Learning to day trade during Covid-19, what do you need to know?

[THT]

2 hours ago, u0362565 said:

Not much i can say i'm yet to find a profitable strategy, granted only after a month or so of trying.  I'm dealing with the failure aspect of this whole thing but because i'm only trading a demo account i'm not feeling the financial hit.  And i guess my only advice is if you're losing money i would open a demo account if you can and only switch to live when you're consistently profitable if its possible and clearly it is for the few. 

What i find interesting is that there are so many people asking how to be successful and not one person who is actually explains how.  Now either this is some kind of selfishness or its because its too complicated to post in a message but i doubt or they feel they put in months/years of work to get there so why should they just divulge to someone who is new and not put the hours in and "gone on the journey" themselves.  These platforms are essentially here to make money from the streams of loss making traders and they don't care about the small % who are profitable.  I've never come across anything like trading where you get lured into a false sense of being able to see what is going to happen.  

Not that i'm in a position to give advice but i have ditched technical indicators, i've seen a lot of people say just read the candle sticks and i think they're right.  You can't predict the market but you can look for potentially sensible times to enter and again there are signs that you should exit.

Its a massive journey - I posted the other week a couple of methods that work - I don't post for fun, I KNOW how hard it is to trade, I post to be helpful and informative as much as my time permits - I learnt the most when I flew to Las Vegas to attend the Traders Expo in Nov 2010, to speak in person to some of the worlds leading traders - If you buy them a coffee and doughnut they open up  

MOST Methods out there do NOT work - They just do not work in the real world, they work perfectly on paper though! mmm maybe I should write a book....

Trading is a GAME of PROBABILITY - the laws of probabilistic returns therefore dictate your results

Have you read "Trade your way to Financial Freedom" by Dr. Van Tharp? If not, you need to and you need to make sure you nail down Expectancy, THEN go find a method and test it based on those parameters

I use Indicators - again most Indicators don't work unless they are set correctly - also you need to know how to use them for them to work - how many books on Indicator use have you read? What TYPE of market conditions does the Indicator you use fail to work properly in? Are you trying to trade the Indicator in the wrong market type?

The reason I don't reveal everything is because it will be a complete waste of time, effort and typing as 99% think they know better, argue with you or don't bother to read it, as well as the fact that I've probably invested hundreds if not thousands of man hours in a method.

I've been debating with myself whether to produce a series of tuition on here to help people who are struggling - This might be something that I do going forward

Just REMEMBER - we are GAMBLING on the direction of the market on the right hand side of the chart that no-one can see 

 

 

[dmedin]

The Youtube videos by TradingRush are very useful in showing you how to test a strategy without having to learn programming.