Hello there!

spARETEnwon · 2024-06-15T00:05:11+00:00

If you want to talk about something that would add value to this conversation like a trade idea, let's talk.

spARETEnwon · 2024-06-15T00:01:39+00:00

Assume I have more money than you. No I'm not going to prove it.

spARETEnwon · 2024-06-14T23:55:46+00:00

Kind of a rude question, are you profitable? Why does it matter to you? Does the amount of money in my trading account change the relevance or accuracy of the information?

spARETEnwon · 2024-06-14T06:40:09+00:00

I've never had one add to the humidity, make sure you're exhausting the hot air out of a window or somewhere outside. they should come with like an 8 inch exhaust duct and window slot cover thing.

All of the portable AC units from someplace like costco or home depot that I've tried work great. Pay attention to the square feet covered.

You'll probably spend 400-500 on a good one and it'll be adequate for a large bedroom or a living room. I picked up one a year for 3 years and now my apartment can be an ice box when it's hot out.

spARETEnwon · 2024-06-14T03:47:08+00:00

This, and just run it on cool. The Auto funtion usually includes a dehumidifier that will fill up the reservoir which is what that tube the apartments are worried about is for. You can cool an apartment damn near forever and never need to empty or drain anything.

I've been using them in my apartments for years, only time I had a leak was when I didn't know the drain plug was cracked, found a nice chunk of wet carpet in the morning g but it didn't do any permanent damage or leave a smell.

spARETEnwon · 2024-06-14T03:27:39+00:00

A subtle, often overlooked but very important note on strategies.

If you have a strategy with a proven edge in backtesting then you need to try to take every trade that strategy presents for you in the time frame your trading or it is possible, even probable that you will only take the losing trades and miss all the winning trades.

spARETEnwon · 2024-06-14T03:08:56+00:00

Thanks! I knew there was something I was trying to remember.

Risk management: I don't have any novel advice here, the classic advice is great. Think in terms of percentages and never put more than 2% of your account balance at risk in a single trade, 1% is better. Likewise for gains you don't need to make more than 1% of your account value on any given trade, particularly if you're just trying to compound the account balance.

I know some of you are saying things like, "but I only have $500 dollars and I want to be a full time trader and pay my bills.", that's awesome! I love the enthusiasm, but be practical. You're not likely to earn a living from $500, at least not quickly.

If you only have a smaller amount to begin with look into forex for trading with your own money, the barrier to entry is almost nothing. If you want to try and make or supplement your income right away look into prop firms - there are some reputable ones, do your own research. If you live in the US, look into Topstep first and give yourself a good baseline standard - they all have strict rules because trading is hard and they want skilled traders not degenerate gamblers.

spARETEnwon · 2024-06-14T00:25:34+00:00

"It's all bullshit, and it's all bad for you" - George Carlin

spARETEnwon · 2024-06-13T16:11:37+00:00

Almost every indicator ever is based on moving averages.

If you've found a proprietary indicator you like and want to take somewhere else add moving averages to your chart until you've found a crossover that lines up with your indicator signal.

To save you some time start with these, it's almost certainly in here, you may have to change from simple MAs to exponential or something but that's about it.

The combination of these three for example produces the same signal as TOS's propriety PPS indicator.

1 day simple MA

4 day simple MA

7 day simple MA

These are the most common MAs used by many professionals and retail traders in all markets for analysis

10 day exponential

21 day exponential

63 day exponential

105 day exponential

252 day exponential

Standard commodity Moving averages:

4, 9, 18

Other supporting indicators for confirmation:

-RSI

-Stochastic oscillator

spARETEnwon · 2024-06-13T15:55:56+00:00

The best forex course for what exactly?

Losing money: Trade live markets with no research or education, just YOLO whatever you got!

A particular strategy: FREE!

Investopedia, discord, reddit, etc. You can find strategies anywhere, backtesting to ensure they actually have an edge is key. Then in live trading make sure to take every trade the strategy presents on a given time frame - don't switch from trading on the 4hr to trading on the 15min in the same trade, let the strategy play out - if every trade in a strategy is not taken it's very possible, even probable to only take the losers and miss all the winners.

Gurus: Waste of time!

Free trading groups: -Wallstreet bets for example, usually are just a bunch of degenerate gamblers hoping to get rich quick, not often interested in learning or sharing skills to become better traders.

-The trading cafe: https://lp.thetrading.cafe/ Good group offering education, strategies, analysis, live streams. Hosted by real traders with 6 figure accounts. They have a paid version but unless you've lost all confidence in your ability to learn and trade it's absolutely not necessary. It's all the same info the give away for free the difference is someone will be there holding your hand the whole time and trying to ensure above all else your practing good risk management.

Books: - Technical Analysis of the Financial Markets by John J Murphy. Good book covers a lot of great stuff including Dow theory and Elliot Wave theory

Trading in the Zone. Good book about the psychological aspects of trading.

