I would consider myself a novice still since i am not banking consistently... Been trading for 1 year, i have scalped and tried a few other trading techniques, scalping was the worst by far and blew a couple of accounts, could not even go to the wash room, till my behinds became sore baby sitting the charts... I dont think i had any idea what i was doing. I now look at S/R mostly and a wyckoff student, which i think is a steep learning curve of the true market structure.
looking forward to good learning and constant banking till we become first name buddies with my bank manager
Hi and Good morning to everyone. Myself a part time trader for the last 5 years. Mostly pattern trader though learnt a bit of all including market Profile. Since I am doing a Job preparing myself for post retirement carreer.
Looking to learn and share - develop as a trader 'cause I still - want to get better
As have many before me I have developed a passion for trading. After succeeding in most other areas of life, as a salesman for computing technology start ups, biotech instrumentation, consultant, husband and parent (well, the jury is still out) I COMPLETELY FAILED at trading. I failed over and over and over again. I lost a life transforming amount of money. Then, I decided to REALLY try. I worked incessantly now at my trading. 18/7/365.
Soon, I wiped myself out, reloaded the account. In disbelief, thinking I CAN do it, I reloaded immediately and failed. I did this over 4 months 6 times ! I shredded money faster and faster. Responding to losses with LARGER and LARGER positions in even FURTHER OTM strike options. 100% stakes 3-4-5 strikes out, huge theta decay, always surprised. Lighting money on fire would have been more useful, at least there would be heat. Hmmm ruined but in denial.
I have never been so defeated with so much effort. It had to be impossible.... but the losses were really really real. Now really big, the end of the year came and it was time to come clean with my wife, who's risk aversion and conservatism I held in my mind trying to spring/propel back my P/L. We worked hard for all of that money. How can I tell her? I love her but I fear she'll leave me after 24 years. (she didn't.....but...)
Sooo.. I started looking for a job and paper trading. Both not working well. I wrote software to increase the number of trades. I was making about 1000 trades per day. Again over and over again, every day I lost money.
I was furious frustrated and angry. How could this be? Computer assisted failure, yes, it was faster but I was already depressed, sick and in the doghouse, and oh yes, I WAS BROKE now also. (I am a person accustomed to a $350K lifestyle of expenditures). My wife was working and successful, we... er a she made me cut back on well a lot.
Never giving in. I focused on paper trading. I'm pretty smart, I write software, I have super fast platforms, I have fiber networks, I WILL SUCCEED AT TRADING. I HAVE to be successful. Years went by. I became increasingly isolated on my silicon island. I was so ashamed to let a friend know (who always us as pretty successful financially) How I did this for 3 years I don't know. I was NEVER NEVER NEVER going to give up. I was at this for 4 years.
About 2 years ago, I started achieving consistent profitability. I think I largely accomplished my objective of success. I win or perform quite well in various online contests, over and over now. I experiment and try new ideas. It started to become fun. I lose all sense of time on trading days, until the close. Now what? While this "success" came extremely hard for me, I finally learned something. I'm still an idiot, but I broke the relentless trend of losses.
For me, in the end I found that I was the enemy. I was the reason I failed. My reasons for trading were my undoing.
It's time to learn from other traders, and share strategies and ideas, that's why I'm here. Someday I hope to be counted amongst you guys as one the best traders of actual money.
The following user says Thank You to overkill for this post:
I am a fairly new part-time trader and am trying to find good information to assist me to develop a good trading plan. I work fulltime and look at the market in the evenings and sometimes during the day. I live in South Africa and trade stocks and indexes on the JSE. I have been reading a lot on MACD, Moving averages, candles and Stochastic indicators but am struggling to decide how to put it all together in order to give me an edge. I also realise that good money management and a written trading plan (including a traders journal) are crucial for success. I hope to learn from your Trading Forum.