Over the years hundreds of traders have came to FTR in order to take their trading to the next level.
Are you sick and tired of not being where you want to be in your trading?
Do you know you are worth more than your PnL suggests?
I know this because not to long ago I was just like you. In fact, I was sitting at home in my parents basement - losing it all to the markets as I tried to become a "trader".
In fact, I was so obsessed with becoming a full-time trader, I decided to not even wait and see if I was good enough, but rather I jumped right in and traded every day.
This was a bold move, I had limited experience and success at the time, yet I decided not to do anything else until I figured out a way to beat the markets.
This focus and determination, as well as unwavering belief is required to break through the difficult times which you will face when learning to differentiate between good and bad trades.
You may run into a lot of roadblocks along the way.
There were times I thought the whole thing was rigged, and frankly, it is.
It wasn't until I reviewed my notes (I had read a few hundred books on self-help by this time) and realized I needed to make a drastic change. I needed to stop doing what everyone else was doing.
If you do what everyone else does, you get what everyone else gets.
This was such a profound statement that I wrote it on my whiteboard where I could see it every day.
Don't fool yourself for a second to think if by following the advice of non-complex trading methods you will succeed in the long term.
No longer did I consider following the advice of charlatan educators making bold claims. No longer did I use typical indicators.
I began to rethink everything.
Instead of trading by subjective emotions, hunches, gut feelings and hearsay, I began thinking like a scientist.
When it comes to trading, you only want to see the facts, the numbers and the proof.
Once you adopt this type of thinking you will be astonished at how quickly you can identify high quality trade setups.
You see, you cannot see with true clarity because you don't know what you are actually looking for. The Reticular Activating System (RAS) located in your hypothalamus is a pattern recognition machine. Unless you are specifically trained to look for these repeating pattern you will be lost. This is because the patterns are so complex. In fact, you can only be right or wrong, there is no in-between and any psychological blocks you will have can push your decision making into the wrong direction if you are not 200% sure what to look for.
When you hear that only 0.01% of day traders make money, your ego goes into a frenzy and thinks it is part of that 0.01%. It will attempt to beat all odds because we tend to think we are better than we really are, this is a scientific proven fact. Studies show that people tend to think they are smarter/better than they actually are at performing tasks.
These behavioral biases if left unchecked can be destructive to your success.
I believed I could become the 0.01% of retail day traders that consistently made money. This is what the ego wants to hear, that it is special and can succeed where others can't.
The reality is that there are specific scenarios that take place in the market which require understanding to identify. Unless you know what to look for you will be fooled. The markets job is to collect liquidity. That means it will move in a fashion to trick traders into entering into the market in order to collect the liquidity it needs to sustain commercial business transactions
I wish I knew this when I first started, because sheer determination was not enough, it required understanding of how price action operated in order to know what to buy/sell and when to do it.
The hardest part about this is that even though you may have the desire to make it as a full time successful trader, you simply can't create consistent profits until you integrate knowledge + understanding.
Understanding is comprehension.
Knowledge is awareness through experience.
The good news is that if you are dedicated you can comprehend faster, and if you have a teacher you can cut your learning time in half by gaining experience through a transfer of knowledge.
Think of this like transferring a file.
This transfer of knowledge speeds up the learning process.
But you must ensure you are learning the correct information. Common knowledge of simple indicator crossovers or moving average systems can appear complex but are simply unprofitable and will never do you any good. This is what the majority if trade educators teach.
Indicators are tools to be used when necessary to aid in price analysis, not to be used as a reason for a trade. Most trade educators fall short in that they teach the indicators, but they don't show you how to do your own research to learn how prices behave.
In the beginning I was fooled. It didn't occur to me that I would have to essentially double my account multiple times just to pay for my current living expenses.
Yet I continued to trade as if I was going to do just that.
Realistic? I think not.
I took a hard look around me, at the other traders I had met.
I took a long hard look at the broker business, the platform business, the educator business.
I examined other traders, those instagram famous traders everyone wants to be.
BUT something didn't add up.
How could all these guys on instagram trading from there pools come up with such consistent results? And where were all these woman coming from anyway?
Why is it that well funded hedge funds with teams of quants working around the clock work so hard just to make a few percentage points per month, while some guy lounging around on his laptop by the pool claims to outperform everyone?
This realization forced me to change paths and pursue my own studies. I stopped listening to all the trade educators out there.
I became a student of the charts, observing the way each candle developed. I realized that the best traders were seeing the same charts I was looking at, but they were viewing it through another perspective.
I was determined to change how I saw the charts in order to find out what the top traders were looking at. I wanted to find the underlying fundamental patterns that always worked, regardless of what market or time frame I was looking at.
It took many years to find this edge.
The indicators and automated strategies on this site are designed around these same recurring patterns found in every market around the world. I know this because I programmed the patterns into indicators and was able to find that they occur in every market I was able to access.
But that's not all, one of the key components of successful trading involves positive expectancy, probability stacks and continued personal development.
This is me, Bruce, aka AlgoTraderX.
In this shot I am trading from a Penthouse Suit overlooking NYC. Every once in a while I like to reward myself for my continued growth as a trader, and so should you.
One of the most important things I have learned along my journey to becoming a trader is that you must position yourself to accept opportunities when they present themselves. This requires patience, understanding, as well as a system in place to get you where you want to be in life.
Reward yourself for following your system, and growing your account.
I found that sitting in front of the computer screen with no plan, trying to scalp a few hundred bucks was getting me absolutely nowhere. At the peak of my day trading I was breaking even, but making my broker RICH.
The defining moment came when I started trading less often.
Less is more when it comes to trading.
Througout all my courses, books and videos you'll find that I suggest systematic trading. This means rules based trading; waiting for specific patterns, for setups to occur prior to executing a trade.
What traders don't realize is that these high probability patterns DON'T happen every day.
In fact, once you get such a high probability pattern, don't expect one for a while, this is because the market needs time to reset.
By reset I mean, trap poor suckers into buying and selling on emotion.
You see, you're not only trading against the person on the other side of your trade, you're trading against the broker, the exchange, the platform developer and news services as well.
This is because they all take money out of your account.
Not only do you have to predict the market direction, you must predict how far it will go and if it's worth for you to place that expensive trade.
The math doesn't lie.
I've designed and backtested thousands of trading systems. Fees and Commissions are the #1 killer I have ran dozens of automated trading programs that produce consistent profits in testing, but cannot be ran in real time because of exorbitant exchange and broker fees.
THIS is where day traders fail.
They trade a system that appears great on paper, but in real time they cant get ahead.
They trade too much and make too little on their trades. Eventually they blow up and move onto the next shiny object.
My goal is to give you guidance as to the psychological profile needed to become successful in this business. I want to give you the tools to succeed as a trader, no matter if you are a scalper, day trader or a swing trader.
Be sure to get started with my 10 best trade setups available for here for free.