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Wait.... with all that SCEAMING AND SHOUTING I didnt understand..... Did you just say that you have made a hundred dollars a day for the last 5 years? Because that equals $26k per year based on 260 trading days per year.
Can you help answer these questions from other members on NexusFi?
Yes, that is what I am saying. The way I look at the markets, is like any other price action reader. Simply read the charts and follow the prices, I am basically a day scalper on ES and Nq. So if that equals to 26k a year, then yes, that is what I have been making. This has been a hobby to me for a very long time, until I learned that I can actually start trading on my own and make it a full time job. Up till now, I have been shit scared to take things to this level, since in reality, as everyone knows, even the greatest system can have its days. I am going to start a trading thread, doing the 25K combine with Oneup trader, welcome to check out my results there. Happy trading guys,
High expectations are not the problem, demand expectations are. But of course reading a book is going to be required to figure that one out.
"Along the way you'll have to conquer a lot of psychological obstacles"... probably the understatement of the century.
If new traders need to choose between reading a book and not reading a book, I highly recommend reading a book. I read Mark Douglas and it made a world of difference in my approach toward trading as a full time skill and income.
Without reading a book, (and trying to learn on sim and then trading live) I lost 50K and than I lost another 20k getting a "professional trader" to teach me some basics.... I ended up learning more from a $3.99 book called Price Action Breakdown than I did spending 20k.
It's easier to make great trades by checking the market only once a week because there is no psychology involved. Just watch for price to get overextended and trade against it. (phone your broker to make the trade) I bought puts when oil was bumping up against 74 and that's why I have a trading account today. But day trading is 90% psychology and requires not only understanding things like demand expectations, but also extensive self training to implant those concepts into the mental environment. (I didn't need to be a Super Duper Trader to buy puts, just needed to recognize a price excess)
I was a wreck before I took to reading (more like study) the psychology of the market environment. Anxiety, trepidation, fear (like terrified) and subject to having my account blow up at anytime. Until I learned that the markets do not produce threatening information. The only way market information is threatening, is for me to perceive it as threatening.
Armed with the knowledge of what I needed to do, I traded live and stopped out as many times as I needed to in order to learn how to trust myself to do the right thing, be disciplined, and protect myself from blowing up over one bad trade. I am in a position now to trade without fear, and without risk of having inordinate losses. Yes I lost some cash, but I chose to take those losses as part of my education. And I lost a lot less than the 20k I paid some Bozo to train me.
When I was still trying to get every trade right and avoid losses I was having 2k losing days. When I decided to just take whatever trade I felt like taking and managed my loses correctly my worst day was a $1400 loss. Now I'm seeing $150. loss after taking 7 losing trades and one winning trade. The only thing that has changed is how I perceive trading and how I perceive the nature of the market environment. (psychology)
I am learning to trade without fear and trust myself to be disciplined. I know the market is not going to burn me any more than my hot stove is going to burn me. I figured out that as long as I don't put my hand on the hot burner the stove is not threatening to me at all.
Yes that is the book. Keep in mind this book teaches nothing about demand expectations.
It show how to find value area and control price along with excess price and responsive/initiative price moves. He talks a lot about keeping an eye on the larger time frames so as to understand where the bigger longer term traders are likely to enter/exit the market.
Really good basic information that I was lacking.
I'm up to 30 books right now, with my main focus being on trading psychology.
Mark Douglas- excellent
Ari Kiev- very very good
J. Donald Walters- good for meditation
Som Bathla- looking forward to reading, Mind Hacking Secrets
Bret N. Steenbarger- looking forward to reading
Mark Minervini- looking forward to reading
I browsed FIO for 5 minutes and did not find any single thread about money and risk management. Again and again, thats why 95+ % are losing money constantly.
Here comes the holy grail for you small traders: You will make constantly money even if your signal has only a 30% winning probability. But then your risk/reward ratio has to be at least 3.
Got it?
If you don't know what a risk/reward ratio is, or winning probability, you might want to look it up.
You are welcome.
I don't explain my charts. If you like to follow my trades, look for these lines.
Money management and risk reward are part of proper trading psychology. If you have your psychology right, you have your money management and your risk reward ratio right.
After more serious consideration and consultation with a professional hypnotherapist, I have decided that your advise that most people have expectations that are too high may be correct.
When I became a trades person I had to go through a four-year apprenticeship before I could become a journeyman. I also had to go through a four year journeymanship before I could become a licensed contractor or “Master” tradesmen.
In light of my new perspective on the pursuit of a trading career, I have decided to treat the first four years as a beginner and an apprenticeship. I’m getting a good start and with my new perspective I think I will be better equipped to learn and progress over the long haul. Thank you for your suggestions and thank you for reading my post.