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Tuesday, March 15, 2016 11:27:05 PM
Absolutely right, Kirby. When I was trying to teach about a dozen folks how to trade on their own, the requirements I had for them were as follows...
#1. Complete the entire school at http://stockcharts.com/school/doku.php?id=chart_school and be able to readily discuss the terms and ideas presented there.
#2. Spend 6 months trading only the demo system of Oanda or your preferred broker. When you can get to where you can win 80% of the time or better on a consistent basis, then you're ready to go to live trading.
Out of all the folks I trained, only 2 managed to complete the online school and only 1 of those finally left the demo to go into live trading. But, the 1 that went live failed to tell me that he hadn't really ever gotten anywhere near an 80% win rate. He managed to erase $10,000 in about 3 months during live trading. After that, he never really went back to trading again.
Pure and consistent dedication to learning how to trade is something that requires, plain and simple, a huge butt load of work. What I found out is that the folks that I ran into really wanted nothing more than a signal service to tell them everything step by step and not much more than that. The one guy that lost a ton of money really enjoyed trading but he didn't spend the face time required to learn the charting aspect from a technical analysis point of view...so he failed.
It's a tough game for sure. That's why only roughly 5% or so of the retail crowd actually manages to make money consistently doing this over a period of time. It took me years to finally get things going consistently in my favor...mainly because I was stubborn...LOL! I spent tons of time analyzing the charts but I had a few bad habits to get under control...hmmm...as a matter of fact, I'm still working on some of those bad habits to this day.
It's a never ending story for the dedicated trader.
#1. Complete the entire school at http://stockcharts.com/school/doku.php?id=chart_school and be able to readily discuss the terms and ideas presented there.
#2. Spend 6 months trading only the demo system of Oanda or your preferred broker. When you can get to where you can win 80% of the time or better on a consistent basis, then you're ready to go to live trading.
Out of all the folks I trained, only 2 managed to complete the online school and only 1 of those finally left the demo to go into live trading. But, the 1 that went live failed to tell me that he hadn't really ever gotten anywhere near an 80% win rate. He managed to erase $10,000 in about 3 months during live trading. After that, he never really went back to trading again.
Pure and consistent dedication to learning how to trade is something that requires, plain and simple, a huge butt load of work. What I found out is that the folks that I ran into really wanted nothing more than a signal service to tell them everything step by step and not much more than that. The one guy that lost a ton of money really enjoyed trading but he didn't spend the face time required to learn the charting aspect from a technical analysis point of view...so he failed.
It's a tough game for sure. That's why only roughly 5% or so of the retail crowd actually manages to make money consistently doing this over a period of time. It took me years to finally get things going consistently in my favor...mainly because I was stubborn...LOL! I spent tons of time analyzing the charts but I had a few bad habits to get under control...hmmm...as a matter of fact, I'm still working on some of those bad habits to this day.
It's a never ending story for the dedicated trader.
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