Wow.. you are in good company.
If you read Jack Schwager's book market wizards you can read about how just about every top trader has done something similar.
https://www.amazon.com.au/Market-Wizards-Interviews-Top-Traders-ebook/dp/B006X50OPW
Think of this as the best value for money education ever.
Yeah I got you.
https://www.amazon.com/Market-Wizards-Interviews-Top-Traders-ebook/dp/B006X50OPW
https://www.amazon.com/Option-Traders-Hedge-Fund-Framework-ebook/dp/B00844NXC6
I have those and their a pretty light read. The first Market Wizards will show you how other traders plan and execute off certain market conditions. The second is going to give you a background on the whole market chain and how options fit in and play off of it.
Of course also read Benjamin Gram's book. Its the bible of investing.
I believe they're referring to someone mention in this book:
https://www.amazon.com/Market-Wizards-Interviews-Top-Traders-ebook/dp/B006X50OPW/
I recommend it. It's a good read!
Yeah I've done that. This helped, it's old but humans haven't changed. You'll find some approach or insight in there that will help you with this and other things.
https://www.amazon.com/gp/product/B006X50OPW/ref=ppx_yo_dt_b_d_asin_title_o00?ie=UTF8&psc=1
I really enjoyed Market Wizards by Jack D. Schwager, this helped me with controlling my emotions. There are some truly haunting scenarios that come up though. This is purely all stories and not anything technical.
How to Day Trade by Ross Cameron was really interesting and closer to what I wanted to try and get into for actual day trading. This is better for some technical analysis and different scenarios that can come up. It's very tailored to his style of trading, but I found it helpful.
I also watched a ton of different videos on Youtube for trading, crypto and non crypto. Lots of different articles. I also had gone onto some sites that would essentially give you a pattern and you name it and whether it's an indicator of it continuing the trend (up or down), a reversal, etc. I don't often remember the names of the patterns anymore, but I get think I get a good feel on where the things might be heading.
Honestly the best thing you can do is get really good with drawing trend lines and pointing out spots for support and resistance and then how they come together. Learn a couple different indicators, RSI, MACD, moving averages, etc. I haven't gotten into the Fib tools as I just don't understand them, but some people really like them.
I'm also learning to trust my gut more, but I wouldn't trust your gut until you've gotten better at predicting what might happen. Your gut is only as good as you're experience.
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>1 bitcoin sounds impossible now
It feels like that, but I don't think it really is (yet). Though It's definitely out of reach for buying it at hundreds or even thousands of dollars. I wouldn't be surprised if we saw a $20k bitcoin again though. Just today we saw $30k, it was short lived, but the market seems to be heading in that direction lately. We've seen 60-80% corrections in the past (BTC is notorious for it actually), so when it drops like it is now, it's a good time to get in. You just need to be in it for the long hall (in my opinion at least)
With the blood bath today I stopped out on 2 of my stop losses. I put in some Stop buy's for support levels if the market continues to go down. We'll see what happens. At this rate I'm not sure we'll see new all time highs until Feb/March of next year. Unless something happens to pump it backup or if we truly are in a bear market then it could be longer. Things always change so you need to change your outlook all of the time too.
The best thing i learnt in trading is temperament and knowing when to walk away. I recommend you read Market Wizards to see how many of the world's best were in your position and worse a few times: https://www.amazon.com/Market-Wizards-Interviews-Top-Traders-ebook/dp/B006X50OPW
> I am going back to school to major in economics.
Oh excellent, economics is such a fascinating field!
>You hit it on the money and it stood out to me because I saw your post this past Friday but disagreed. I thought the NFP dip in the dollar was just a chance for longs to reestablish.
Have you read Market Wizards? (https://www.amazon.com.au/Market-Wizards-Updated-Interviews-Traders-ebook/dp/B006X50OPW)
I mention it now because one of the lessons that really stuck with me from that was learning how important it is to pay attention when things don't add up. Obviously, you need enough experience to know how things should be behaving, and the presence of mind not to be seeing shadows where none exist, but it's such a potent analytical tool that isn't taught anywhere.
I feel like another good example was the EURCHF depeg. If you're curious, I did a little write up here on how there were clear signs the SNB were going to remove the floor even though they had promised not to.
> Whats your medium term outlook for USD? I am still not 100% convinced this is the start of a major correction lower but am almost. I think we may see 96-98 in DXY before we see 107-105. Thoughts?
I don't really have any at the moment. The way I trade, and treat the market is that it moves from critical node to critical node, and in doing so charts its course through sentiment. In between major decision nodes you can reasonably assume that price will find its way in a certain direction. At the moment I feel like tides have shifted a bit with whatever drove the NFP/FOMC sentiment. I feel as if US political risk may be playing into this, with the slow pace of legislation and the possibility that Comey's testimony on next Wednesday increases the chance of US political instability.
So I'm in wait and see, and look for more clues mode. Until then, I just trade the charts as I see them.
Plus500 have a business model which revolves around sucking in new traders with a simple platform and letting them blow their accounts, or using their naivety against them and revoking profits/banning them for "Terms of service violations" (i.e scalping). Scalping is not illegal in the countries where Plus500 is regulated -- it's extremely dodgy that they claim it is illegal. Scalping is not defined as a "form of market abuse" either, which they claim.
My trading platform is MT4 and my broker is HotForex. Other brokers I have used and highly recommend are Oanda and IC Markets. I understand where you're coming from - but at the end of the day trading can be very lucrative if you put the time and work into properly understanding and practicing it.
I suggest reading this first (just the first ~7 posts until conclusions):
http://www.forexfactory.com/showthread.php?t=7484
Then getting started with School Of Pipsology:
http://www.babypips.com/school
In your spare time I also highly recommend this book on (if you don't have one, get a Kindle). It will give you insight and inspiration.