I have good number of years in experience but no progress
I have good number of years in experience but no progress in economic condition. i decided take up forex a trading as home job after my former company has shut down. i did not find any alternative job opportunity to match my family expenditure. so i taken forex trading as my day job. i doing it for about 18 month. i dint have much desired progress. but i tried many strategies and failed to improve my account. when i anaysed my failures i found three intimidating thing which affects my progress.
i loss maximum when i have a tendency to withdraw to meet my family needs. that is when greedy to make more profit with high leverages forgetting about money management.
when hold my position without stop loss for avoiding loss and expecting market pullback. but market totally agaisnt my position. i lose my confidence and stop out my position after erasing previous gains and considreable part of investment.
i will give a considerable time gap after heavy loss and i will plan another strategy
and so on please read above paragraph.
so i found three factors which kills any traders account.
In the past I blew up my account several times. First I was (all-in) long from 2007 to January 2009, then I began to build up short positions (which was a good plan for around 6 weeks ;-)) I kept shorting the markets for the next 12 months (and shorted one of the largest bull market rallies ever).
In 2010 and 2011 I worked on my trading skills and I realized that I need to automate my trading strategies (as I simply do not have enough time for trading during regular trading hours). Thus I started to implement some strategies in NinjaTrader and quickly found this great community (via google when searching for some NT stuff). Currently I've some basic but working strategies, but never tried them in reality. My goal for 2012 is to begin again with real trading, this time automated with a proper strategy and strict money management.
Signed up at a few other message boards, kind of lost interest after weeding through page after page of chaff.
Still neck deep in a list of books I want to read (Elder, Carter, Persons, etc). The little I do know about day trading, I picked up from material readily available on the interwebs. Mostly interested in trading index futures (i.e. E Minis), but stocks, too. Still just in papertrade mode, never made a trade other than buying a few shares of blue chips and smaller growth stocks. My current (theoretical) trading system revolves around watching the vpoc, breakouts from the opening range for buy signals with some common indicators in positive confluence for confirmation, and using a parabolic SAR as a guidance for exits. It's pretty simple, I know. There are always people out there with more complex systems and set ups, which can be frustrating and intimidating. I would like to know more, and learn from those much more knowledgeable than me. Hopefully this is the place.
Hello all. I hope everyone had an excellent holiday season. A student of the markets and new to the forum I look forward to learning and being able to share with others all I can. Thank you Big Mike, for creating this great site.
Just want to give a shout out and say how glad I am to be here. I've been trading for a while with an emphasis on the silver market. Did really well this year untill about two weeks ago when I wiped out 3 months of profits overnight. I made the fatal mistake of believing that DSLV just couldn't go any lower!! Won't go there again.
I have been trading for about two years all over the place from futures, forex, options, etc. I have gravitated and spent much monies on programs and systems for the emini s&p. After much searching for the holy grail I have had to pause my trading due to my promotion at work to assistant principal in discipline. This takes much time so I have not been able to day trade. But...... Each break I get, like this recent Christmas break, I sit an read through this forum. I realized that I have a passion for day trading and that I need to just continue to learn and read for all the valuable information I have here in this forum. Thanks mike for this resource. I needed this two years ago. Thank you.