I have just read your introduction- funny enough I am myself running a small building company making bathrooms and like you I am also trying to figure out how to make a living out of trading.
And more funny for me was to read that you are into the jigsaw/ninjatrader setup.
After studying all about trading for 5 months now (at least 3-4 hour pr day...) Have I come to the conclusion that scalping with exatly the same setup as you could be apropiate for me.
I wanna also use my gained knowledge about S/R and combine it with the very exciting moneymanagement system told by the POP (phantom of the pit) Have you heard about him??
Anyway would be nice to be in contact!! Or other fellow traders, offcourse
Best from Pjort Denmark
Last edited by Pjort; November 4th, 2013 at 01:46 PM.
I´m trading since round about 1,5 years. After collecting some experience with hand operated trading I would like to change to automatic trading. I don´t have the patience for trading per hand. It´s to boring for me and so I tend to do stupid things however I know it better.
Sorry for my partial curios english. I´m not a native speaker and I havn´t some experience in english.
I took a first view to MT4 and NT. I think I prefer NT for backtesting. With the strategy analyzer and the code generator it seems to be a great solution for fast backtesting.
I am a 58 year old engineer who have switched to forex for 3 years. I had a bumpy
start and have came to learn that the best tool is self control. I had built up accounts
of $220,000 and $115,000 but blew it away. I have re-organise my trading style and
am ready to roll in a smart way.
I hope to gather valuable experience from fellow members and share some. I am in
Singapore, a far east country which has developed. May tomorrow be better than
today for all of us.
Farmergumz here. I was a full time farmer until 2013. After trading part time on and off for the last few years, I am now full time trading crude oil this year. I am still trying to settle on a system to follow, sometimes using TAStools, other times trading fades of dollar moves in crude. I look forward to sharing my experiences and learning from others on this site!
Like most that are here, I am very serious about my trading. My preference is Oil, and 100% of my trading is Oil. I keep a close eye on the 30 yr bonds, ES, YM, as they help me guesstimate a possible directional move. Thru the years, I've narrowed down to using only 1 indicator. The RSI with standard settings has been very useful for me in picking tops and bottoms. It's taken a long time, however it's been well worth it. The RSI in conjunction with observing the aforementioned instruments, has taught me patience. I wait for divergence between RSI and price. I only consider trades at high or low RSI readings. My stops are usually set at 13-15cents. When trade goes my direction, I simply follow along well behind with my stop. If trade continues in my direction, I will gradually tighten my stop. Moves in my favor of 20 - 70 cents are not uncommon. If trading multiple contracts, I always take profit at 15 cents, an then set to break even, and let it ride.
I'd pay big money if I could find a clip-on mechanical device that would instantly spring out and viciously slap me every time I even considered taking a trade while RSI is anywhere near mid range! I'm getting better, however this mid-range temptation is my weak spot, and I am constantly on guard around this area. Entering trades in this area..win or lose, are just too painfully gut-wrenching and slow, even if just trying to scalp a few cents. It's just not worth it!
Recently, I came across the Gomi volume ladder. I have watched many videos on youtube concerning the Gom..and It seems to me that it may help me in finding better and tighter stops when entering trades. It appears that it would take some real effort in becoming efficient with the Gom, but the effort looks as if it would be worth the time spent. I'm Leary of any new indicators, but the Gom has definitely got my interest. Would enjoy hearing from anyone that is seriously using this tool.
Thanks for reading. I look forward to exploring and learning on this site.
The following user says Thank You to truckerbrent for this post:
My name is Paul (36), living in Prague and I am a beginner in traiding. I have funded my account with IB and plan to trade e-mini YM for the start. I will use NT7. I have got some experience with stocks and catching falling knives. Currently I am trying to develop money managent system and trading strategy and hope to make my first trade soon. P.
My name is Garry. I recently retired and now have the time to manage my portfolio. So I fired the management firm and jumped in. The account is my IRA; so I'm cautious. I started investing when young and got first professional job. Used ValueLine and the like. After growing the account to the minimum to be managed; I went with Merrill Lynch. The account is with Schwab and has about 50 stocks with some other (ETF, bond fund). It is a conservative, diversified portfolio. I want to learn as much as I can about the market and trading. Not ready for day or options trading. Plan to start with fundamentals and chart analysis. I can see myself being long as in buy and hold for a core portion of my holdings. I want to be more aggressive by working in shorter time frame such as 12 to 18 months as well. After mastering these to a comfort level; then learn Options trading. My favor authors, so far, are Norman Fosback ( Stock Market Logic ) and Joel Greenblatt ( The Little Book That Beats the Market ). Actually still working on both. My favor website, so far, is Seeking Alpha. I like the activity here at futures.io (formerly BMT); but think my style won't fit. Any DGI or the like here? Is there an interest in a middle ground of safety and consistent returns?
My immediate needs are:
> some software to track the portfolio; Schwab has most of what I want to track but not in one place. Also need automated dividends as well as the common info and ability to have more than one portfolio (grouping method) to match the separate investment/trading styles, yet share one cash fund.
> trading rules: first joined IBD because there is an active group here using CANSLIM. I especially like the idea of cutting of losses; they recommend 8%. Now studying DGI via the Sleeking Alpha discussions.
Benifitting from BM's webinars I encourage you all
Years I have been struggling to be profitable in this business. Mostly on Sim, but down 75% in real money I got real inspiration from an early Nov 2013 webinar that encouraged me to take only the 99% trades, and not feel guilty that I was not trading all the time. What a difference! I am now profitable EVERY day, and comfortable in every trade knowing that the odds are with me in my trading plan. If I lose, I lose. I know I will gain it back in another comfortable trade. I now feel confident enough to contribute to this FORUM!! If you are where I was, listen to Understanding the Game, especially the Q and A... I learned you don't have to trade at all in a day to be a success. Analyzing the markets for YOUR SETUPS is your job. Wait for your setups and success will come. Thanks Big Mike.
The following user says Thank You to DJTrader for this post: