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Old 04-29-2008, 11:33 PM
darthtrader darthtrader is offline
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Re: How to Be a Good Trader?

Dr Brett just did a great webinar I would highly recommend watching and absorbing the parts up until he starts talking about specific patterns.
http://ioamt.com/media/videos/brett/...ttapril24.html

His advice is to start out by simply looking at tons of charts and learning to idenity a range. Then use the common tools(price/volume, candle sticks, whatever) to either trade breakouts from a range or to fade a reversion from the top/bottom of a range.

If I had to start over again I would start from the beginning of his blog and read all 1500 posts in order, googling what you don't understand along the way. Then maybe half way through read Enhancing Trader Performance.
http://traderfeed.blogspot.com/searc...max-results=33

At some point spend 50 a month on a DTN iq feed and use Ninja Trader to paper trade SPY. Put on paper trades in 100 trade blocks of various techniques until you find one that works for you. Once you find one that seems to work put on another 500 paper trades to make sure it wasn't just luck. Keep detailed metrics/journal of each trade and figure out what went wrong or right.

The biggest thing though I think is if you can't envision yourself trading for your main income in 5-10 years then your just wasting your time. You will get knocked down and if you don't have those kind of goals one of the knock downs will KO you.

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