New Trader: Should I Call It Quits?

[newtrader]

I have been trading for a few months without any success. Ive hit a mental block in my trading career. I spent quite some time researching and reading every book I can get my hands on over the past 10 months or so.

I need good trading advice that can help me change my trading. I keep a trading journal which is flooded with all the wrongs things I have done. Ive tested every indicator possible, studied strategies of authors, etc...

I can not seem to figure it out. What am I missing?

[Soultrader]

You sound like you want to succeed badly. As long as you have that motivation and passion you are on the right track.

Sooner or later you will have a wake up call. That is when you realize how not to lose and you focus on starting to make money. My wake up call came after losing my account twice.

One trading advice: instead of searching for the truth.... look within you. Trading style and strategy can only be mastered if you study on your own and create what fits you.

Forget indicators. Who needs them? If indicators made money, everybody would be rich. Indicators are completely useless to me. My trading changed 360 degrees when I dropped all indicators off my chart and focused on price action alone combined with tape.

There are two types of men. 1. Those who fall. 2. Those who fall and get back up.

I wish you the best on your journey.

[newtrader]

Thank you. I have looked everywhere for some good tape reading educational materials but failed to find any. Can you recommend any books?

[Soultrader]

	Quote:	newtrader
	Thank you. I have looked everywhere for some good tape reading educational materials but failed to find any. Can you recommend any books?

Not many good books out there. But for now learn the basics of tape reding by reading Humprehy Neill or Vadym Graifer.

After that stare at the tape for months. The only way you can fully understand it is to watch it carefully and practice. Learn how to seperate noise from info. Learn to watch for price rejection and short-term reversals.

Also check back at the trading video forum, I will try to post a video on tape reading.

[newtrader]

Very appreciated. Thank you Soul.

[luke24.5]

	Quote:	Soultrader
	Not many good books out there. But for now learn the basics of tape reding by reading Humprehy Neill or Vadym Graifer. After that stare at the tape for months. The only way you can fully understand it is to watch it carefully and practice. Learn how to seperate noise from info. Learn to watch for price rejection and short-term reversals. Also check back at the trading video forum, I will try to post a video on tape reading.

Amen. Amen. Amen.

Would Boeing tell new pilots to read a book on flying a 747 and then stick them in cockpits?

Would you read a book on Judo and tell someone, "alright now, come at me with that knife."?

Would you read a book on how to play guitar and expect to cut a record when finished?

You can learn from books, tapes and seminars but nothing replaces practice. If you can't afford a real-time datafeed and simulator, at least find a free delayed feed and paper trade. Practice, practice before you step in the ring against the world champions of trading.

[newtrader]

I have no clue how to look at the tape or what I am supposed to be watching for. Will I be able to understand it just by staring at it?

[Soultrader]

	Quote:	newtrader
	I have no clue how to look at the tape or what I am supposed to be watching for. Will I be able to understand it just by staring at it?

Thats pretty much what need. I trained my brain to go on autopilot. Tape reading is a very hard skill set to learn and takes hundreds or thousands of hours to master.

I know as a new trader tape seems very confusing but once you understand what it is you need to look for, it is not that hard.

I made a tape reading video during yesterdays unbelievably boring market action. (Sept. 6, 2006) We literally had no movement in the markets. I will upload it now and post them when it's ready.

[Lisa]

	Quote:	luke24.5
	Amen. Amen. Amen. Would Boeing tell new pilots to read a book on flying a 747 and then stick them in cockpits? Would you read a book on Judo and tell someone, "alright now, come at me with that knife."? Would you read a book on how to play guitar and expect to cut a record when finished? You can learn from books, tapes and seminars but nothing replaces practice. If you can't afford a real-time datafeed and simulator, at least find a free delayed feed and paper trade. Practice, practice before you step in the ring against the world champions of trading.

Very true! Trading is probably the only advanced career that literally anybody can step into without the proper training. This makes it harder than most profession that requires higher education.

So be prepared newtrader! Success in trading takes alot of work especially because you are on your own. Good luck.

[Soultrader]

Newtrader, I posted a two part video on tape reading. It is definitely not the best video because of the market conditions on Sept. 6, 2006. The markets was literally dead.

I tried to make 3 parts to this but did not see the need to because of the dull market.

CLICK HERE FOR VIDEO THREAD