Thanks for this wonderful site.
I feel I need to pay attention to the mental side. On this site I learned about the Sedona Method and NPL. I am dedicating myself to study and understand my emotions before comitting myself to the market again ( and ofcourse save some money too to refund my account).
I am repeating to myself that I am not trading the market but other traders.
On the technical analysis side, I feel I have some issues:
1. I am good to make decisions on the long side but not so on the short side.
2. I was working with a senior trader some time back. We took the same long entry. We expected it to be a
big move. However it was not and turned out to be a scalp. When the market reversed, the Sr. Trader immediately went short ar S/R. I am not currently able to change my bias that fast. I am trying to get this skill in my armour.
3. I have improved a lot over time regarding letting my profits run. There is more practise needed here too.
4. I am also moving my stops ( by max 2 ticks) in effort to give the market wriggle room. I am now trying to let the idea sink in that the market must support my hypothesis immediately otherwise I need to scratch the trade ie do not let the market prove me wrong. But be more proactive.
5. I am trying to imbibe ideas from 'Trading in the Zone'.
6. I am not adding indicators or changing strategies but seem to move my charts around all the time( in effort to optimize screen Real Estate). My biggest failures came when I moved my charts. I think it takes time for the mind to get used to seeing information in a certain manner. This is a bad habit I am unable to overcome. It is always one last change or follow a different market like Nasdaq or DOW or Russel etc.
Hopefully next time in the markets I will not be held back because of the above mentioned flaws.
The following user says Thank You to tradersam for this post:
As Al Brooks is saying in his book 'Reading Price Charts Bar by Bar', 'Trading is very boring but also is very profitable.' (When one knows what he's doing, of course.) It may help to get this book and study it until you understand everything he's trying to tell there. The reading is tough and it may take you a few years to internalize its ideas. This lengthy learning process is unthinkable without paper trading the real market such as offered e.g. by NinjaTrader unless one has an unlimited money supply (a la Mr. Bernanke). After having lost tons of money during many years of haphazard trading I finally wised up to taking the trading business for what it really is - a most complex and therefore very difficult to learn game in town.
The following user says Thank You to vladyz for this post:
thank you for the welcome. I am living in Germany and I am trading since 10 years, at first stocks, then options and futures and now only ES. In my first years of trading I lost a lot of money. In 2007 I reached my break even. In 2008 and 2009 I had a break on account of my job. Now I'm back again. For many years I used TradeStation 2000i. I developed some indicators using Easy Language. I tested Multicharts, NinjaTrader and SierraCharts. While I was looking for a new trading software, I stumbled upon this forum. I received a lot of information I was looking for. I am pleased to join the community to expand knowledge and skills. On the other hand I would like to share my moderate trading skills with you in return.
The following user says Thank You to wolfwk for this post:
Really nice job guys. Like the forums and all the free stuff in here. I have some experience in trading, I hope I can do my part to help this community to grow, however I am alway looking for places where I can learn and improve my knowledge
1. Write a trading plan- have specific rules of when you trade (eliminate some indicators?)
2. Pull the trigger on demo account
3. When you can follow your plan consistently and pull the trigger (and you are consistently profitable) then go live
I have been demo trading for almost a year and am finally to the point where I can do the above. Good luck!
The following user says Thank You to reddiscalper for this post:
Have used E*Trade, Schwab, OptionsXPress, TradeStation, Ninja. Currently using TS trading Futures contracts with an automated system built by John Clayburg called universal. Works pretty good. I let it enter the trade and then I manage it. Tried the Simple Automatic System for one month and liked it pretty well. But the owner insulted me so I dropped.
Looking forward to learning what you guys like and dislike.
Glad to be here... I am a sim trader, hoping to start live trading as soon as I can find indicators that work at least 60-70% of the time. I've traded Stocks and Options in the past and lately interested in the futures market.
I use the NT platform and just recently upgraded to v7. Some cool features there, especially on charting.
I hope to learn from all and will contribute in whatever way I can.
Sorry but that would be called "the holy grail", and you won't ever find it. Focus on the psychology and money management section of the forum, and read all the journals --- stay away from indicators where at all possible, and you should do great!
Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.
Need help? 1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first. 2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses. 3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make. 4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance. 5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers. 6) Help using the forum? Watch this video to learn general tips on using the site.
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