I’ve tried trading on and off for years. There is so much (useless?) info on the internet. Most of the info goes over the basics like what a futures contract is, but there is really no in-depth analysis, strategy, or long-term goals in regards to actually trading professionally and making tons of cash. To equate this to chess, almost everything you read online or in books goes over the equivalent of learning what each piece is called and how they move, but there is no discussion on openings, midgame, lategame, etc. Could you imagine having hundreds of books and thousands of websites on chess that do nothing but tell you what each piece is and how to move, and then tells you to “develop your own strategy”. What good/use would that be?
No one seems to show you how to trade live, there aren’t any really good strategies because everyone tells you the old cliché “do what works for you”, there is no talk of commissions and taxes eating away at a large portion of profits, and no one talks about how time intensive this really is.
I feel like the entire industry is a scam and the only ones who truly make money are the institutional investors at the banks/hedge funds, as well as the exchanges, brokers, and data providers. This is the house, essentially, which collects all the money and lets everyone come and play at their table. People see how much “can” be made trading on a computer at home, want part of the action, and go broke paying for things like coaching sessions, programs, books, etc. because they will never have even 1/100th of the knowledge/experience prop traders have but think they do nonetheless.
I was wondering if anyone here can just tone down the hype for a bit and give it to me straight. Do you make money doing this for a living, do you live well (multiple 6 figures), and how did you come to do that? Is it going to be found in some new indicator or (more realistically) deep, in-depth study of financial markets, geopolitical landscapes, and years of experience? I feel like to be any good at this you can’t memorize chart patterns and set a 3:1 R/R ratio but have to actually spend hours each day staying up to date with what is going on in the world. What good is your mathematical model or your head-and-shoulders pattern to short WTI Crude Oil (CL) if Russia Invades Ukraine, is met with sanctions, and causes oil prices to spike? This whole thing doesn’t seem like a hobby but a lifestyle: one that doesn’t provide any benefit unless you figure it out completely because it is a zero-sum game.
I’m currently looking down at the posts below mine and they talk about “psychology”. I feel like psychology would take care of itself if you knew what you were doing. The fear of having no idea what is going to happen to your money would scare anybody, and trying to push that down and ignore it seems stupid in my opinion. I feel like what 99% of us are missing is the actual damn strategy of how to make money.
Is anyone here (again, please leave your ego at the door and your hopes/dreams/wishes as well) ACTUALLY profitable and living a good life doing this?