MoneyTec Traders Community Forum - View Single Post - The learning cycle for a newbie trader

static · 08-03-2007, 19:03

SoulTrader has departed this and all other forums, according to him anyway. If you want to get in touch with him I think your best bet now would be through one of his blogs or to drop him an email.

Just as a general response to your question however, pretty much everyone has a different approach to trading so you are going to get a variety of opinions on what the best way to trade is. Some people will swear on fundamentals, others on TA with multiple indicators and still others with nothing but raw price action. The three to four year thing is to develop your own approach to trading and see if you can overcome greed and not blow your account out in the meantime. That has been my experience anyway.

Personally, I gave up trying to predict what the market will do. Some people can do it, but I can’t, and I am 100% ok with that. Look for a system or develop your own that will give you a hit rate of 60%+ and then do the math, know how big of a drawdown you can expect and what your risk tolerance is. Money management is key to developing consistent returns. After that strap in for the long haul, because it probably isn’t going to happen overnight.

08-03-2007, 19:03	#64
static level 1 Join Date: Nov 2006 Posts: 40 Downloads: 0 Uploads: 0 Rep Power: 2	Re: The learning cycle for a newbie trader - PART 2 SoulTrader has departed this and all other forums, according to him anyway. If you want to get in touch with him I think your best bet now would be through one of his blogs or to drop him an email. Just as a general response to your question however, pretty much everyone has a different approach to trading so you are going to get a variety of opinions on what the best way to trade is. Some people will swear on fundamentals, others on TA with multiple indicators and still others with nothing but raw price action. The three to four year thing is to develop your own approach to trading and see if you can overcome greed and not blow your account out in the meantime. That has been my experience anyway. Personally, I gave up trying to predict what the market will do. Some people can do it, but I can’t, and I am 100% ok with that. Look for a system or develop your own that will give you a hit rate of 60%+ and then do the math, know how big of a drawdown you can expect and what your risk tolerance is. Money management is key to developing consistent returns. After that strap in for the long haul, because it probably isn’t going to happen overnight.