My path has been very similar to yours. Hence it took me 7 years. Monday is the last day of my 14 year career and I'm turning pro. Must say it was all worth it. But dayem it was so expensive; emotionally, financially, physically, spiritually.... For a guy with a masters degree in chemical engineering who was senior management of a major consulting firm, learning to trade has been by far the most difficult thing I have ever done. I made 10 thousand mistakes, and got hurt 10 thousand times, I just chose to get up and keep going 10 thousand and 1 times
@@Duomoinitiative thank you. Your channel was part if my journey. Along with thousands and thousands of hours from after work til midnight and 20 hours over the weekend of most RUclips content, the good and the bad. Two x 200 episodes of 1 hour top trading podcasts. Over 50 books, every book from Schwager, Douglas, Van Tharp, Penfold, Lefevre, Bollinger, Covel, Ward, Steenbarger, all of them... Thank you and may you continue to share the painful but motivating truth about trading
honestly, it has just been a week since started watching your quality content, I don't know if there is a video specified on this topic although I want to understand what you or a typical industrial trader would do or rather how or do they manage their trade after positioning themself in the market. like it would much helpful to know what an industrial trader's daily routine might be like.
3 things anyone interested in Forex trading should do: Pick 1 currency pair. Pick 1 timeframe. Pick 1 trading system Master trading with these 3 things before you make any attempt to add more currency pairs or use another strategy. Less is always more.
I don’t like trading futures due to leverage… doesn’t mater if you are opening 0.01 or 1.00 the chances are always against you! That’s why i prefer prefixed investiments… here in brazil it’s possible to find 14% year prefixed certificated of deposits (CD’s)… i only risk what i made of profit with CD on Stocks and i don’t even leverage my positions… i am doing this for the last 4 years and even in 2020 and 2021 i achieved profit! While my friends who trade futures didn’t made money and some of then lose a lot of money…
this video is to be shared with everyone who just started , really helpful and am struggling to journal every trade as my account size is small so i really dnt feel like to record every single trade .please suggest on this ?
The size of the trade shouldn't matter for journaling, as what you are most interested in is the data and information from the trade - if you had to use less risk to get that data, even better! Think of it this way, the more data and information you can collect, the quicker or better you may be able to progress, which will help you grow an account and/or be more ready to trade larger amounts. ~ Nicholas
🔹 Get FREE access to the Duomo Trader Development Program: duomotrading.com/FreeDuomoTraining 🔹 Add us on Instagram: instagram.com/duomoinitiative/ 🔹 Our second channel for financial news and analysis: ruclips.net/user/MarketMoversFinancialNewsandAnalysis
Amount of risk in trading isn't the same as position size relative to one's account size, is it? I just want to be clear on this... I think I've been mistaken about this in the past.
Data meaning companies with great earnings, cash flow and low debt. FINDING SUPPORT and resistance over a day premarket and weekly, monthly. And the patients to strike at support or resistance. Just say it!!!!!
I’m not sure I agree that screen time is bad. One thing you cannot learn by reading is how to handle emotion. You won’t get exposed to the emotional roller coast if you don’t trade ie screen time.
Screen time is not bad. It’s just not the way to develop a skill. It would be classified as “ordinary practice” which will lead to you plateauing at average levels of ability. Instead you need to challenge yourself in deliberate practice which is more directed. The emotional experience will come from trading itself, not from staring at a screen, but emotional experience doesn’t replace skill development. ~ Nicholas
Very usefull advices, definetaly going to apply them on my trading. Especially the number 6 i think thats a powerfull one. if you can explain it to yourself and it makes sense i can be a good trade.
my plan is to read books from people like john j. murphy and al brooks, and spending a small amount of money (100$) a month on trading (2-3H a day) to get a litle bit of expirience. i hope you see this and maybe lmk your opinion. 👍
U said extended chart time isnt the way to learn.. So how do you train your eyes to develop the skill of being able to trade whatever knowledge u have. Experience is the key to being good at trading and the best teacher of that is the chart.
