I lost my fund two years ago in the summe of 2009 trading ES due to overtrade, poor money managment and lack of experience.
I licked my wound and I now recover somewhat and want to start slow first.
I find this great forum from viewing some threads in EliteTrader forum.
I hope during the new trading experience this time, I will have something to share with everybody.
Thank you for providing this forum and opportunity to communicate with other traders.
I have been trading stocks and options for a numer of years with on and off success.
For the last year my trading partner and I have been working on trading the 6E, NQ, and CL futures. We believe that we are in a position to be profitable. We hope to trade for our full-time jobs. Wish us luck.
I've been trading mainly ES and YM futures for last 2 years. Never quite lost my account but never made real profit either. Have had a break for 6 months and now looking to get back into it. Really like the openness of this forum and hoping to find the break through technique that will allow me to start to find more winning trades.
Hi all - I am new to the site and think it is very interesting and I am impressed by the apparent level of knowledge and experience. I am from Gold Coast near Brisbane in Australia and quite a beginner still. Trade with a mini account on FXCM and learning the hard way by blowing my account when failing to use a stop - after getting too confident with some good trades. Seems that many others have learnt what I still have to.
Hope everyone is learning a lot from this site. I actually found this site by accident. I was looking for the Donchian Channels for my MT4 platform. Glad I found it. I have been trading for 14yrs now. I started in the Commodities market first and then in 2002 I found my new love, the FX market. She spits out 4.5 Trillion a day so this market if you learn to tame it can prove to be very profitable.
I use a combination of techniques and indicators depending on the situation. If the market is trending then I will use a 8 & 34 EMA also with a 200 SMA to get the direction of the trend. I'm usually a day to short term trader and if something is going good then I can turn into a long term trader, all depends on what is happening. I also use other indicators for timing entries as well such as stochastics, CCI, MACD (Convergence or Divergence Set Ups), RSI, Donchian Channels and ADX, all depending on when the market is ranging or trending.
I ALWAYS USE A STOP AND NEVER RISK MORE THAN 5% ON ANY TRADE. This is the key to trading, Money Management and risk management. Also, when your in a trade you have to have Wa good trade management strategy to work your position. When I scalp, I usee a 1:2 or more ration with a multiple of 2's method of when the market goes in my favor I wait for a move of 10 pips then I move my stop to BE+1 pip and take off half at that time, if/as it continues to move in my favor, I wait for 20pips to move my stop up to 5 pips and let it run but not giving back none less than 15 pips, at that time I peel off 1 and let the last 1 run and not really care about it since most of the profit has been peeled off. On the other hand if the total trade idea goes against me I only lost 5% of my account and then I do not trade anymore for that day. You can also break up your raisk into many little trades to keep to your goal ASwell.
I have many more strategies to share and what time frames I use to trade on and what setups I use with both.
Hope to learn a lot from other fellow traders.
The following user says Thank You to mbtrader for this post:
I'm a "native" Malay Singaporean (although majority of Singaporean are Chinese) am pretty much new to trading,I found this website while Google.
My fellow country mates were making noise on why the price of the petrol (gas) didn't come down although the price of crude oil is bearish so I research about it and reading more about Light Sweet Crude Oil (WTI) Futures from CMEgroup.
I could probably buy a few contracts now as it is expected to soar soon?
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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thanks for having me, i look forward to being an active member of your site. I bought stocks for past 12 years, mainly through research then buy and hold till fruition, i have only been day trading for approx 1 year with mixed results, and have blown up several a/c's and lost a considerable sum in the process. lately i have been holding my own but its difficult to learn from just books, but i have read my fair share and they have instilled some pretty good methods.
As i am still learning i havent set on a particular system as of yet and i look forward to engaging with other traders with whom i can possibly learn from and eventually share info, my initial browse through your site looks very promising and wish i had found it sooner but however im just glad to be here and look forward to learning and sharing as much as possible.