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20k loss, even 40k is a lesson that many pay. Feel for the guy but if he was that leveraged and could t afford to loose it
His issues we not just making a bad trade.
Ouch... I’ve been there. It sucks beyond belief, but this shit is fertilizer for the soul. If we never failed, we’d never evolve. We often analyze the symptoms, but not the cause. Any beginner trader will have some success, but to be consistently profitable takes an incredible amount of discipline and intuition. These skills require years of conditioning, because we must first learn to master ourselves.
We spend a lot of time analyzing data, indicators, news, charts- when all of these things are metaphors. The motivation to make money itself is symbolic of something deeper in your life. The aggression that lends itself to revenge trading, chasing, over trading is what must be examined. You are overheated, and will burn out or blow up. Anyone familiar with Elliott wave understands that fractals permeate everything- our thoughts, our actions, along with market behavior. Knowing these fractals exist around us, and within us is tapping into life energy itself. All roads lead back to love. The markets can teach us this.. as when the student is ready, the teacher will appear. Trading is only the beginning
Okay, I am going to share this in response to your challenge, which I do admire by the way, as I do think that you are generally correct that basically all of the gurus are filling their pockets with the hopium energy from their clients. I have ran across a teacher, not a guru. Sure, he has a trading course if someone wants to purchase it and trade live with him. But, he also basically gives his method away, and I have not found any guile or shenanigans.
He will plainly state that very few will ever have the discipline that it takes to actually succeed . . I am NOT a paying client by the way. But I have learned a LOT about how markets work over the last several months just from watching his YouTube channel. He puts out a 45 min - hour long vid 4 days a week, not gloating over winners, but showing his trading plan for the next day for CL, ES, NQ, Gold and Euro futures , and why, including how to trade it whichever direction that it decides to go. And is an excellent teacher regarding ranges/consolidation, which is where most struggle. A person could spend months on his channel binge-ing.
That is all. If anyone is familiar with Joseph, and feels that they have been hornswaggled in ANY way by him, or that truly believes that he is Sim Trading, I would like to hear about it.
[I just discovered that I am not allowed to post links, so search for "Joseph James" the latest video that I watched was titled "Combine Multiple Trading Strategies" ]
Today you can trade most futures contracts in mini accounts in Europe any way. Size 1 /100 of the real future contracts and when you have some history and feel confident you can just increase 0.01, 0.1,1,10 . Why not start with that. I actually went back to it since then I can run portfolios with 50 + strategies taking less risk then if I trade only 1 strategy but much greater possibility to make constant profit due to diversification.
Here is one broker . New one for me just opened an account last week. There is many !
I'll offer my observation on this based on my long history. Before a person is profitable the only thing he should trade live is the etf SPY for either 100 shares, 50 shares, or even 20 shares. To trade futures live as a beginner is absolutely insane. The fact that "educators" don't tell you this is proof that they don't give a damn about you. They have too good of a racket going from the donors who are foolish enough to believe they can get away with it.
I remember reading that they had one hell of a time trying to publish the book. People want to hear success stories... not about the struggles behind the scene.
You are never in the wrong place... but sometimes you are in the right place looking at things in the wrong way.
That's what finally made me profitable, and I only sell 1 to 4 contract credit spreads unless I am fairly confident in a trade. A friend of mine's rule is to only trade credit spreads on the FANG stocks, and only on Fridays. He makes about 40K a year and holds a full time job as a software developer.
Probably why Facebook is a little more popular than this site.
We'd all love to find the mouse click that makes us millionaires. Not so many want to know the details about all the work they have to put in, both on the math/science side AND the deep navel gazing.
If you read Market Wizards, you'll see that they are all different in their temperament and approach. You and your friend found ways that you are comfortable & can live with, which is the real key.
There are indeed many. Some I think are legit, some maybe not. The reason I chose FXCM [UK] is that they have a native interface for Ninja trader and that is the platform I'm interested in using long term.
Truth be told, my first choice would be LMAX, because they are the only ones providing firm liquidity which deals with "last look" [google it] but their platform choices are limited unless you want to pay hefty API fees.
Even though everyone says "not me!", the first several months of trading [at least!] are going to be a donation to the market. May as well keep the loss as small as possible, until you know yourself and can track yourself better.
Lastly, for those in areas where CFDs are prohibited, which I think is wrong BTW, some brokers will accept accounts from offshore corporations owned by residents of prohibited areas.
YMMV, but with the cost of setting up an offshore corporation doable for under 2K, IMO traders who are new but serious should investigate.