Hello, i am a daytrader. my favorite markets are nq,tf,es,6e. I first started trading futures after getting training from a mentor in canada. i moved with my family to US for work and i am looking to make the change to day trading full time.
As a little background, I started my trading career in 1982 and traded in the S&P pit at the CME. When I was first on the floor, I struggled with my trading. I started watching the paper flow of orders going into the pit, and noticed a pattern of where large orders were being placed. So I looked up sales by price, and was able to deduce where big money was active. This is what brought me to Richard Wyckoff principles, and Iíve traded and been teaching using these principles ever since.
The great thing about Wyckoff is that it doesnít matter what market or time frame Iím trading. It could be forex, commodities, or stocks. It could be 5 minute charts or monthly charts. The principles are the same for all of them.
thank you for the forum.
i am an IT guy by profession.
have been trying to trade more and more just to break even from the past 4 years.
started with futures recently and had a ton of luck may be at start... but now hardly any good these days.
havent lost hopes yet!
I'm learning to trade futures after a few years of investing in equities. I think trading is very different from investing from the little experience I have so far. I came into trading as I was often frustrated about selecting the right stocks and timing for an entry. Of course, trading has a whole new set of frustrations to deal with.
I have read quite a number of useful posts in this forum although I have only barely scratched the surface. I hope to join into the discussions and to contribute back to the community once I get a hang on things. It has taken me 100 days to make my first post, so bear with me.
I don't know where this journey will take me. What I do know is that futures.io (formerly BMT) is another step in the right direction, so here I am.
We are not only who we are. We can be more. We can be better.
my name is Tom ( who would guess that :-) )
I`m 27 years old and live in munich / Germany. I started trading about 8 month ago and I`m pretty sure made all beginner mistakes that are out there.
I supported my self the last 6 years playing poker for a living and would love to make the transition to a full time trader. ( After playing several years 300 days+ a year it got kind a boring and I would love the competition to learn a new "game" )
I didnt waste too much time with sim trading as I didnt want to wait for the 1st million too long.
( Which, needless to say, resulted in a couple busted accounts... )
I mostly trade the Fdax and E6 at the moment ( with CFDs, but want to make to step to futures in the near future)
I spent several hours/day with trading screen time, but find it rather tough as on many days I see that more I learn the more I see how little I know...
From beeing active at the start ( up tp 40 trades a day ) I cut down my trading activities to only very few trades a day ( with somedays no trade at all) but I spent all the hours in front of the screen watching the markets, price action and learning about indicators...
After every session I surf on futures.io (formerly BMT) I would need a couple hours to half way understand what all posts are about, but Im positiv I will catch up in the next month/years..
So long... hello to everyone and I hope I dont bother u guys too much in the upcoming future with trivial questions...
I have been developing a course to help people (mainly me!) learn to trade. That course may never see the light of day but developing it has been helping me concentrate and focus. In that course, I have taken some time to look at other 'professions' to see what I can learn from them. I have considered surgeons, pilots, team sports people (football, baseball, etc.), single sports people (golf, tennis, etc.) and gamblers. Each of those categories reveals something about human nature and how we learn and behave.
I break gamblers down into three types: pure luck like roulette where you have no way to influence the outcome; statistical like black jack where if you can count cards you can put the statistical edge in your favour; and the third type is like poker which combines some luck, some statistics and some (a lot of) trade and personal management. I am not a poker player but I know the old phrase/song "You have to know when to hold 'em, know when to fold 'em" and that applies 100% to trading. This requires first of all that you watch and analyze what the cards (price) is telling you as the cards are played. Then you have to be able to act on that analysis. Emotions are the challenge and will work against you, keeping you in losers and getting out of winners, I suspect just like poker.
Here are my thoughts about emotions:
1) You can't control them. Once you have them, they are there.
2) You can control how you react to emotions. Courage is not the absence of fear, it is the ability to acknowledge the fear, identify what it is telling you and then act accordingly. This takes education, commitment and experience.
3) You can minimize the situations that cause emotions. If the thought of losing a $1,000 on a trade makes you sick then find a level of trade that doesn't make you sick. If the thought of losing $10 is trivial then find a slightly higher level that will make you take a trade seriously.
4) You can develop understanding and experience that gives you a different perspective and environment that will give you both reduced emotions and more ability to react properly when you have them.
wats0210 is another poker player that joined recently. You might want to look up his posts and talk to him.
There are just so many similar things between trading and poker ( I play 98% online, so the math based aspect takes a bigger role then in live games, but psychology is just as important as in trading )
In poker there is everything about pot odds which equals the risk reward ratio in trading
( If you have a flush draw which gives you around 35% equity to win the pot and have to pay 1000$ to win a 2000$ pot --> bad deal.
If you have to pay 500 to win 200 good deal....like risking 20 pips to win 3..not a good trade )
Also money management, self control very similar.
In both you never have a guaranteed outcome. you can hold AA and the flop comes down A45...you could still loose (or already be behind vs 32)
Same situation in trading, where you have 4 indicators all saying long and you just broke and old significant resitance... still not a guaranteed winner...
In both "games" you have no guaranteed income you can just try to add up positiv expectations. If all goes well, you earn good money, but variance could be a tough thing...
With both you can do things wrong, but still win over a pretty long time...and you could also do things right but it still takes pretty long untill the winnings come to you.
Anyways after several month I feel like a experienced formula 1 driver, who is good in F1 racing, who jumped into a motorbycicle race ( but never sat on a motorbycicle before)
There ARE many thing which are the same, but its still a different game... and while I took money management and self control for guaranteed I had to find out that I have to learn it new for trading...
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