I am a newbie to forex trading who is trying to make a living investing in forex trading. I want to believe i have come to the right place where i can learn forex trading professionally with all veteran traders assistance i can stand in need.
Once again i thanked the provider of this forum for giving me this opportunity.
New to futures.io but I've been trading for over 30 years. Stock, mutual funds, covered & naked options, option spreads, futures, and forex. I recently switched from eSignal to MultiCharts, and I'm trying to come up to speed on scripting so that I can tweak indicators and signals. Thinking about auto-trading (I've run a few backtests on some simple signals), but not sure I trust it. Hoping to learn more about MultiCharts here.
I've been a member of paid trading chat rooms and have yet to find one that I think is the ultimate solution. I'm always on the lookout for good trader hangouts to exchange ideas and learn new things. Good ones are hard to find. I'm hoping this is the exception.
I am new here, i am excited to learn from all of members and host to be more successful.. Yes as most of new, i had my share of loss and slowly i have realised forum participation is the key to be successful.
i trade mostly es/spy/etf(vix) and occationally stock.. and with some failior and loss..I had my bigger share of loss due to options trading, which i slowly reduced it..and is and will mostly future,index/vix trading.
thank for this forum, i look forward to learning to be sucessful..
Have to say this forum has proved a very valuable resource over the years.
Every time I had difficulties with part of my trading systems I always found answers and help here in this community. Must admit i forgot about the rebranding and was confused when another google search for answers brought me back here.
I've been trading actively for around 2 years. Mostly jumping from one strategy to another, still trying to identify comfort levels and focus in one specific direction. Would like to thank Mike and the community for their continued support.
The rule states that 90% of retail traders lose 90% of their capital in the first 90 days of trade.
Am a newbie trader based out of India and my only achievement so far is that I outperformed the above rule by losing 90% of my capital in seemingly less than half the average time taken.
I started off with INR 100K which was reduced to 10K (Nov15) largely by following tips (*sure shot calls*) from "so called" reputed brokerage firms who apparently hire 100s of trained analysts and Industry experts and who claim will always have an edge over any average investor/trader.
Anyways, in the process of giving away so much capital, while I largely felt stupid, I learnt a few things and think it might be OK to share :
1. Never follow calls by brokerage firms or any one who is not trading the position with you. They don`t get it
2. Trading is like a signature - its unique to each person and reflects the summation of all of ones learnings and experiences
3. Trading is the truest test of objectivity - take decisions when you are up for it
4. The beauty of trading is the flexibility it offers, you don`t have to always trade - Use this flexibility to your advantage
5. You will never fully understand the market. You will get better at it - but you will NEVER understand something so complex and so beautiful at the same time
6. Timing is everything
7. Maintaining perspective under pressure is everything
8. Once you have learnt the basics of charting (or even some advanced concepts) you will find yourself working on yourself rather than charts. You will realize that the charts play out as planned - its you, who often falters
9. Stick to the trend - Don`t try and act smart or cute or whatever -else you will lose
10.Money management is highly underrated but super important. Understand the lot size in the market (L) and your SL (S) the product of (LXS)n (where n = number or Lots you intend to trade with) should never be more than 2% of your capital. You need atleast 50 attempts to trade
Trading is not a zero sum game but a negative sum game and therefore loses are inevitable. But for your growth as a trader it is importatnt that only YOU lose your money and not some brokerage firm, lame tips or news doing the losing for you.
I believe writing before taking your trading decision helps. I decided to blog my entries on a free platform (blogger) with the sole idea of recording my emotions and the reasoning behind each trade action. The blog tracks my thoughts, my trade action, my gains and losses. But it is reviewing the content end of each month or after a significant trade action I learn so much more. I encourage traders maintain their notes/blogs and for reference traders can visit my blog
sahilrohmehtra.blogspot.in or sahilrohmehtra.blogspot.com
(I dont remember which one it is - lol)
Note : I dont get paid for visits, or clicks or anything. This is just my trading diary uploaded online.
The recent fall across global indices happened to find me in the correct time with Short Positions, and after over 3 months of grinding it out I have finally gained 10x my capital thereby breaking even. With this capital and newly acquired technical skill sets I will try to expand my horizon of trading by trading many liquid markets - Commodities and Forex in addition to the NSE (Nifty-50 India).
I will need some luck and loads of good wishes - I wish the same for all.
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