You still need to use the charts, however as I mentioned there's an order to how you should learn things. When you get onto chart time it should first be with deliberate practice to learn the skills deeply, then onto simulator/demo and then live trading. ~ Nicholas
first thing doubt what you learned as it might not be true me who was doubting but thought if everyone uses im wrong now im pushing massively X (doubt)
but bro how can i make a chart with lots of data ? how ? how did you do that, i see sometimes crazy traders who also have a program on microsoft excel where they use insane data with BUY and SELL signals, but all calculatet with big data charts ...
I collect my data manually, as there are parts that can't be collected automatically. Start by thinking about what areas of your trading _could_ be optimised and then start collecting data that might allow you to do that. ~ Nicholas
I knew him from my previous career and he had the skills needed. Turned out to be a blessing after we started working together as the theoretical basis that we discovered was quite complex and there's no way I could have done it without him and his physics background. ~ Nicholas
Great insights. The only thing I didn’t quite get is that you mentioned you finally became profitable and able to quit your job at the 10 year mark. Did I misunderstand? Just curious.
It’s 10 years ago that I’d made enough money to be able to quit my job. I had been profitable for a few years before that and it took me years to reach that point too. ~ Nicholas
Golden nuggets here! watching you since 2017-ish and always great video! Anyway, I have these systems data and follow proper risk management of 1:3-5. I've been doing well in my demo account but when it comes to my real account, i tend to be not profitable. Any experience on what part am I having trouble? anything would help :)
Rather than risk:reward, the part people usually struggle with is % at risk. If it's too high it can affect your decision making clarity. However, it can be a range of things that's affecting your trading on the real account. Have you been able to isolate any particular area where your decision making is changing or where the approach isn't performing? ~ Nicholas
@@Duomoinitiative So coool to get a reply from you! Anyway, I try to risk >1% to 1.5% max of total port but I guess Im just afraid of losing. The capital im trading is somewhere im very comfortable with but i think im just fed up of losing i guess. I tried to mirror out trades from my demo with my real port and filter out the best probabilities but I end up with the losing ones. haha might need to rest a bit maybe and re think
@@timperez4542 i believe that you have an income, the 1.5% represent how much of your month income? And what do you trade? Forex? Options? Binary options? Futures? Stocks?
Great video, cheers. We all quickly learn the markets are mostly random - it's obvious isn't it? You read books and follow gurus and despite following their ideas, your account grinds downwards. If making profits was just a matter of following some expert or concept, we would all be building wealth - but it doesn't happen because we are (conveniently) sold fixed linear ideas to be applied upon a chaotic, noisy and stochastic environment. As you point out, data analysis is the key because it forces the trader to both get involved and take responsibility for the outcome.
I often think about something Victor Niederhoffer said. His team used to test around 100 hypotheses daily and his trading session was largely focused on testing and thinking about these hypotheses. As a result, they would make loads of discoveries in the markets, along with debunking lots of techniques people still stand by. In the end though it was his extreme risk taking that got to him! ~ Nicholas
Thank for sharing your experience, I just started with this journey and I will start with technical analysis+risk management and then I will apply what I learn in a demo account I hope I'm in the right way,thanks again
The lesson I had learned was that most things were useless, however the advice was at the end of that part which was about testing these approaches rather than assuming. ~ Nicholas
My path has been very similar to yours. Hence it took me 7 years. Monday is the last day of my 14 year career and I'm turning pro. Must say it was all worth it. But dayem it was so expensive; emotionally, financially, physically, spiritually.... For a guy with a masters degree in chemical engineering who was senior management of a major consulting firm, learning to trade has been by far the most difficult thing I have ever done. I made 10 thousand mistakes, and got hurt 10 thousand times, I just chose to get up and keep going 10 thousand and 1 times
Congratulations for getting there eventually! It's definitely not easy.
