Need Some Comments/Advice on Plan

[goodoboy 10]

Thank you everyone is on this forum for the advice, support, and reference materials.

 

As you know I been trading the es for about 5 months now. I trade some simulated and live for awhile and currently trading live. My success so far is under average, but could be better. Learning as I go daily with technical analysis, market behavior, risk and money management.

Risk and money management I have improved lot since first beginning, so that's a positive, still working on it daily.

 

Give your advice or comments on what I am thinking to do to make sure I am right track. You all have more experience then me so I ask you. Just share your thoughts on what has worked for you thus far:

 

1. Continue what I am doing now: learning, look for trades daily and sticking to what I am doing now. I think I am doing fine, just don't take

 

2. Stop/Start looking for one of these websites that has a defined method/training to trade futures. There are lots mentoring and live trading box website out there. I don't know if they work or not,so I want comment.

 

3. I am a member of one website with a live broadcasting that trades futures/stock and post live trades for members (fee is very small). I like the website as it has helped me alot with technical analysis and risk management. I will not mention the site name here (private message me for details) cause I respect the owners of the site as they have helped me alot. However, I don't feel comfortable just taking his trades and following like that. His method is pure technical analysis based. He offer mentoring at fee, but I decided to hold off on that option for now until I discover what works for me. Nothing bad about the guy, I just don't like all his requirements for coaching.

 

4. Find my own trading strategy what works for me and stop searching for others online and continue on with step 1.

 

Thank you all.

[TheNegotiator 13]

1. Continue what I am doing now: learning, look for trades daily and sticking to what I am doing now. I think I am doing fine, just don't take

 

Not exactly sure what you are doing as such. I think learning is important, but given there's never any certainty about how well you will take to any specific 'method', be wary of paying lots of money to people to learn. Not that they necessarily have nothing to offer. I do think it's useful to see the things that good traders are doing, so you get a better idea of what's involved. So get good at spotting bs and what is really good. There is a great deal of excellent stuff on TL and the net in general, but even more rubbish unfortunately.

 

2. Stop/Start looking for one of these websites that has a defined method/training to trade futures. There are lots mentoring and live trading box website out there. I don't know if they work or not,so I want comment.

 

This is just the same as everything else on the net. Statistically likely to be rubbish rather than good. Plus if you're just learning then you're not really in the position to judge whether it's good or not. Rooms/training who refuse to offer a free trial or reveal anything about their methods you should just walk. No, run. As most good traders and teachers should know, it takes a hell of a lot more than just giving someone the blueprints for them to go out and build the skyscraper. This even really applies to those offering a short trial. Anyway.

 

3. I am a member of one website with a live broadcasting that trades futures/stock and post live trades for members (fee is very small). I like the website as it has helped me alot with technical analysis and risk management. I will not mention the site name here (private message me for details) cause I respect the owners of the site as they have helped me alot. However, I don't feel comfortable just taking his trades and following like that. His method is pure technical analysis based. He offer mentoring at fee, but I decided to hold off on that option for now until I discover what works for me. Nothing bad about the guy, I just don't like all his requirements for coaching.

 

There's nothing wrong with mentoring if it's a good fit/the mentor is sensible enough to not force their own ideals on you. Each trader is different hence the saying "find a style that fits your personality". This leads to what's probably the most important aspect of trading. Your own psychology. That and risk management. You have to more or less nail these down and have failsafes in place to prevent catastrophe and really maximise your every day trading. Really, you should look to find something decent technically that works (easy to say, know- but you have the e-mini thread ) and then spend your time on your psychology and risk.

 

4. Find my own trading strategy what works for me and stop searching for others online and continue on with step 1.

 

Well it's back to what I mentioned before. It's good to see what good traders are doing and get ideas. But yes, it's important to mold the things you find useful into a strategy you feel comfortable with.

[goodoboy 10]

 

Really, you should look to find something decent technically that works (easy to say, know- but you have the e-mini thread ) and then spend your time on your psychology and risk.

