I talked about this before, about how some companies attract people to pay thousands to learn things they can do on their own. It’s very subtle, and clever. But I hope you will never have to go through the experiences of this guy who made a forum post about such trading courses/seminars.
Here it is.
Just to quote his final paragraph:
From my experience, 100% of all materials taught in such courses are readily available in much greater detail on YouTube or any trading educational website like Babypips and Stockcharts. CFD brokers like Oanda, CMC, and IG also offer many free educational webinars and seminars on technical analysis that pretty much teach the same thing. There are NO “little-known secrets” as the courses claim, and it definitely takes more than 15 mins a day to monitor the charts and plan your trades ahead. And I do NOT trade live account until I achieved an average of more than 5% monthly returns for 3 months on demo account.
Now I don’t know this guy from adam. But the point is, he has learnt hard lessons, and has developed his own discipline and found his edge against all others. Just to reinforce his statement about “there being no little-known secrets”, and to reinforce that everyone needs to find their own way on their own journey. I fully agree that is definitely takes more than 15 mins a day, but I can share with you my daily routine and timings, which I have mentioned before.
I open charts every 4 hours from Monday through Friday as best as I can. I take entries on the hourly charts. I scan through the currencies (which aren’t much coz I don’t trade like 16 pairs..at most maybe 6-7, on average 3-4 positions at any time..), and most of the time, I don’t see anything that needs to be done. If there’s nothing, 5 mins and I’m done.
If there’s a setup, that’s when I focus a bit more, check on exposure, margin available, and make “shopping” decisions: Is this a worthwhile trade? Is it expensive? Any upcoming events that may shock this position? How much do I need to pay to hold this position? What’s the backup plan if it goes against me (which happens alot, but win-lose rates is irrelevant to making profit, depending on what strategy you use..a topic for another day, or just..engage me as your coach 😀)
That can take up to 5-10 mins depending on many, many factors, because I’m still a rules-based discretionary trader.
So that’s about..15 mins total, if there’s only 1 position to consider. If there are others, I take a little longer for the same reasons above.
On average, my trading decision and action takes 10-15 minutes IF there is anything to trade. And often, there is nothing to trade, because I’m not a scalper nor a day trader. I consider myself a mid-long term trader, holding positions for days to weeks.
So yes, I agree with this guy that the idea that you can make money in 15 minutes is just a plain clickbait.
But there is one thing, I disagree with. A very very emphatic BUT.
When I chat with folks about trading and their experience, yes, I always advise them to start on the practice account. But for only 1 reason: To learn how to use the platform. To familiarize with how to make trades, add indicators, and don’t make stupid mistakes like buying instead of selling (*raises hand, guilty af*)
Now, depending on your personality, maturity, and sensibility, I would then encourage them to open a small, “live” account, with a good broker that allow micro trades, such as OANDA. Put in $100. Or $1000. And trade micro units that make you make or lose a few dollars, even cents.
Testing on a practice account, to me, is like performing surgery on a dummy.
When you perform a real surgery on a real person, even if you have honed your skills and shown perfect results on the dummy, the experience is totally different, and you can be sure your results will be different. I’ve been there. Many, many times.
And the reason is simple: Your emotional attachment to real money.
You don’t have this attachment when you practice or prove your strategy on a dummy account. And sadly, this attachment, which varies from person to person, is going to kill you if you cannot control it.
So that’s all for this sharing. Thanks for visiting and I hope you learnt something from my sharing.
Disclaimer: I am not affiliated nor endorsed (I wish I could though!) by OANDA.