i am trying to trade from past 9 months but only 2 months were profitable, and previously also i had wiped down my account. my strengths are i am good with exits and patience to let the profit run, weakness is the fear to trigger immediate entry order, but i am working on it. the real problem is i have tried some systems but all of them lose their edge in some time. in backtesting they all were good but in realtime after some time they all suck, and start giving huge drawdowns.
seriously am having second thoughts on if really income is possible via trading.. plz seniors do help me...
Thank you for sharing your experience. I really do sympathize with your situation since I know I suffer from it and I think 90% of traders do.
Here is what I believe:
1) Every system, every edge:
a) Will not work forever
b) Will work in some market conditions and not others
2) You have to know the market condition at the time you are trading and
a) if you only have one strategy/system/edge then stay out of the market if it is not the right one
b) Choose the system/strategy/edge that applies to that market
3) You have to understand how the market works and what it is really doing at the present time. This takes a lot of time to learn and you have to commit yourself to learning it. Learn the market first and strategies second.
4) Once you have learned the market you will realize that you cannot trade it most of the time. You have to wait until you see that it is behaving in a way that you know you can trade and probably win.
5) The market keeps changing. Keep learning.
6) You keep changing. Pay attention and adjust your behavior.
How do you do this? If you are one of the few fortunate ones you can train yourself. For the rest of us, just like learning any profession, you need to find a good 'school' just like doctors, pilots, engineers, etc.
I haven't found that good school yet. I become more convinced every day that those who are successful trading, trade and those that aren't teach.
I wish you the best.
The following 3 users say Thank You to gcaldridge for this post:
I am Prashath Goutham, im from India. Im new to this forum and i play with options and futures and mostly play with Index stocks. I am now working on Algo Trading (fully automated) which is still in its infancy in India.
Looking forward to my education and my attempt to teach an of dog new tricks. I'm in the SoFl area and would love locals to coffee talk on E-minis. I'm currently using Ninja for my platform and am interested in looking at Barry Taylor's "Better" charts.
I am trooper5010, and a new member on futures.io (formerly BMT)! I am really liking the website so far. I am a new trader, and am trying to transition from Thinkorswim to Ninja Trader, as I'm looking to head in to trading futures.. I am trading paper money atm until I really get to know NT and also hone my skills.
If anyone knows if they can help me around Ninja Trader like how to add volume charts (would those just be considered indicators?), how to quickly move up and down the y axis, any hotkeys, or really handy shortcuts to know would be excellent).
First of all, I would like to take this opportunity to thanks Mr Mike for giving me the opportunity to join this forum and learn more about forex trading.
My name is Ahmad Fuad, and I'm a part-time forex trader from Malaysia.
I've been with the forex market for 8 years now. My favourite pairs is EURUSD and EURJPY. I already have a technique to trade the market and make some profit from it. My biggest problem in the trading is I'm always overtrading my account. Starting on 1st May, I've been training to discipline myself in trading.
Recently, I've been researching and studying about the fundamental analysis, regarding Supply & Demand, Spread Volume, High/Low Liquidity Area, Bid & Ask, Commitment of Traders (COT), Market Depth, Order Book, and topics that similar. Hopefully there is others that have been familiar with this topic and can sharing with me the knowledge.
Anyways, I hope we can learn a lot from each and everyone of you out there on Big Mike's Trading Forum.
"Keep It Simple, Make It Profitable"
The following user says Thank You to afh265 for this post:
I'm a relatively new trader just finishing up at uni. I'm finishing accounting, finance, and mathematics degrees next year (3 separate degrees) but I'm finding I am more interested in trading rather than a traditional accounting job. I've been trading part time for the last two or three years. I primarily trade short option strategies and trade futures a little. I am a point where me and a business partner are going to start taking this more seriously and invest more time (and money) into it.
A little about me: I'm into books, sports, poker, running, mathematics, investing, and general academia.
I'd like to think everyone here who has contributed to this forum and Big Mike and the other creators. I've found this forum to be one of the (if not the best) best sources of information in the internet. Good luck to everyone and happy trading.
Thanks everyone for a great community and knowledge base! thanks Big Mike for creating the forum.
I've been studying Forex for just over a year non stop and still haven't really done any trading, I'm quite conservative and like to to be confident before i commit to something. Im getting into automated trading as the backtesting, optimising and walk forward options suite my personality.
Im hoping to get some advice from more experience people who can help my find my way!