 

 

Thank you so much. Yes this thread is awesome for getting learning and good opinions and suggestions. Very good comments and suggestions you made. And I like the statement above.

 

What you mentioned above makes since, nothing wrong with listening to traders but be weary of all the rubbish out there. I read alot, so learning is no problem for me. Thanks for your input.

[BlueHorseshoe 10]

Thank you so much. Yes this thread is awesome for getting learning and good opinions and suggestions. Very good comments and suggestions you made. And I like the statement above.

 

What you mentioned above makes since, nothing wrong with listening to traders but be weary of all the rubbish out there. I read alot, so learning is no problem for me. Thanks for your input.

 

Hi Goodoboy.

 

I'm not sure that I can claim to have significantly more experience than you, but based on my own experience I think that the best advice that I could give to you would be to learn to program within whatever platform you use. This recommendation stands regardless of whether you trade mechanically or with discretion.

 

You will be able to test ideas very quickly and find out what works. You'll start to see the wood from the trees more - the results of repeating the same action thousands of times over. This often leads to suprises - many things that I expected to work actually didn't, whilst unlikely sounding approaches proved profitable. I could quickly try out and discard ideas if they didn't have merit. Although learning the programming language takes a little time, testing strategies afterwards then becomes a very quick process.

 

I hope that's helpful, and good luck with your trading!

 

BlueHorseshoe

[Predictor 11]

Your problem is a common one. You've probably created a detailed plan about how you will use tight stops, how you will be disciplined, and how much money you will make per day. The problem is, if you are like most new traders, you didn't check your plan with reality and your expectations aren't realistic. Trust me, I was there once.

 

Only with experience and development did I learn that nonsense rules could cost me money. tight stops are difficult to use (and the reason for most traders losses), and that my early plans had zero basis in reality. The development from that level to the level I've reached required significant energy and the ability to "throw away" what didn't work, a strong ability to invent my own methods/go my own way, the willingness to question everything while not becoming a skeptic.

 

Let me be blunt, many/most educational vendors don't really trade and couldn't be profitable even on a realistic simulator. Yet, I'm sure there are good traders out there who do offer education -- and I'm not just thinking of myself. At your level of experience, I think it makes sense to try things out -- have fun. I think it makes sense to try a lot of things to find what you are good at. Try various free trials.. try to get an exposure to a lot of different trading methods and "schools of thought". The point in all of that isn't to "learn their methods" but to find what clicks for you...

 

The other thing that makes sense (for me) is to do a self-assessment. I always preach "Focus on your strengths". Focus on what you are already good at. Find where your strengths are and what makes sense for you and then you have to realistic about what aspects aren't working.

 

The problem is and I think you are already seeing this is that the market doesn't provide a structure. On the one hand, creating artificial structures often doesn't produce the results one had hoped for while going about it without a structure doesn't seem like a recipe for success either. You have to create your own structure..a structure that is focused enough to produce results but flexible enough to allow you to adapt/re-sort/re-energize and this is not easy.

 

The other path is to try to find a mentor who already has a lot in common with what you are trying to do but who maybe has more experience and then just try to copy their structure. That's another path but not the one I took and maybe not appropriate until you develop more experience...

 

You might also look to see if your area has any local trader's meetup groups.. again getting a lot of exposure early to try to find where your strengths are.

-

Curtis

Blog - The Market Predictor

Edited July 25, 2012 by Predictor

[DbPhoenix 42]

2 and 3 are definitely the wrong paths.

 

4. Find my own trading strategy

 

Better. How are you going to go about doing that?

 

1. Continue what I am doing now: learning, look for trades daily and sticking to what I am doing now.

 

What are you doing now?

 

Db

[goodoboy 10]

 

Better. How are you going to go about doing that?

 

 

What are you doing now?

 

Db

 

Thanks you Db.

