Hi, my name is Jim. I made a living daytrading from 1999 to 2003. I left, not because I lost all my money, but, because the market slowed to a crawl. I believe you must have volitility to make money daytrading. I find that about 10 % of a stocks move is predictable. That is where the money is.
This is my first stop getting back into daytrading. To be honest I choose this site because it came up first when I googled "daytrading". I have to say though, so far, I like what I see.
I suspect a lot has changed in 10 years. I plan to watch and learn for awhile. For example when I was trading twitter did not even exist. I would imagine that now it is a trading tool that I will have to master.
Some of the more vivid memories of my previous trading days are;
Watching CNBC as the planes hit the twin towers, the NASDAQ at 5000, QCOM at $740 per share, and watching KTEL go from $7 to $70 just because they were going to sell records online.
I am looking forward to learning from everyone here and will share as much helpful info as I can.
The following user says Thank You to shortride for this post:
Hi all, Jon here. I've continually run into Big Mike's when searching around on the web for various things related to trading. I've been loving some of the webinars posted on youtube and decided it's time to get active in the community.
I've got about seven years experience in trading. I'm currently an institutional sales trader in London dealing in stocks and i'm in the process of heading back towards futures (where I began) and trading my own account full time at some stage.
That's my intro! Greetings!
The following user says Thank You to JonnyB for this post:
I found this forum about a month ago when I was scavenging the interwebs for info about trading. I'm definitely a sponge, and at the time I was trying to find a way to make extra money in long term trades. I have a broker who I have always taken what extra money I have and invested with but have little more to show for it than a paper trail of money moving towards the funds of the respective brokerage firm he represents at that date in time. Don't get me wrong, as brokers go, I think he's a great guy but for my income bracket, I will never make retirement by being passive.
I've wanted to get involved in trading for over ten years now but haven't had the time. I recently earned my degree in engineering and while trying to get my first job I've had some time sitting on my thumbs so decided I'd turn my focus on seeing what the market could do for me in between job applications. I view trading as a parallel pursuit to my field, though my wife is less excited. The thing that has always drawn me to the financial markets is the thought that when ever there is change, there is money to be made. Up, down, whatever (even sideways I'm learning - thank you scalping) there is money to be made if your sharp enough. I am familiar with the 95-5%. I remember thinking end of 2008-2009 that someone out there with the insight and the guile is making a killing. I want to be that someone.
I'm sure everyone on this forum knows well that there is a wall of information to hit when starting on this endeavor (whichever is your preferred market) and, unfortunately, the majority seems to lead to this or that school of wallet-ectomy. After thinking I had some handle on what - out of the dozens of metrics for stocks - were important to assessing the value potential of a company, the constant research associated with each company in my portfolio, and the fear of the market's reliability on outside factors I lost my confidence in thinking I could secure my future in long term positions.
I happen to run into a swing trade site in my searching that started me on the process of realizing there was a huge group of people out there making money on market changes, not analysis. I found Ninjatrader and had some fun learning the platform that fit my visual trading style. I think I perused this for a week before finding out the financial requirements involved in swing trading required such a high resources-to-payback ratio that it wouldn't be reasonable for me.
I learned a little about candlestick reversals from YTC that was helpful but left me a discretionary trader at best and gambler at worst. Not to mention the second monitor I needed to hold all the indicators that were taking over but adding little. I came upon a video Big Mike put on Vimeo showing realtime blow-by-blow, simple price action. I learned more form that video than I've learned from anything else on the net TO DATE (thank you very much BM)! Within a few hours I went from more indicators than chart to nothing.
I have been using market replay trading on the YM ever since using the price action lessons I've picked up from this forum, Al Brooks, YTC and others. I still use the net profit in NT's spread sheet to assess my performance, think I remember hearing that wasn't the best metric from Big Mike in the "Where to start as a trader I" webinar, but I have been profitable to a point that this is definitely worth perusing.
Sorry for the novelette guys, this has been a solo trek so far and very I'm happy to find a positive forum with like minds on the same path. Thanks again Mike for your tireless help! And please post more of those real-time trading videos, incredibly helpful! There are so many things that the veteran trader takes for granted that we noobs would never think to look for save for seeing some small action in a video.
I'm looking forward to the years of diligence hopefully made easier by this forum to get where I want to be.
Thanks all! Happy posting and successful trading!
The following user says Thank You to tradeSlinger for this post:
happy that I found the forum here by chance. It is looking faszinating and I am sure, there is a lot of benefit in working through all the material. Thanks for all the efforts, Mike!
Some details about me: I am an 56 year old swing trader from Germany with an full time job. So the Job is obviously the reason that I am not a daytrader at the moment. But I am looking forward to my retirement age ...
My main trading instrument are precious metals and the indizes (ES, DAX) and sometimes Forex.
I am looking forward to our future cooperation.
The following user says Thank You to Dogdancer for this post:
Seems like I have just stumbled across an amazing resource and community here. I've been working in the markets for about 6 years, the first 3 I worked on an fx sales desk for a bank, managing hedge fund accounts. Then spent 3 years market making options on gov bonds for proprietary trading firms. Now I'm looking to trade on my own account for the first time, just futures for now, possibly options later on. I am hugely excited by the amount of learning I am going through at the moment, and hope to be able to contribute on here later on.
I am using Ninja trader with Mirus, looking at CL and 6E. I am trying to develop my own method and style, which uses a combination of pattern recognition and evolution, oscillators and momentum, as well as japanese candlestick patterns. Like I said, I'm hugely excited but fully aware of how much work I have to do.