I've traded Forex a few years ago, didn't lose my shirt, but wasn't very profitable either. I really didn't have much of a trading strategy back then, and risk management.... well... not so much. I dabbled in options on futures contracts. I remember taking a long call on Lean Hogs for the first couple of days my position was very profitable, my option was up $600. But, what I failed to grasp is knowing when to exit a trade is often more important than knowing when to get into a trade as a few days later I was down about $200. I remember calling my broker that day to ask how my position was doing. He was silent for quite a few seconds (which I knew wasn't a good sign) before informing me my position was down $300, or in other words my option was nearly worthless. $300 was a lot of money to lose for me, I freaked out and ended up closing my position. In truth I should've never taken that trade.
I've studied Floyd Upperman's IMPA trade strategies using the COT data. I did fine demo trading, but never opened a live trading account as I didn't have enough capital. I was pretty active on Floyd Upperman's forum back then. Shortly before I cancelled my subscription to Floyd Upperman's website, I remember a reply Floyd sent me on a post I made on his forum. While I don't remember verbatim what he said, he strongly encouraged me not to give up, and said that I had a deep passion and aptitude for trading.
With that in mind, I'm hoping Futures IO will re-kindle that passion for trading, and I hope I can learn to be a better trader from this site.
I am a member and want to learn and exchange information but I cant even figure out how to send a message on here. I am not stupid so if someone can help me I would appreciate it. This is very frustrating.
Firstly thanks to Mike for creating this forum. I am fairly new and still learning on how to be successful at this game.
I look forward to being part of the community which has a similar passion and goals to learn and share ideas.
I just registered and wanted to introduce myself. I have been trading for just over a year now. I like to trade CL and ES but I have taken trades on most of the high Volume products. My account has slowly been drifting south and I have been trying to find a way to change that.
I started out trading options on the ETF's in 2003 until I blew up. Tried again in 2008 and same thing. Then I went to the Online Trading Academy for a full course load. After having finished all my classes it feels like it was just an introduction. I have been trading with a plan but I'm still not creating much profit for myself so now I am SIM trading until I find a strategy that is good for me.
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