Hello all. I'm a software developer with 12 years experience developing desktop and web applications, and 3 years developing automated trading software and indicators for the Forex market using Interactive Brokers API. I've been out of the market for a few years but I'm getting back into it now. I hope to make some money trading and/or developing software for other traders. I doing some contract work for SharkIndicators and learning the NinjaTraders platform. I've heard good things about this forum so I though I better check it out!
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.
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The following user says Thank You to Big Mike for this post:
I have learnt from experience that even if you have a winning strategy you will still loose if you dont have the right money management and psychology to back it up. I have learnt numerous systems that work in differnent market conditions but they work over time.
A successful system has 3 components listed from most importance
1. Money management
I have placed the strategy down the bottom as it has been proven that a simple coin toss strategy with correct money management and making your winners larger than your losses.
The best thing to do is to learn to accept losses and pick a strategy that will still win even if it losses most of the time.
The following user says Thank You to christronic for this post:
My interest in trading started in the late 90's during the dot com bubble. I was sure that it was a bubble and that the volatility offered many opportunities.
I noticed that the banks were doing poorly at that time, but there did not seem to be anything wrong with them. It occurred to me that they were just not sexy like the tech stocks, which were returning large gains, and that there low price was a temporary issue based on relative performance rather than fundamentals.
It looked like a great time buy bank stocks and I did nothing about it. Not long after that the bank stocks made impressive gains and I kicked myself for not taking the opportunity. That planted the seed and started my interest in things like technical analysis.
I was also spread betting in the UK, often on a tech stock Bookham Technology. I traded without charts and without proper preparation, but I noticed that the rate of price change would typically slow down noticeably before a turn and I bought or sold based on that. My first six trades were profitable and I was becoming over confident. Reality soon won and that pattern stopped working.
I tried a range of charting packages over the years, including eSignal, Ensign and most recently NinjaTrader (NT) and Investor RT (IRT). None of these have provided what I really want. eSignal has good charts and programming and the EFS language is reasonably easy, but eSignal does not store time and sales data. NT is similar, but that can be extended with Gomi's indicators to store the time and sales data needed to plot volume delta indicators.
IRT has some very good features in the volume breakdown indicator, but it has been designed with some major flaws in the user interface (UI) and it lacks a scripting language. There is a C++ API, but there is no community providing sample code and help and if there were, it's UI issues would still be an issue. I continue to pay for IRT as I have settled on some chart layouts, but its waiting to be replaced by something else and that's looking more and more like NT.
I use few indicators now and I prefer to use volume and price to make my decisions. I have bought only two commercial indicators, those from TradeGuider for VSA (plugin for NT) and the package from emini-watch. Both of these have helped me a lot, but my trading results are quite mixed and I am not consistently profitable now.
I have a background in science, which should help me to be analytical and disciplined, but human emotions are badly suited to trading! At least my background lets me be honest with myself about the mistakes and why they are occurring and, with some effort, I hope to do the work needed to be a better trader.
Last edited by pawnbroker; May 18th, 2012 at 05:36 AM.
The following user says Thank You to pawnbroker for this post:
Fairly newly retired, from UK, and looking for something that will keep the brain cells going. Completely new to trading, but interested in FOREX after seeing a presentation of the HawkeyeFX stuff and reading Anna Coulling's many websites. Attended a webinar from her that seemed to be mainly a selling platform for HawkeyeFX indicators. Will need to invest some time in working out how to start in FOREX - would like to practice first, though!
I am an undergraduate studying computer science and mathematics. I've done a few internships in asset management and proprietary trading, and have been reading more about modeling techniques and testing ideas in my spare time throughout the past several years. Long-term, I'm interested in a career in this industry, and I will be interning at another quant fund this summer.
At the moment, though, I'm mostly interested in managing my personal account better. In the past I've just had it in mutual funds, and the irony of losing money from simple beta exposure while working for a statistical arbitrage firm is really starting to bother me.
I have a fairly good understanding of how to develop profitable strategies, handle portfolio optimization, etc. However, I don't actually know very much about how to interface with the market since the infra departments at my employers have taken care of that in the past. I'm joining this forum primarily to learn more about the necessary service providers and tools.