Run into this forum and looks great to me so subscribed. I'm experienced in holding shares ad till now did not too bad. More or less creating pension funds. I'm 47 so need to think about that I think.
Already now reading and learning for few months future day trading but not yet used money. The scary thing is all the scam sh.t I see on the net and slowly on I think that all you buy out there as the so called holy grails is wasted money. But I think day trading futures might be a nice thing for me to do.
So I'll see if I can find here some more good advise.
Money management and stoplosses are clear. Now the "system". Looks like common sense is till now the only one.
Glad to find and joined this group, I have found many interesting indicators and information here valuable to my trading strategy. I hope I will also contributing with new info as I find a different opinion.
Hi, I'm Bob from Australia. Been dabbling in the markets for several years but haven't had the capital to get far. Have traded shares, CFD's & Forex. Think I'm getting somewhere now but it's gonna be a slow & patient process of building my capital. I like trading indices & Forex & with mini accounts have been able to get a lot of practice in with real money all be it miniscule amounts. Cheers Bob.
I have been mainly an investor in equities with holding period 3 to 5 years. The holdings gyrations were unbearable and finally got out with marginal profit which did not compensate for the holding period. Since then tried day trading without much success. Now I am seriously studying active trading through books, webinars, seminars, trainings before making another attempt at day and position trading.
I am studying the India commodity market mainly crude oil futures and NSE NIFTY futures against various trade setups and techniques.
Tools that use in my analysis eSignal Advaced GET, MTPredictor Pro in NT7.
I've been trading since 2007. Thought I could make mucho dinero in the futures market. Started with the 30 year Bond. Did really well until the first time I was caught off sides and became like a "deer in the headlights". Took on a trading partner...thought that was the answer. Read all the books. Thought that was the answer. Have come to realize the answer lies within me.
I am a student of Market Profile. Have more than 10,000 hours of screen time. Still working on pattern recognition. Have been in a day trading room that is closing soon and have enjoyed the trader interaction and being a contribution.
My goal is to be a consistently successful trader.
I've been trading for several years on the NSE, India.
What's special about me? I've discovered several excellent ways of losing lots of money.
I'm trying very hard right now just to find one way of making some money. This is kind of important, because I'm married, have a daughter, and I guess I just need the money.
After I lost more money than I'd like to when I started trading, I attended a course on trading thinking that would teach me trading. Dumb thing to do. Nothing wrong with the course, of course. It did teach me about futures & options & stuff. I plunged into full-time trading after that thinking I was now "qualified" to trade. After immense frustration over continuous losses I read "Trading in the Zone"-Mark Douglas. That book is all about me! He must have sneaked up on me somehow. How else could he know so much about me! Everything I've done wrong is there! Now I know what to do to fix my problem, but I now have a new problem- doing what I have to do to fix the problem!
I'm also a big fan of Al Brooks. There's everything there I need to know about day trading, especially on the 5mt time-frame. He's out of this world. Honestly.
But I've realized the problem is somewhere else. Maybe I should try trading on a different time-frame. Maybe the 5mt doesn't suit me. I've been doing this for as long as I remember. And to quote someone famous ( Albert E) - that's the definition for insanity- to expect it to give different results. So now I've decided to trade on a longer frame, maybe a few days to a couple of weeks, and I've decided to use Andrew's Median Lines to get me into this (after attending a very helpful Tim Morge webinar). I'm NOT trying desperately find some magic indicator out there. Just something that will give me the confidence & courage to overcome my fear and help me force myself to stay in the trade long enough to get a decent profit.
There is huge resistance to holding a position beyond today as I'm used to day trading. Also, when I started trading I lost a lot of money swing trading. So I'm really going back to something that already scared me way back! This appears to be a classic case of having to choose between the devil & the deep blue. Only this time I'm using Median Lines which Andrews says has an 80% probability of the price reaching the target.
I realize, of course, that reading price charts is not easy, and improves with experience. The bigger problem is implementing self-control and patience. I've realized whats the difference between a successful trader and a loser. A successful trader gets good at NOT trying to predict what the market is going to do next, but only at what HE is going to do next.
Incidentally, my profile shows me as a beginner, though I've been trading several years. That's because until I get consistently profitable the years are useless and don't make me an advanced trader.
Last edited by charter; July 24th, 2012 at 04:05 PM.
Reason: To clarify my profile (Trading Experience)
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