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Forum - Gurus Answer Questions    Gurus answer your questions about the art of trading.

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From: Stan1trade (Rep: 0) reply to jmk909erDate: 06/26/2019 11:59
Forum: Gurus Answer Questions - Msg #676Thread #674069267 (Rec: 0)
Well, I'd suggest you start with a solid trading plan. You have to know what you want before you can go get it.
What are your goals?
How much time do you have to give achieving them?
How much money do you have to invest in learning?

Share more and we can point you in the right direction.

You can use this guide to start: https://thetraderswire.com/successful-trading-plan/

Step One: Understanding why a trading plan is so important.
Just about every successful trader has a trading plan and...

Every failed trader doesn't

Specifically, I'll show you exactly what you need to succeed, why you need it, and how to personalize it for your own success.

You can learn to trade from so many different sources today. You can read books, watch youtube videos, join mentor programs, and even just sit at home doing your own analysis.

Very few of these online trading plans even mention a trading plan, let alone how to write one that will help you succeed.

That is why I believe the majority of home (retail) traders probably don’t write a trading plan.

It also explains the +99% failure rate in home traders.

Step Two: Your Vision And Values And Why You Have To Have Them
Are you looking to become a full-time trader, making millions and living the life you see on television?

Are you a retiree looking to boost your passive income on a very part-time basis?

Are you a college student, looking for your own entrepreneurial opportunity offered through trading?

Are you the next hedge fund guru like Bobby on the hit show Billions?

Whatever your vision is, and it is entirely personal, you need to understand the commitment and price you will have to pay to achieve it.

If you say you want to become a full-time trader making an above average income,

but you have almost no money to start with,

and you are not willing to invest in your learning,

and you need it to happen next month,

...well, I hope you can see that you will fail before you begin.

Step 3 Setting Trading Goals
When your goals are consistent with your values you will find that they become much easier to achieve. They will be fun to work on. You will have much more fulfillment throughout your entire life when you do this.

Your goals need to be S.M.A.R.T.

If you Google SMART goals, you will find thousands of pages and videos on how to set goals that are SMART.

Step 4: Risk Management - What Separates Professionals From Amateur Traders
From the highest level, the most important risk to manage is protecting your mental space. Not letting doubt or frustration stop you from reaching your goals.

You have to understand and accept that you will experience failed trades. You will lose money. This is part of the business.

And it isn’t easy.

What is critical is not letting losses define you or your success.

That is why it is so crucial to have proper risk management whether you are day trading, swing trading, or simply just investing for the long haul. It all matters - the time frame doesn’t.

The discussion around mental barriers in trading is too broad and important to discuss here. We will tackle that in upcoming conversations, but...

​For now, just keep in the back of your mind, the #1 Asset you have is your mental clarity and confidence.

Step 5: How to Develop a Successful Trading System That Profits and Makes You More Money Than You Can Imagine
See, trading strategies are like clothing. Every person has their own unique style. One that they feel comfortable with. That fits them. A style that is uniquely theirs.

Think about it or look around you right now.

Every single person is wearing different clothes and as strange as it seems, rarely do you see someone wearing the same clothing as another person.

The point is that I cannot give you your strategy. That is something you must define on your own. ​

If you have completed all the exercises in this guide, then you are well on your way to creating a successful trading strategy.


Re: I want to learn what you guys are doin' :-)



Reply to jmk909er - Msg #664 - 03/12/2019 12:07

I want to learn what you guys are doin' :-)

I have been watching you all here in the pit for a while, I want to learn how. Any suggestions how to learn this stuff or anyone care to mentor me a little?

I have made a few trades based on what I see in the pit but seem to always get in late!

Thanks, Joe
NOTE: This message has been revised 1 time. Read original version of this message.
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