Welcome. If you are a trader or aspiring to be one take a look around and you´ll find some useful articles, videos and resources. Hopefully you´ll find something of interest.
Wondering why I´m quoting Dickens above ? Well, its because it seems to me to encompass pretty much the essence of trading especially for those just starting out on the journey. There´s no way around the central fact that trading is a tough business. You will be hopeful and elated at times and feel despairing at others. Most fail along the way but those who stick to it, learn the ground rules, gain wisdom through experience and keep on learning throughout their career can look forward to the absolute best of times all the while recognising that the worst of times are only a slip away!
I don´t want to discourage anyone by my comments above I just want to point out that trading is a serious business where the flip side of success is ever present should your concentration lapse or your method be unsound. It is not a ´get rich quick´scheme some trading educators try to suggest. It´s like anything else in life; if you want to succeed you have to put the work in and maintain your focus diligently.
Conversely it is also not rocket science as the basis of all good and profitable trading stems from one thing: understanding support and resistance. Trading may be complex but it need not be complicated.
So while a good grasp of the basics - technical analysis, chart patterns, risk, money management and price action - is essential, being able to see support and resistance in the context of the trading session and / or instrument you are trading is the core skill you need to learn to make money.
I might add that a basic appreciation of macro economics will help but that is something you can learn ón the job´.
Only by understanding ´context´ and what constitutes support and resistance will you be able to anticipate what might come next and start to think in terms of probability. There is no short cut. It takes time, energy and commitment. Perhaps the most complicated thing you will have to address is the tricky problem, unique to trading in my view, of the psychological pressure trading will put you under.
Taking action to address what you need to know and learn at the outset of your trading journey will provide the best foundation for success. Once you have started to acquire this, practice will help to build your confidence. Putting it all together through execution time and time again will make you a trader.
First up a few things you should know:
There are no silver bullets that will make you a millionaire trader overnight. Its down to you.
There is no ´holy grail´ set up or trade. Keeping things simple using Support and Resistance is as much the holy grail of trading as you are likely to find.
There are no secrets held by the financial ´illuminati´ which, if you knew, would instantly turn you into a megastar trader. You´d be surprised how many normally sane people fall for this. Nothing further to be said here.
You can check your charts for a few minutes while you´re in bed every morning or on the beach and make a fortune. No you cant - get real. This is a tough job - if you are not up for some hard labour - forget it.
Wherever you see the words Lifestyle or a picture of a Gucci shopping bag and a Lambo - well, what can I say - if you fall for that you really should consider something other than trading :).
Anyway, just thought I would mention them.