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Need help? 1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first. 2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses. 3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make. 4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance. 5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers. 6) Help using the forum? Watch this video to learn general tips on using the site.
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I've been pursuing trading in and out of the markets since 2000 blew up a couple accounts (seems like a requirement for most) it looks like I finally got it I still need to work on psychology which will be the topic of my next post but I feel like I finally assembled the minimum requirements to make in this career.
I just realized I've been a member of the site for over 2 years have learnt quite a bit from BM and the more experienced guys hope I can give back in the future as I do the transition to full time trader.
I'm happy to join this great community. I'm a beginner so in the beginning I'm going to learn a lot of things from this community.
I like trade futures ( in particular Es and Dax). I use ninjatrader.
if I become a good/ expert trader, I will share my knowledge with the other members. so I hope to reach this goal as soon as possible ( for me and for the community ).
I started investing (First in Myself) in 1996 when I realized I was 75K in Negative Net Worth. I started with some simple mutual funds, then opened my first broker account with E-Trade in 1998. I started with 5K in the E-Trade Account with a few long term investments that I had garnered from the Motley Fool site and through some basic research on the E-Trade Site. By the year 2000 "I was hooked". I made it a point to deposit monthly into my brokerage account along with the mutual funds, and I now had a positive Net Worth and the needle was moving. In 2004, I started to do some shorter time frame swing trades and found myself always looking for the next good trade. I also started reading on investing and trading, from technical trading, to proven techniques from the well known, and digging into the internet. I also maintained an attitude that long term investments pay and shorter time frame trades were exactly that, trades. Late in 2008 and 2009, I started to exit some of my long term investments, my E-Trade Account was shrinking, and the mutual funds were showing monthly negative results. I felt something was wrong and had worked to hard to get where I was and I "Knew" I had to so something but didn't know what to do! By May of 2009 I was 100% Cash and some "Money Market Funds" (that could loose money, which I didn't know). We all know what happened after that.
In 2010 I started to slowly look for investments, and decide to stick with well known stocks that I could easily identify with, and that also seemed like they were "On Sale". I bought $GOOG, $AAPL, and "Re-Entered" stocks like $DOW, $O, $GS, and $COP. 2010 was interesting because I wanted to get more of my account into stocks but was "Overwhelmed with information", but somehow found "StockTwits". Wow, who knew that there were so many traders out there, it didn't take long and soon I was finding "Too" many sites. Information overload. I did subscribes to a few "Premium Service" sites, and very few offered a return on value. I also realized that I was as good as the mutual fund sites and took responsibility for my "Assets". I was all stocks, except for my 401K and Annuity Pension Plan which I was only "Allowed" to make certain selections, but I made sure I understood those selections.
Today I am Semi-Retired, in my early 60's, and enjoy trading for both investment returns and to generate income. I control the direction of all my asset accounts. My Brokerage accounts are with E-Trade and Trade Station. I trade Stocks, Options, Futures, and some Forex (but limited). I still employ a strategy of 1/3 Long Term, 1/2 Swing Trade, and about 1/6 in Futures and Forex. I do use my swing trading accounts at Trade Station for Day Trading, and for Monthly Income.
One of the many things that I have learned is that you need to Study, Learn, Practice, and Adopt. The markets are in a constant change as new methods become more followed. I also subscribe to the Premise that Herbert Dow gave to us in that "If you copy another one's process; it will not translate into success for yourself, you need to make it your own". With that said I think I have rambled on long enough, and will look to try and contribute in some small but meaningful way.
The following 3 users say Thank You to WireMonkey557 for this post:
Hi! I'm a new trader looking to learn futures trading to start my trading career. I got a degree in EE&Cptr. Engg. and have done some programming and product management.
Working in NYC piqued my interests in the market and I've been following them since the 2008 crash. Recently I decided to take the plunge and quit my software job. I am going to trade full time once I go live. Starting with the basics of manual price action trading, I'm hoping to get to some automation in the future. The long-term goal is to replace my salary from the software job with my trading
Last edited by djvermango; October 12th, 2015 at 08:53 AM.
I wish you Good Luck and Fortune. I would think it would be hard to replace the income from your Computer Software Employment with Trading and with Trading Futures. If I could offer some advice it would be to start slow and learn, as it is not uncommon to experience negative declines the first couple of years of active trading. There is a plethora of information out there, that one can become easily overwhelmed and "Then" lost by constantly changing their approach and strategy (trading plan and more importantly Investing Goals). Do a little research onto what platform you want to use, with your skill set, I would look for one that allows you to program indicators and other attributes, such as Trade Stations Easy Language. There are other platforms out there that have programmable features. Many Choices. There is a long list of caveats, I think the most important is to have "Attainable Goals", both long term and "Daily", and the "Need" to have an active Trading Log. The Log is an indispensable Resource & Tool. Good Luck.
First off thanks to BigMike for creating futures.io and all the other members who post valuable information here.
I traded for two years unsuccessfully until I found a system (day trading) that stands up and I am beginning to turn things around. I'm not there yet but now realise the importance of a disciplined approach as well as paying attention to the psychology of trading, say nothing of a detailed plan and keeping a journal.
Looking forward to learning from you all and eventually making positive contributions myself.
Good afternoon, I am a 40+ woman with a family, small child and daytime job. I am trading e-mini with a passion trying to get better and eventually consistently profitable. I plan to participate in the discussions here to exchange thoughts/ideas since noone in RL can relate.
The following user says Thank You to Lonely path for this post: