thank you all for a great forum.
for the past 2 years or so i hve trading equity on different platforms and different brokers.
finally i hve settled to a prop trading firm using sterling platform to execute orders and TOS free charts and data for decision making.
i am building my skills and knowldge base by reading what ever is available and analyzing analyzing and more analyzing. i find the posts in this forum most helpful and challenging.
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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I know what stock is and I've owned a few shares. I have a 401(k). I've visited the gallery at the Chicago Mercantile Exchange several times. That wraps up my investing background. You can't start much greener.
Money is tight, so there's not a lot of capital. Wish I had more, but that's okay. Just a little more challenge.
Those are the rainclouds, but here's the sun:
My job is compiling and analyzing data for a health insurance company. I'm good at it and I like it.
I have a decent job, so investing will go for accumulation of wealth for me and for my family, not for paying bills. At least not until investing IS my job.
Life has given me a lot of free time in the evenings, so I have no excuse not to learn and practice, learn and practice.
I believe I have at least a little self-awareness. I am even tempered, and not impulsive. I'm not a gambler. My good friend, Phil, told me today he can't believe I don't even know how to play blackjack or poker. I'll use this to my advantage. My challenge will be pulling the trigger. At least I know and will try to address it.
I have no illusions that this will be anything but frighteningly difficult, but I know I can do this. If I don't, I have no one to blame but myself. I promise to study and learn and participate, and I humbly welcome your comments and advice.
Just disvovered the forum and looks like a great place to share ideas, trades, stocks to watch, etc. Back in early 2000s did alot of daytrading and did it pretty much alone without talking to too many otherdaytraders(big mistake). Did quite well for a while but got stuck in a few trades I should have known better and stopped trading. Back in the game though and can't wait to get back in the game. Look forward to getting going. See you all in the morning. Happytrader
Terrific post. It is not difficult if you study, practice and stick with your plan (your rules of trading; most people don't even have one). I have been demo trading for almost a year and just now will go live after wading through a lot of junk. Good luck!
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Hi all, I'm another walking wounded of the FX education merry go round and as I look back I can see a trail of $4000 running from both my pockets.
I value integrity and transparency, people like that attract me, and their honesty can be a strange mix of being frighteningly liberating. I dislike hypocrisy and believe me I've been and still am an expert in hiding behind a mask. But I'm a coward so the anonymity the web gives me allows me to be brutally honest without meaningful consequences.
I'll be brief, a few years ago (the banking crash) I lost £10,000 on a Royal Bank Of Scotland stock trade. I had no stop loss and knew nothing about stops, charts, MA's etc just the hope price would return. It never has. But I was hooked and decided to begin learning all I could about trading, reading 50+ trading books (most of the ones normally recommended in forums) joined a few forums asked questions read articles. My passion was trading.
I need to back up here and give you some brief background so you have a feel for the context of my journey. Left school at 16 with zero qualifications, partly because having a severe stammer and being bullied by 2 teachers the shame and embarrassment left me outwardly a seemingly happy teenager. Inside though I was deeply bruised and damaged. Around this age 15-16 I developed yearly bouts of dark week/month(s) spells of depression that would completely bring my world crashing down as I retreated to my bed and hid under the sheets. This was due to trauma that happened to me as a 9 yr old boy and as the teenage years hit I began to realise what had happened and be horrified. Now over 35 years later depression has robbed me of many years of living. After 30+ sessions of Cognitive Behavioural Therapy counseling the guy and I agreed my core belief about myself was summed up with the statement...."I'm a failure" Oh and by the way the depression is still with me, it moved in for a few days around Christmas.
So I began serving an apprenticeship at 16 and began in the construction trade with a desire to be the best and fastest. At 21 I began my own company and have been self-employed for 90% of my 35 yr working life. Was mortgage free at 27 and married a wonderful wife and best friend. Five years ago due to my depression I needed to stop working so I had time to learn FX as best as I was able. Did I say this would be "brief".
So I ask myself and you the question, can a stuttering, uneducated, traumatised, depression prone middle aged guy who sees himself as a failure make it as a trader..................mmmmmh What do you think?
I have spent most of my time (3 years) learning and spent $4000+ on trading education, nearly all a waste of time with one wonderful exception a $97 ebook that was better than all the rest put together. Amazing! My charts have been full with indicators and lines but it just did not suit me nor was I consistently profitable. The good news is that I think I might be tentatively stepping into the fresh ground between breakeven and consistently profitable trading. Its still early though I think I can say I'm optimistically realistic, no more than that. I trade FX with a MB Trading ECN account using MT4. I use no indicators other than a faint greyed out 20 ma to quickly see when price has moved to an extreme. Take my S&R from the 30 min chart, trade off the 3 min where I note significant swing highs and lows and fine tune my entries sometimes with the 1min. Sloping trend-line and me don't get on but I like my horizontal S&R. I am always looking at price through the lens of other traders trying to feel where they have placed their stops etc. Basically looking for trapped traders and to benefit from their order-flow when they need to bail. So I see my charts as a story of traders decisions and the fear and greed they will be experiencing. My fav Trading subject is Money Management so I use 1% max of my capital per trade. And I want to develop a way of averaging up (adding to) a position when I'm in a profitable trending trade but in such a way as I do not increase my overall risk yet have the opportunity for increased profits. For me its all about the risk. "If" and that's a big "if" I can become more consistent I will move to the Futures FX and maybe the YM/ES/CL.
So that's the raw version, edited a bit for brevity but the main points are there. If I can make it.....then take heart all you strugglers..........we can do this together. I hope you don't mind my bluntness but as Oliver Cromwell said to the artist commissioned to paint his portrait...............paint me warts and all. I like the freedom being "real" brings, well as "real" as this coward can be at this stage even with the mask of a username but, I'm still on the truth journey one day at a time.
Finally, the main reason I am drawn to this forum is I get the feel of authenticity with the posters and BigMike himself and of course I need all the help I can get to make it.....................Take care
Last edited by gracepips; January 8th, 2011 at 06:20 AM.
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