aliassmith wrote: John S. wrote: prochargedmopar wrote:
You have PLENTY of time to add value.
Zoom out OR condense the chart you are looking at.
What do you see? What do you think others around you see?
I've already added value by exposing the avalanche of BS on this board and other trading marketing crap. I've also already posted the most important aspects to becoming a successful trader. However, I'll post it again:
All anybody has to do to be very profitable is to only understand the basics of trading and consistently do these four things:
1) if price is going up, go long
2) if price is going down, go short
3) if price goes against you, get out.
4) if price goes in your favor, stay in.
Factor in some basic, common sense money management and you will make all the money you ever need.
Procharge, if you simply focus on what I've posted (instead of all the other crap that you read, watch and follow), you WILL be successful.
If you are calling BS then you should call them on your 4 simple rules. #3 for example...if I got out of every trade that went against me, I would never make money. I don't know to many people that are that precise.
In general price is always going in your favor and against you. It rarely moves in a straight line.
Trading is more complex than your 4 rules. I can make 1 rule that will make money.
#1 Enter correctly and exit correctly.
With proper money management its a sure fire way to make millions.
Agree with your one rule completely.
Concerning my other post, I didn't say that a trader should get out if price goes 1 tick against him/her. I think that anybody that has been studying trading for more than about 2-3 days would understand that.
But to clarify it for you, a trader should get out if price goes against his/her original premise and preferably that should be based on statistical analysis. Feel better now?
Having said that, when professional traders at large hedge funds are taught to trade, they literally are told to exit when price goes 1 tick against them......until they build up "muscle memory" that it's actually good to exit with a loss.
As mentioned before I didn't come here to teach a course - these are just general concepts of trading. And if you follow them, as opposed to so much of the other nonsense on the web, in marketing emails and this board, anybody can learn how to successfully trade.
Have a great day!