I have been trading for 3 months and I am down 45% of my trading account. I found this site recently and hope to learn as much as possible before I risk the remaining 55%. I am having some success with the gap play on the e-mini, but gold futures killed me.
Thanks for having me.
The following user says Thank You to Poir9969 for this post:
Hi everyone. Stumbled on this site yesterday and so far have been impressed. I trade options, mostly Iron Condors, but recently started educating myself on Emini trading. I'm retired Law Enforcement and have the time to day trade. I'm paper trading using the Think or Swim platform and so far have racked up a 9 win 4 loss record. If only it was that easy in real life...
The following 2 users say Thank You to Doug55 for this post:
I've been learning to trade for about 3 years now. Like most people I had the initial success and make some good money. It then turned bad pretty quickly after that. I lost my whole live account which was quite a sum and from then I realized that if I want to be successful I need to start learning. So my journey began. I'm still struggling to become consistently profitable. I've reached the conclusion that good money management, psychology, discipline and persistence are the keys to successful trading. My problem is that I'm having trouble settling on one trading strategy. I'm looking forward to learning here.
The following user says Thank You to Astro for this post:
Hello to all of you. I've been reading entries on this site for a while now and I finally decided to become part of the discussion. Like all of us, I am grateful to Mike for starting one of the best (if not THE best) sites for traders on the web.
I've been trading for a couple years now, but only recently have I gotten to the point of being a consistent "non-loser". I would NOT say that I am a consistent winner yet. I trade ES on a 70,000 volume chart (~30 bars per day) and the CL on a 5 minute chart. My ES strategy is more intermediate term (i.e. might hold a position for 1-5 days), whereas I am flat on the CL every day. They are very different approaches, but I've learned the hard way that this dichotomy works for me.
It seems I have a few things in common with Mike with respect to the CL. For one, I started trading it because I was impatient for volatility on the ES (which I was overtrading). So I moved to CL as my "day trading" vehicle which allowed me to go up a couple timeframes on the ES. This has greatly helped my ES trading -- but the CL is still something of a work in progress. And secondly, my CL approach is also a "with-trend-pullback" strategy using envelopes -- which appears to be very similar to what Mike does. I've been using 50EMA, but I'm intrigued by the composite average approach, which never occurred to me until I starting reading about Mike's strategies here. I'm not yet consistently profitable on the CL.
My biggest weaknesses are definitely psychological in nature -- overtrading, taking profits too early, and changing approaches after about 3 bad trades... But the first step to solving a problem is acknowledging it!
I have already learned a great deal here and am hoping to learn and contribute more along the way. Like many of us here, my long-term goal is to be doing this on a full-time basis. But another thing I've learned the hard way is not to rush it!
OK -- all for now, it is 9:33am on a Monday for God's sake...
The following 2 users say Thank You to irish9293 for this post:
Hey Irish, Your story sounds a whole lot like mine. This is the part that I'm struggling with at the moment. Just trying to develop confidence in my strategy. I think we're in the right place to continue our journey.