Financial management may improve for you if you look into 'Position Sizing' as lectured by
Van Tharp . He has been on the trading speaking circuit for many years now. I've attended and
feel right- to suggest you look into what he preaches- it may be what you're looking for.
The following user says Thank You to Greatwest1 for this post:
Welcome, oh great Don C. fan. There's lots of talent here, as in many other rooms.
But this one is different- many useful contributions here. This is a big sign that many
experienced traders know that it's not the system , but how a trader handles it. So
there's very interesting ideas here. I'm working on the discipline aspect, management
just to let you know; and I like the futures: ES, YM, TF, etc.
Let's hope Don stays buying jackets and not trading ~~!!!
I am brand new to trading although I have read many of the recommended books on the subject. Haven't traded a nickel yet, but looking forward to setting up an account and starting out in the next week or so. I watched the Webinar the other day on Instruments and Brokers and look forward to the others that you plan to show for beginners.
I am recently retired so I hope to be able to devote a lot of time to learning how to trade.
I retired at end of 2011 and desire to get into trading full-time. I have the time now. Don't yet know what all that means; still trying to figure out what direction to take.
In years past I have position traded commodities, mostly pork bellies, and traded stock options. Just closed out my account at ThinkorSwim and will be setting up a new account somewhere else, probably Optimus Futures, based on the reviews I've read here at futures.io (formerly BMT).
Not sure what I'm going to do just yet; probably focus on day trading the ES initially, but not scalping; and I'm in the process of learning to use NinjaTrader.
I also began taking a course in supply and demand trading this month and hope to base my trading on that approach. I like it because you can apply it to any market and timeframe. Lot to learn.
Looking forward to participating here as I get grounded and get up to speed.
The following user says Thank You to chardyiv for this post:
Neither, my apprenticeship is in the doing: trade my account in real time / real dollars (as best I can using the knowledge I have gained to date); monitor my performance, continue to learn from a variety of sources and incorporate what makes sense to me to improve my trading methodology.
My "apprenticeship" is not about making bucket-fulls of money (that will come later). If I am still "alive" (in the monetary sense) by the end this year and can point to 2 accomplishments:
(1) a consistently profitable pattern in my trading (even, if, the profits are only counted in 'loonies' & 'toonies');
and (2) I am still gainfully employed in my day job & my wife hasn't left me & my dog hasn't died;
... then I will consider my apprenticeship complete, give myself a gold star and move to the next phase (which remains undefined at this stage).
Please take all discussions to a more appropriate thread.
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.
If you want to support our community, become an Elite Member.
I am 48 years old, from Dallas, Texas and have been trading on and off for about 25 years, but results are nothing to brag about yet.
I am working towards making a career change to trading full-time over the next 2-3 years or so, since software developers (my current job) seem to lose marketability around 50 or so. I recognize though that I have some work to do to get there in an intelligent way. Currently focusing on Price Action Trading to simplify things and get back to basics.
My current interest is Forex and I am focusing on AUDUSD for now trading part-time at night and build up some capital prior to switching to full-time. I also have some interest in silver futures (SI).
I am very new to trading. I am currently working in the IT industry as project Manager and live in Sydney Australia. I am 64 years old and am looking into trading to support me after retirement and at the sme time giving me something to do.
I started with Options in May 2011 and lost some money as I was not proactively managing my trades. This was due to work and I could not look at price movements at work.
I then stated looking at Eminis and and am now trading S&P 500 here again I am not doing well. The loss is less than that of the options.
I heart about Big Mike from a friend who explained the wealth of knowledge that Mike's web site has. I beome a Elite Member. Howver since I joined I have not been posting anything or reviewing anything. I have been tyravelling a lot and work has been hetic.
I will be away fror 3 weeks travelling overseas and will return to Australia. I will then start looking at all webinairs and postings on this site.
Please bear with me if my postings are limited as my knowledge is close to zero.
Thank you for your patients
May the trade be with You
The following user says Thank You to logenm for this post:
Hi Viz, although I am not a Forex student you will find here very valuable threads about FX. Trading in sim is very important to protect your account until you are in solid grounds. I blew my account twice just after finishing a mentorship and I went back to trading 101 an re-study from the get-go. Best wishes.
The following user says Thank You to rainbowchaser for this post: