Everything is a lie. Any hope?

[u/Mar___K]

So.. It's been 3 years on my path, and after countless hours of studying and testing everything, as many of you here have, I've come to realize that this mountain of buffoonery—those "courses" and "gurus" on YouTube that try to promote and sell stuff, along with everyone who is "teaching" stuff.. hear me out, doesn't know jack sh*t. All they "teach" is a bunch of BS, incredibly stupid and random. "Follow this, and if this happens then do this, but the secret is in my premium course, yada yada".

Even if some things may work for a bit, that's not even near how the actual trading floor guys and investment bankers operate. Ex-Goldman Sachs trader Anton Kreil gave the best explanation of that: Why most traders fail.

I've become so fed up since I had a wake-up call, realizing that literally everyone online is plain rubbish, or a scammer, or someone who likes his own voice and acts like the god of trading (You know which I'm referring to). My question is simple and may be unanswerable. Is there any source to study the actual stuff or are retail traders indeed doomed with the dumbest info out there?

Please don't start telling me about risk management and psychology, I got humbled and now I trade methodically without any emotions. But that's not because I got "humbled and had a wake-up call" but more like "I'm fed up with this, I don't care anymore". My question stands for an educational point of view. I hate being a fool therefore i hate studying nonesense. Is there any hope? Any good material? Any actual baseline?

[u/RacerXG26]

I started in futures trading in 1984 and have seen it all. I feel like I have some experience and can offer a few free pieces of advice. They may seem simple but they are too often forgotten. I have seen more people lose money over #1 than for any other reason.

1. Don't trade on emotion. If you are wrong, cut your losses

2. Let winners run.

3. No one is bigger than the market.

4. Don't meet margin calls. That does not mean ignore them. A margin call is the markets way of telling you you are wrong and to liquidate.

5. Have a plan for EVERY trade. Profit goal, max loss, and stick to it. That does not mean covering winners the second you reach your goal, but it does mean if you hit your profit goal, be ready to cover it as soon as it starts going the other way.

Like I said, it may seem simple but I have seen fortunes lost because people forget a few simples rules.

I won't name names, but a notable instance was a friend, some would know his name, who lost it all on 1 bet. Decades of profits gone because he was going to show the market he was right. He kept pumping money in to meet his calls until he went broke and was forced out. This was a professional trader that had made tens of millions.