~ Nicholas
@@Duomoinitiative thank you. Your channel was part if my journey. Along with thousands and thousands of hours from after work til midnight and 20 hours over the weekend of most RUclips content, the good and the bad. Two x 200 episodes of 1 hour top trading podcasts. Over 50 books, every book from Schwager, Douglas, Van Tharp, Penfold, Lefevre, Bollinger, Covel, Ward, Steenbarger, all of them... Thank you and may you continue to share the painful but motivating truth about trading
Hey Iwazeem
don't worry bpyz .. we are all highly similar ... I fell from the ivory tower myself of wall street - thought i knew a few things...
@@Duomoinitiative how do you feel about Elliot Wave coupled with Fibonacci. your refreshing honesty expressed in the channel has got you a sub
Best trading channel ve seen. Love your work and the fact that you are very real and truthful
Thanks so much! That's very kind of you.
~ Nicholas
Is a simulator kind of backtesting tool
You’re contents are always the real deal!
Your
honestly, it has just been a week since started watching your quality content, I don't know if there is a video specified on this topic although I want to understand what you or a typical industrial trader would do or rather how or do they manage their trade after positioning themself in the market. like it would much helpful to know what an industrial trader's daily routine might be like.
3 things anyone interested in Forex trading should do:
Pick 1 currency pair.
Pick 1 timeframe.
Pick 1 trading system
Master trading with these 3 things before you make any attempt to add more currency pairs or use another strategy.
Less is always more.
one currency pair as a swing trade will hurt your rewards has its cons as well
one of the best videos i have seen when it comes to trading
I don’t like trading futures due to leverage… doesn’t mater if you are opening 0.01 or 1.00 the chances are always against you! That’s why i prefer prefixed investiments… here in brazil it’s possible to find 14% year prefixed certificated of deposits (CD’s)… i only risk what i made of profit with CD on Stocks and i don’t even leverage my positions… i am doing this for the last 4 years and even in 2020 and 2021 i achieved profit! While my friends who trade futures didn’t made money and some of then lose a lot of money…
I could say that “having you on the team” makes a huge difference. Thank you for continuously sharing this priceless wisdom! 🙏 😊
Thanks Niks, glad to be helping!
~ Nicholas
this video is to be shared with everyone who just started , really helpful and am struggling to journal every trade as my account size is small so i really dnt feel like to record every single trade .please suggest on this ?
The size of the trade shouldn't matter for journaling, as what you are most interested in is the data and information from the trade - if you had to use less risk to get that data, even better! Think of it this way, the more data and information you can collect, the quicker or better you may be able to progress, which will help you grow an account and/or be more ready to trade larger amounts.
~ Nicholas
@@Duomoinitiative absolutely agree on this , yes will going to follow thanks for the reply sir .
thank you so much. yes we want more. please share more info about these mistakes.
Thanks Nicholas and sure, I'd be interested in more videos along yhese lines
yup - correct on all - i myself came from the pre social media days
🔹 Get FREE access to the Duomo Trader Development Program: duomotrading.com/FreeDuomoTraining
🔹 Add us on Instagram: instagram.com/duomoinitiative/
🔹 Our second channel for financial news and analysis: ruclips.net/user/MarketMoversFinancialNewsandAnalysis
Rule #3: Can you give examples of what you mean when you say "data" ?
Best channel for trading
Sooner is better than later 😃
TDI, I just sub.ed
it's data not DATA
Nic how long you ve been trading?
my biggest mistake is listening to the crypto maximizers , not reealizing that maximizing sells and being a minimizer will not generate click
Being able to explain your trade approach will definitely improve you.
I like your accent.
Amount of risk in trading isn't the same as position size relative to one's account size, is it? I just want to be clear on this... I think I've been mistaken about this in the past.
Loved the video , really hit the nail on the head
muito bom principlmente a parte de explicar a operação emvoz alta ouescrever, assim posso veronde tem uma lacuna pra pesquisar emelhorar.