 

I basically trade the ES now based on technical analysis (ie, support, resistance, Fibonacci, Calculated Pivots, Channels, Trend lines, moving averages, chart patterns, etc.).

 

I do the following in a nutshell:

 

1. Setup my charts and find all support and resistance on the 15 min chart.

2. Decide the trend of the day and trade off the 1st retrace. Be patient.

3. Look for a support or resistance to trade on. Depends on market context as well.

4. Practicing using the 15 and 5 min slowstoch and RSI for entry.

5. If I get a good entry, I try my best to let ES ride up or down far as possible. Adjusting my stop accordingly to reduce risk once in the trade. Trading one contract.

5. Stick to risk and money management.

 

I have some rules I follow for my self as well before I take a trade. Right now, I struggle on entry and needs start defining my target risk vs reward before trade. Also practicing with the slow stoch for entry trades as well. I also want to read more on Volume profile. Also, posting my trades on the emini thread helps as well.

 

All over the internet, I read about traders having trade setups they use. So now I am thinking I need one as well.

 

Thanks,

[DbPhoenix 42]

Thanks you Db.

 

I basically trade the ES now based on technical analysis (ie, support, resistance, Fibonacci, Calculated Pivots, Channels, Trend lines, moving averages, chart patterns, etc.).

 

I do the following in a nutshell:

 

1. Setup my charts and find all support and resistance on the 15 min chart.

2. Decide the trend of the day. Be patient.

3. Look for a support or resistance to trade on. Depends on market context as well.

4. Practicing using the 15 and 5 min slowstoch and RSI for entry.

5. If I get a good entry, I try my best to let ES ride up or down far as possible. Adjusting my stop accordingly to reduce risk once in the trade. Trading one contract.

5. Stick to risk and money management.

 

I have some rules I follow for my self as well before I take a trade. Right now, I struggle on entry and needs start defining my target risk vs reward before trade. Also practicing with the slow stoch for entry trades as well. I also want to read more on Volume profile. Also, posting my trades on the emini thread helps as well.

 

Thanks,

 

Are you happy with the results you're achieving? Do you think that after 5 months you should be farther along than you are?

 

Db

[goodoboy 10]

Are you happy with the results you're achieving? Do you think that after 5 months you should be farther along than you are?

 

Db

 

Thanks,

 

No, I am content with my results, although they are not good thus far, I can do better. I just want to make sure I am taking the right steps to do better and only I can answer that. My results are my fault and mainly due to:

 

1. Lack of experience trading the ES future contract.

2. Not trading real emotions from simulator before trading live account.

3. Chasing after missed entry.

4. Stop too small, stop too big.

5. Getting mad after a loss and playing Mr. Revenge.

6. And not taking risk on trades that I think is good opportunity, risk vs reward.

7. Lack of preparation.

 

So I am working on those issues above. I would like to know if this is how everyone started out.

 

Thanks

[goodoboy 10]

Your problem is a common one. You've probably created a detailed plan about how you will use tight stops, how you will be disciplined, and how much money you will make per day. The problem is, if you are like most new traders, you didn't check your plan with reality and your expectations aren't realistic. Trust me, I was there once.

 

Thanks for replying and your comments are helpful. That's all I needed was just a little advice and some direction to start learning. Yes, I listen to all webinars I can get my hands on and continue trying to see what works for me.

 

Let me be blunt, many/most educational vendors don't really trade and couldn't be profitable even on a realistic simulator. Yet, I'm sure there are good traders out there who do offer education -- and I'm not just thinking of myself. At your level of experience, I think it makes sense to try things out -- have fun. I think it makes sense to try a lot of things to find what you are good at. Try various free trials.. try to get an exposure to a lot of different trading methods and "schools of thought". The point in all of that isn't to "learn their methods" but to find what clicks for you...

 

Good advice, I am also starting trading on simulator with real emotions. I challenge myself to make 3x margin, before attempting to go back live. Also, detailed stats of my trading and what approach I used and mental thoughts what I was thinking. Simplicity works best for me.

