I hope everyone had an enjoyable Easter for those of you who celebrate it. Just a quick "Hidey Ho" neighbor. (I'm a big TOOL TIME fan.)
I trade the forex exclusively and I am currently learning how to trade the 6E futures market. Usually I'm a swing trader but I am having to relearn some things (i.e. such as good entries on a shorter timeframe, developing a higher win to loss ratio, and consistency on the smaller timeframes.) to day trade. I try to have a 1:3 to 1:4 risk:reward ratio and sometime but not often I'll have 1:10 risk:reward ratio. (for those who are new to trading, for every dollar I risk I'm hoping to make 3 or 4 dollars.)
I look forward to conversing with other members here about trading. Enjoy your week and your trading.
The following user says Thank You to Brendan for this post:
I'm new here but been trading a good few years - Bund Bobl Schatz, but now CL and Brent.
Trading at a prop shop in London, but thinking of an escape - wondering if there are any/many trading arcades outside London to choose from? Birmingham, Manchester, Cardiff etc? Any info would be great!
The following user says Thank You to Trader Bob for this post:
In 2007, after having sold my company - a specialized online job board - for USD 5 million, I paid my taxes (43% Danish tax!) and invested USD 1 million of my post-tax money in a mutual fund with more than 20 years of great results and a risk goal of loosing maximum 15% over the course of 3 years. They invested 2/3 in bonds and 1/3 in stocks using a model developed by a Nobel prize winner and their shares traded on the national stock exchange with good daily volume. I felt comfortable with my investment.
During the financial crisis of 2008, I was enjoying a 3-month trip with my family in New Zealand and had decided not to bring my laptop and not to look at any of my investments while away to enjoy the trip fully. Unfortunately, this is when the mutual fund began doing everything wrong and finally ended up loosing 80% of the invested amount by the time we got home. I sold my stocks in the fund immediately in disgust (today, in 2013, they still haven't recovered even half of what was lost).
I decided it was time to learn how to trade and win back what was lost myself.
As most of you will recognize, becoming profitable in trading takes time and starts out but reading dozens of books, newsletters and trying tons of indicators out. Today, I only subscribe to a few newsletters and trust only my own analysis of the market. And I adopted Dr. Alexander Elders principle of 5 bullets to a clip - i.e. use max. 5 indicators. I use primarily technical analysis but usually won't short a stock with i.e. a P/E of 5 as the downside is then most likely quite limited.
For results, I had a small loss in 2010, a small profit in 2011 and in 2012 a 30% profit. 2013 is so far following 2012's success, so I feel that I've now found an approach to trading that fits both my goals and personality. I use a long term (months to a few years) as well as a short term (swing trade) strategy. Sometimes I daytrade as well using the same strategy as I use for swing trading.
Last edited by rassom; April 2nd, 2013 at 01:33 PM.
I am happy to be here, and hopeful I can help others learn while I learn from others. Big Mike's is a nice change of pace from other forums where there seems to be a lot of bickering and name calling. I never did understand that. It took away from the quality posts. Not very productive at all.
I am new to Ninjatrader but have been trading for 5 years and studying trading for 4. Wish it was the other way around. I used mostly ThinkorSwim prior to Ninjatrader. I have a lifetime subscription to AAII. I bought Ninjatrader this year after coding some strategies on the free version. I am trying to move from discretionary to more automated trading.
I have struggled with consistency due to time constraints, this took me a while to admit to myself, but the proof is in the numbers. I try to focus on a few quality set-ups as I have a full-time job, and full-time family!, and need things to be simple and streamlined.
One thing I truly understand is the frustration of wanting to trade full-time, to give it a go, but can't due to money and time constraints. I am not talking about just day-trading, but BEING about trading everyday. If you are there, trust me, I understand.
So thanks for having me. Hopefully I can be of some use! Cheers!
The following user says Thank You to maxmorrow for this post:
Favorite Futures: ES, fine alcohol and muscle cars
Posts: 392 since Apr 2013
Thanks: 800 given,
I am a trader. I have been in the markets since the end of 1999. My part time job is that of a firefighter.
I blew up several accounts trading minis from 1999-2002.
I turned the corner in 2002 trading the ES. I relegated my trades to in general 2 set ups. I then became profitable on a weekly basis exceeding my day job. I continued dedicating myself to trading, but mismanaging my daily life(gf). I was profitable - being patient, and staying with my chosen set ups. My account slowly grew on a daily if not weekly basis. With my 1-2 trades per day with multiple contracts. I scaled out and had a definitive stop that was visually easy to recognize if it was hit.
After a year I stopped trading after blowing up my account in large part due to losing on the psychology front(gf isssues) and in part due to switching platforms thinking my trade was closed and it wasn't.
I have tried trading forex for the last few years with mixed success. There were several factors to my learning curve. I believe I am a much better analysis than I was before, including intermarket coorelations in real and forecast. But being better at reading the markets doesn't always equate to being more profitable. Thus I have decided to pare down my trading to simplicity, frequency and accuracy. I have very minimal to no knowledge of market fundamentals. Most of my intraday trading is based on technicals, with the possiblity of fundamental bias. I enjoy backtesting using Forextester and NT to back test gaining screen time.
I have also lost an account to PFGbests corruption and downfall. Lame.
I am now focusing back on the NY futures markets. I've recently backtested a system I am comfortable with in oil(CL) and am planning on moving forward with that. My backtesting of it so far has only encompassed 30hrs, but I am confidant in it. I plan on using Ninjatrader and their ATM will help immensly as far as SL, and targets. My strategy is similar, but appears to easier to my formerly profitable one in the ES. A single entry with a scaling exit for targets. This strategy does not look for large daily moves, but high volume predicatable ones.
I have small accounts with MBtrading, and TOS. I plan on adding Mirus for their Zenfire and low intraday requirements.
My plan is to slowly chip away at progress and grow my accounts again. Not to overleverage my account. Stick to my single intraday trade set up that has reasonable frequency and accuracy.
The following user says Thank You to KahunaDog for this post:
My name is Fred Arzani, and I'm glad to be a part of this constructive community of traders. I hope I can at least contribute as much as I take, if not more. I'm very excited and happy to be here!
I started trading in 2008 in Forex. Now, I'm primarily focused on futures. However, I've pretty much lost money wherever and whenever I've traded. I guess it doesn't come naturally to me. So, I'm putting in as much effort and energy as I can to learn the ropes. I figure I should at least learn to break even in this life, so I may just have to come back for the profits in the next life. :-)
I'm always open to any suggestions and requests. Please don't hesitate to contact me.
The following user says Thank You to FreddyZ for this post: