Hello Big Mike & Team BMT from a determined newbie....
....forex trader.. I have a full time job (and a half!), but have been determined since I started trading equities last fall to develop a trading lifestyle/asset classes that's compatible with my limited time, even more limited resources I can afford to put at risk, and my fondness for leveraging automation to safely accomplish as much as I can. All in the hope of trading my way to financial independence one day!
After tinkering with TS 9.5 for a while, I finally loaded it into a VPS last week, and my experimentation with sim trading has really taken off since then. Having developed a reliable and fast platform infrastructure, I intend to spend as much time as I can over the next couple of weeks of vacation studying and testing various forex strategies. Once I've identified a few with which I'm comfortable, I intend to implement them using microlots, and then turn my attention to other trading vehicles such as futures and options -- again, only insofar as I'm able to commit time and resources, which could be some distance off in the future.
In the meantime, I'm committed to becoming as efficient and profitable as I can in the forex space. Happy to help other newbies in whatever way I can -- and accept help and tips from all on on this terrific forum. Thanks for setting this up Big Mike, and particularly for synching up with Tapatalk -- that rocks!
Imo no difference between "retail" trading and "professional" trading. It's all about having edge. I would recommend first trading only on sim, see if you can stay consistently profitable for a long period of time. I would also recommend doing one of topsteptraders combines, they are a scouting team if you pass the combine (sim trading with risk parameters + profit objective) you can earn a funded account from their equity partners, if you are profitable on sim. Sim trading and live are different games, because the psychology is different. With sim there is no pressure. If I place a gun to your head and say, you have to make money, then ur trading will suck. There are no shortcuts to trading, you have to keep practicing and keep learning from mistakes. If you are keen on automated trading you have the benefit of backtesting, backtest your strategy over a very long period of time with market conditions and see how it performs before going live.
Understanding yourself is just as important as understanding markets.
I've been buying & selling stocks for ~5yrs but never achieved any sort of consistent success. I got into penny's during the MJ boom and came out the other side worse for wear ;/ For the last 12 months I've been head down, bum up trying to learn as much as possible. I've settled on the E-mini futures market and have been developing automated strategies on NinjaTrader for the last month. I've managed to get them into a profitable state during back testing, but I'm still looking to improve my risk management before putting them into a live environment.
I've come across this forum several times in search results during my journey so I'm glad to finally sign up and become a member of what looks like a fantastic community. I've already picked up a great nugget from one of the earlier posts in this thread about TopStepTrader.
Hello everyone. New trader. I've traded for years casually, and am really interested in understanding how to take predicted risks and assess the market more accurately. Looking forward to meeting like minded traders.
Although I have traded, I stepped away for a while to rethink what I wanted, and now it seems I want to move towards a pure trading style. This means trading the ES with a strategy based on Support/Resistance, which seems to be the way to go for something like this. Until then I will restart after the summer with stocks under 5 dollars, which has been a staple of mine for a bit, but I took a lot of my capital out of the account, traveled and all that. So I have to make it up again!
Looking forward to learning here, thanks & happy trading.