I live in British Columbia, Canada and am just starting back into futures trading after an 11 1/2 year hiatus.
Sometimes can't really understand why I stopped in the first place. Traded for 6 years, never blew out my account or had a margin call. I seem to have a real knack for trading oil for some reason - just have a feel for what that market is doing. That being said, following a plan and trading with discipline is the most important factor in success and survival. People who know me know my self-discipline to be kind of frightening. But it works for this field.
Psychologicaly speaking I am now in a better position to be a trader than I was back then. My "day job" netted 10k annually and so I was breaking the rule and trading for a living from the beginning as well as being the family's sole breadwinner. I'm now single and have a much more lucrative day job but for the first 9 years after quitting trading had only that 10k a year coming in.
This means I now have a negative net worth of -48k, pretty incredible for nine years of deciding what do I pay on credit this month - rent or food - lol?
Oh well, life is a contact sport.
When I traded before, my net worth was not in the negative numbers so I had no trouble opening an account. Now I may need to trade a friend's money/open a joint account despite having put together enough to open my own. Not sure if anyone knows of any reputable alternatives?
I quit partly because the pressure to support my family that way was becoming too much and at times would interfere with proper decision making, but even moreso due to the fact that people were coming to me asking me to teach them how to trade. People trade on the basis of their psychological patterns and these folks had been losing money and nothing I could teach them was going to prevent that. My compassion got the better of me. I did not want to be making an income on the financial dead bodies of others.
Now it's funny how what goes around comes around, as the day job I have involves working with the public and seeing firsthand how most people truly do create their own misery. This job jail/silver handcuffs keeps me afloat but slowly wears me down. However, it has also helped me understand what Ed Seykota said about how people get what they want from the markets. It really isn't my fault or my responsibility if they want to give me money - lol.
New at this forum, joined for gaining knowledge about trading !
Started to be interested in trading for about 9 months ago. Blew a bit of my account in the beginning, read some books. After that my trading has been up and down. Realizing I don't want to proceed like this. I want to make it simpler for my self by follow a trading plan for money management (position, risk) and then let the market to its job.
Well, I guess we get in contact in some threads.
Thank you for this valuable tool, Mike. I could have saved some money had I became an Elite member earlier. So much free information and downloads!!
I'm 53, living w/wife and kids, 13 and 9, in South Dakota. I sell truck parts in the afternoon and evening.
I've been looking for a way to pull some ticks out of the crude futures. I know alot of you trade crude so if you got suggestions, send them my way.
I like heiken ashi, renko bars. I dislike support/resistance and market profile, too gray. Somebody straighten me out will ya? I've been screwing around for 3.5 years and have not lost a dime to the market, nor have I made one. Embarrassing as it is, don't tell my wife I've spent 4500 hours and thousands of dollars with nothing much to show for it.
I've just exceeded my lifetime of blogging so I'm out of here. tristanse
Hey! ^We're from the same area, heh. I'm looking forward to warmer weather.
Well, I joined up here looking for some truths I have a business with my partners that consumes most of my time and have always been interested in trading. I just have some investments in my retirements accounts right now. I have a rough draft of a journal and the rules of a proven swing trading system. In college before I knew what I was doing it was the tech bubble; that was fun, until I lost it all, wasnt much just foolish. My goal is to return at least 30% annually to go where I want to go and be what I want to be. I'm 10% in this bull YTD, but don't feel completley comfortable yet. If I cant do 30%, I'll find something else, its on me. Just need to go balls to the wall and just do it before the easy comes.
Hi To all Forum Members,
My name is Neels and I'm from South Africa. I was introduced to the Forex about 2 years ago. As I was working full time and still I first did not give full attention to the Forex. Then later on I started to get more serious about it and open a demo account and start trading. After 1 week trading I was up over $ 7000.00 and decided to open a live account because if I could do it on a demo account, I can surely do it on a live account for my own pocket. I then deposited $ 200.00 to start off with. It was not a week and my account went to zero. I put in another $ 200.00 to find it after another week, back to zero balance. After I lost about $ 1000.00 I wanted to give up Forex trading completely. I then did a rethinking of my situation and said to myself that I don't except failure and start all over again, back from basics again. I was up over a $ 7000.00 before the "American Cliff", but because I was so certain about my ability to trade the forex at that time, I was trading with only "Take profit", but no "Stop Loss". Then our internet communication went off for 3 days over the American Cliff announcement and when I could go back again to find a $ 45.75 balance left. Since then when I open a trade the first to go on that trade is my "Stop Loss" before even doing my "Take Profit". Now I'm back to where I started originally and working my way up again. The basics in forex trading must just be followed and you will keep on making $, whether it's $1 or $100. Thank you for the chance to introduce myself to the forum. Wish everyone a profitable trading week ahead.
The following user says Thank You to neelszyl for this post: