Just introducing myself. I will be contributing to this forum from now on.
Been trading on and off for 6 years. Sometimes real money sometimes just a sim. In September 2012 I decided the trading bug isnít going away. In fact it became more intense. I decided that this is what I want to do with my life started to take it serious with the goal of becoming a Prop Trader by 2014. I currently have my eyes set on Propex (Prop Firm) in Australia or Top Step Trader.
Every day I trade for 6-7 hours straight. I live in Australia so I get to keep my day job and trade during the night. I trade the US Bonds Market ZN, ZB, ZF during the Euro Session and US Session. I trade mostly the Zn (10 year T Note) and ZB (30 Ė T Note).
I am a pure price action trader focusing 90% on the order flow and 10% on charts. My charts are used just to get past major support and resistance levels that is it. The rest of my trading strategy is to look at THE NOW MOMENT. I track SIZE and see how price reacts to size. I also look for the PAIN, I want to know where the pain is in the levels and where traders are going to puke and new money comes in. I look for too many shorts to buy and too many longs to sell. The trading platform I use is Ninja Trader and Jigsaw Trader Depth of Market (Plugin for Ninja).
I can say without a doubt learning to trade is a rocky road and it will give you every reason to give up. But with the right information and knowing what to look for, and working your ASS OFF every single day you can make it happen. The clue to what to learn is to look at Prop Trading Firms and model their training around your own personal training. They take beginners and make the full time consistently profitable traders in 1 year. So to all those people thinking about giving up. Look at the prop shops and do what they are doing.
In no way am I an expert and I will always be a student of the market. But i believe I have started to develop consistency and will soon by applying for Top Step Trader to get funded. I just have a few more hurdles to jump before i do that.
I might start a trading journal on here.
Thanks for the read.
The following 3 users say Thank You to joeyk for this post:
While looking through different trading websites I found Big Mike's Trading and checked it out. I had read in the forum your post titled "10,000 hours, really?", in fact it is one of the first I came across. It caught my eye because recently I was trying to estimate how much time I have put into trading and all that it entails. My estimate was about that and when I tell people that they are shocked. I was apprehensive to read the replies to your post wondering if I was crazy or overboard on how much I have put into it. The interesting thing is that when I read the replies to your post, some of the people responding said that 10,000 hours was about right! It was good to hear from other traders that that kind of committment wasn't uncommon, in fact, it was probably required. Since I don't know any other traders I really didn't have a clue. I thought this was a great site because you can get input from other traders regarding different issues that involve trading and their opinions. I definately needed to join and see what your site was all about, so that is exactly what I did.
I have been trading/learning/studying for about 4 years now. For the first two years, I focused mainly on stocks and getting the general education portion of this journey completed. After that, I began learning about options and have used a couple different brokers for trading. Just trying to find the platform you want to use and then learning how to use it takes time. Within the last six months, I have begun educating myself in Futures and really like this area.
I am also an Accountant and work from my home so I have been trying to do both the trading and accounting at the same time. As you can well imagine, that is very difficult to do. I decided about two months ago that I needed to focus on the trading and I am training a new person to take over most if not all of my work. It is finally getting to the point where I can focus on just the trading and that is why I wanted to switch my futures trading platform from Think or Swim to Infinity (I will still trade options in TOS). For the last week since I opened my demo account, I have been familiarizing myself with how the whole Infinity platform works and getting to know Sierra Charts. I hope to have it all set up the way I want it in the next week or so depending on how busy I am with my other job. I plan to have my live account set up with the charts the way I want them by the end of summer.
Right now I currently trade weekly options with a focus on selling premium. I am focusing my attention in Futures on ZB, ZN and ES to begin. I look forward to being a contributing member of Big Mike's and thank you for providing this very helpful and needed service!
10,000 hours is very wrong. It depends on who you are but put it this way.
If it took 10,000 there is no way prop shops could train people to become successful traders and still be in business.
The average trainee in prop trading firms that have very basic knowledge of trading and actually become consistent is 9 months. Some do it in 6 months some do it in 12 months but 9 months on average. The rest just give up. If it took 10,000 hours they would be all out of business.
The reason why it takes outsiders so long is because most of you's have the wrong information, like i did for many years. Once you get the right info then work your ass off you can do it too.
How to speed things up?
Find a prop trading firm that trades futures. There are many. Get as much information of them as possible about how they trainee their trainees and adopt their training into your personal training. Ive done this and im now consistent and have 1 very interested trading scout.
Fk the books and go talk to real traders trading right now .They aint gona tell you shit. Trust me i know. But they will tell you enough to go in the right direction.
Stuff it i will tell you myself since i trade futures as well
Look at ORDER FLOW. When you become good you will know Day Trading is a game. Play the players not the cards. Only way you can see what's happening in the game is to read the ORDER FLOW and become a master at the NOW MOMENT.
Average time for reading orderflow and having a decent understanding is 4 months. When you first look at it, it wont make sense for many weeks. You will fail 1000 times before you starting seeing whats really going on.
