Well, here we go. Another one of "those" posts that tons of aspiring traders make with good intentions, or maybe just in an attempt to look savvy and cool. I joke, but profit.ly does get a fair share of these types of posts. So what's so special about this one? Probably nothing. 

Or it may speak to you. Who knows. After 2 years of studying and 1 year of experimental live trading with some recent consistent success (but an overall set back of 1800$ since the beginning) I think it's time to get more into blogging, make it a "thing". If anything, I'll solidify my trading experiences/lessons better and meet new traders, which is pretty much the only reason why I'm on profit.ly in the first place.

So, yes. The post. Advice. Let's see...

I speak to the skeptics. The ones that look past the cropped screenshots of PnL's, big profit numbers on a twitter/Instagram post and pictures of sports cars. To those that may even be unconvinced by featured gurus and mentors on this very site... I'm sure there are a few here that question the transparency of profit.ly. And you know what? That's ok. Nothing wrong with that, if that's where your observations lead you. I personally feel if there are some out there that feel skeptical in this way, they may feel alone or not as brave to come out and say it. Hopefully this is useful to them.

So, I speak to those that are unconvinced by the so called "pros" yet unsatisfied in simply accepting that day trading can't be a lucrative source of income. To the "unsure".

Is it too good to be true? Is it worth trying and investing time in? This calling is exciting, I'll admit. It's experimentation, a path of self-discovery in it's simplest form. Can I do this? Can I become this? Is there an edge and can I exploit that edge consistently?

Those that are new and have the intuition to not be lead into the guts of wolves ready to feed on them understand what I mean. Those that will learn to re-evaluate constantly to find what works best, but on their own are the ones I hope this post reaches.

I speak to these types because that's where I am in my own journey. I never paid for a mentor or a trading education service, I feel there is another way in the self-education of a trader. Why did I take this path? There are multiple factors, one being the skepticism I mentioned above but mostly desiring the path that provides the most hardship. The most adversity overcome provides the greatest lessons and rewards. The journey is longer and the losses hurt more, true, but the rewards are sweeter in the end. In this way, it's all on you. If you fail, it's on you. You can't blame a service, a DVD or a mentor you subscribed to. And if (hopefully when) you succeed, it's all on you in the same way. Your success will weigh more on your shoulders and that will motivate you to keep what you worked so hard to achieve. 

Does this mean a mentor is useless? Well, Yes and no. Should a complete newbie join some service on day 1 thinking they'll find what they need? Not in my eyes. A new trader should put their experimental inquisitive nature to the test before deciding they need to invest precious capital on someone's trading strategy. You do need context, but that can be found online, in books, youtube, etc. It's really useful to associate with other traders starting out too. Create communities of like and different minded people. Friends that can point out faults and praise your strategy's strengths will help you in improving your methods too.

 Mainly, you need to find yourself first. There's no single book for that. I am not advising against such products or mentors, I am merely pointing out that there is an alternative start for the unsure but very motivated. If you are unsure about the longevity (or probability) of being a successful retail trader, then you need to thoroughly investigate that, be honest with your findings. Question your biases and emotions. Decide if it's for you.

You may think it's a waste of time, but you are actually teaching yourself to dig further and seek your edge as a trader on your own. The "digging" is what's important in order to be able to grasp strategy design and eventually strategy implementation. It's the foundation of what will enable you to troubleshoot/refine your strategies later in your trading career. If you can't dig deeper and understand "why?" on your own, then the most you'll have is luck, a follower's mentality or just favorable market conditions. It's the process in developing your problem solving that I stress. Information is free if you look for it, or you can purchase it. But it's just that, information. It doesn't make or give you anything on it's own.You need to learn how to implement it.

I feel that currently, it's the internet and not necessarily the work of gurus that has cut the learning curve. You'll need to comb through a lot of crap on the internet though, but quality information is out there. The same way you comb through a lot of shit stocks in the market. It still takes time, but you aren't totally left in the dark. Your scanners help you find stocks, as your skepticism & eagerness to learn help you extract useful information in the sea of excessive mostly useless noise. Opportunities are out there. Teach yourself "how" to find them.

Gurus commonly say not to follow them. They're right. Don't follow them. At least not at first. You should exhaust your own honest efforts and clearly define what doesn't work for you before making a decision to purchase courses for deeper insights.  Again, it seems counter-productive but it isn't. It's about finding yourself, finding what you are not good at gets you closer to the goal of mastering what does work for you. Mistakes matter and are important.   

Firstly, for example, a new trader should define what trading is. Define the basic concepts of the market, of fundamental and technical analysis. Learn the differences of retail and professional traders / investors. Learn how to use your broker's trading platform. Learn the different tools at your disposal.  Yes, read the instruction manual! Seek out successful trading styles. Everything you encounter should be met with a "how?" and "why?". Aim to learn what a break out is. I don't mean simply defining it, I mean using back tracking features and experiencing a break out in real time on the chart, level2 and tape. What does the price action look and "feel" like? How fast does it happen? Why did it happen? Aim to understand those concepts. Use mathematics and statistics to your advantage too. Find communities of traders online where you can engage in useful criticism of trading styles. All this is readily available online. You must seek it, but it's there. Prove to yourself that you can put the time and effort to learn something on your own before investing in someone else's methods. "Process". That's the key word.       

The informed skeptic in the process of learning knows where and when to ask the relevant questions that will build their road towards success. Questioning as a method of self preservation and Questioning as self refinement.  

The importance of healthy skepticism especially in a field such as retail trading will save you.  

I urge those that "get" what I mean to maintain this outlook on trading and develop it. Don't let it atrophy away and don't believe that because you paid for a service it will make you successful. Whether you pay or not, you're still the one that has to put in the work.

What do I know, though. I am not profitable yet. But I'm just on the threshold of finding consistency. And that's a huge step from where I was before.  

Hope this is helpful. Apologies ahead of time for grammar errors. Don't get Wrecked in the Market!