Hey there, equities/futures trader from NYC. Been trading for just over a decade, primarily day and swing trading small cap stocks and day trading YM and TF. I've been shopping for a new broker to do my futures business and hope to get my post count to 10 soon so I can post in the Brokers forum
I'm Spanish and I've read rave reviews on this forum. So I have become Elite Member and totally recommend.
I'm starting in this business of trading and here are lots of interesting information.
Thank you very much for sharing.
Nice to be here.
I'm Italian, 63 years old, Engineer, with knowledge of VBA, and I trade from several years.
Of course when I start trading I payed a very big " tax " to understand that when you trade there are not only two position: Long or short, but 3 positions: Long, short or Flat.
And for this my first years of trading were very expansive for me.
Now I learn the magical words: if and when so I open a position only if and when I look a pattern that I consider profitable.
I work only in options ( expecially Dax Options ) and I will be very happy to share some my strategies and of course learn also new picks to improve my trading.
The following user says Thank You to Giannis1951 for this post:
Last November was my last day of a 2.5 year period at full time (well, 3 to 7 hours per day) of trying to become a professional trader. I went back to a full time hour based job (not bad I am a Land Surveyor) in order to help back bring some money in our family. The best I did was a 3 week in a row being positive (well I did it 2 times) and for the rest it was always little negative to neutral.
I am on Linked In, (Etienne Robertson Trader should find me) if you would like to see more details on my background. It is not up to date since I did not revisted it since I went back to my hour based job. If someone like what it contains, I can share my last trading plan which contains some concepts I did kind of figure out like monitoring the time spend in each bar when looking at a tick based chart.
I am now back at a slower paste, got myself a book on Market Profile and for the first time, I kind understand why some days the market does not go anywhere while other it is trending. Well, I did understand it in the past but now I kind have a sense on how to discover it.
I am a NT user and developer so I did code many simple indicators the help me get lost even more ! I am trying to focus now, it is been 4 weeks that I realized that being a professional trader is my goal in life (well I am 42 with 3 kids, 17, 15 and 10 years old so that goal in progress !) and I did use the book and paper for now and I am very proud of that ! Zero chart touching, just learning and taking my own notes on how markets auctions.
One thing I would like to change in my trading is to look at slower chart, I think I was hooked at fast chart like 1 to 2 minutes (they were tick based but I was getting an average tick count to get an average of about 1.5 minutes per bar). That is the thing I think that stresses me a lot because it was too fast ... Anyway, I am not there yet still at page 52 of a 200 pages book so ...
I would like to thank you Big Mike for the eye opening e-mail that you forum send us when we do join. It is so true and I still fight with myself on sharing sometimes ... idiot I am ... So here is my trading concepts in my latest trading plan that I am pleased to share with everybody here, something I was not willing to do on Linked In on last November .... Like if someone would have paid to hire me to get the full version of it or something like that ... It talks about 2 major concepts: 1 Volume level or Volume at price (this was my understanding of pre, post and day volume price level before I got involved in Market Profile, and 2 it is the transaction velocity measurements (which is impossible to measure on a time based chart, only on a tick based chart) concept which I am very proud of ... :-)
Again, thanks for being straight to the point Mike, it did make a huge difference on how I see this community. I will try to open a post to help me stay focused and in the right direction as for my book reading and so on ...
Thanks for sharing your plan. I do not day trade stocks ( started out with them 5 years ago) till someone guided me to futures for day trading. My recommendation will be to 1) Pick strongest performing sectors and from there pick strongest performing stocks for longs ONLY. 2) Pick the weakest sectors and weakest stocks within that sector for Shorts ONLY. 3) Try to do SWING trading to let the stocks follow their natural course instead of 1 minute, 5 minute etc charts. If a right stock is picked within right sector- long or short- entry becomes least important. Everyone seems to spend most time on small time frame charts to get an edge.
Swing trading can be for a day, 2 days, a week etc. I day trade futures and whenever i have trade stocks, it's always as a SWING trader.
Last point, think about how a trader with large capital base will trade stocks? Will he be trading like majority of traders do?
2 charts from coal sector are attached. Weakest sector with weakest stocks. There are many, many others in the same sector. One could have picked any. All one has to do is short and HOLD.
Last edited by mfbreakout; August 21st, 2014 at 01:02 AM.
I joined this Forum a while back and haven't posted anything as yet. I wanted to take this opportunity to say thank you to Big Mike for his fantastic contributions. Just reading through Big Mike's day trading method and advice in the psychology section is a real education in and of itself. I also want to say thanks to all the participants in the Forum for their contributions as well.
Understanding yourself from within is what makes the difference in successful trading and investing.
May all that you wish for be the least that you receive.