Congratrulations on a good choice. I bought a couple books, and have sat in on futures.io (formerly BMT)s webinars after becoming an elite member. One of my better puchases, as it has literally saved me thousands. The ROI has been oustanding. There is no need to pay for any "education".
Hi, my name is Omar and I just joined 2 weeks ago. I have struggled for a very long time and I am still struggling. I hope that I will be able to contribute to the forum in a meaningful way. Thank you to all who already do. It is the willingness of those to help that can make all the difference in the world. I hope to be able to "pay it forward" soon. Thank you.
Just want to put out someone who has been very helpful to me and other beginners. His name is Gary Savage and he has probably the best subscription service for the beginner and it very cheap. Along with the service comes a couple blogs and he is very helpful to the beginner trader. Mostly focuses on stocks.
Blew my account once, closed the account as a revenge. Now, slowly getting back to it. Lessons learned in 6 months:
1. Keep an XLS spreadsheet with top 10 sins, rate them in order of popularity for my trading style, with the ultimate goal of eliminating them eventually. (below is my top10)
2. Keep only to one area (don't trade forex futures and ES futures). My poison will be ES (S&P emini futures).
3. I like a couple websites, including emini-academy DOT com, emini-watch DOT com.
4. I don't think Ninja Trader is a robust enough platform for real-time trading. I wish TradeStation supported Canadian accounts. I will try TD ThinkOrSwim platform for trading.
Looking forward to exchanging useful ideas.
OK, here's my top 10 sins:
1 Played without a stop (many examples. E.g. in risky hit'n'run technique - could not get out the trade in time - 1st loss: 7 pts, 2nd loss: 3 pts)
2 Turned a winning trade into a losing trade (While playing against the main trend, I timed the entry right, by focusing on the retracement. However, forgot to add a profit target at 23% retracement)
3 Placed profit target at an exact spot. Next time, make it a little away from the target (to ensure a fill)
4 After getting a good profit, played again too soon, thinking I figured it out.
5 Jumped into big trend, after the fact (without waiting for retracement)
6 Played with a bigger stop, compared to profit target (P/L ratio should always be larger than 1)
7 Made a revenge trade (wanted to be a hero to save the large loss earlier in the week)
8 Did not watch the odds turning against me (did not watch the move live, after getting into the trade) - whatever the reason I am in a trade, should be the same reason I am out of that trade
9 Did not start the timer for 5 minutes (per profitable trade) - That's my decision, if you can't take a profit in 5 minutes, there's something wrong. Start considering going out of the trade with minimal damage.
10 When the trade starts turning against me very obviously, I did not move my stop to minimize the damage.
My name is Joao Paulo, Brazilian, living in Japan for already 12 years!
I am a forex trader, well, developing trader, since 4 years. Of course, blew out some accounts and spent about US$40K with trainings, books, systems, coaching programs and all the s*!t out there. Finally, found my way during last year and this year, with price action and VSA(volume spread analysis).
I am a member of this forum from exact 363 days but... never posted nothing! Sorry for that!!
I would like to contribute, to help other fellow traders that are struggling, want to exchange ideas, insights and anything that allows us to grow together.
Financial markets are a wonderful means to wealth creation so, there is no reason we cannot get our piece of this pie. It is there for anyone with the will to learn and work wisely.
Hello everyone, this is my first post at forum. I´m interested in trading for 2 years. I started with stocks, but very quickly switched to futures. In the beginnings I traded "classic" agricultural futures like corn, meats, softs etc. I was not very successful. Then came a little break. I decided to focus on eminis markets and only one market at all. It brings some first success - 1st month of profit with my own system. But I was not ready in psychology of myself and did not test my system well. So second break came. Now I am papertrading and trying to do work in my own psychology and have some real statistics of my trading. I hope and wish that in 2012 I will go consistently live.
I supose this is the right place to introduce myself. So here it is:
I`m trading for about 10 years now and what I have always wanted when I was at the beginning of this trader career was someone to show me how he/she is able to constantly win in this "game" without asking thousands of dollars for it and of course to be able to prove itself as a good trader with some long time records, I have yet came across such a trader be it because of the outrageous (for me at least) amounts of money that some were asking be it because of lack of proof from others who claimed to be good traders but did not get my trust so I took the hard way of learning on my own skin. Now why am I here is because among all coaches, trade rooms, courses or what whatever other things you will find about trading, there is room for some transparency in this business so I decided to open a website, a traderoom, where anyone will be 100% sure about wanting to join or not. The idea is to have all trading results transparent for anyone to check before deciding if its worth or not and the single way of doing it trustfully enough for anyone is to have a third party "partner" where trades and performance of the trader can be checked. I found Zulutrade being a very good third party option and so I`ve just started a system there and opened a traderoom. Of course for the moment everything is less than one month old so its kind of useless to make any (empty) claims but I think anyone will consider my initiative fair and I plan to share the link to my new website on this forum (of course if moderators allow) but that only much later...I dont want to be considered spam advertiser and the history of my strategy is too short for the moment and I hate empty claims.