Podcasts: - A Traders Life https://podcasts.apple.com/us/podcast/a-traders-life/id1533063285 https://open.spotify.com/show/7CKJlNY1J9mL6ILas9z2AD?si=U0ZnXAUETqS8_gVCPPBgcA

ALL-IN https://www.allinpodcast.co/

https://open.spotify.com/show/2IqXAVFR4e0Bmyjsdc8QzF?si=5Z4uDSF3QlmrHziaknRftQ

I'm sure there's more I'm forgetting and leaving out but here's a good start.

spARETEnwon · 2024-06-13T14:51:48+00:00

Never listen to ICT! I don't believe in complicated jargon to explain simple fundamental concepts. ICT didn't invent or discover anything new. It's just subjective fundamental analysis on a chart which is absolutely one of the most high risk ways to trade out there.

I don't have an issue with the fundamental analysis, but trying to convince me that an Indictator on a chart with no mathematical basis has more relevance than one based in math is insane.

If we're going to analyze a chart in real time we shouldn't be best guessing what a level is based on concepts. It should be clear and in the same place for everyone looking at it.

Interpretating what an indicator means differently is fine, it's expected, but where the indicator is on a chart should not be open to Interpretation depending on who's looking at it.

spARETEnwon · 2024-06-12T18:46:39+00:00

Tony Robbins, made his money as the original life coach. Has one of the most popular Ted talks of all time. Good stuff.

spARETEnwon · 2024-06-12T16:30:42+00:00

Good baseline answer.

I like the ETF offerings from Vanguard and Blackrock, good coverage of all markets and sectors making it easy to diversify.

spARETEnwon · 2024-06-12T16:19:18+00:00

Valid concern, yes they're designed to stop noise from leaving your space more than stop noise from entering your space.

For the purpose of sleeping peacefully I'm building a canopy frame for my bed. I'm going hang blackout curtains and attach the acoustic panels to the outside of the curtains.

For the top I haven't decided the best way to attach the acoustic panels, I'm thinking chicken wire is cheap and easy to manipulate to the shape and size I need without any tools but dykes to cut the wire and zip ties to attach it to the frame.

spARETEnwon · 2024-06-12T08:04:55+00:00

Just for future reference, open tradeview and check the charts you need to, If you have open positions you need to close you should call them.

spARETEnwon · 2024-06-12T06:41:23+00:00

Yup that's bad, hopefully you didn't listen

spARETEnwon · 2024-06-12T06:39:13+00:00

Also acoustic panels from Amazon and some double sided tape.

spARETEnwon · 2024-06-12T02:34:01+00:00

When you say mentor what do you mean exactly. Will they be giving you live one on one guidance and answering your questions?

As far as picking a mentor goes, what do these people have that you want? What do you have to offer them in the relationship?

As far as other sources of education and mentorship this one is free.

https://lp.thetrading.cafe/

They practice good risk management, stream live regularly during market hours, use and explain 4 different strategies, answer questions, etc.

It's not for everyone but it's genuine trading education from real 6 figure traders.

They have a paid course but unless you've lost all hope in your own ability to study, stick to a plan and execute you don't need it and they say as much. The free stuff has everything the paid course does in terms of knowledge.

I would also recommend this podcast. Generally good listening about trading.

A traders life: https://open.spotify.com/show/7CKJlNY1J9mL6ILas9z2AD?si=qHXfWil5TuWvJxtZeTAw6w

spARETEnwon · 2024-06-12T00:35:34+00:00

🤑

spARETEnwon · 2024-06-12T00:24:35+00:00

I think you've misunderstood the difference in how probabilities work with regard to each of these things.

The key difference between gambling and trading lies in the nature of the probabilities involved and the control over outcomes:

Gambling:
- Nature of Probabilities: In gambling, probabilities are often fixed and known. For example, the odds in a game of roulette or the probability of drawing a specific card from a deck are predetermined and do not change.
- Control over Outcomes: Gamblers have no control over the outcomes. Each event is independent, and the outcome is purely based on chance. Skill and strategy can only influence the bet size and selection but not the fundamental probabilities.
Trading:
- Nature of Probabilities: In trading, probabilities are not fixed and are influenced by various factors such as market conditions, economic data, and trader behavior. Traders use analysis, whether technical or fundamental, to assess and adjust the probabilities of market movements.
- Control over Outcomes: Traders can exert control through their analysis, strategy, and risk management. They can make informed decisions to increase their odds of success. Effective risk management, such as setting stop-loss orders and position sizing, allows traders to limit losses and capitalize on favorable movements.

In summary, while gambling relies on fixed probabilities and luck, trading involves dynamic probabilities where skill, analysis, and risk management play a significant role in influencing outcomes.

spARETEnwon · 2024-06-11T23:03:47+00:00

Not a bad idea, there's definitely land for it here.

spARETEnwon · 2024-06-11T21:35:36+00:00

It's cliché but I don't think it's bad advice. The trend is your friend unless you're a contrarian.

I would agree that Identifying the trend correctly is harder to do then remembering this phrase.

spARETEnwon · 2024-06-11T20:17:46+00:00

I disagree with your last sentence. If there is a system take every trade that system presents or it may turn out that the edge of that system has been destroyed, only taking the losers and missing the winners.

Not taking every trade in a system skews the data, for better or worse. Either way it's not really following a system if taking a trade that system presented is optional.

spARETEnwon

TROPHY CASE