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The Truth About Trading - how long to be profitable?Trading is hard work - But no one wants to hear that it is hard work. Everyone wants a short cut. A short cut does not exist. If it did - everyone would use it and the market would cease to exist. Everyone who starts out trading is lured in by the profit potential. You might get lucky and make a quick buck. But over time you soon realize that trading is a job, and a hard one at that. The markets offer the highest paid profession in the world - and it is the hardest profession. There are no set paths, clear schooling or achievements which put you into a position of earning a living. This is an entirely different world. It is you and the market. You are responsible for the actions you make, and the repercussions or rewards which come with those actions. It takes a lot of time and effort on your part if you truly want to succeed long term in the markets. This does not just mean learning about the markets and how they operate. It also requires skills that no other job does - understanding and working on yourself internally. Remain Humble - We all know of someone who brags about their position, their entry price or whatever. But there is something they likely do not have.. Profits. Ever wonder why the top traders dont brag or choose to talk about a position or how much they make? Because they are humble. If you do not remain humble when it comes to markets, they will humble you. If you are attached to your Ego, you will fail in the market, without question. The only question is how long will you survive? How long does it take to be a Profitable Trader? Every beginner wants to know how long it will take before they can make a profit. This is a loaded question - with no answer. I am often asked how long until you knew you had it? Or how long does it take to become a profitable trader? People are confused by my answer when I say "you never have it, or anything." Even wildly profitable traders lose money, sometimes all of their money several times. Trading is not about getting something, or somewhere. It is a journey, a dance. Do you dance or play the guitar to get to the end of the dance or end of the song? No, otherwise you would play or dance really fast! (Alan Watts). You play to play. You trade because you enjoy the act of trading. In other words the act of doing is the goal, not the end result. The market is a teacher who teaches you about your self. If you chose to ignore it and instead focus on what you want out of it; you probably wont get it. If instead you open yourself up, give in to it and what it is showing you; you just might get what you want. If you found this helpful please like! Feel free to comment or ask questions.
BITSTAMP:BTCUSD
by tradersmentality
4
EGO - Fallen angel formation long from $1.27 to $1.63EGO came out on our fallen angel scan. It is a play on the gold. It has broken down from a long-term downward channel & now seems getting some upward momentum. We think it has good upside potential from here. * Trade Criteria * Date First Found- December 13, 2017 Pattern/Why- Fallen angel Entry Target Criteria- Current price ($1.27) Exit Target Criteria- $1.63 Stop Loss Criteria- $1.07 Indicator Notes- Good money flow accumulation Special Note- Very strong Financial Ratios Please check back for Trade updates. (Note: Trade update is little delayed here.)
NYSE:EGOLong
by AcornWealthCorp
EGO / ELD Possible PullbackThis is getting a little top heavy right now with the RSI (5) and MACD showing signs of a short term pullback brweing. Volume has decreased the last couple of days as well which usually means buyers have started to slow down. Anything can happen tomorrow with the FED rate decision however, but ultimately gold prices need to move higher in order to reach and pass the breakout area. I sold my position last week (too soon of course), but readying myself to get back in if we get a pullback to anything under the 200 MA.
TSX:ELD
by xsubtownerx