Hi Mike,
This is Ember from the Philippines. I read your book One Good Trade and was really inspired.
Presently, I am a remote Proprietary Equity Trader from (deleted by compliance). I trade from home in the Philippines. I started to trade at October 2015 and I am willing to pay my dues even for more than 10 years just to get better at this.I was really inspired with what you included in the book about mastering the basicsetups first. I am doing really poorly, but I might say that I can get better probably by mastering one basic setup after another. They only have a week worth of training at (XXXXX). I know this is not a lot
and I am not complaining. Because I see a lot of remote traders are getting to the next level every month.This means, that this is still possible even if I don’t get much support. Is there any possible book you recommend that contains a list of basic trading setups I can master? Let me know. Thanks! It will really be appreciated.
@mikebellafiore
I like the idea of you learning setups and trying to master them. For example, this is how we teach our new traders. I would caution that these setups are not what most would consider basic. The first few times I teach them, admittedly there are blank stares peering back at me. They are proprietary and contain many variables- reading the tape, intraday fundamentals, technical analysis, big picture, intuition. So while our new traders do learn setups, they are not what most would call basic.
Here are five setups worth learning for developing traders when they begin.
There is a reason for that.
Basic setups do not work.
Further an important discovery for each trader is the style best suited for them. Instead of trading one style, it is better to try a few. And then gravitate towards the style that is best for you.
For example our desk is made up of Teams. All of the traders who lead these teams were at one point taught by our firm’s training program. But they all trade very differently. They all have a unique trading edge. They all have a personal trading style that is best for their personality, thinking, bank roll, and talents.
Instead of thinking of learning basic setups. Learn setups that have edge. Try different forms of trading and settle on the one best for you.
And as you said so well. Learning setups is the first step. Next comes the hard part. Mastering those setups so you can trade them with edge in real-time. There is a very large gap between obtaining the knowledge of what to trade and building the skill to trade them.
I hope that helps.
Related posts
Are you focused on your best setups?
Best setups for developing traders
How to find the setups best for your trading personality
*no relevant positions
**Thxs @sjosephburns for the charts above
