Make sure to focus on improving in every aspect
Note I am using GBPJPY, a favorite of high leverage day gamblers as it has the biggest range of the 30 leverage pairs.
I am not "spreading FUD", if day gamblers want to lose their money I do not care. Actually I like it.
Finding success is satisfying but additionally watching others fail has an added sweetness that is irresistible.
This is simply a reminder to be logical, and since we try to always better ourselves we have to make sure to better ourselves on all aspects.
It sounds simple like this but I assure you it is simple when you are told it, like hindsight.
People think they are supermen that think of everything, never miss anything, and are going to buy at bottoms and sell at tops.
Well to people that think that: good for you. I am no superman. And believe me I'm not being humble I hold myself to high standards and have a big pride.
Warren Buffett is no superman either. Neither is George Soros. Nor Jim Simons, he made real money decades after buying his first future contract and needed to hire someone to help him out with stocks which he did not know that well.
You may ask "But MrRenev how do I improve on myself and my trading? I do not even know where to start, I do not even know what to improve in".
Well you force yourself to have a rational organised mind, write it down; and you take your chart screen, sit in front of it, and stay there for the next 50 years.
==> Read, read, read. Watch videos, read articles like this one or (I'm not sure if I can mention potential competitors), go on forums, read books if you want.
I would call this part the "fun" part, or the leisure part. Watch videos you find interesting, even read memeposts on the internet, as long as you can tell what is bs what is not, even absolute trash will teach you how others think or will make you think or will show you others mistakes.
==> The second part, the laborious one (it's okay when you get into it you won't see the hours). You open excel, you open tradingview, you get a tool to save screenshots automatically, you open the calculator, you open a CME window, you open notepad/sublimetext. And you grind. You take in vast amounts of data, process it, look at the stats, and you learn. You ask questions such as "what are other participants doing? What are their holding periods" and so on.
So here is the secret holy grail:
R.D. Wyckoff started as a stock runner for a New York brokerage at 15 years old. He started speculating at least 10 years later, after having learned much from the charts and his clients mistakes.
W.D. Gann is the son of a cotton farmer and started hearing and learning about markets at a young age. He then went to a business school (useless) and worked for a broker, like Wyckoff he learned from his clients mistakes and then started proprietary trading.
George Soros started in 1954 as a clerk, then arbitrage trader, in 1959 he was an analyst for euro stocks, until 1963 when he became a VP.
He started a fund in 1966 with his employer money (correct me if I am wrong) to try out his trading strategies - developed during his 12 years in the business.
Don't just "try to make money", improve on everything and it will come with time. Remember, the most toxic tryhards are the best players in sports and video games. Same thing here.
If your goal is not to be "the best I can" and just "make money", McDonald's has job offers available, good luck as a burger flipper, and I'm not sure I'd want to eat those.
I am not "spreading FUD", if day gamblers want to lose their money I do not care. Actually I like it.
Finding success is satisfying but additionally watching others fail has an added sweetness that is irresistible.
This is simply a reminder to be logical, and since we try to always better ourselves we have to make sure to better ourselves on all aspects.
It sounds simple like this but I assure you it is simple when you are told it, like hindsight.
People think they are supermen that think of everything, never miss anything, and are going to buy at bottoms and sell at tops.
Well to people that think that: good for you. I am no superman. And believe me I'm not being humble I hold myself to high standards and have a big pride.
Warren Buffett is no superman either. Neither is George Soros. Nor Jim Simons, he made real money decades after buying his first future contract and needed to hire someone to help him out with stocks which he did not know that well.
You may ask "But MrRenev how do I improve on myself and my trading? I do not even know where to start, I do not even know what to improve in".
Well you force yourself to have a rational organised mind, write it down; and you take your chart screen, sit in front of it, and stay there for the next 50 years.
==> Read, read, read. Watch videos, read articles like this one or (I'm not sure if I can mention potential competitors), go on forums, read books if you want.
I would call this part the "fun" part, or the leisure part. Watch videos you find interesting, even read memeposts on the internet, as long as you can tell what is bs what is not, even absolute trash will teach you how others think or will make you think or will show you others mistakes.
==> The second part, the laborious one (it's okay when you get into it you won't see the hours). You open excel, you open tradingview, you get a tool to save screenshots automatically, you open the calculator, you open a CME window, you open notepad/sublimetext. And you grind. You take in vast amounts of data, process it, look at the stats, and you learn. You ask questions such as "what are other participants doing? What are their holding periods" and so on.
So here is the secret holy grail:
R.D. Wyckoff started as a stock runner for a New York brokerage at 15 years old. He started speculating at least 10 years later, after having learned much from the charts and his clients mistakes.
W.D. Gann is the son of a cotton farmer and started hearing and learning about markets at a young age. He then went to a business school (useless) and worked for a broker, like Wyckoff he learned from his clients mistakes and then started proprietary trading.
George Soros started in 1954 as a clerk, then arbitrage trader, in 1959 he was an analyst for euro stocks, until 1963 when he became a VP.
He started a fund in 1966 with his employer money (correct me if I am wrong) to try out his trading strategies - developed during his 12 years in the business.
Don't just "try to make money", improve on everything and it will come with time. Remember, the most toxic tryhards are the best players in sports and video games. Same thing here.
If your goal is not to be "the best I can" and just "make money", McDonald's has job offers available, good luck as a burger flipper, and I'm not sure I'd want to eat those.