Started trading currencies about a yr ago with a wkly trade service with the idea I would make money while learning. It did not match up with my personality. I could not keep my hands off of trading now that I had a funded acct. Waiting for 6 days till the next email trade-update killed me. So acting on my own without proper training, I ran the acct down. It has taken me a yr, a bunch of money, finding the right coach/trade room to learn how to sit on my hands and let the trades come to me instead of chasing them. Am trading CL on a scalping basis (the activity matches my personality, it would be very hard for me to be a day trader. I like to collect my money after two hrs and be done with it.) and enjoy it very much. Look to add others like the Russel and Gold. Eventually hope to add Autotrading to the mix down the road. I like this site for the indicator downloads for NT7.
I meant, that I do not use any indicators: I simply look at price action. Tick charts did not work for me. I use 5 min , 15, 30 and 60 min. Once I had been watching charts entire session for few weeks, I noticed how waves move and patterns: they constantly repeat. Higher the time frame: easier to see. Unfortunately: higher the risk. Once they all sink: I take the trade. Fibs work for me, but it requires increidbly discipline: I take max 3 trades a day.
Backtesting Is Everything: if you see something, that clicks: backtest at least few hundred trades: document all and cement your strategy on demo for at least 3 months, documenting each and every trade im your journal.
Hope this helps!
The following user says Thank You to Laguna for this post:
I really like your format here. Its great to see so many people working together. I just got into trading about 2 years ago based on interest from a buddy. Ive been testing and developing a system for some time and am just finishing up some custom indicator and strategy coding for NT. Look forward to contributing to the page.
I've been lurking here for about a month getting a feel for the place so to speak, it really seems like a great bunch of folks and a great place to hang out. I've been trading for awhile now, probably close to 30 years off and on. I started with Funds and Stocks way back when I was in HS and even was doing a sort of roll your own trend following system in the 1980's when a friend and I programmed our own system using an early IBM PC that was based on moving averages. This was before real time charting and data tools where even commonly available to the public.
Like many people I've tried just about everything from soup to nuts. Sometimes what I was doing worked for awhile and made money...I said for awhile but in the end I failed to really make a success out of trading, success being defined now as being able to keep the money in my account vs giving it all back to the market and keep a consistent cash flow that will last for years not months. I've had successes making money like I said but somehow all but failed to keep it. I can't put my finger on why this happens excatly...discipline in my approaches? Psychology? Money Management, Greed, Fear? I have however had some spectacular failures and like many I have blown out several accounts. I don't know if this is everyones experience but after blowing out an account and facing all the self doubt that come with that I gave up trading often for years and then each time once I had put considerable time and distance between myself and those unhappy events I would retun to trying to trade again and improve on what happened. I'm concerned though that instead of getting back up on the horse again right away I waited for long periods, as I say several years before I ventured out into the water again.
Over the years I've read most of the best selling books on trading, TA, Sytems, Psychology and even spent a a great deal of money (when I was winning) on courses and software. Success in trading however is an elusive and ficlke thing and of course I no longer believe that success comes from any book although they can give you ideas. Success IMHO only comes from rolling up your sleeves, strapping on your armor and doing battle with the markets on a daily basis....in pilot speak its time in the left seat that counts.
One thing that has seemed to pass the test of time in terms of my trading is that along the way I learned how to trade options. I started out in the usual way trying to teach myself, blew out that account and said ok I need help and went out and got professional mentoring where I learned a great deal about risk management and that is pretty much what I have been sticking to as the core of what I trade doing mostly (montly income spread trades in my IRA). However I do this very conservatively in terms of what I trade and how I trade in this account.
Over time I have come to appreciate trading as a business and I have adopted a lot of rules and even put up firewalls between myself and my trading to try to minimize bad habits and enforce trading discipline on myself.
One of the things that I have been interested in doing over the years is learning how to trade using shorter term time horizons and different vehicles other than options. I live out West so due to time zones I have a favorable window to trade the /ES and other emini contracts in the evening hrs during the period when the Asian Markets are open and also the first hour of the normal market hours. I have a full time job but I also believe its possible to trade the /ES or /TF successfully during that first hour period so I have spent considerable time looking exclusively at Opening Range Breakout Type Systems....funny years ago, 1993 or so, I purchased Toby Crabell's book on Day Trading with Short Term price patterns. I read it and put it away and it sat on my bookshelf for years and about a year ago I pulled it out and started studying it again this time paying a lot closer attention.
Anyway, I have thrown away all my indicators and pretty much only look at Naked Charts now and use just price action. I've have been paper trading the /ES mini's for over a year now and keeping my head above water on that and I feel that I have been doing well enough at it to begin to trade with real money although I don't have a firm date for this yet. One of the tools that I have been using more recently, and I would like to develop more expertise in are Market Profile and Volume Profile and also a friend has introduced me to Market Delta a few months ago. Its a challenge trying to cram all this into my small bears brain but I am trying and I am getting a lot better at spotting the obvious levels generated by MP/VP and now I am trying to learn the ins and outs of analyzing order flows. I have one simple goal from this....I'd like to trade a small account using 1-2 lots and simply learn how to do that profitably over a long period of time. What is important to me is being able to execute well on the trades and use proper money management to keep myself winning more trades than I loose, if I can do this successfully I figure that the profits will come of their own accord. IF after a time frankly if I could do this to a point where I was able to make $50 per day on average I would be thrilled.
Anyway I hope that I can connect with other people who are also going through challenges with this and perhaps some of the seasoned vets might help point me in the right direction and kindly share some of their wisdom with me.
The following 2 users say Thank You to sdthomas01 for this post:
Come in, take a load off, make yourself comfortable. I look forward to positive, helpful discussions and debates.
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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