First may I say thank you Mike for creating this forum. I am very new to trading. Momentum trading is my thing. As it sounds like most here I too have been up and down. Key it seems to me is probability and money management. I only trade stocks and I certainly wouldn't have a problem with looking into other avenues, but first things first. I have a lot to learn, but I also believe I may bring some creative ideas. I hope. I look forward to going into this site in detail and connecting with what it seems a very impressive group of traders.
I have been trading Forex for 2 years as an amateur.
I think that it is time to me to diversify and to improve my general skills. It begins by learning from the others and sharing my ideas in order to get a critic view of my errors, and debating of the better ways of analysing situations.
First, my thanks to @Big Mike for creating and maintaining this great forum.
Long time reader, first time poster.
I enjoy reading @GaryD 's journal thread and the honesty and realness he puts into his journal, I hope to do the same with my journal which I will be starting soon.
I trade futures, primarily S&P 500 emini (ES) and Crude Oil (CL). I am a pure price action trader with a major focus on context for entries and exits. I determine context from higher timeframes and enter trades on smaller timeframes based on simple support and resistance (more to come with my journal).
Thank you for your time, I look forward to helping myself and others through this forum!
Last edited by Learn2Trade; June 27th, 2013 at 09:32 PM.
The following user says Thank You to Learn2Trade for this post:
First let me apologize for my perhaps bad English and for possible feeling offended when you recognize any character trademarks, they are all intentended on myself.
Like all, I think, I feel urged by the automatic message system of futures.io (formerly BMT) to post something after so many days and trying so many geat downlodas, sincerely my compliments to all contributing (good or bad). Why compliments for bad? Well, I haven't been able to cooke up any code, so it can't get any worse than that!
For now I parasite on the knowledge of the many more experienced members before me. I do have the intention of payback in due time on some indicators for which I feel there is room for improvement (based on my own laziness)
The only thing I can offer is self knowledge, Like many 'greedy' beginners, somehow I'm having trouble getting my flaws out of my system, I know what they are and I'm working on it. With Papertrading I'm great, but I'm lacking the patience needed with real money trading.
So what are those flaws? I'm a pretty good rational thinker, my analyses are usually pretty close. Success all over you would think! Easier said then done!It is the emotional side kicking in with real money tradin which I need to work on!. I'm working on it, but it's a pretty stubborn habbit! And yes some of you have the same problem, the first step is realising you do suffer from the same syndrome. (admitting is the hard part).
Why am I writing this? Well, first of all I think paper trading will show you the way, but (in my case) it totally different when real money is involved. For newbees like me, I can only hope you benefit from this by recognizing and admitting it to yourself early enough that even you (superman) can make mistakes.
I worked for 12 years for a food manufacturing company in the supply chain area. But, I always had a passion for finance and the markets.
in 2011 I became serious about learning to trade. In June of 2012 I decided to quit my Job and dedicate 100% of my efforts to becoming a successful trader (success= consistently profitable).
The first 8 months I tried several different approaches, without success. In March 2013 found Al Brooks method, and since then I have been focusing on Mastering it. I feel I am on the Right Path now. But I know I am at the beginning of a very long journey.
I currently Trade DAX and ES.
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I have been a full time trader for five or six years. I have tried my hand at the ES, TF, Euro, gold and oil. West Texas Intermediate Crude, the CL, is the instrument with the personality that matches my own and I trade it daily. Technically speaking, I am an order flow scalper trading small size. I average 10-20 trades a day of one or two contracts.
I am retired (involuntarily) and can pay the bills without the trading income. But that extra income makes life that much more enjoyable.
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So where to start. Well Im a stay at home mom and a great student. I was born with the amazing ability to not emotionally attach myself to money. Its caused a few problems in that I havent burdened myself with the obsession needed to obtain it. That being said, I dont have much of it! So, my dad told me it was time to start applying myself in some way so that I could bring more financial security to my household. Not sure how I decided on the stock market, but I do know that Im drawn to math. I like it for its stability, I am also quite drawn to psychology. So I imagine that could be why Im so drawn to the one industry that uses quite a bit of both. I have started reading everything I could get my hands on, staying away from those trying to make money off of traders (doesnt make sense, if trading was so good, why is the person pitching stuff.) So far I have learned quite a bit about trading stocks, and even a little about level 2. I have learned a little bit about charting, day trading, identifying trends, indicators, and patterns. (thank you investopedia and day trading tutor!).
The biggest thing for me is figuring out what equity and method I want to start with, considering my limited capital. Im in this to win, loosing is not an option. It is my goal to make one hundred dollars turn into a thousand in a month (possibly 2 or 3 hundred, this is my "disposable" income but I would want to make 2 or three thousand in the month). It is quite like playing chess.
I know I can legally buy or sell 5 times in one day. If I were to quasi day trade it would be approx 2 transactions that I could make with my capital level, unless I wanted to hold trade overnight. (not such a good idea I have found that many stocks even good ones tend to dip in the morning). I have also learned that even with the cheapest trading platform out there I am loosing more in fees than I make during the day. I have noticed that the stock market is quite like an ocean, it has high tide, low tide, and waves. And it seems like traders are on boats that go all over this ocean and congregate in one spot or another for a limited period of time before many of them move on to the next spot. Ive learned that news is not the best short term indicator of a stocks growth, because most people dont know what the real life impact of any given news will be, and short term traders dont care. I have learned they do tend to respond to emotion, so if I traded on news, it would have to be on the emotional content of the news rather than the informational content, if I were to long that stock short term. The last thing I have learned is that getting real time information on any given stock is an absolute PAIN!
And that is about what I have learned this week! It is my goal to fully learn how to use all the tools available to me, pick a market, define a specific proactive strategy (algorithm maybe?), and begin trading buy July 20th. I am using market watches trading simulator to get a feel for the market and practice using what I have learned. Im currently enrolled with Tradeking, they have the lowest commission and minimum to trade that I have found. I have been using jstock to identify and track possible lucrative stocks. Jstock is very sSSSSLLlllllLLoooOOoooWWWwwwWW though. But I can build my own indicators (using already known strategies) and use it to scan the portfolio I currently have. I have two computers to use if I must, but im hoping it wont be necessary.
The next step in my plan is to figuring out what equity and method I want to start trading in and with, considering my limited capital. Im in this to win, loosing is not an option. It is my goal to make one hundred dollars turn into a thousand in a month (possibly 2 or 3 hundred, this is my "disposable" income but I would want to make 2 or three thousand in the month). So at this time while Im learning Im still looking at all the possibilities and using math to help make the decision.
So.....I hope that wasn't TMI .... Its great to meet all of you and I look forward to the interactions!
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