kingkong95
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I am a poor guy from a poor background. I have not much Money. Am i still capable of being a good trader? I do have good confidence, but want to be realistic, if needed i can say everything achieved all my life.
Am i capable of being a good trader?
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Your background has no relevance on your ability to be a trader. People with PhD's, who you could argue had a privileged background, have failed to make a success of it. Roman Abramovich was born into poverty and there are plenty more like him. Don't let your life hold you back from your dreams
of course you can, never doubt it. Forget about money, money is not a leader, it is a follower, always follows inspiration, passion and tenacity with a bit a of flair...
I am sorry to dissapoint you but the odds are that you will lose the rest of the money you ve got.There is the chance you gain a lot of money with luck,but it will be just luck nothing more.if you want to play in the cazino go trade in stock markets too.
Many profitable traders are just lucky,and they believe that they can be consistent,then something happens in a 10 year cycle and they realise the truth.
You have to give money for software for data,you have to spend countless hours and not have a job,so if you are poor then forget it.
If you want to try with the stupid forex bucket platforms so that you dont have to pay for software then you have -0 chances to gain not even zero
darktone
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yes you can, you dont need the smarts or a silver spoon to be a profitable trader.
1) Learn about risk and playing small, explore in demo. Avoid anything that claims to predict the future. TA FA, good bad, right wrong, and all the other BS.
2) Get to know yourself, accept that you know nothing and that it can all disappear in a tick.
3) Buy low, sell high, repeat.
That was hard earned info for me, you got it for free.
gl
And what is your advice here.
To buy low and sell high is not an advice.
And if he is not able to predict the future then why he should trade.
Either he trades small or big he will lose his money either way if he dont know what he is doing.
You are reapeating the bs i have seen in seminars from people who want to find newbies.
Why were you at seminars then?
No is the short answer.
The less money you have, the more important that money is to you. That puts you at an immense psychological disadvantage before you even start your day.
To succeed consistently at the game, you need to dissociate yourself from the money. When you have so little money and so little experience, every single trade entered will hurt - not least because the moment you take a position you're already looking at a loss owing to the bid/offer spread. It's been said so many times - it takes years to become profitable, even if your IQ is over 140, and extremely dedicated - the market punishes all newcomers with the same disinterestedly repeated swipes at all of your precious funds.
OTOH if you are around 20 years of age, with great mathematical/programming skills you might be lucky enough to land a spot at an institution, where you can use their money to progress. Albeit, it is (and always will remain) a great shame that the vacant positions for such roles are even rarer than Centre Court seats on men's finals day at Wimbledon...
The less money you have, the more important that money is to you. That puts you at an immense psychological disadvantage before you even start your day.
To succeed consistently at the game, you need to dissociate yourself from the money. When you have so little money and so little experience, every single trade entered will hurt - not least because the moment you take a position you're already looking at a loss owing to the bid/offer spread. It's been said so many times - it takes years to become profitable, even if your IQ is over 140, and extremely dedicated - the market punishes all newcomers with the same disinterestedly repeated swipes at all of your precious funds.
OTOH if you are around 20 years of age, with great mathematical/programming skills you might be lucky enough to land a spot at an institution, where you can use their money to progress. Albeit, it is (and always will remain) a great shame that the vacant positions for such roles are even rarer than Centre Court seats on men's finals day at Wimbledon...
It has nothing to do with you. It's all about the algo you can develop. Read about quant trading and learn how to develop algos, preferably for HFT. This is the future.
D
Dowser
To become a consistently successful trader takes a lot of time and effort and money buys you time.
There are a lot of free seminars in ninja trader who i attented and they said what you said,that means they said general bs with no value in order to have something to say,i am always open for ideas about everything.
darktone
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i) to buy low and sell high.
ii) yes it is.
iii) cos im guessing hes smart enough to see that prices go up and down.
iv) of course. the size you trade is relative to your account size and understanding of and appetite for risk. More risk = less rope.
v) Ive never been to any seminars tbh so you got me there, but if i were looking to impress noobs with a view extracting some cash from them, id probably go the old 'im amazing! I know something you dont know!!' route. know wot i mean?
Well if i decide to sell anything you have the option not to buy,but i am sure you will be the first to beg me to buy.i) to buy low and sell high.
ii) yes it is.
iii) cos im guessing hes smart enough to see that prices go up and down.
iv) of course. the size you trade is relative to your account size and understanding of and appetite for risk. More risk = less rope.
v) Ive never been to any seminars tbh so you got me there, but if i were looking to impress noobs with a view extracting some cash from them, id probably go the old 'im amazing! I know something you dont know!!' route. know wot i mean?
I will say i am amazing if i believe that i am if you believe you are amazing you can say it too,but you wont becouse you know what is the sad truth.
Now spend some time trolling by writting greeks in here,becouse in trading i dont see you making any money.
darktone
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i)
ii) i agree in part. i dont see myself as amazing in any sense of the word, and would never claim otherwise. Here lies the rub, the truth you might say....Me and you, we is largely the same bruv! We dont know shît! The difference is, I know I dont know shît!! :cheesy:
iii) well, heres my year to date, just to help you out.
Εγώ ο ίδιος Troll κεφάλια σκατά σαν εσάς, επειδή η διασκέδασή του να **** με τους ανθρώπους που τους αρέσει να αγαπούν τον εαυτό τους. ειδικά όταν είναι τόσο προφανές ότι δεν συνειδητοποιούν ότι δεν ξέρω σκατά
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darktone
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Agree with the dissociating from money bit, is very important.
Regarding taking years to learn, getting hurt etc.
There have been folks who've hit the ground running to never look back. Rare but a fact. I think its a mistake to measure anyone by our own yardstick.
The market is indifferent, it cant hurt you in any way, only you can hurt you.
All the programming in the world wont help you if you approach things the way most folks do, your psychological weakness will show in the considered methodologys, the code, and or despite a robust methodology, the puke point when you draw down.
Theres nothing to stop this guy taking a job and building a small acc whilst respecting risk.
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I don't know is dissociation with money is the best approach. Money is a funny thing in trading. You need to know what it can do for you but at the same time you need to have no emotional attachment.
The time it takes to learn how to make money could be as little as a few weeks. The time it takes to apply that knowledge correctly is an evolving process that is more important than the knowledge needed to trade. This might sound odd but think of it as a journey of self discovery. Between the markets rewards is you. How long it takes you to work past the self sabotaging habits is different for everyone. The key ingredient is perception and perseverance. You have to have thick skin or learn how to get thick skin.
The time it takes to learn how to make money could be as little as a few weeks. The time it takes to apply that knowledge correctly is an evolving process that is more important than the knowledge needed to trade. This might sound odd but think of it as a journey of self discovery. Between the markets rewards is you. How long it takes you to work past the self sabotaging habits is different for everyone. The key ingredient is perception and perseverance. You have to have thick skin or learn how to get thick skin.
darktone
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I think we just said pretty much the same thing, but you did a better job.
The only thing id prolly leave out is the thick skin bit. With acceptance you wont need it.
I think we just said pretty much the same thing, but you did a better job.
The only thing id prolly leave out is the thick skin bit. With acceptance you wont need it.
Yes but thick skin is a consequence of acceptance...
