Hi all and thanks to Big Mike for this great forum.
Traded live for two years, had ups at the beginning and thought trading was easy... alas!
Then started having losses, some quite consistent because I hated leaving my stops in place and moved them according to where "I" thought the market was headed...
Now I've decided to stop, study and SIM trade before diving in the live trading pool again!
My wish is to be able to trade for a living one day and this forum and its members are absolutely invaluable for this task... and not only for this! Thanks!
All the best to all!
The following user says Thank You to rescator for this post:
All new members, welcome to the family! I look forward to your contributions (posts) on the forum.
Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.
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.
If you want to support our community, become an Elite Member.
The following user says Thank You to Big Mike for this post:
I started out with options and stocks two years ago and then moved to the futures market. I too have had to learn the hard way that this business requires discipline. After losing over $3000.00 in 2009, I went back to options and stock and only do the easy future trades. I'm up for the year so far and a heck of alot more disciplined.
or so I thought. My account was 10k two years ago and I managed to run it into the ground. Got it back up to about 3,500 now. Once I learned not to listen to what the "experts" say and learned not to think the futures could make me rich in a week, things started getting better. Wish I had figured that out sooner but I've found many good articles here and hope to become a more educated and profitable trader. I trade options and futures (ES, NQ) for now.
Best wishes to all
The following user says Thank You to 21 holdings for this post:
Hi, To All of YOU,
I am a new comer, actually i am using Metastock Real Time version, and i would like to find a solution to Auto-Trade within IB. Ninja Trader is interesting but for me very difficult to "translate" my indicators. If somebody could help or give any suggestion it will be great and i thanks in advance ....
The following user says Thank You to dimitri for this post:
glad I got redirected to this site ..on the hunt for an updated Chanel This Indicator for N7.
The site is extremely well thought out, easy to use and well to be frank, a breath of fresh air in that it is not a vehicle attempting to sell you something. Great stuff and well done.
I am fairly new, started my trading journey in December last year and spent a lot of money on a couple of courses that were 1. expensive, 2. did not deliver, 3, and really just gave you information that was widely available on the net for free and got you signed up to (expensive) charting and brokers.
Anyhow, I am in this to win and have 'educated myself', spent a lot of time trying out various indicators and learning as much as I can (on going). Along the way I have learned a lot about myself which has given me insight into making a plan that works for me. I am also at the point where I feel I can start to adjust my focus to include the psychological aspects. Up to now its been technical, now I need to plan to take time out and trade to plan and look after my well being to prime me forward...and upwards. If all that jibberish makes sense.
I am not sure the way I have done it is very intelligent or worse, really effective ...twelve hours a day for eight months ...but at least I have crammed a lot in and a lot of pennies have dropped! And hence the need to look after me now!
Those pesky exits are still a focus for me, I can't remember where I read it, probably read it more than once...any fool can pull the' trigger' but the exit is much more important than the trigger. And if the only thing I can 'pay forward' is advice based on what I have learnt so far, I would endorse this a thousand times over. Anyone starting out...it does not matter what you trade, how you trade it but FIRST, work out your exit. Getting in the smelly stuff is easy, coming up smelling of roses ........is NOT!
The only other thing that I am still grappling with is a cultural thing...now that I am using Ninja Trader and have US based brokers, the terminology is a bit different to UK based brokers. Hey ho...
The following 2 users say Thank You to fxprobie for this post:
Hi there. Kudos to Big Mike (and personally speaking, a great first name too) for planning and providing this pragmatic, no nonsense forum I was thrilled to stumble over when googling for some new thinkscript indicators. I've been trading 3-4 years; during that time, having migrated from short term swing trading based on stockfetcher filters to day trading of gaps using fib extensions (props to the excellent, now mostly inactive Trader-X blog) finally to financial and currency eminis. It's been a bumpy road throughout the learning curve. The most important principle I have learned is that just when you delude yourself into believing you've the little corner niche you've carved figured out, the market rudely laugh in your face. Although I love tweaking indicators, always searching for the new better one like a mad scientist, I've come to believe that price action and anticipation of its reaction to static and dynamic R&S levels with likelihoods based on past occurrences coupled with conservative price and time.. and reasonable profit stops gets you in and out of the trade more safely and often more profitably. Having learned much from that major trading forum despite contending with the b.s.'ers, skeptics and snide comments; what I particularly like about Mike's forum is that there appears to be little of that noise here diluting the message. Thanks.