I am a pilot looking to get back into trading as a supplement to my day job. I have some experience trading. Several years ago I day traded the YM and was part of woddies cci club. I never really made or lost much money then but got out of it because I had trouble managing my emotions. I think the idea of belonging to a group is important in trading. If you stay involved it helps keep you honest. I really liked woddies group but in the end it was not the kind of trade system I really liked. I found big mikes randomly while searching for other things I seemed to often get directed here.
This time around I am taking it more seriously. I am paper trading and not letting myself commit real money until I can prove 2 months of profit. I figure if I am not willing to wake up early (west coast time) and put in the time to learn then I have no business risking real money.
I am still working on my entry and exit strategies as well as my money management. In general I am looking for 2 a two times risk reward but I am not trading strictly numbers. If there is no resistance in the way I try and let it run. Once the trade moves in my direction I tend to move my stops to BE. This makes it easier to me to let the trade run knowing my money is off the table even though I am sure it will knock me out of some winning trades. The way I look at it is that if I got in for the right reason the trade is going to move. If it doesnt then its only luck if it ends up in my favor.
As it stands I am trading with the trend on the YM with a 233 tick chart and trading off of support and resistance with entry candles on a color change with a heiken ashi indicator. Support and resistance for me consists of previous day HLOC as well as same day trend lines. I am also looking at trading off of the 50ema when the market is actually trending and retracing.
Right now the biggest issue I am having is determining the how to only trade with the trend. The way I am doing it now is looking at the 15min chart the night before to determine the overall trend and trying to stay with trades in those directions. It sounds easy but intra-day when you see setups that look really good in the other direction than the big picture trend they are hard not to take. In addition I am unclear how to define the trend for myself. Should I look at only the previous day or the general trend in last week? Because of this I have been looking at only taking trades on the correct side of a longer time frame MA (200 for example) If the MA is down sloping, only take short trades for example. Hearing how anyone else makes this determination would be appreciated.
Anyways glad to be here. Once I go live with real money I am considering starting a log of my trades.
Broker/Data: Interactive Brokers, Sierra Chart Data Feed
Favorite Futures: CL, NQ
Posts: 4 since Apr 2015
Thanks: 2 given,
I am in early 40s. I have been investing / trading in the market for the past 15 years on and off.
Dabbled trading on and off several times and stopped trading after draw down.
I have always made money in investing and always lost money in trading.
Never did day trading and don't have plan to start it either.
Shortest i will probably do is swing trading or position trading. Never had any solid trading plan.
This time around i would like invest enough time to prepare a trading plan and backtest the strategy and start trading.
It is a great opportunity to learn from experienced / consistently profitable traders.
Looking forward to interact with you.
I recently joined the forum and Iím looking forward to learning and sharing with others.
Iíve been a ToS user for many years and now I'm looking into NinjaTrader for the automation and ATM. Canít wait to get access to NT8!
I am Mr10 and I am very new to this forum. I am very interested in becoming a trader but at this time I am still trying to determine what computer work station I need to purchase, what trading platform, and which brokerage to use.
I m a newb from Europe and I will try to make my trading more consistent reading the massive information on these site.
Maybe in the future I will be able to contribute to the forum but for now I m too impressed by the current knowledge and I will never be .
My name is Rollie (Nickname) and I'm from Cuba. I've been living in the USA for the past 23 years now. I recently got married, received my degree in public policy and administration and working full-time at a college. Through a friend, I have discovered the world of trading and what it can do for me. My goal is not to become super rich but to have more time with my family, church, friends, to travel and pursue my hobbies. I mainly want to give back to my mother and father who have busted their butts for me and my younger brother through sweat, blood and tears. I would like to give them the opportunity to retire if possible or at least a better life.
Anyways, I hope we can learn a lot from each and everyone of you out there on Big Mike's Trading Forum.
The following 2 users say Thank You to Rollie23 for this post:
I started in Futures trading several years ago and I am getting back to it now. I took a long detour through Forex (MT4 Trading) and just lost money. On balance I broke even with Futures with my best year +$35,000. I trade with Genesis TradeNavigator and I like it a lot.
I am now working on trading Renko charts manually but recently bought a plugin at TN that looks very good for automated trading. Renko charts are a risk to trade because the Price is always somewhere else than the brick. But manually trading Renko for direction and daily prices for the entry points there seems to be a lot of potential.
My next shot at the brass ring is trying to forward test Renko charts with various filters using an automated system trading the simulated server with live data. Backtesting Renko charts is not possible.
I will try to post here after I get posting rights to let others know how this works out for me. If other have some experience to share I would appreciate it.
My day job is in the oil and gas business worldwide. I have worked in 18 countries total and I am about to retire to my home in Thailand.
The following user says Thank You to michaelmaggi for this post: