I am brand new to this site. Thank you Big Mike and everyone else for this forum to exchange ideas and learn from one another in a positive manner. I have been trading for about nine months now. Thankfull that I have made more than lost. What amazes me is that everyday is a learning experience, no two days are alike, and how we truly are a one world economy. I don't know what I can bring to the table for everyone, however I will be a proactive member of this community and pay it forward.
I am new here and would like to learn more on reading charts. I am absolutely brutal at recognizing charts. I been trading stocks,options,forex,futures for 7 years. For futures, I usually trade CL, KOSPI200,6e, 6a, 6b. To be honest, I've been soul searching on what to trade and should really stick to 1 or 2 financial instrument. I self-doubt myself and compare to my portfolio to missed opportunities so that doesn't help.
The following user says Thank You to bevewyvewyquiet for this post:
I've been trading for many years, and futures for about 3 years. Began with TradeStation and added Mirus/NinjaTrader. I'm doing discretionary trading thanks to help from my mentor Jeff Quinto who is really good.
I would like to code up my methods and looking for the right platform... Unclear if NT is best (C# nice, but many reported problems from others), TradeStation is living in a cave (hey day is past, they don't improve fast enough and poor service). Now looking at MC/TS-Support who sounds really good (Mike I like your MC posts and comparisons - Thanks).
Will peruse this site and hope to contribute to the community. We are all in this together (beating the market is hardly a one man task). Mike thanks for organizing this forum.
The following 2 users say Thank You to TexasTrader for this post:
I've been trading from 2005 next to my Job as a contractor, started out with options. Studied hard on all the Greeks and option constructions and learned a ton of techniques and constructions, doubled my account in 2 months and stepped in the first traders trap of arrogance: "He this is easy!" And the next month I blew my first hole in my account.
I was just lucky! Had no clue when to go long or short, I knew the fancy stuff from spread to ratio backspreads but was clueless about price action or market breath.
2006/2007 I learned system trading, or better put it: I was sold a bucket of indicators and truly believed that the secret to success is the "Right" indicator with the magic settings will make me rich quick. And as I can also program I tryied to automate it and even used AI to find the holy grail in indicator mixes and predictions/projections etc.. ( LMAO now )
I started to trade stocks and index options with these indicators but in hindsight I was by far emotionally/psychologically mature enough to handle the systems and drilled my second hole and even bigger hole in my account.
It was by than I remembered a book from Alex Elder about money management and I attended one of his traders camp and learned a lot. In 2008 I thought I figured it out and was rolling forward an index option from month to month to collect the premium whenever it was OTM or ATM I didn't care i would catch premium anyway. However as the market dropped deeper and deeper I finally got blown out again this time in style with a true margin call as the margin requirements where changed end of October 2008. That was my rock bottom emotionally and financially. I had lost so much of my savings, I was as Dr. Alex Elder calls it an compulsive trader and an addict and not by far a consistent trader. I faced up! and got into traders rehab Things had to change!
I called the co-trainer from the Dr Alex Elder camp and asked him (Kerry Lovvorn) if he could coach & mentor me in trading and that I was prepared to let it all go and start from scratch.
The reason I took him as a mentor was he showed some of his trades and shared idea's during his classes as a guest speaker on Elders camps, and I was blown away by it.
It was totally the opposite of what I was searching/learning/reading/programming for all the time.
He had hardly any indicators on his chart and he claimed that for profitable trading it is not about the settings or the indicators!
And I thought "Say WHAT????? "
The single indicator on his chart would only warn him when NOT to enter. That blew up my quest for the holy grail of indicators and magic settings.
Up until that moment I was lead by a lagging indicator when to enter and to exit and this guy just did the opposite.
And even worse also that I had to match my trading style with my mentality, and no more trading for home runs,I had to learn to approach trading as running a marathon.
By that time I became part of a small group European traders that traded for a living in London and we once a quarter would meet and discuss our styles, idea's and lessons. I met more of people hardly using indicators. So I got a hint there!
At the end of 2008 I started as a student of Kerry and studied his teachings of money management, mentality and psychology during November and December and in January 2009 started trading live again.
