I have a full time desk job, but I've been trying to learn how to trade for the past four years or so in order to transition into something that I believe will be more interesting and enjoyable. I'm not consistently profitable, so I guess that means I'm still a beginner.
I learned the basics of trading by taking courses offered by Investools, but lacked the discipline to consistently follow the rules. Also, the option trading techniques taught by Investools involved a lot of complexity and were difficult for me to master.
I then tried gap fading techniques like those promoted by Scott Andrews of Master the Gap, but found that approach to be unsuited to my personality. I wanted to learn a more discretionary, "hands on" approach to trading.
After that, I spent some time learning how to trade using Ichimoku indicators because I read that they produced a high success rate. But before rolling out a trading strategy using Ichimoku indicators, I found Big Mike's Trading Forum and was exposed to price action trading. Price action trading seems to offer the "edge" that I have been looking for. So now, before spending real money, I am working very hard to learn as much as I can about price action trading and I am developing a trading plan that I intend to begin paper trading within the next few months. My intention is to use some of the price action scalping techniques taught by Bob Volman in my preferred market (the Emini S&P 500) while continuing to study the three book series by Al Brooks.
I've been investing since high school and have been active trading for the last two years. Like most traders, I dug myself a hole after thinking "hey I've done well investing and can take advantage of short term trading" so allocated some of my investment portfolio into a trading account. Through my first year, was down about 30%, made it all back through a very lucky UVXY short, and back down 25% taking chances on low probability trades and/or not cutting losses early. That forced me to hit the reset button and I slowly made my way out slowly before making a trading plan (inspired by Shadowtrader on TOS) and a quote from Tastytrade that "4 singles equals a home run" which kept me from trying to find/chase those 10-20+% trades all the time.
This year I've been able to finally make a small profit and started to learn and lightly trade futures, which are becoming my new favorite instrument as I'm below PDT. My trading style has mostly been entries though Fibonaccis, trendlines, and breakouts from consolidation but I'm getting more involved with futures.io (formerly BMT) to learn about using price action.
My name is Richard, I'm 36, and I'm from Cape Town, South Africa.
I've had a varied career up to this point - working in corporate finance, politics, renewable energy, and now as a coach and facilitator in the training and leadership development space, mainly for corporates. I also have an interest in mindfulness, both as a practitioner and hopefully soon as a teacher. And finally I am fascinated by the potential of trading coaching, as well as bringing a coaching approach to financial advisory services.
I've always been fascinated by the markets, but only in the last year or so have started exploring the possibilities for trading in my own time. Fortunately my line of work allows me to do this, as I have quite a lot of spare / free time between jobs / assignments.
I've read a lot of books (Van Tharp, Mark Douglas, Jack Schwaeger, etc) and I've tried a number of platforms (so far Multicharts, metatrader, ninjatrader), as well as a range of instruments (mostly stocks, ETF's, CFD's and now index futures). Through trial and error I feel like I am making some kind of progress towards finding out what kinds of trading are possible for me, given the amount of capital I have and the hours I am able to / willing to spend in front of a screen, but also what suits my personality.
I dabbled a little bit with automated swing trading systems on metatrader, and still have a couple of these running live with a small ($400) account. However, I grew impatient with not being able to see results day-to-day, so I've now turned my focus to scalping ES intraday (usually just the morning session). I'm currently trying to implement a system that I have copied and adapted from a thread by jwdixon on this forum. So far some success using sim, and am now trying with real money. I still feel like I have a long way to go before I feel confident trading this instrument and timeframe.
Looking forward to interacting on the forum. I've looked at a number of different websites and forums and futures.io (formerly BMT) certainly seems to be a cut above most of the competition.
I traded Stocks some during the late 90s with little knowledge of what I was doing and lost money and gave it up. Years later I discovered Index Equity Futures . I started demo trading 2 years ago and have spent several hours a day in front of my screens trying do develop an edge and for the past 6 months I have been consistently profitable in demo mode. I wanted to prove myself there before I risked my hard earned money. I realize the psychological aspect of this will be the difference between success or failure when I go live.
I discovered the futures.io (formerly BMT) forum and was impressed with the quality of the site. I appreciate how the moderator keeps the posts relevant to the topic and I believe this environment offers the best possibility for serious individuals to learn from each other.
I am interested in learning more about price action trading with regard to the ES, TF, and YM and look forward to learning from you all.
First time to ever join a forum. As Mike stated, I find a lot of the time that they're just about proving a point or talking off topic completely.
I'm currently a student, in my final year of study, studying Quantitative Economics and Finance at the University of Wollongong Australia.
I've been trading since 18 (i'm currently 24), however, i've blown my account more times than i can count :-( i started off really well trading warrants about 2 years ago, but i got arrogant. Ever since i've been working on my arrogance (lol in all aspects of my life loll...trying to draw the fine line between confidence and arrogance)
I really hope i can learn a thing or two on here!! It's all been a learning experience so far, but i just want it to be less painful! lol
Looking forward to hear/read whats been said and share your opinions!
Hi, short story, I have tried participating on some markets unsuccessfully but have always wanted to get into the eminis pretty much since the beginning. In my opinion the US indexes seem to maintain the highest level of order and efficiency ratios while also being risky and tricky to learn. I have recently discovered market profile approaches and would like to learn about it so that hopefully I will trade the eminis successfully in the future using that line of approach.
Signed up to this forum two years ago but only looked around and never contributed or visited again for the last couple years. I got into trading in the late 90's and had an easy time of it, making some windfalls and actually having only 1 losing trade out of 187 round trips. But I always felt I didn't really know what I was doing. I just followed charts with an EMA system I came up with and matched to MACD for my triggers (self taught playing around in ETrade). I traded options and typically held about a week - simple calls, buy low - sell high. Then my company took off and I found myself too busy to trade, lost interest.
Now I'm done with that type of working and want to trade full time, or at least whatever time it takes to generate a consistent, conservative income. As I get back in, I realize I know next to nothing and my old method doesn't work in this faster moving market anymore. I virtually traded it to find that out.
So I'm starting over with a small account, trading options and I'm very interested in weeklies with longer term protection in the form of spreads.
I hope to be a contributor in the future but for now, I'm overwhelmed with info and decisions.