Masquerade
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Why do you need a crutch to lean on? I use the force and nothing else - suits me fine. None of this BS RSI/MACD/divergence/pin bar/tape reading crap.
Why do you need a crutch to lean on? I use the force and nothing else - suits me fine. None of this BS RSI/MACD/divergence/pin bar/tape reading crap.
Actually, you can make millions trading with the DOM as the central focus of your attention, as you can with other styles of trading. Although you should still know what else is going on technically/ fundamentally etc to make sense of what you see.
If you're going to do this you really need to devote yourself to it all hours the market is open. I don't think you'll get very far fitting it around school and GCSE's etc. Ideally you should do it at a prop firm with a professional set up with no other distractions.
Maybe you should take the advice of Timsk and put it on hold for a while until after you've finished uni. Enjoy yourself, sort yourself out with some decent qualifications and then join a prop firm when you graduate. Otherwise there's a danger you could put a lot of time and effort into a lot of differnt things but not enough into anything particular to do it properly. You're only young and have a lot of time to fit everything in.
Just a thought. It's unlikely you'll be profitable scalping by then anyway if you're just doing it part time from home so just suggesting you concentrate on one thing at once and give yourself a bit of spare time to enjoy your youth. Give it a go if you like, you'll only learn but don't do it to the detriment of other important things and don't have too high expectations for the time being.
Ok, trust me i have had the same interest in the markets for a year now, and i have managed to stay very dsiciplined throughout exam periods , usually 1-2 months
i know i could fit maybe 1 hour every day on YM, besides, i thought traders chose trading hours to trade in, therefore the time i get home from school (4.30) would be the best session to learn, maybe learn to trade 2 hours a day. Not all traders trade 8 hours a day , but most do i guess.
Well i'll heed your advice anyway and thanks for it
i know i could fit maybe 1 hour every day on YM, besides, i thought traders chose trading hours to trade in, therefore the time i get home from school (4.30) would be the best session to learn, maybe learn to trade 2 hours a day. Not all traders trade 8 hours a day , but most do i guess.
Well i'll heed your advice anyway and thanks for it
For a comparison it took me two years of working 10+ hours a day to really get anywhere and that wasn't because I'm stupid. So how long do you think it will take with only one hour per day with a non professional set up and other important things going on in your life?
well going by your ratio of hours per day to time taken to get anywhere 20 years.
But then again, if i do nothing about markets for 5 years i will forget most of it, meaning that i will have to spend 2-3 years after uni 10 hours a day with no job having 20k student debt
But then again, if i do nothing about markets for 5 years i will forget most of it, meaning that i will have to spend 2-3 years after uni 10 hours a day with no job having 20k student debt
rawrschach
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Only you know what you want to do, are you going to let some newfags on a forum tell you not to?
If you want to learn to read the tape you have to watch it, watch what the tape does when the market is at a pivotal point and how this manifests itself in the price.
I already mentioned a book that focuses almost solely on tape reading, free online if you know how to use google. Read it by Tuesday and spend the rest of the summer watching the markets.
If you want to learn to read the tape you have to watch it, watch what the tape does when the market is at a pivotal point and how this manifests itself in the price.
I already mentioned a book that focuses almost solely on tape reading, free online if you know how to use google. Read it by Tuesday and spend the rest of the summer watching the markets.
rawrschach
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so?
counter_violent
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You should consider the long game...if your life is going to be full of study and all the other things people of your age get up too....then scalping for an hr a day will just eat you up.
Concentrate on the things you must do ...like your education...and with the trading just be patient and move up the time frames. Managing trades is where all decent traders end up anyhow....Not some hit and hope get rich quick type approach.
rawrschach
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Tape reading is not hit and hope.
That said, you're not going to learn **** watching the tape for an hour a day.
That said, you're not going to learn **** watching the tape for an hour a day.
rawrschach
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Trade off the daily chart. Tape reading is not the holy grail.
lol, this is all getting a bit ridiculous, look fit in what you can, if it doesn't work stop wasting time with it. I am in full time education and the basic thing is, if you have time do it, if you don't, you can't. Complicated isn't it?
The way i manage is just trying to look at historical charts of anything going through and trying to learn and watch the action see where people are positioned, what happens etc. I have time to trade intraday at the moment so i do, but in term there is no point you will lose far more than you gain by trying to fit it in. I don't really know if what i am doing is worthwhile and while i listen to advice the best thing is to work it out for yourself.
The most important thing is not sacrificing your education, esp nowadays where everything is so competitive the smallest thing can stop you getting into a reputable uni.
The way i manage is just trying to look at historical charts of anything going through and trying to learn and watch the action see where people are positioned, what happens etc. I have time to trade intraday at the moment so i do, but in term there is no point you will lose far more than you gain by trying to fit it in. I don't really know if what i am doing is worthwhile and while i listen to advice the best thing is to work it out for yourself.
The most important thing is not sacrificing your education, esp nowadays where everything is so competitive the smallest thing can stop you getting into a reputable uni.
No one was telling him not to do it, just giving him some good, realistic advice to help him make some important decisions afterv giving him some advice on trading from the DOM earlier. It wasn't much different from what you've just been repeating.
The Wyckoff book you reccomend is indeed excellent but it's important to remember that tape reading as such doesn't exist anymore and there's more to the DOM than that.
If the "newfag" comment was aimed at me then I don't see how the fact that I've got a lower post count than you makes what I've got to say any less valid.
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counter_violent
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The smallest timescales produce the most random price movements...that is i'm sorry to say....hit and hope...however this does not include skilled practitioners of such methods of which newbies do not belong to....One of the biggest mistakes newbie traders make is to assume that you can just turn up at the P C and start trading smaller time frames ( because there is less risk )...well this is complete bollux because there is far more risk on small time frames and the rewards are also less.
