Australian (ASX) Stock Market Forum

Serious newbie wanting to learn

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galumay said:
Well not all of us believe you can - I guess thats why many of us are not traders! Anyway, i dont want to drag your thread off topic, and my contributions will not be constructive! Lets just leave it with my off the cuff comment about what would really happen if the odds were in your favour!
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No worries, I guess your a long term investor?
 
tech/a said:
You'll find that the simplest and most logical ideas eventually appear complicated and anything but logical.

This simple truism will demonstrate what I mean.

There are only 3 ways to make money in the markets ( other than arbitrage )
(1) Win more often than you lose with accumulated wins more than losses.
(2) Have far bigger wins than losses.
(3) A combination of both.

No way in time you'll realise that there is far more to achieving any of these than buying a pattern or trading a system.

Just when you think you " Get it " it will vapourise.
Take your time
Question everything
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Then how do you know when you really 'get it? And when you say there is far more than a pattern of system, are you talking about money management/risk management, mind set? or?

Because going off a post you made awhile ago, there definitely is an 'IT" to get..
 
barney said:
Innovation .... seeing patterns that are not "obvious" to the mainstream .... having the ballz to back your gut against the crowd ...... familiar parallels in any successful venture in life I'd suggest ....

Whether real estate, trading, or anything else, you seem to have the right mindset for success in my opinion ...... the value of my opinion of course may be debatable;):D.
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I agree with you that mindset is huge for wealth creation. I spent copious amounts of time and work on it in the past for my investments... really a lot of work on it. Imho, speaking more broadly, it is the absolute key.

Cheers
 
NewbieTrader1982 said:
Then how do you know when you really 'get it? And when you say there is far more than a pattern of system, are you talking about money management/risk management, mind set? or?

Because going off a post you made awhile ago, there definitely is an 'IT" to get..
Click to expand...

You know exactly why you make money and exactly why you don't.
You know how to recognise opportunity
You know how to take advantage of it.

You know exactly what to do and when.
Your losses will be as brilliant as your wins.
It never leaves you.
There are no doubts.
 
Newbie, if you go down the route of development and testing EOD trading systems, you'll learn so much about expectancy....it's the way to go when you start out. It teaches you how difficulty it is to beat the index
 
In accumulated $ value no they shouldn't ----- but there will be times when in drawdown that they will be. You'll recognise this and know what to do to minimise downside risk.
This should be a temporary state.
 
NewbieTrader1982 said:
I agree with you that mindset is huge for wealth creation. I spent copious amounts of time and work on it in the past for my investments... really a lot of work on it. Imho, speaking more broadly, it is the absolute key.

Cheers
Click to expand...

Thanks for that NT ...

My take re trading ...

Successful trading is a journey where you work out that what you previously "hoped" was right (correct) ended up being "left" (incorrect) because hope and trading don't mix:blackeye: ....

Traders need to be ruthless with their decisions ..... Imagine for the sake of the exercise that if you take a trade, and a well known trading guru (... your choice) is standing behind you ...

would he say; "good trade" or would he say "WTF" did you do that for lol :wideyed: ....... not your standard "indicator" but probably a better indicator than an MA or an RSI I'd suggest! :cyclops:
 
Sam Seiden videos on how to determine where is supply and demand levels and how you should be buying wholesale at a demand level and sell when the retail people are buying looks very interesting and makes sense. He says at those buy times into demand the probability of success is very high, of course assuming a few other factors also line up. Also seems to be inline with what a few other well known traders say. He also doesn't like the term 'support and resistance' and replaces it with supply and demand. It is an eye opener. Anyone else have an opinion on 'his' stuff?

Thanks
 
Trembling Hand said:
They all depend on context. Do it at the wrong time and your enemy will have you for breakfast. In trading if you are new and you can see it it's because its a robe a dope move (that always works).
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Like Harry Hindsight teachers. Anyone can cherry pick the best charts from the millions upon millions available and show the strategy worked. I watched this video last night where the dude cherry picked winning trades that bounced off old resistance. Pivot points that were obvious. Context required for Harry H.
 
NewbieTrader1982 said:
Sam Seiden videos on how to determine where is supply and demand levels and how you should be buying wholesale at a demand level and sell when the retail people are buying looks very interesting and makes sense. He says at those buy times into demand the probability of success is very high, of course assuming a few other factors also line up. Also seems to be inline with what a few other well known traders say. He also doesn't like the term 'support and resistance' and replaces it with supply and demand. It is an eye opener. Anyone else have an opinion on 'his' stuff?

Thanks
Click to expand...

I don't know this guy.
But I have used for a few years Volume support and Volume resistance.
Ill have to look at his stuff as I haven't seen what I do for myself taught
or used by anyone else. The volume Support and or Resistance is based around
high bullish or Bearish volume and is more a zone.
OH
and it works in REALTIME.
 
Trembling Hand said:
Find it hard to take anyone serious showing spot FX charts with no volume and talking about supply and demand. WTF are these dudes on.... ?
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Sam Seiden works for Online Trading Academy. The purpose of those videos is to show that you can buy at 'wholesale' prices and sell at 'retail'. The average punter will be mighty impressed but can't make head nor tail of those charts. The solution is to sign up for a course. Not just any or even one course. Should you be gullible enough, you get an education- or career-counselor assigned to you who will extract the maximum money, correction - 'tailor a unique series of courses' for your budget. They talk about four Asset Classes: stocks, FOREX, futures and options, I kid you not.

I know all that from a presentation at or after a Trading Expo a few years ago. A lot of people signed up, it was amazing, such an obvious scam. One of the presenters was a former astronaut or something, all very entertaining.
 
tech/a said:
I don't know this guy.
But I have used for a few years Volume support and Volume resistance.
Ill have to look at his stuff as I haven't seen what I do for myself taught
or used by anyone else. The volume Support and or Resistance is based around
high bullish or Bearish volume and is more a zone.
OH
and it works in REALTIME.
Click to expand...
Isn't that just VAP, volume at price?
 
Come on fellas. There is a tonne of b.s. to wade through at the start. Everyone has to start somewhere and free online courses is what some choose. If they are duped from there in it is also a trading lesson. Has anyone had a look at the Wall Street Insider Kit?
 

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