The following user says Thank You to joeyk for this post:
I'm 50 now and turned to be a full time trader just 3 months ago. I started to understand trading cca 5 years ago. One of my first experience was that bought some shares and not much movement happened after that moment. i had a tennis play due and therefore left the computer and come back 3 hours later. I found that I down 7k! Pretty hard lesson to learn that U always have to use stops right? I traded stocks, futures and options but rather was looking to this as a game or hobby than as a business. As you usually have to spend for your hobbies I also spent a lot for this. CCa 2 years ago I started to pay for the education and pay for different services to give me trading methods which I can use. I had to realize that it is still not working. And that point I had to come to the conclusion that everything is within myself and to be a successful trader I have to change some attitudes...
Now I feel that I on my right way. I trade mainly ES but also search for opportunities for option plays in selected stocks. I looking after some automation later. I use Tradestation to analyze but execute on Interactive Brokers. I use tick charts and indicators which utilize the volume info attached to each and every tick as well.
I hope that I can contribute to this forum and think that there is still a lot lot useful info in the trading world which I can use and find here in this community. I think that everybody has to be take different learning curves because there is no trading method which is the "one" for everybody. Each of us has to find it's own. And that own method should be adapted to the personalities.
I wish everybody a successful and enjoyable ride in trading.
Just joined the group and hope to be a positive contributor.
Like many I have blown several accounts and am not afraid to say cried a little [actually a lot] at the stupidity of some of my decisions. Add to that I can honestly say I have also been guilty of looking for the Holy Grail and not taking full responsibility for my choices and stupidity, I am glad to say I have been able to turn that corner and am now heading in the right direction. I think the biggest think I have learned is to be accountable for my own actions and be honest with those that my actions affect.
As you can probably guess I am a very open kind of guy and will tell all if asked, I've nothing to hide and am happy to share my experience and knowledge [such as it is]. In return I hope to be able to gain a lot from the group and continue to develop as a trader but more importantly as a person.
Oh, my favorite instruments are futures, Natural Gas being the #1 and am progressing towards Gold. I like markets that move with structure and do not believe they're random in nature [I'd take some convincing otherwise]
I look forward to sharing my ongoing journey with you all!!!
this is Prash from India.
am basically a software developer and a technical writer.
I started out trading around 3 years ago ..
Initially, looked out for tips .. made some profits and losses alike.
then dabbled into futures .. made heavy losses.
then I decided to learn TA and started reading anything i could find on the net.
Currently am a student of the market and TA.
As far as trading strategies/indicators are concerned, I started out using RSI, stochastics and EMA.
I was introduced to futures.io (formerly BMT), by a trader friend of mine, Linkoln from Calcutta.
Thanks Linkon, for introducing me to this wonderful forum.
Hope to learn a lot from here.
P.S: I could not help notice, as that am currently posting on page number 420
I am new to this place. I am trading for a few years now and I am convinced that sharing knowledge will benefit all of us.
It took me some years to develop my own working automated strategy, during which period I have seen a lot of dead alleys: I paid my fair share of tuition fees, in the form of loosing trades and memberships of crooky websites.
Endless back testing, optimizing and walkforwards resulted in a promising strategy. In September 2012 I started the machine for real time/ live trading. Although I know that 10 months is only a very limited test period, the equity curve is making new highs every few trades, some times quite steep. Losses are limited in numbers and in size.
By the way, for anyone who is looking for literature on development of strategies - and especially on test/optimizing procedures - I would like to recommend the books of Robert Pardo and Tomasini/Jaekle. It will save you a lot of time if you start with these titles.
Apart from babysitting the bot, I am now working on new strategies and new markets for the existing bot. I am sure that I can learn from you and in return I may have some valuable ideas, so once in a while.
I am living close to The Hague, The Netherlands. I would be happy to meet with other members, if any, in The Netherlands.
The following 2 users say Thank You to oosthout for this post:
Great to join the forum. Many thanks to Big Mike for creating and maintaining such a wonderful site, and to all of the members who have shared information. I have been trading off and on (or part-time one could say) for 18 years, mainly using a swing trading style patterned in part off of Linda Raschkeís work, with a bit of success. Got to the point of being slightly above breakeven anyway. I also work long hours in IT and have for most of those 18 years, which takes away the ability to focus and put in the work that successful trading demands... for my style anyway. But I always enjoy learning the craft and hopefully can continue to improve skills and look forward to the day when I have more time to devote to trading.
Wishing the best of luck to everyone here, and look forward to learning and participating in the discussions.
I came in the trading world many years ago trading European stocks, but without any consistent trading methodology.
I understood that to have success in this business, I did need to approach trading in a more professional way.
Then I started to read trading literature, thousand of books, articles, etc, many courses, spending a lot of money.
This was ok, but I realized trading has a strong personal component every trader must work on.
I the last 3 years I have been working in two ways, automated systems development and trading discretionary in futures, specially Crude Oil.
Now, I am on the way to achieve the goals in trading, from both sides, the business and the personal development.
I will enjoy learning from this forum, and hope to contribute from my experiences.
Big Mike's trading forum apears to be a great place for those who want to learn and share their knowledge about trading. Frequently when I searched for trading related material on internet I got links to futures.io (formerly BMT) site. So I decided to register in.
I am a beginner in this, currently have a job as electrical engineer. My study of the markets began 1 year ago. My objective is to become full time trader. I understand it is a long journey, but can be achieved. That's why I am here.