I've been trying to make money from trading on and off for more years than I want to admit to.
The main problem being making decisions and keeping emotions out of them!
Hence finding this site which I thank Mike for.
I have decided to go for an automated platform that I can trade simple systems on (strategy trader) this way the decision making is taken away from you in the execution of trading.
Also listen to other people, that are enjoying success and learning from them, if they are generous enough to pass on the knowledge.
I would like to here other peoples experiences on the automated trading, specificity Strategy trader.
In an effort to do my part and become a contributing user, this is my introduction thread.
First things first, a big thanks to Big Mike for providing me the means to do so. I have wondered this forum relentlessly since becoming an elite member and I appreciate the ability to do so.
My Background: I classified myself as an "Intermediate" based solely upon the amount of money I have made as a trader. As far as my knowledge of trading I would say I am much higher than that. I have had varying roles both as a broker and trader over the last 5 years. As a broker I can tell you the percentages of successful traders is exactly what you are told. No one on my book lasted more than a few months of consistent profitability. My experience as a trader spans across forex, stocks, and now futures.
My Education: I have consumed trading education wherever it is presented. Much of it is recycled, however trading is my passion and I welcome any new idea's, strategy's, or information. I am also a schooloftrade "advanced" member and would like state that I have no interested in arguing with people here who may be displeased with his service (Lloyd) Not my battle, not my problem. My favorite piece of trading advice is the 25 Rule Mantra. I am not sure where I found this but I keep it handy, I feel the rules contained within it are extremely accurate.
It is attached below.
Some things I am interested in here are the PriceActionSwing Indicator and how to use that with better precision. I would also be interested in anyone who is capable of programming a strategy around that indicator. I am also interested in Perry's method or anything by Sharky and Jeff Castille.
I feel privileged to find this forum, because trading can be a lonely business, especially for a beginner. I'm looking forward to some great learning, and tools, but most of all for contact and support.
I'm sim trading eminis on Ninja Trader, and studying, studying, studying everything I can find...books, webinars...everything. I feel I have a good understaning of how price action works, of most of the major indicators, candles, setups, support/resistance/key levels.
What submarines me most is my own emotions -- lack of patience, fear of loss. I have often ignored my stops and gotten out early before the stop was hit, just to watch price go back my way for what would have been a good trade. Not trusting the rules, or myself, just yet.
In the best of circumstances, I'll be able to meet up with other traders in the Atlanta area, with whom to share this new business and career.
I have been trading on and off for the past 20 years and I've hit some home runs, but also struck out as well. I have taken many different courses offered over the years some of it backtested garbage that does not hold up in real world trading or taught by individuals who never traded them selves. Been to many a chat room, most are worthless, and I questioned many of the calls I've seen. Joined two different Prop firms, my impression, they were more interested in churning commisions rather than seeing me succeed!
I was fortunate in my begining trading years to come across two books which kept me from blowing out my accounts
"Trader Vic" and "Reminiscences of a Stock Operator" these books would be my first recommended reading to any begining trader. Sperondeo's constant preaching of preservation of capital, contrasted with Livermore blowing out his accounts has stuck with me over the years. Also recommend Van Tharp's book "Super Trader" for his "R" method of position sizing.
Though I use a couple of indicators to help me pinpoint breakouts of fast moving stocks and the eMinis along with the tape, Nasdaq Totalview, volume, and a good RT market scanner such as NT's Market Analyizer, I find most indicators are worthless, especially for trading Real Time markets.
Trading platform, a good platform and direct access broker is a must, one where a single click links all your charts, Level II, time and sales etc. Pay up front for a good platform otherwise it will cost you in many lost opportunities. How many a trader has been lead to a stock or future only to find too late the move left without them. If one trades stocks RT make sure the broker offers ECN rebates for liquidity, which is money in your pocket over the course of 1000s of shares.
A good Trading plan is a must and I have two, one for Day Trading and one for my 401K. Each is 12 pages and contains everything from the types of plays (Gaps and Breakouts are my staple) to how much risk on each trade. Before entering any trade you should know how much you are willing to lose, to when you have made your profit target and time to call it a day (less you give it all back!)
A Trading Journal is also a must, you must make note of your good trades and bad. Did you have a bad day today, if so why? over traded? Not following your plan? If you are experiencing a sudden losing streak a journal will provide the clues needed to get your trading back on track.
If you trade real time you must have an Excel spread sheet with your daily trades so you can see a statistical report of your trades. It should include the type of trade (i.e Gap) time of trade, risk, and profit/loss. The spreadsheet will point you to your most profitable times of trading. Good trades in the morning but give it all back in the afternoon? Excel will tell you and help you focus on the best time to trade.
Finally I have seen posts stating floor traders can't make the transistion to the screen or can't be good screen traders. I disagree, as a former CBOT floor trader I learned early on to constantly be looking for an edge in the market! Trading is about adapting, markets change , technology changes. However the more things change the more they stay the same. On the floor (at the time) a good trader used his ears to hear the volume and pace of the market, on the screen a good trader uses Time and Sales, Level II, Nasdaq Total view, in addition to his charts to gauge the pace of the market. Again it's all about adapting and being flexible with the changes.
I found Big Mike's website by accident when serching for tape reading materials and Google sent me to his webinars. Of the many trading websites I've been to Big Mike's is the best by far. Thank you Big Mike for this website and all the time you have put into it.
Last edited by the edge; March 1st, 2012 at 09:33 PM.
The following 3 users say Thank You to the edge for this post:
After registering several days ago while still in Chicago on business, I am now back home in Singapore for at least the next 2 weeks and am ready to become an active participant on Big Mike's Trading Forum.
I've been trading for several years using the NinjaTrader platform. Favorite instrument is the ES (surprise-surprise), then the 6E. I find CL to be a bit too volatile. As far as brokers go: I have been using Velocity "forever", but am currently looking for other NT brokers (at the moment choosing between AMP and Optimus). I try to always mind the gap, so to speak.
Old habits die hard. It's not easy traveling all the time, so trading is something I like to do because the intra-day margins are in tact "almost" 24/7 for the ES. With the changing time zones, one thing that doesn't change, per se, is market liquidity. I like this stability.
If anyone has any questions, feel free to send me a message. This looks like a great forum to exchange views on trading in general and on datafeeds, platforms, trades, brokers, and what not.
Hi all, I've arrived at this forum via a search for Ninjatrader info. I'm on a step learning curve with writing code for backtesting and onwards to automated trading. I'd love to share what I learn and to hear from people who can recommend sites that have helped them. I'm a Van Tharp enthusiast