what a great site - I've been in the background occasionally checking in on the site but haven't had much to add yet, except one thing I've noticed, everyone is really cool with each other and there is no nasty stuff on here! (At least not that I've come across). What a nice surprise! Encourages you to post stuff about your trading etc without fear of being made to look like a complete idiot!!
So......my trading has been mainly in Aussie shares, Currencies & have now ventured into the e-minis, the YM at this stage which I find really easy to trade...most times, but looking to also move to the ES soon.
I've had some nasty surprises with the E-signal platform which kept duplicating my trades as fast as I would close them, so in the process of changing over to NinjaTrader, which takes time.
I've been sim trading on NT in the meantime, getting familiar with using the DOM and trying to get some indicators which work well, set up on my charts. Those that I used on ESignal were custom and don't work on NT...they were great and I feel now like I'm flying blind.
Anyway if I have some wins (or losses) which are breathtakingly good (or not!!) I will post them up.
All the best
Pipstalker (or should that be e-ministalker?)
Hello Everyone, I am completely green at trading. Been in training for 2 weeks with Nexgen on their software. Contacted Mirus Futures, they directed me here to the site. Tons of useful information here. I plan on making trading a full time thing. Really interested in learning how to get indicators.
Great forum Mike!
I like the candid comments about real trading, i.e. the losses as well as the insights and victories.
I have been learning to trade for the past three years. Like many among you I also blew my account a few times while tackling daytrading.
After reading a lot about trading (psychology) and some 'deep' thinking, I realised discipline and impatience are my weak spots.
I am working on those now (am currently sim trading spot FX) to regain confidence and become more patient.
I am geared towards scalping, despite the increased risks of overtrading and possible increase in psychological mistakes.
I would be interested to know if anyone is scalping the spot forex markets. I remember reading some comments on the forum that scalping is 'near to impossible' in the spot FX market.
Favorite Futures: futures and liquid $20+ equities
Posts: 37 since Sep 2010
Thanks: 21 given,
Howdy fellow seekers of the gr-r-r-r-r-ail,
I don't even know how i lucked upon this site but it looks way more friendly than the elite trader site
Anyhoo, opened first futures account in 1994 which was hastily emptied within 6 months.
Leaped again in 1998 with the same result.
Opened a Cybertrader (now defunct Schwab spawn) equities account in 2002 and actually made some money daytrading 5 months in a row only to evaporate 60% of the profit in one loooong, bad day so focused on a then profitable impex business.
2007, hooked up with a couple of friends trading prop profitably, got my series 7 license and started trading with a 100% payout prop/arcade, predominantly equity pairs, ending the year fairly profitable. 2008 was a rollercoaster, the first 4.5 months, a bumpy road up and the next 2 taking a lot of that back with a lot of commodity related pairs blowing out with the skyrocketing prices, the stocks more levered to the price of oil, aluminum, etc. just running away from the other and...anyway, ended the year profitable but just barely. 2009, went to directional plays using both momentum and trend following (buying pullbacks, selling rallys) with mostly ES and highly liquid equities over $10 and saw profitable days 80% of the time but each time I bumped up the size, the system (or my psychology;-) failed. Ended the year profitably but not with the weekly consistency I was looking for. 2010 has gone pretty well, missed several months but when trading, have kept my drawdowns small and eeking out a bit of money here and there using same as last year except rarely trading the sub $20 stocks, in addition to going back to some pair trades as well as single equity/future RTM countertrend fades.
Also about me, I ask lots of questions, like to help where I may as well as write rambling babbles that go on and on and
The following user says Thank You to Myshkin for this post:
Great site, great tools. I a trade for some time, started with my first money trading currency options. Later, when I was starting working in the banking industry, I traded also equity options.
For two years I trade full time, including FX and I find this market really appealing but also very dangerous.
Indeed I have blown some accounts and I realized that risk management is the key.
For swing trading, besides options I trade turbos, which seem to be available only in some countries/regions.
I am specially interested in auto trading because I really want to eliminate the human factor out of trading.
Thus, I find adaptive systems using neural nets and intermarket analysis the best strategy.
In relation to FX spot trading, I find automated scalping strategies most profitable, but I am making progress with otter systems. I recently started with Neuroshell and frankly find the possibilities endless and most promising.
In my experience, options are still the best way to take advantage of strong moves. The very popular turbos have a knock out included and one has to carefully select the knock out level. The probability function in my opinion is less favorable in relation to options if maturity is not a problem.
I just was knocked out recently in several trades during the last SP consolidation. My strategy was completely right but I was wrong about the retracement the SP could experience. I was actually seduced by the constant delta of these instruments. However, a high delta is correlated with a close knock out level and that makes this instruments closer to margin trading.
The following user says Thank You to heiko for this post:
I trade a Micro account with Oanda and make my position so small that I can use large stops like the pro's. I can't seem to make money scapling Forex because it seems there is no rhyme or reason for most of the small moves.
It is best to look at a longer time scale and and get in early on a long multi-day run... at least a few hours...
Micro accounts make this possible for under funded traders like me...
try a 15 minute chart with an hourly chart.. a short EMA along with a 100 or 200 SMA to follow trends....