Great Trading Site! I very seldom join trading sites any more but BigMikes site is really good site. The quality of the content and webinar contributors really caught my attention. Thank you for taking the time to put the site together.
I've been trading futures and currencies full time for almost 10 years and T-bills for almost 20 part time. I love the challenge but trading can be boring. My background is in economics which seems to be outdated when trading today's market. I like to think Fundamentals still matter but, in reality, you can only make money trading technically. Nevertheless, if Fundamentals do become relevant again we will know because the market will be crashing. ( I'm a realist not a pessimist) Until then, we can trade on the money printing train until it stops - then just short and hope counter party risk doesn't become an issue.
I'm like most other traders who lost a fair bit of money in my early trading days. No trading plan - just a danger to myself armed with fundamentals. Its amazing I didn't lose more money than I did. My Wife was not happy but she's a Saint. She never kicked me out but I did get the couch once; now she's happy I never quit.
Anyway, thats a little bit about myself. I want to thank you again for the site and I look forward to learning more.
The following 6 users say Thank You to jminotti for this post:
I just happen on this forum, and it seems to be a great community. A little about myself, I have been trading options for a couple years now, mostly put selling. I really enjoy trading and short-term investing (especially when I'm making money). I do have a full-time job but I have been paper trading some options day trading strategies (Buying puts and calls on SPY,IWM,QQQ based on technical indicators) when I get a chance.
It seems that that most of the day traders are trading ES or currencies. I really want to transition to doing some day-trading. But there is just so much information, and (sales pitch crap) out there, it is kinda hard to know where to begin. Any advice on where to begin, like which product would be much appreciated.
The following 3 users say Thank You to blb014 for this post:
You are absolutely right that there is so much sales pitch crap and so much 'data' and opinions (which is not the same thing as information).
In order to begin you first have to accept (or not :-) that this is a profession and you have to treat it as such - just like become a surgeon. Choosing your area of specialization is just one of the first tiny steps. Each of the futures markets has its own personalities and you need to find one which appeals to you. I trade oil (CL) because it moves quickly (i.e. seconds/minutes) to make and lose $100's. My friend trades the YM (Dow) because it has $5 a tick and tends to trend during the day so he is in trades for a few hours. I have heard that the ES is so controlled by HFT's that it is a challenge, yet many (say) they make money on it. Currencies on the other hand trend well for days because of the big banks (so I have heard.). Choose a handful and watch them.
Once you have found the specialization you want, just like a surgeon you may choose nerology or proctology (speaking of crap :-) you should then expect an extended and intensive educational period (years). How you get that is another topic altogether and since I have never found a university that teaches trading, I wish you good luck. Read books, attend webinars, follow Big Mike, spend a few $k on some courses and then be prepared to self teach for years. You should quickly learn that mastering the technicalities is relatively easy. It is mastering yourself to handle continual uncertainty and risk - dealing with major emotions will be your challenge.
The following 3 users say Thank You to gcaldridge for this post:
I am a trader and psychologist from Russia. Got interested in trading since early 2005, tried stock index futures, options, stocks and finally settled with day-trading EUR/USD forex pair in 2008. This is my main vehicle since then. Trying myself in the role of money manager since Sept. 2012 also.
With everyone good trading!
The following 4 users say Thank You to Cornix for this post:
I got introduced to forex trading in 2007 and I blew over $10,000. I felt the world would come to an end 'cause that was my entire savings. I took me a long time to realize that I was responsible for my own actions...... I used to look at trading as a get rich quick scheme and that clouded my judgements each time am in the market. I made so many mistakes so much that I cried.
I went back to the drawing board and started researching to see if there were real traders who are trading forex full time and are successful in it. I was amazed at the results i got. That was when I started reading and gathering information on forex trading ,attending webinars, reading manuals and so many other stuffs. I started demo trading this time and this has opened my eyes to the importance of having a trading method and following strict rules to remain profitable. I now know why forex should be treated like a business and nothing less.
Hopefully, I will be meeting great traders who can help me to become better here.
The following 4 users say Thank You to winphil for this post:
Hi to all,
I'm a beginner. Have been investing in funds and stocks many years but want to trade and have been starting with some swing trading methods in stocks. i have a job that keeps me away from the computer during the day for the most part so i catch up end of day and early in the morning. i'm looking to further develop with this type of trading because i will be working for a while and hoping to become full time trading several years away. thanks to all!
The following 2 users say Thank You to mkherbst for this post:
Hi Mike, thanks for your welcome, I am totally new to trading. As a matter of fact I've never traded in real life, I have a full time job as executive, which doesn't allow me to trade and to put the right amount of time in it (typically, most of what I do for trading, is during "my second shift" at home...), but what triggered my interest in trading was the poor performance of my company's stock which affects me because is part of my compensation package.
I started to compre our stock's price and growth with other symbols, and I was very surprised that if I just had taken my shares out and invested in something else I could double my capital (I also started to understand that there is RISK involved). About at the same time a friend told me how well he was doing with trading, so I started to reasearch and decided to open an account with thikorswim.
Another friend from the financial world told me that nowadays many transactions are done through robots or automated trading scripts, and as a coincidence found that thinkorswim had Prodigio RTS.
I started to learn and develop strategies, only with papermoney, losing a lot in the beginning, by the way...I had to buy an extra laptop and mobile internet access, because our firewall at my job doesn't allow me to trade and to consume such huge ammounts of bytes, so typically, when not in meetings I used to start my strategies and let it run, most of the times not watching it with mixed results, I had a couple of months with interesting gains.
When I felt that I was ready to start in real life, something happened between MPower Systems and TD Ameritrade and they unplugged Prodigio.
After a couple of months I got tired of No communication from them I looked into other software options and found NinjaTrader, I like it it very much over Prodigio, the only problem is that you have to develop everything including many things that were available in Prodigio, but I'm not discouraged because of that.
Then I started to look for training in NinjaTrader and this is how I ended here in BigMike's Trading Forum.
I'm aware of risk, I know that you win and you lose and I know that Real trading is not the same as paper trading.
I'm looking to learn about Day Trading, about NinjaTrader to increase my chances to be a successful trader and ultimately being able to jump from corporate life into Day Trading.
I guess that for a litlle while I will be just receiving, which I really appreciate from you, and hopefully, later I can contribute to forum's knowledge. I appreciate and thank your support in advance.
The following 4 users say Thank You to PauloMartinez for this post: