Post
Topic
Board Trading Discussion
Re: job and trading together..
by
BelCanto
on 12/11/2017, 01:57:27 UTC
I'm going to give you the same advice a now very famous trader and hedge fund manager gave me when I first started, "Follow your nose"

He was right.  Not every trading system will be profitable for every trader.   Some people's personalities make them predisposed to to scalping.  Others like being in a position for 20min-a couple hours. Some people prefer longer-terms trades.  Me?  My team and I developed several profitable crypto trading strategies and even though they're all autonomous with computer learning, I chose the market neutral strategy because it makes the most sense to me and I'm the one who has to deal with it so I'd rather remain mentally comfortable so I can continue to work the way I work best.

If I'm reading this correctly and you have a job your best bet is to start by reading, but not just anything because your time is the most valuable.  Despite the fact that professional level tools don't really exist yet on any exchange I found, I'd suggest you start with "Mind Over Markets"  At the very least you'll have a  better understanding of how markets function than most people you'll be trading with/against.  Then I'd move on to "Markets in Profile"  Somewhere in there I'd get a demo account for futures so you can see it play out in front of you (yeah I know you're looking to trade crypto, but the lessons you'll learn will stick with you forever)

As you gain more understanding of what moves markets and why you can begin to figure out what types of tools will work best for you and if you're a short, medium, or long term trader.

Start by paper trading to see what works for you and what doesn't but don't stay there too long (unless you're losing money).  The emotional load is totally different when you have skin in the game.  

When you go with real money,  go small.   My first real money trade in my life was an FX microlot years ago.   ONE MICROLOT and I needed new pants by the time I cashed out for enough to buy a celebratory beer.  

Ask questions of people you trust, but still prove everything to yourself.  

Understand what you're doing and why you're doing it.  If you don't, your lack of understanding will turn into fear and that will destroy you and your wallet from the inside.

Stay disciplined.

Play to your strengths.

And for the love of god always remember that this business isn't about being right, it's about making money.