 

Thank you

[DbPhoenix 42]

Thanks,

 

No, I am content with my results, although they are not good thus far, I can do better. I just want to make sure I am taking the right steps to do better and only I can answer that. My results are my fault and mainly due to:

 

1. Lack of experience trading the ES future contract.

2. Not trading real emotions from simulator before trading live account.

3. Chasing after missed entry.

4. Stop too small, stop too big.

5. Getting mad after a loss and playing Mr. Revenge.

6. And not taking risk on trades that I think is good opportunity, risk vs reward.

7. Lack of preparation.

 

So I am working on those issues above. I would like to know if this is how everyone started out.

 

Thanks

 

You say that you are content with your results though they are not good and that it's your fault. In the cosmic sense, I suppose it is your fault, like buying a used Yugo and having it fall apart the next day. Yes, it's your fault, but is it really?

 

How "everyone" starts out is not particularly pertinent. Everyone learns, and everyone wishes they'd done something (everything) differently at the beginning. Therefore, starting out like everybody starts out is most likely the wrong course.

 

I suggest you review everything you're doing and clean house. This doesn't imply throwing out anything, but it does mean re-examining the elements of your strategy and tactics and putting everything in order. Perhaps a new order. This will take care of most or all of the emotions that appear to be tripping you up.

 

1. Why are you trading the ES?

 

2. Is the slosto something you can depend on? Something you can trust? Can you act on its signals without hesitation? Can you depend on the RSI, trust it, act on it without hesitation? Ditto for the Fib, the Pivots, whatever channels, trendlines, MAs, patterns. Review each and every one of these elements with these questions in mind. If any or all of these indicators aren't helping you, they're hurting you and preventing you from becoming the trader you believe you can be.

 

3. Moving your stop doesn't reduce your risk; it increases it. Placing a stop does not absolve you of the responsibility for the management and outcome of the trade. You must be actively involved in the trade from the moment the order is filled. You must know how to determine whether or not it's gone wrong. If it has, you have to be ready to get out, stop or no stop. If you don't know how to make this determination, stops will not save you. They will most likely lose you money instead.

 

4. Don't trade one contract. Trade at least three, preferably five. Learn how to manage those contracts. Then, when you're ready to trade for real, trade one for real and simtrade the others. Then trade two for real. Then three. And so on. The subject of risk and risk management and trade management will take on an entirely new meaning for you, and whatever traces of fear remain will disappear.

 

5. Stop posting on message boards. Whatever anyone says about his experience or prowess or trades or results can be taken with a large grain of salt, and if you read others' posts, they will almost unavoidably affect what you do or don't do and how you think and feel about it. What anybody else thinks about what you're doing is irrelevant, including me. All that matters is your results, your objective, unrationalized, unexcused results. Those are what they are regardless of what you and anyone else thinks about them.

 

I suspect you can do this, and since it's been only five months, it's not too late to back up and do some serious reassessment. Wait too much longer, though, and you may end up being one of the many who spends two or three years or five or ten struggling to find the right indicator settings and entry and exit signals and so forth and so on. This is so much simpler than most people realize. But you have to know what you're looking at.

 

Best of luck.

 

Db

[TheNegotiator 13]

This is so much simpler than most people realize. But you have to know what you're looking at.

 

This is the most important statement you'll probably ever read on a forum (or be told by a mentor if you're lucky enough to find a good one). What you must understand however, is just because the suggestion is that trading is simple once you find the 'key', it doesn't mean that there is no effort involved in reproducing results each day. If someone says otherwise, I'd be very suspicious. This 'key' or 'holy grail' often leads to newer traders searching for a method that just works. They don't understand the probability aspect of trading properly and so they focus their efforts on finding this one method. This leads into the second part of the statement. Something many would claim is they do know what they are looking at. But then is this how they determine the specifics of their strategy? Are they really forming their strategy from a starting point of a particular trait of a market they wish to capitalise on, or are they trying to take trades when the ichimoku super triple backflip wave reader pro (patent pending) does something in particular without really knowing what that is?

