I am a re-newbie! I traded quite a bit a few years ago but hacked to death during the collapse in 2008-09 and gave up trading (had been trading for about 5 years at the time) - I went from Pongor the Slightly miffed to Pongor the Disgruntled. I have decided to try dipping my toes into trading again.
Currently just using a ThinkorSwim paper account, due to me having an account with TD Ameritrade.
Previously I used TradeStation and traded commodities, E-mini, mini-Gold, mini-Oil, Soybeans, Wheat and some currencies.
Thats about it, hoping to learn from the community who are obviously better traders than I am and hoping to get some help with learning think script.
Chin00kie here! I have been trying to trade with success since 1979. That is about 36 years of failure. In my most dismal moments I trusted one of the "experts". Each time they lost everything that I had. I have come to believe that no one in this business really knows how to win successfully. I am here hoping that someone can prove me wrong. I am trying to find a local friend who trades in North Florida. More importantly, I am looking for someone who makes money trading, not selling trading propaganda. The most truthful statement that I have read is "the only way make money without losing is to get some desperate fool to give you money for your ideas" 100% increase in equity. I am jaded but with justification. Probably the worst thing I did was read "Think and grow Rich" Napoleon Hill convinced me to never give up on your dream. 36 years I have believed there is a way to make money in spite of the hard fact that I have never ended with more than I started with. I might be happier if I would give up and find an honest endeavor. Please show me there is hope. Thank you.
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I suppose after lurking for 6 years, I ought to say hi. (please just get rid of that damn banner at the top of the page that tells me I haven't posted yet)
"Hi, my name is Jason and I'm a tradeaholic"
"Hi Jason" -everyone
I've been a tradeaholic for 12 years. It started innocently enough. Forex micro lots. then minis. before I knew it, I was trading S&P futures contracts. Its really all just kind of a blur. Im not looking for a sponsor. Im not even looking to quit. Hell... Im gonna go take a trade as soon as Im done here.
Seriously though, great site. Ive gotten so much benefit from here over the years that I really owe you all a thank-you. So, "Thanks".
I have personally found that working on my mindset has yielded the best results. If you haven't read anything about trading pyschology its a huge part of the game, I would recommend ' daily trading coach' by brett steenbarger, 'mindset' by carol dweck and ' one good trade' by mike bellafiore. You might have an excellent methodology but if your emotions or deep-rooted subconscious behaviors interfere with trade execution and management you can easily lose money. As for the Aces Trades methodology, I dont think methodology is that important. Also, there is no secret sauce, we all have our unique strengths and weaknesses, our own emotional baggage. I am highly doubtful reading one book about a specific system will make you a long term profitable trader. It will likely give you insights about strategy and ideas about how the market moves, but there is no other way than trading yourself and getting experience firsthand. If a system " makes sense" for you use it and you will probably come up with your own adaptations. If you do 20-40 trades per day as you say I would highly recommend trying out the jigsaw DOM and reading orderflow, check out ' no bs daytrading' by John grady thats an excellent resource on trading off the DOM as well as a good insight into market gaming. He's skeptical about charts, imo just ignore that they are vital for many traders myself included. IF you dont know any technical analysis, I would learn the continuation and reversal patterns, and also learn how to mark out support/resistance levels and trendlines. I dont think technical analysis is a system itself, you can trade patterns in a lot of way and charts are very subjective too, there are patterns within patterns etc. Charts give me the ' big picture' and DOM helps me see what is happening in real time, ahead of the charts. This is what has personally worked for me after a LOT of trial and error. I started out with a simple price action strategy trading breakouts of levels and fading them before then, with less fading in trending markets and more fading in ranged markets, and its evolved from there. I did have rsi and macd up once but never ended up using them so just scrapped them.
So to summarise, have a look at several approaches, take what works for you and scrap what doesnt, there is no way around hard work and gaining screen time. Trainees in prop firms often take 9-12 months before they start becoming consistently profitable. That is with professional guidance and full-time trading.
Understanding yourself is just as important as understanding markets.
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