I started out simple with US stocks and using a maximum risk just enough to get me annoyed if I would lose the money.
After the first quarter I was amazed by the results. I had managed for the first time in my trading career to have a consistent steady rising equity curve. I was daytrading 5 minute bars with only and Ema and keltner channels around it and learned how to use price action to get in the trade. I had an average Win/Loss of 40% however due to proper money management I made a good profit although 60% went wrong due lack of experience on recognizing price-action and healthy market conditions. However I hardly got stopped out most of the time I was out before it would actually hit my stop.
I got my eureka moment in that quarter ( step 3 of this excellent posting The 5 Steps to becoming a trader ), and closed the year profitable with a 20% plus on my total account with only taking a maximum of 0.1% to 0.5% risk on my account.
However I got some heat on the end of the year as volatility was to low on most of the stocks I traded and I wasn't aware of that fast enough so i did had some discouraging long streak of loosers. Never the less closed the year profitable.
Now 2010 I have shifting gears, I'am writing a complete business plan about my trading business to make me 100% focused and self aware on what it is I am looking for and how to archive growth etc. And only mildly trading. I write down my strategies and testing some new ones. I am working on a lot of back testing to adopt some new strategies I am developing/adopting so I can fully embrace the risk and the strategy.
And I am looking forward to learn trading intraday futures and working on getting my stocks trading in longer time frames like a couple of days for swing trading.
So that's me
PS Using TS for my charting, Using IB as my broker together with NT7 as my trade execution platform.
The following 3 users say Thank You to Wessel for this post:
ust introducing myself as my handle says my name is Nick and I've just started trading around three months ago, and have come to this site to get ideas and direction to cement my knowledge and get some great tips from people who trade for a living
Trying to learn to trade, been reading and studying for many years, but not good yet ... love all that big Mike offers and look forward to becoming accomplished at trading. Have blowen many accounts over the years, grrr!
All the new software is the hardest to get acquainted with is a real challenge.
I've been trading full-time for 5 years now. Started off with options, switched to day-trading the Nasdaq using TradeStation. Didn't like the fact I needed a US account, particularly when I can spread bet in the UK which is classed as gambling (isn't all trading? - that normally starts a good debate) and therefore not taxable.
I finally settled on forex a few years ago and have been making a nice living since then, trading EOD and long-term on spreadbets and intraday via Alpari UK. I was using MT4 and decided to get someone to automate a few of my strategies. After a few false starts and bugs, I decided it would be better to teach myself MQL and write the EAs myself. So I did.
Now fed up with Alpari being a broker and "market maker". I would love to move to TradeStation but I'm not comfortable about having a US account again and also nervous about being forced to use GAIN as the sole broker.
I've read that 2000i lets you use different brokers so might investigate that later but, in the short term, I'm going to use Multicharts Pro through FXCM and re-educate myself in EasyLanguage - or at least the cut-down PowerLanguage used with MC.
Hope to be a positive contributor to the forums, by the look of it there's a fair bit to wade through to get myself up to speed. I'm hoping there's some friendly EL programmers out there who will help with my newbie questions!
That's about it - I live in Dover in the UK, the nearest point to the rest of Europe and regularly pop over to France for a day out, bite to eat or shopping. As the nick implies, I love gadgets!
The price will always go up, down or sideways, how hard can it be?
The following 2 users say Thank You to Gadgetman for this post:
I was doing some scanning in Google and stumbled across this site. Did not take a long time to notice the good attitude of it's members so without planning I was registering a new account. Once I finished that I had a welcome message from Big Mike which suggested I should come to this thread and post an introduction; well here I am.
I trade using different platforms, MC, Ninja to name a few. My instrument of choice is the ES but I also trade equities especially ETFs. I find this line of work to be extremely lonely so any new friends and it's already a good trade.
Many years of trading behind my belt, lots of scars too and still alive
I've been a trader for about 1.5 years. mainly trading stocks but looking forward to trading futures and forex with NT. was really lucky to come across such a great site with such an active community on NT. Thanks Big Mike!!