 

The people who do well in trading (and life in general) are often those who's approach to their work is good. They do the work they need to do, when they need to do it. They question ideas properly and they are decisive. In the interests of simplicity, after you have addressed your methodology as Db suggests, I would contemplate the following:-

 

Preparation; ability to accept uncertainty; focus.

 

From what you mention, it sounds a little to me like you haven't fully committed yourself to becoming the trader you hope to be. I could be wrong though. But trading is a serious game and people are prepared to work hard to take your money from you. If they are going to, why don't you make them work hard to do that?

[goodoboy 10]

Thank you TheNegotiator and DbPhoenix for responding. I will certainly respond in about 2.5 hours, have to head to doctor now. Thanks.

[DbPhoenix 42]

This is the most important statement you'll probably ever read on a forum (or be told by a mentor if you're lucky enough to find a good one). What you must understand however, is just because the suggestion is that trading is simple once you find the 'key', it doesn't mean that there is no effort involved in reproducing results each day.

 

Thank you for your comments. But just to make sure I'm not misunderstood, "simple" is not the same as "easy". Not nearly. Not anywhere near nearly. Few beginners, for example, can maintain focus for more than an hour, if that, much less six or seven, which is why I began my Trading in 90 Minutes thread. IOW, knowing that one must maintain focus (and be disciplined and so forth) is a duh. Doing it is anything but easy.

 

As to a "key", the only key I know of is understanding what traders are doing and why as opposed to waiting for the red line to cross the blue line. Being able to tell the difference between up and down is also helpful. Nothing mysterious. No secret handshake or anything.

 

Db

[BlueHorseshoe 10]

Few beginners, for example, can maintain focus for more than an hour, if that, much less six or seven, which is why I began my Trading in 90 Minutes thread.

 

I have no idea how you guys who daytrade manage to mantain focus for a full session. Mine collapses after about 60mins . . . But then end of day trading is always an option if intraday doesn't suit or isn't practical.

 

BlueHorseshoe

[MightyMouse 12]

Becoming a trader isn't really something you pick out of a career catalog and decide to pursue as you would an accounting or nursing degree.

 

Trading is something you have a knack for doing. This means that in your life you have become good at buying things at one price and selling them at a higher price. It means that you know when price is too high and won't buy at that point because the market for that product has to come down. You know how to identify when someone is desperate to buy or desperate to sell and you have learned how to take advantage of that situation and are perfectly ok with taking advantage of people in that situation.

 

Trading the financial markets require the use of software and indicators, but it is still trading as above. Price doesn't follow a pattern. You can convince yourself that it does, but, then, you can convince yourself of anything. You are trading traders who act strategically, so they do not act like you might expect protozoa to act in a petrie dish.

 

You are supposed to take money from the markets when you trade and it is not ok when you are losing. When you are losing time after time, you are doing something wrong.

 

There is a lot of good advice and bad advice here on these and other threads, but beware since you are no more likely to become a trader by spending time on these threads than you are likely to become a car by spending time in a garage.

[DbPhoenix 42]

Trading the financial markets require the use of software and indicators...

 

While I agree with your remarks regarding trading, the above comment is true only if you buy into the vendors' spiels. Indicators are a relatively recent phenomenon, and software is more recent than that. There was a perception in the late nineties that with the development of indicators and affordable trading software and the internet and discount brokerages that a new era of easy money was at hand. But "traders" continue to lose money just as easily and just as fast, if not faster.

 

Indicators are an elective, not a required.