Congrats on the 10yr mark! I’m almost there….2023 but this market is trying to challenge that haha
Stay focused, you'll get there! Good luck.
~ Nicholas
I menage to final part and hit like. Very good video.
Thanks Lukasz!
~ Nicholas
Data meaning companies with great earnings, cash flow and low debt. FINDING SUPPORT and resistance over a day premarket and weekly, monthly. And the patients to strike at support or resistance. Just say it!!!!!
I loved the dinosaur chart! Lol… That’s one I have to brush up on. - good stuff. Thanks you.
The first lesson is awesome.
Facts! And that applies to more than just trading! It applies to any advice in general!
I’m not sure I agree that screen time is bad. One thing you cannot learn by reading is how to handle emotion. You won’t get exposed to the emotional roller coast if you don’t trade ie screen time.
Screen time is not bad. It’s just not the way to develop a skill. It would be classified as “ordinary practice” which will lead to you plateauing at average levels of ability. Instead you need to challenge yourself in deliberate practice which is more directed. The emotional experience will come from trading itself, not from staring at a screen, but emotional experience doesn’t replace skill development.
~ Nicholas
Can you make a vid of collecting data
Phenomenal episode
Very usefull advices, definetaly going to apply them on my trading. Especially the number 6 i think thats a powerfull one. if you can explain it to yourself and it makes sense i can be a good trade.
Fantastic delivery man....!
who´s that Marquez he´s always talking about?? lol.. love your content
Like your videos... you dont speak too much and on business sharply!
How do u track data
How do u collect data, am asking about the tools u use and how u analyse them
my plan is to read books from people like john j. murphy and al brooks, and spending a small amount of money (100$) a month on trading (2-3H a day) to get a litle bit of expirience. i hope you see this and maybe lmk your opinion. 👍
U said extended chart time isnt the way to learn.. So how do you train your eyes to develop the skill of being able to trade whatever knowledge u have. Experience is the key to being good at trading and the best teacher of that is the chart.
You still need to use the charts, however as I mentioned there's an order to how you should learn things. When you get onto chart time it should first be with deliberate practice to learn the skills deeply, then onto simulator/demo and then live trading.
~ Nicholas
first thing doubt what you learned as it might not be true me who was doubting but thought if everyone uses im wrong now im pushing massively X (doubt)
Great content
All 7 points are valid!
FORD is a 20$ stock!!!!
but bro how can i make a chart with lots of data ? how ? how did you do that, i see sometimes crazy traders who also have a program on microsoft excel where they use insane data with BUY and SELL signals, but all calculatet with big data charts ...
I collect my data manually, as there are parts that can't be collected automatically. Start by thinking about what areas of your trading _could_ be optimised and then start collecting data that might allow you to do that.
~ Nicholas
I love it$$$$
Men I love your content please dont stop doint it
🙃
Thank you for the video and making a lot of trader including myself the harsh reality of trading
just learn
Me who is emotional af trying to be emotionless in trading and is bad in grades i guess its my time
I love your contents ❤️
Thanks Hassan!
~ Nicholas
Nicholas, would you name things that you've found to be useless?
why did you need a physicist for the algo trading development?
I knew him from my previous career and he had the skills needed. Turned out to be a blessing after we started working together as the theoretical basis that we discovered was quite complex and there's no way I could have done it without him and his physics background.
~ Nicholas
Love your work mate
Thanks buddy!
~ Nicholas
The amount of things I'm being called out for in this video 🤣
Thanks for this video, really gave me a meaningful insight and also a headstart 🙏
Great insights. The only thing I didn’t quite get is that you mentioned you finally became profitable and able to quit your job at the 10 year mark. Did I misunderstand? Just curious.
It’s 10 years ago that I’d made enough money to be able to quit my job. I had been profitable for a few years before that and it took me years to reach that point too.
