Welcome, and this is a great place to learn. Here they use the term 'pay it forward', so feel free to plug in your 2c worth anytime.
I am new to this forum also, and when I signed in, Big Mike directed me to go to the Psychology and Money Management section. I did and there is a lot to learn there, so it will help you if you spend some time studying what is there.
I know what your thinking, 'I don't need that....'. But the truth is, you don't know that you needed it until after you have read it.
Best of luck
I thought I'd go ahead and introduce myself. I used to be a long-only investor, but have been drawn to trend-following by Michael Covel's writings and the allallan blog, among others. I discovered this site about a week ago and I'm really impressed - lots of useful info.
I have a Ninja Trader license for BWT and I'm SIM trading TF to gain some experience. Fwiw, currently I'm using the 15 range (default 1.4 sensitivity setting) to determine trend, then using the 6 range (2.2 sensitivty setting) to generate trade signals (taking only those in the direction of the longer term trend). I don't take all signals in the direction of the long term trend - I've found BWT's Natural Bands indicator useful for weeding out some choppiness by only going short when the price is below the mid-band (when it's red) and only going long when the price is above the mid-band (when it's blue). So far this looks promising, but I need more SIM experience before I would go live.
I'm also experimenting with using BWT's daily signals for longer-term trading of SDS & SSO (2x SP500 ETFs).
Anyways, I have alot to learn, and I appreciate all the knowledge you guys are sharing on this site. I'll certainly pipe in when I have something useful to share.
Last edited by bmoney; July 6th, 2009 at 03:06 PM.
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Hi...My name is Mike Winfrey and I've been fulltime trading for over 3 years now but still not using real money. Tried that 3 different times thiniking I was ready but quickly found out that I wasn't. The last time that happened I committed to staying in sim mode until I was sure. Been at that for over a year now. This last year and a half has been the worst period since I started and I think it's because I've dedicated myself to doing my own thing instead of trying to copy someone else. I've conclude like many of you that copying someone else just doesn't work. Having said that I want to be very clear. I put in serious study and development time during my first 1 and a half years but it just wasn't the best effort as I see it. However, it sure gave me a good basis for doing my own work so I look at that period as beneficial. I've finally come to a point where I'm feeling like I can see light at the end of the tunnel because my patience is getting much better. I only trade the first couple hours of the day when the volume is good because I've found that I just give back my profits after that.
I'm trading using the my version of the CCI as my basis and taking retrace entries. I qualify my entries by using a modified version of the NT OBV indicator. I use the OBV based on the 1v chart and put that into a strategy so I can display it on my 400V and 1 minute charts on the YM. So, the OBV that is based on every contract traded is more real than using the regular OBV on on the 400v chart. I'm sure that is a convoluted way of explaining it so I will probably spend some time on that in another thread. Just wanted to give you all an idea of what I'm doing.
I have done a good deal of indicator development which you may have seen examples of on the NT forum.
I guess I'll shut up for now and look forward to participating with you all.
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I am from Rio de Janeiro, Brazil.
I am used to trade stocks, but now I want to trade futures (indexes and currencies) and to get the timing to do it.
I hope to learn good things with you all, and if possible add something to the Forum.
I congratulate Big Mike for his work making this successful forum.
I have been trading for 9 months. Blew my first account after winning like crazy from the ES downfall. I am on my 2nd account, still negative not BE yet. So far discipline has kept me from losing it all again. I am surprised that I lasted so long. Your greatest enemy is your last win. You get cocky.
I trade on the 10 min chart but look at other charts for indications of trend and information.
Well, I am new here. Trading for 3+ years, and Programming for many many years. I am glad to see such a big and living trading community, I hope I could learn and also teach you something.
As derived from my Nickname, I am a devoted Chartist. (almost) No indicators at my screen - just good ol' Support and Resistance. I am also the creator of ChartSecret.com, a free site dedicated to teaching the Art of Chart Patterns.
Good trading everybody
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