hi everyone, just signed up. like what i read so far. briefly (because it's late here and am about to drop after a mother of a whipsaw action in e/u and e/j and u/j): trade OTC spot FX with a RFED, started seriously 4 years ago, blew the account not once but many times, etc... all familiar stuff, am sure, to most here. but one day, finally, started to get a grip of the emotional problems preventing success and luckily enough stumbled upon--i know, many will cringe and howl when i write this, but what can i say, with the required disciple, the method i devised is as close to the proverbial holy grail as it will ever be, that is, until AIs with a million IQ points start taking over. now looking to learn more about futures, wondering... should i or should i not?
one thing is for sure, FCMs being regulated doesn't prevent them from 'misplacing' segregated customer funds, which therefore isn't really that big of a plus over OTC spot FX. i guess the commission structure might make futures more attractive... and ... and...? and the rest is what i am trying to find out.
I've been trading for about 10 years, trade for a couple of other folks as well, and starting a trading room soon. I learned a great system from a guy who was a market maker for 30 years, then made some adjustments and have used it on just about everything and all time frames. Markets can get very tricky and I'm particularly risk adverse, so work with tight stops and multiple time frames. And yeah, I had to learn the hard way, by being a major philanthropist -- that is, giving money to any stock or commodity who happened by my screen. But the biggest and hardest obstacle was the emotional discipline. I'm still learning and know one thing for sure. When I stay apply my discipline, it overcomes fear and greed and then I'm consistently profitable. But that one time I let go of it, I'm surely gonna give some money away. It's taken a while, and I have it under tight control now. I learned something very true. DISCIPLINE IS A HABIT. DISCIPLINE LEADS TO SELF MASTERY AND SELF ESTEEM. (Yeah, I keep that up above my screens and check it every morning, it's my mantra).
Use Ensign Software with Esignal data. Mostly daytrade CL, TF, GC and sometimes bonds, beans and wheat. Have also daytraded and swing traded stocks. It gets lonely out there so looking for people to share ideas and stories.
This looks like an interesting group. Good trading luck to all of you.
Hello everyone, I placed my first stock trade in March of 2000. The trade was a classic primer on what not to do:
-The market was hot. I needed to get in!
-Everyone and their barber were talking about the money they were making!
-The idea for the trade came from a tip
-I funded the trade by cashing in stock options from the company I worked for
-The trade immediately went profitable by 25%. I'm gonna get rich!
-I held as the profits disappeared back to the entry level. This is just a correction. It'll blast off again.
-The trade began to go negative. No problem, they have a great idea/great product. What is it? I don't really know but it's a "can't miss"
-I added as the stock went down. It's a good deal now!
-The stock continued to dive and I averaged down more. It's a really great deal!
-Now it's off by 75% from entry. Oh well, no sense in selling now, there's not much left and it can only go up.
-Then one day the stock stopped trading. What's going on?
-Oops, the company went BK.
I lost $40,000 on that trade. That was a huge chunk of money. I was distraught. It felt immoral to lose that much money compared to where we were financially.
In time the pain subsided and I continued to follow the markets and trade, but now I was trying to do it a little smarter. Even still, I continued to lose money and make stupid mistakes.
Four years ago I discovered a real affinity for day trading oil, gold and equity index futures. The journey has been long and difficult and very frustrating at times. I very nearly broke my hand punching a wall. I've laid on the ground pounding and screaming like a small child. I know a lot about trading (though not as much as some), have spent thousands of hours in front of the trading screen, and feel very close to becoming a consistently profitable trader.
The thing I do better than anything is golf. I've played in state and national tournaments and worked in the golf industry nearly all my life. I know golf. I liken my trading journey to that of my golf journey. It's part skill, part mental. It takes a long time to get good, to get to know how to work your way around the course, be smart, reduce the bad shots, be patient. I used to think that one day I would wake up and be a great golfer. It doesn't work that way. You practice and study, and practice and study and get sightly better over time. Then gradually you get to a point where you are competent. I see trading being the same way. I have realized that I am not going to go from being a losing trader one day to a winning trader the next. There will be fits and starts along the way, but eventually competency will come.
I joined Big Mike's to continue that journey and look forward to learning and contributing.
Hello Fellow Traders, I am Nana KK from chicago, IL, in Usa. I was introduced to forex trading by a friend about 5 yrs ago, I have being trying my best in this business but have not reach anyway. I have tried couple of softwares and subscribed to a couple of trading gurus but all to no avail. Today I am browsing, trying to find something and fortunately bumped into Bigmike forum and something caught my attention and that is why I am here. I hope to join you guys and see if my goals of becoming a successful trader could be fulfilled. I hope I will be able to learn something from this forum.
I too blew up a few smaller accounts. So, decided to practice a lot before risking more real money.
I thought it would be easy given my mathematical background (BS in Chemical Engineering) and regular 'out of the box thinking' (first patent application was at 8 months out of college). But, no. These guys are tricky.
About 12-7 years ago I developed 'smart' automatic process control algorithims that work very well. (They are proven every day on the day job.) So, again, I thought this wouldn't be that hard. I am applying some of those concepts to trading the financial markets. This is still very hard.
My login name comes from my growing up years as a kayaker with my parents who started a club in Washington State.
I'm new here in the forum and like to introduce myself.
My name is Tonyb.
I've been investing for 25 years but want to learn trading trend-following, reversals etc..
I'm a full time trader now.
I'm experienced with Stocks and EUR/_US an interested in trading futures on indicees.