 

Db

[MightyMouse 12]

While I agree with your remarks regarding trading, the above comment is true only if you buy into the vendors' spiels. Indicators are a relatively recent phenomenon, and software is more recent than that. There was a perception in the late nineties that with the development of indicators and affordable trading software and the internet and discount brokerages that a new era of easy money was at hand. But "traders" continue to lose money just as easily and just as fast, if not faster.

 

Indicators are an elective, not a required.

 

Db

 

To me, everything and anything that we can put on a screen to make a trading decision is an indicator. I use price, time, and volume and derivatives of each,plus the DOM, and t&s to help me decide if the conditions are right to put money at risk.

 

People continue to lose money because they do not know how to trade. That was the point of my post. If you are trading es, or oil, or corn, you should be making money if you are a trader and not losing money. I firmly believe that a prerequisite to trading the markets, is a knowledge of how to trade with others.

 

To be clear, trading is not buying when line A crosses line B. That may look and feel like trading but it leads to losses over time.

[goodoboy 10]

Thanks for responding. Appreciate your comments alot. I been busy thinking and took some es trades today.

 

1. Why are you trading the ES?Db

 

I trade ES cause I think I have some good experience with ES. Also, it follows the SPX which gives me a peek hole on the market cause I follow the SPX as well to monitor my long term stocks. Also, I am considering looking at wheat and corn later next year, but its ES for now.

 

 

2. Is the slosto something you can depend on? Something you can trust? Can you act on its signals without hesitation? Can you depend on the RSI, trust it, act on it without hesitation? Ditto for the Fib, the Pivots, whatever channels, trendlines, MAs, patterns. Review each and every one of these elements with these questions in mind. If any or all of these indicators aren't helping you, they're hurting you and preventing you from becoming the trader you believe you can be.Db

 

Very good comment and I added this in my notes to think about while I am practicing. Its a full time job practicing and watching the slos. I am practicing to see what works for me each day. I think its about what works for me, I keep you updated

 

 

3. You must be actively involved in the trade from the moment the order is filled. You must know how to determine whether or not it's gone wrong. If it has, you have to be ready to get out, stop or no stop. If you don't know how to make this determination, stops will not save you. They will most likely lose you money instead.Db

 

Correct, once I am in the trade, I play close attention. I have no problem at all with breaking even. of course I need continued work on stop placement.

 

 

Thank you for the advice, and I hope its so much simpler than it looks, but I doubt that just yet. Right now my focus on making sure I know what I am doing and practicing sim and live on what methods are reliable for me. I want learn from reading, only from daily practicing. I will get the hang of it. I can make it and believe highly in myself! And will keep you updated.

[goodoboy 10]

This is the most important statement you'll probably ever read on a forum (or be told by a mentor if you're lucky enough to find a good one). What you must understand however, is just because the suggestion is that trading is simple once you find the 'key', it doesn't mean that there is no effort involved in reproducing results each day. If someone says otherwise, I'd be very suspicious. This 'key' or 'holy grail' often leads to newer traders searching for a method that just works. They don't understand the probability aspect of trading properly and so they focus their efforts on finding this one method. This leads into the second part of the statement. Something many would claim is they do know what they are looking at. But then is this how they determine the specifics of their strategy? Are they really forming their strategy from a starting point of a particular trait of a market they wish to capitalise on, or are they trying to take trades when the ichimoku super triple backflip wave reader pro (patent pending) does something in particular without really knowing what that is?

 

The people who do well in trading (and life in general) are often those who's approach to their work is good. They do the work they need to do, when they need to do it. They question ideas properly and they are decisive. In the interests of simplicity, after you have addressed your methodology as Db suggests, I would contemplate the following:-

 

Preparation; ability to accept uncertainty; focus.

 

From what you mention, it sounds a little to me like you haven't fully committed yourself to becoming the trader you hope to be. I could be wrong though. But trading is a serious game and people are prepared to work hard to take your money from you. If they are going to, why don't you make them work hard to do that?

