Hi, welcome to futures.io (formerly BMT). I totally understand what you mean. there's only pockets of decent places to work at left in the private sector. It's become a nightmare for many in their working lives. The polling data often done in AP news snippets confirms this. Even rich employers can't seem to afford to be congenial these days. We have 7 billion people, a rotten economy, and mega-corporations and their greed doing whatever they want with the power of nation-states, while stifling most opportunity at the entrepreneurial level with the help of government overspending and then taxing the young and future generations to come as their only recourse and excuse.
It depends. it "sounds" like you're on your way. However, you must be aware now of the stumbling blocks both said and unsaid. i.e. the question of "how much can you lose?" never mentioned. Vendors and even forums like here hardly ever mention the losers ("losers" as in losing trades) or the statistics of the losers. and it's also a big psychological leap from even trading 2 contracts more than one's usual 1 or 2 contracts. When you first try it live, it'll feel like walking on the edge of a cliff depending on how much wealth you have currently.
And also check your statistics if you truly can make 1.5 pts consistently day in and out. Does that mean no losing days? no losing weeks? Even a losing day or a few is acceptable if you remain positive. If you can that's better than 98% of new retailers already and off you go.
A "famous" old thread on ET: (though I wouldn't agree on trading without charts. and there is still controversy if he was for real, but overall a fun story..)
New to forums, not sure how to get around.
Been trading for many years, getting better at it, but no expert.
Trade mostly stocks, some options.
I would like to see how the Pro's trade, this forum looks like a good place to start.
Thank you for the invitation to join and participate in your Forum. After many years of speculating that I was interested in trading and after reading about the technicalities of technical analysis, I have embarked upon a serious attempt to give this field a go.
I have been attempting to accumulate as much additional book/webinar knowledge as possible over the past two months. I, of course, understand that two months is a mere moment in relation to what is available to be learned and absorbed. In order to avoid paralysis by analysis, I will be participating in a simulated trading competition next week to determine what few skills I have developed and to identify the many areas I should focus on in the near future. The competition will involve one week of trading the Emini S&P 500 on a platform that I am trying to familiarize myself with over this holiday weekend.
I am trying to formulate a basic trading plan to demonstrate a rudimentary understanding of risk management vis-a-vis protective stop loss positioning and basic risk to reward ratio assessment. We are only allowed to hold two contracts, long or short, at any one time. I hope to focus on making rational trades, as opposed to looking for big dollar trades in order to maximize my winning trades and winning days, as opposed to focusing on the net profit at this phase. I am told that in the long term that plan can lead to a higher net in the long run ... we shall see.
I am now trying to review and learn to actually SEE the setups that should induce me to take a trade. I suspect that if I am able to explain in my trading journal why I took a trade at a particular point, that would be better than merely saying that I entered because the mini is trending up for the past few weeks.
I hope that after participating in this simulation, I will have some more insightful and potentially interesting questions to ask and research. For the moment, hello and thank you for the vast warehouse of information that you have all created on this Forum. Perhaps, someday I will add to it.
The following user says Thank You to J Henry MacDonald for this post:
1) How long you have been trading:
Been trading since 2005, it's my hobby. Love it. Started with stocks , also been trading options and warrants in the last years. first years was mostly gambling because I didn't have any money management and my strategy was crappy.
2) The systems you like to trade:
Have used Jeff Kohler's system for trading breakouts in stocks , but very hard to do and very time consuming. Gave it a try in forex but it just doesn't seem to give that edge there. Walter Peters has a "last kiss" strategy that is better suited for forex. So after years with trying out different indicators and MA's ,I am now testing some strategies on forex tester 2 and doing some demo trading.
3) Where in the world you are located:
I live in the middle of Norway
4) Other interests outside of trading:
My family, fishing ,mountain hiking, traveling..
Have a nice day
The following user says Thank You to sharpshoota for this post: