Develop your trading method.
So next up I guess is, how do you go about developing a trading plan or method?
There are as many books written by trading "gurus" as there are websites run by these "gurus", and their advice will usually be, to sign up to their service, for a very reasonable fee, that you should earn it back in the first couple of months. Their's is usually the only real method to profit consistently from trading.
Then there are the trading bots for purchase, where successful periods of trading by the bot are shown as proof of how good your investment in it's purchase would be. Many even claim to have found the Holy Grail for trading. These offers are all over the web. Why? Why would you sell a system, method or bot that is so successful. Would you not keep it to yourself and trade the sh!t out of it!!
These trading teachers/gurus sell their products because they cannot make a consistent profit from trading themselves. Their systems may even have worked for a short period, but markets change, and so now they try to profit from their obsolete method, if they ever had a profitable one in the first place.
To be fair, there are a handful of genuine traders out there, who host chat rooms and call successful trades, but you will go broke trying to find them.
Most of the stuff you read on trading will lead you in the exact opposite direction to success. This is because all this information was originally put out there by the big institutions, who are trying to profit from you, and it continues to get passed on by others.
Those traders who have found success, break free from the herd and develop their own methods. They make sense of the markets by understanding how the institutions need to trick you and so where they may be active in the markets.
There are many many ways to trade, but you must build it yourself, by an obsessive study of price movement.
I believe the most difficult thing to do, is to teach somebody to trade.
I mean seriously, you can only instruct so much. If a person really wants to know how to do that they have to DO. Thank you for your efforts in teaching such a hard topic.
I agree, people have to venture off in their own lane and fine there path. Good Advice!
I appreciate the comments guys (guys refer to all sexes :)). I'm hoping the best is yet to come. Thank you.
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I think we have to develop the trading method based on what we can do in the trade. Not all the time things can be good enough for the trading. So we have to adjust with that.
Thanks @skysnap for you comment, but I'm just not sure what you are saying here :). Once you have developed your trading method, you then enter trades that fall into your method. You will see my approach much more clearly as I develop my blog. Thank you for stopping bye.