 

Thank you for response. I will note these thoughts. Yes, I committed, although I work full time and trading is also full time for me when off work and during my spare time. practice practice practice for me,

[goodoboy 10]

This 'key' or 'holy grail' often leads to newer traders searching for a method that just works. They don't understand the probability aspect of trading properly and so they focus their efforts on finding this one method. This leads into the second part of the statement. Something many would claim is they do know what they are looking at. But then is this how they determine the specifics of their strategy? Are they really forming their strategy from a starting point of a particular trait of a market they wish to capitalise on, or are they trying to take trades when the ichimoku super triple backflip wave reader pro (patent pending) does something in particular without really knowing what that is?

 

 

You are so right! There is a lot of probability per trade. Just having an indicator (IMO) is certainly not enough from my limited experience. The indicator is just one energy factor to support the trade. I really think the best way to learn is a sim account and trade with what thinks work and then trade with real emotion. Challenge myself to make feel confident per trade and reach a certain profit level. Afterwards, go live.

[DbPhoenix 42]

You do understand, don't you, that you didn't really listen to any of the comments that were made?

 

Practicing the wrong market incorrectly isn't going to do much for you other than help you learn how to become proficient at trading incorrectly. Yes, one can become minimally competent by practicing the wrong swing or the wrong stroke long enough, but he will never become a winner.

 

I worked with someone once who was in pretty much the same position you're in, only he'd been at it for five years. I hope you seriously re-examine your process long before that much time has gone by.

 

Db

[goodoboy 10]

You do understand, don't you, that you didn't really listen to any of the comments that were made?

 

Practicing the wrong market incorrectly isn't going to do much for you other than help you learn how to become proficient at trading incorrectly. Yes, one can become minimally competent by practicing the wrong swing or the wrong stroke long enough, but he will never become a winner.

 

I worked with someone once who was in pretty much the same position you're in, only he'd been at it for five years. I hope you seriously re-examine your process long before that much time has gone by.

 

Db

 

Thanks for comments.

 

1. How can someone know if they are trading the wrong market incorrectly?

 

I am thinking the only way is through practice to so what they like. Correct me if I am wrong. Of course practice with a demo account and not real capital.

 

2. Why did this person stay in the same position for 5 years?

 

Unless there is some other process to learning, all I can do is keep learning (reading and listening), practicing and asking questions.

[DbPhoenix 42]

Thanks for comments.

 

1. How can someone know if they are trading the wrong market incorrectly?

 

I am thinking the only way is through practice to so what they like. Correct me if I am wrong. Of course practice with a demo account and not real capital.

 

At a minimum, the stats. What is your win:loss ratio? Your profit:loss ratio? What is your monthly net (considering at least commissions and trading costs)? Are you maintaining a trading journal? A trading log? Where? If those who are willing to help are going to be able to do so beyond the generic "keep up the good work" and "don't give up", they have to know what you're doing and why.

 

2. Why did this person stay in the same position for 5 years?

 

Unless there is some other process to learning, all I can do is keep learning (reading and listening), practicing and asking questions.

 

He made so little progress because he thought all he needed to do was keep practicing.

 

There's an old observation about the man who has twenty years' experience versus the man who has one year of experience twenty times. Unless you keep careful track of what you're doing and why and how much you profited from the work, if anything, you'll just spin your wheels. I notice from another post of yours elsewhere today that you missed an entry again. Do you keep track of when and how often and why this happens? Is it happening less? Do you have a plan for dealing with it? And so on.

 

Practice is great. The central question, however, is (a) what are you practicing and (b) are you reaching your objectives?

 

Db

[TheNegotiator 13]

Absolutely agree Db. Just as good practise makes permanent, bad practise does too. If you do something again and again without assessing its efficacy, you might get really lucky and nail it first time, but the chances are you can improve upon what you're doing at the very least and you could be approaching it completely wrong. If this is the case, you're only making it harder to correct problems down the line. This is one reason why prop shops usually only ever take completely 'fresh' trainee traders with no prior exposure to trading.