~ Nicholas
🔥🔥🔥
Live trading please
We live stream trading sessions every week in our membership. Not something we'll be doing on RUclips though as it's chaotic.
~ Nicholas
Thank u soooo much bro for this.. it comes in the right time
You're welcome Ali.
~ Nicholas
Wisdom!!
Great points love from India 🧘♀️🧘♀️
Thanks!
~ Nicholas
Thanks bish! I badly need this 😘💯
Golden nuggets here! watching you since 2017-ish and always great video! Anyway, I have these systems data and follow proper risk management of 1:3-5. I've been doing well in my demo account but when it comes to my real account, i tend to be not profitable. Any experience on what part am I having trouble? anything would help :)
Limiting beliefs and psychological damge could be the problem i recomend u reading this book the disciplined trader
@@hiiliyeacademy9633 thanks bro, will read it when i finish my current book
Rather than risk:reward, the part people usually struggle with is % at risk. If it's too high it can affect your decision making clarity. However, it can be a range of things that's affecting your trading on the real account. Have you been able to isolate any particular area where your decision making is changing or where the approach isn't performing?
~ Nicholas
@@Duomoinitiative So coool to get a reply from you! Anyway, I try to risk >1% to 1.5% max of total port but I guess Im just afraid of losing. The capital im trading is somewhere im very comfortable with but i think im just fed up of losing i guess. I tried to mirror out trades from my demo with my real port and filter out the best probabilities but I end up with the losing ones. haha might need to rest a bit maybe and re think
@@timperez4542 i believe that you have an income, the 1.5% represent how much of your month income? And what do you trade? Forex? Options? Binary options? Futures? Stocks?
+1
Great video, cheers. We all quickly learn the markets are mostly random - it's obvious isn't it? You read books and follow gurus and despite following their ideas, your account grinds downwards. If making profits was just a matter of following some expert or concept, we would all be building wealth - but it doesn't happen because we are (conveniently) sold fixed linear ideas to be applied upon a chaotic, noisy and stochastic environment. As you point out, data analysis is the key because it forces the trader to both get involved and take responsibility for the outcome.
I often think about something Victor Niederhoffer said. His team used to test around 100 hypotheses daily and his trading session was largely focused on testing and thinking about these hypotheses. As a result, they would make loads of discoveries in the markets, along with debunking lots of techniques people still stand by. In the end though it was his extreme risk taking that got to him!
~ Nicholas
@@Duomoinitiative Rule #3: Can you give examples of what you mean when you say "data" ?
Isn't it as much about where you get out of a trade as where you get into it. I can find good trades to enter, but stay in too long.
✍✍✍
Thank for sharing your experience, I just started with this journey and I will start with technical analysis+risk management and then I will apply what I learn in a demo account I hope I'm in the right way,thanks again
Journal journal journal if u wanna get it fast ..nd be careful of making bad habits cuz wont be easy getting rid of them ..good luck
Make sure you journal EVERYTHING YOU DO IN THE MARKETS.
I will make it a habit if this is what it takes to become a good trader thank you so much!!
Good luck! Remember to take time with your development, most people who rush only end up holding themselves back.
~ Nicholas
i feel the first advice is not useful because even if you know most things are not useful, you still cannot tell which things are useful.
The lesson I had learned was that most things were useless, however the advice was at the end of that part which was about testing these approaches rather than assuming.
~ Nicholas
What I learn the first year of trading was absolutely Nonsense 😂😂
thank you . I’m reading too but not necessary trust them like Doctors it doesn’t mean they go to school they know everything. I have trust issues LOL
I disagree with a lot of what you said in this video but everyone's journey is different. To each their own.
Just my views. As you said, to each their own!
~ Nicholas
He just tries to give tips in different ways, but in the end I found nothing so useful from his tips,
Poor one
Thanks for the feedback. Sorry you didn’t learn anything new this time.
~ Nicholas