TradeAlpha12
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TradeAlpha12 reacted to cbinbc in What's the best trading system for a beginner?
Hi TradeAlpha - good points.
Daytrading can be hard if making quick decisions under stress is not your strength. Luckily, I have raised 4 kids with homeschooling, so I know what stress is about :)
Regarding " backtesting", maybe I did not explain my thoughts well. Backtesting does assume that past performance will continue into the future (which is not something that can be assumed).
Perhaps a better idea would be to look for a "robust" strategy (broadly tested to work for many years - such as VSA or Wyckoff or trendfollowing or ??) that is taught by a trusted, veteran, successful trader (say Chris Lori or LBR, as opposed to all the unknown, new Youtube gurus that appear every week with a new course). This personally would give me some confidence that I had an edge, even during the inevitable drawdown periods.
Good luck with your trading journey!
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TradeAlpha12 reacted to cbinbc in What's the best trading system for a beginner?
I have to agree with AdamUS - you really have to find something that makes "sense" to you and fits your personality.
For example, I have a long term investment that I am very comfortable with, and don't check on it (very much set and forget)
But when it comes to trading, I find it hard to do swing trading because I "want" to check on the position many times during the day. That is just my personality. So I am looking at daytrading ideas that will fit this tendency.
Also, in my trading, I need to see some "proof" (backtesting or past results) that will give me confidence that the method I am following actually gives me an edge.
So just like not everyone is suited to the same job or occupation, not every trading method will fit everyone either.
But I am finding more about myself in this trading journey (so not a bad thing).
My 2 cents worth.