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What is the most important question for a new trader?

Quoting alphaomega
Can you write code? Are you a programmer? If the answer is NO then you should approach trading as a hobby and nothing more. Or even better forget about trading and move on with your life to the greener pastures because otherwise you are going to lose your time and money. You need at least basic math skills, coding skills and a solid understanding of statistics and probability theory.
I appreciate all your contributions and efforts into helping people here on FF, the countless hours and brain power you have wasted is incredible, your research into the financial rabbithole is fascinating and I love reading your posts. However I think this statement is irresponsible, not accurate and it is biased on your own personal philosophy and views on how things in the world and universe work, there are many successful traders...many of them actually quite stupid and not very smart that went from rags to riches and continue to be profitable. They found their tiny edge and continue to repeat it, they take losses and wins and are able to enjoy their life without taking trading as 'just a hobby that will eventually lead you no where'.

Furthermore here's a little interesting article that proves its not a dead-end for everybody.

Nine city traders who made £520million in ONE DAY include ex-trolley pusher and man who lives with mum (thesun.co.uk)

"Aristos ‘Ari’ Demetriou, 31, took home £100million after switching careers from collecting trolleys.
He is said to have been working in a supermarket when he saw trader Chris ‘Dog’ Roase, who earned £70million in the coup, driving a flash car.
He asked how he afforded it and they became pals.
The group includes Elliot Pickering, 25, who got £100million but was living with his mum.
Builder’s son Connor Younger, 22, pocketed the same.
The traders, of Epping, Essex, play golf together, watch West Ham and holiday in Marbella along with the others.
Reported ringleader Cockney Paul ‘Cuddles’ Commins, 52, made £22million and son George banked £7million."

Take care
Quoting venividivici
{quote}...Furthermore here's a little interesting article that proves its not a dead-end for everybody. ...
There's legal complications here, the lawsuits facing them hint their trading actions may not be clean cut, they're not the only people that trade on oil in the world, but it seems they're the only ones in legal heat.

Trading wise, without knowing their long term performance (or even any other performance other than that day), there's nothing to suggest that their single-day gains are indicative of a profitable trading history and ability, which is what I'd say aspiring traders should focus on, not hoping for lottery style single events. While I don't agree fully with alphaomega, and I'm glad there are new additions to the group of ultra-rich, this to me, still falls under the category of lottery like windfalls, there's no evidence of long term profitability with prudent risk management for traders to emulate.
I asked an experienced trader this same question recently, and he told me that if I was willing to spend the first five years learning how to trade without any financial return, then I stand a chance of being successful. If not, then I should not even begin. I'm hoping I will figure it out sooner than that, but 5 years I guess is normal for other professionals, so I'm prepared.
maximize awareness, minimize fear.
How to not lose.
Without despair & distraught, focus on Patience to FRESH MOTiVES.
Quoting skyf
How to not lose.
Losing is inevitable and must be accepted. Better to say ' how to lose but still win '.
maximize awareness, minimize fear.
Quoting slapstick
{quote} Losing is inevitable and must be accepted. Better to say ' how to lose but still win '.
Totally ! We can only minimise the occurrence and magnitude of losses,can't be eliminated entirely.
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  • Last Post: Mar 17, 2021 1:16pm Mar 17, 2021 1:16pm
Quoting Seneca pilot
{quote} I do not code, but I do hire a coder to mine data and build tests. He and I have worked together for nearly ten years. I teach him my methods by virtue of giving him the parameters for my testing and data mining needs. He has told me for ten years now that he cannot code my thoughts into an EA. Your mileage may vary.
How did you go about finding and hiring your coder guy? I'm looking to do the same. Was hoping to find someone overseas to keep the monthly at a decent rate, but I'm having a hard time figuring out where to post something like that.

By the way, nice handle. I'm a 421 driver myself (among others). Cheers.
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