stage 3 trader.. stage1 started trading forex in early 2000 took 300.00 turned it in to 12,000.00 in 3 months blew it all out +a 1,100.00 dollar margin call quit trading started studying went live 2nd time agin forex under capitalized lasted almost a year using NO stops and blew that account out also.. 3rd time start trading stocks reading all kinds of news letters and stock tips and penny stocks or(pump and dumps) and pretty much wiped that 10,000.00 out 5th time in 2011 started trading e-minis with a stop loss this time and learned that i could lose large amounts of money very easily started studying more about how and what made the markets move (fear & greed) then stage 2 learned how to only lose a small amount of money then started only trading one direction if i felt the market was going down and casing people pain i would try to use that to my advantage and only trade short on pull backs or vise versa on days that i felt were going up and casing greed in the markets so now i feel that I'm in stage 3 i make money some days and give it back others the last 4 months has been pretty much a wash after commissions so thinking about switching to trading bonds or gold something that trends a little better than the minis been doing a lot of back testing on these markets and come to the conclusion that they trend a lot better than the es intraday ... so that is where I'm at in my trading career it has been a long non profitable very expensive ten + years but i think I'm getting there . and one day hope to be able to do some traveling and make my living trading... love to go hiking to new places especially high into the mountains where when you get to the top you can see as far as the eye can see...so that is my intro hope it wasn't to long and boring hope this is a cool place to chat with other like minded people Thanks D. thumper1
My name is Rich and I'm currently transitioning from day trading (trades lasting anywhere from 10 minutes to several hours) using charts and technical analysis to scalping (trades lasting up to 3 minutes, so far) using the DOM with some up front chart analysis to generate initial market impressions and find prices of interest (overnight high, low, etc).
I'm taking the next couple of week off from trading (probably sim only as I'm not really able to completly step away) and will start up again with real money in Jan. I'm looking forward to learning from your posts and hopefully contributing something of value myself.
I'm brand new to day trading and I'm looking to trade the ES futures initially. I want to make day trading my "job" because I'm tired of electrical engineering and software programming. Hopefully I'll be better at day trading. I think I, well my wife and I, have been managing our finances fairly well, so I don't think I'll have to be very successful at day trading for it to work for us.
I haven't decided on a broker and/or trading platform. I've been reading all the stuff available at the Emini Watch website and think his methodology makes sense. I'm looking at optionsXpress, ThinkOrSwim and TradeStation. Right now I'm paper trading with ToS.
My plan is to paper trade through January and then open an account and start trading for real.
Welcome aboard and you cant go wrong joining this forum, the traders here are some of the best. I personally use Ninja Trader and like it very much for Futures, I also have used other platforms in the pass like MultiCharts, Sierra Charts and Tradestation. They all work just fine for futures trading. If your plan is to only trade futures I would recommend Ninja Trader or Sierra Charts. Just some advise, if you have a deep pocket than trading live in January I can see that happen but with major money management, but would recommend couple of extra months and make sure you ask yourself how much is your max loss in a trading session and not how much you would like to make. Wish you the best!
The following user says Thank You to afranco562 for this post:
This is Vijay kumar from Option Club India. I am an Stock/ Index Derivatives Trader from Chennai India. This forum is absolutely the best. Simply luv it. Congrats & Thanks to Big Mike . . .
I manage Funds on behalf of my acquaintances, rely heavily on Option Synthetics, & have broken my trading account capital a couple of times prior to reaching an Intermediate level of Options Consciousness.
Hope to learn here & actively contribute to this community.
Thnx & regd.,
The following user says Thank You to Option Club India for this post: