Slowly,
Which provides a perfect segue into "TIME." I'm going to assume you're a full-time or close to full-time Daytrader. Now, when the foundational lessons are done by those us following the learning plan you've posted here an important question arises.
How much TIME, IYO, realistically is required to be even marginally successful at this? Can you give an idea of a minimum schedule?
I understand there are likely a lot of variables involved in that question. But, try your best.
-Thanks
I am no where near a full time trader. I trade while I work my real job; basically trying to kill two birds with one stone. My goal is to leave my full time job -> become a full time trader -> become of part time trader.
I started trading recklessly back in the summer of 12 and 1st quarter of 13 because I completely had no clue as to what I was doing; I was trading blind. I just got sick and tired of losing equity. So I stopped trading for a short while and devoted myself to learning the core fundamentals. I would stay up really late reading articles, watching Youtube videos looking to see how other folks were successfully trading.
At times I would think I knew what I was doing only to continue to lose equity. I was finding myself constantly going back to formula and trying a different approach only to continue to lose equity. Don't get me wrong, I have made some profitable trades but to be honest I think a lot of those were luck. So going back to trying different strategies I was still losing equity. However, every time I went back to formula and then later executing trades, I was noticing something....I was losing less and less equity each time I went back to formula then to executed trades. I was making somewhat profitable trades.
Last quarter of 13 I discovered Timothy Sykes and would stay up for hours soaking in all his videos and material. Some videos I've watched more than once because I wanted them to make sense. I started to pay even more attention to those who were losing equity than to those were claiming to profit but not admit to losing. Even Timothy Sykes states he's lost big but one must learn from that mistake. Most of what I know is from learning from others mistakes. I was really beginning to see my hard work pay off.
I honestly can't say how long it would take you to learn to begin real trading; I have no idea what your availability is like. There is soooo much to learn. Look at me, I'm still up til 2~3 in the morning learning as much as possible. I know eventually as I become a better trader that staying up late will taper off. I would say for absolutely new beginners is to study, study and study until you understand the terms. Everyone loses equity at first, it's up to learn from that profit loss and see what you could have done better to prevent it.
I don't have kids nor some chick that requires attention. So I've been devoting up to 18 hours+ most days to learning as much as possible. I recently discovered the Stochastic Oscillator and what I can tell you is that THIS CHANGE EVERYTHING! I cannot wait to show you guys this technical indicator and how it works with the security you're trading. I honestly don't why most traders aren't use this feature. I know Timothy Sykes doesn't use many technical indicators.
At some point as guys progress, I will post a method on how you can trade in real time. This will help you understand what it's like trading during market hours.
Your success depends on how bad you are willing to succeed. I've learned more in 1 year than most traders learn in 5 because I work in IT and work in front of the computer all day. So I have all the time to learning and fine tuning my trading strategy at my disposal.
They say 90% of traders fail. I for one refuse to be in that equation.
