i'm a a retired aviator--Western Airlines, US Air Force, RVN, etc, I traded throughout the whole time (except for time in Viet Nam). I still love it. I also love to program, so my CURRENT project deals with automatic trading using Tradestation and futures.
There are some very neat ideas on this website that I look forward to learning from. This website is a perfect resouce for someone like me.
Thanks to everyone who makes it what it is.
Hello to all from Australia... hope you are all enjoing the weekend, but here we are just getting ready to work. Sometimes, I guess, its not always good to be so far ahead in time when the rest of the world is still relaxing.
In all... I am a trader and teacher of Russian (yes, I was born there too). I have been in Australia for about 4 years now, teaching and trading in my sparfe time. I am a former forex trader who has been trading futures for about 1 year. I mainly trade different oils (chiefly BRN, occasionaly CL as hedge), 6A & ES, and of course ASX (liquidity still not as good as US, but decent).
I currently use Ninjatrader platform. I like it a lot. It's free (+ free viewable charts), quick executions. Came across this forum just now after random Google search. Seems like a great place to mingle with traders, exchange comments.
This seems like another big news week, so much intense trading ahead. Syria is still making news and the Russian presidential election, if followed with protests, could make another big spike in oil prices. Europe is still feeling the woes of Greece, so looks like more strikes and violence ahead. Kind of scary what the world had come too, but it makes sense in end.
Hope to be back here soon... now off to work.
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New to Big Mike's Trading Forum. Nice to be in the company of traders. I've been trading for 15 years now. Like most, I paid for my education by taking a beating when I was a novice. You always think you know enough, and then you learn some more.
I've made many friends and relatives 100% on their portfolios these last few years. I did that part time and through swing trading. (It was realtively easy following the 2008 tumble.)
I prefer day trading stocks. Things I have learned through the years are:
1. If you day trade, close positions by the end of the day.
2. Use stops and adhere to them. If you use trailing stops, let them go until they are hit or get out by end of the day.
3. 1% to 2% loss of your total capital on any one position. I stick to 1%. Also, if I lost 1%, that would be it for that day. If you have 100k and can trade 400k on any one position, you still use the 100k as your total capital; hence your limit would be 1000 to 2000 loss on any one trade.
4. Aim for a 3 to 1 profit/loss ratio. If your stop is 10 cents, your target gain should be 30 cents.
5. Over trading and not letting your profits hit their targets can hurt you just as bad as not leaving stops in place.
6. Have a system and back test it. Experiment with different P/L targets. Do I trade at market open or wait 15- 30 minutes before getting in? How long do I want to be in a position?
7. Don't keep changing your time frames and indicators until one finally meets what you want the stock to do. If you were wrong, adhere to your stop and move on.
Here is something that happened to me a long time ago and I am sure has happened to others:
You buy a stock at $10.00. You have a stop at $9.75. This is a day trade. Your stock goes to $9.55 and you freeze. You don't sell and say that this will now be a swing trade. A week goes by and the stock is now at $9.00. You convince yourself that you know you are right and that this is now an investment. 2 weeks later the stock is at $8.25. The following Monday a buyout or some other great news comes out and your stock is at 13 dollars. You are going nuts. You sell for a $3.00 profit. You tell yourself that you knew you were right all along.
3 months later you buy another 10.00 stock for a day trade. it goes below your stop and is at $9.65. You remember what happened last time and you think it will happen again. The stock slips to $8.75 a week later. You are not worried at all. You know you are right and the market is being manipulated by the market makers. Well, 1 month later your stock is at $4.95. You feel dejected and throw in the towel. You hate trading and say you'll never do it again. Sound familiar?
Trading is like when you were young and going to school. People told you to study hard, get good grades, etc. Do most of us listen or do we think we know it all? Only when we get older, and it's too late, do we realize we should've listened. Trading is the same way. We've all heard how to do it right, but we just won't listen until we experience the pain for ourselves. Why I ask, why?
Last edited by Trader705; March 4th, 2012 at 08:24 PM.
The following user says Thank You to Trader705 for this post:
Hello to everyone. I heard about this forum through a friend. In 1996 I recieved a pamphlet in the mail from Ken Roberts and bought his TWMPMM workshop videos and studied the materials but never found the confidence to actually trade what he taught. Bought other courses from guys like Larry Williams, Joe Ross, Joe Rondinone and Jake Bernstein and serveral others along with building a pretty extensive library of trading books from various authors. Spent thousands of bucks. It's an old story and a never ending one for most. It's like always learning but never coming to the knowledge of how to do it. Just trying to find something that works for me and that I can understand. I like day trading however I don't like placing 20 or more trades per day.
I prefer minute charts over tics. I've used many variations of standard indicators that are available in most charting software packages. It is my hope that I can learn something worth while here in this forum that I can maybe make it my own.
Hi everyone, i am mainly into Forex although i have looked at futures. Forex is still cheaper for me right now. As at this moment i have gone live in the forex market, my first trade being a short in GBP/USD. I mainly focus on swinging trading, as its most convienent for me at the moment. I started looking into forex as of 2007.
I look forward to being a fulltime member of this community.
Just look at his username, if it is highlighted in yellow = Elite. No highlight = regular.
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.
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