impressed with below thread by @gtrader62. Highly recommend to implement his strategy if you can understand and learn it.
It does make sense what this guy is saying. The only part is where I have some doubts is when he talks how much he made. It is understandable. He mentioned it as well. Trading is visual. We need to see a statement .
I'm a rookie gambler. Last year I traded for 3 months. This year I started in February. Still learning a lot.
Thanks to gtrader62 and others from this forum who gave me some light.
@gtrader62 I made more winning trades after that.
You mentioned that traders need an assistance. I'll try to pay you back for your tips. I mentioned that I like your strategy. I consider it as an advanced retail strategy. I think you need to change the way you are processing information. You think as an advanced retail trader. I have no doubts that you make money. You can make much more with the same capital if you start to think as a master. Think why I said that. Below are your words.
Ask... ask...ask....seek, seek, seek....knock, knock, knock...the door will be opened.
I'm a rookie gambler. I might be wrong of course. You can lough from what I said above and forget about it or .......
Ask... ask...ask....seek, seek, seek....knock, knock, knock...the door will be opened.