There are so many things to say on this topic, I could write a 200 pages book on it. In fact, I've been thinking about lol. I remember reading Andrew's book and being very fascinated by his experience and how he managed to be successful. It was a great source of inspiration and knowledge for me. I feel like I have a lot of things to share that could help others in the same way, so maybe I'll do it down the line if I manage to be really successful and make tons of money like Andrew lol.
Here are a couple of pointers to reflect on:
- Don't underestimate the importance of having a balanced life. Full time trading when you're still not profitable and learning is a very bad spot to be in, both financially and more importantly, mentally. Change your schedule or find a day job that will let you trade the market at the open for the first 30 minutes to an hour every day. That's the best time to trade anyways, and sitting at the computer looking at charts all day isn't going to do you any good imo.
- Trading in a paper account is the best gift you can do to yourself, for as long as you aren't profitable. I was stupid, so I dug myself a big hole that destroyed me psychologically and probably added 1 or 2 years to my learning curve. Someone smart would open an IB account with the minimum required amount, pay for the minimum market data, and trade in his free IB paper account using TWS and real time market data for as long as it takes to become profitable. Keep your costs down so you can do this for a long time. What you need is to practice and learn as much as you can, without destroying your bank account. Once you've proven that you can trade profitably for 3 months, then you can go live and test your skills with real money. But going live from the start like I did was really dumb.
- Don't put pressure on yourself. Trading needs to be a side project while you're learning, it must not define your life.
Some more things I would be tempted to say would only apply to the kind of trading that I'm doing (like my first point), and will be different for other type of traders, so I won't go there too much. But it's important to know what kind of trader you want to be or can be. Some people like fast action and scalps, some others prefer long setups they will hold for 15+ minutes. They are both very different styles and advices that would apply to one will not apply to the other. I'm a scalper so I can give you advices for that, but that's it.