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Im pretty much new to trading but Im very excited to start learning. I stumbled upon this forum by chance after googling if The Day Trading Academy was a scam or not and it lead me here.
I need all the help I can get so show me the way it would be much appreciated, thank you.
New to the forum, been trading for a couple years now and for the most part have been doing research on the countless combinations of oscillators and indicators. There is so much information on this forum that it is hard to digest. I have experience from Online Trading Academy's supply and demand/odds enhancers/etc as well has self taught from books and hours of research.
I hope to find a volume counter for the Line Break Data Series on NT7.
Hi,
I´m also quite new to this forum. About two years ago I began with reading books on markets after I had read book "The Wolf of Wall Street". The more I read the more interesting I have found it. I´m most interested in stocks, so far I´ve made several trades but now I am going to dedicate it much more time and effort.
For many years figured i had purchased the most valuable gold in history. As a student in January 1980 went to the Bank to "invest" in metal. i bought a two ounce blob of Bullion at $850 an ounce. Happily walked back home with it in my pocket. A few days later i sold it back to the Bank for $670.
1981 opened a brokerage account with $1k. Account Rep allowed me trade grains and meats on the Mid America exchange. After losing half of bankroll then got some winners to let run. In a few weeks allowed to trade whole contracts including currencies. In a few months account nearly $6k. Account Rep seemed very proud of me, i was his boy wonder. He had told me not to listen to the old guys who would come in office to watch the prices on the screen. Told me they all lose money. My chart book had lines sketched on it. They thought it was math. All i was doing was imagining where the prices might move the next day and what i would do in each scenario. Hold, Close, or Add to position. Soon Account dropped to $3,800 and i stopped. Figured i was very lucky. Could not see a way to prove that i had an edge. Or even imagine where an edge could come from. Had no computer then. Had to sit in brokers office to trade or call in to ask for o,h.l.c. prices. Traded 3 months.
Got a job. Read lots of books on futures markets and certain games.
In 1988, opened $5k account with Index Futures. They gave great service. Still used chart book. Account did very well trading currencies and many commodities. Chicago markets opened a few hours before i started work. Would get up at 3AM to update charts by hand and work out the plans for markets contingent on how they moved in the first hour. Started wearing me down. Started making errors from fatigue. Driving to work and wondering if i had said to go short or mistakenly long two cocoa. Pull over to call in and sure enough had gone long instead of short. Asked broker if they knew folks who could trade my account. CTA's Peter Brandt or Larry Williams. Peter Brandt has an admirable record and backs it up. I went with Larry Williams. Sent him $20k. Was shocked at the size of positions he took. A flurry of trades. Talked to him. Told me he would continue shooting for the fences till he went off the cliff, or some such phrase. Asked him to close account. Got back around $5k. There were no winning trades in the three weeks he traded account. Maybe the winning trades got dropped into someone else's account hahaha.?
Too embarrassed to go back to index futures after that debacle. Opened account with Lind-Waldock. Service was not good bad fills and no fills. Example, Put in order on opening, to buy copper just above congestion after months of declines. In the last hour of trading it climbed steeply and closed limit up. Was stunned when well after the close they told me my orders not filled. That and pressure from work, i stopped trading with a small loss.
Still read books but not confident that it was possible for me to know what my edge was and what the volatility would be. Thought i would get historical data to do monte carlo sims. Randomly rearrange the data over and over to see what the worst scenario's were. But then i got mixed up with the study of different ways to create continuous data and where to buy it, how could i know the data was good? In games the distribution of outcomes is very close to normal. With futures there are "fat tails" and distribution unknown? Fat tails should be exploitable?
Am interested in Longer term Trading on my account.
Wondering if there are many long term traders on this forum ?
Am also interested in learning how members decide to daytrade rather than trade longer term ? What are the pro and con ?
Very interested in effective methods to evaluate the risks of trading, for the purpose of sizing bets for a given bankroll.
Is it possible to quantify your edge in these markets ?
Am also looking for brokers, simple platforms, data. And to learn about how to trade online. And how these electronic exchanges work.
How can i see which exchanges are electronic and which are still manned trading pits ?
Am interested in issues about trading from afar, like from Thailand.
A going to view a lot of webinars. - if you got this far, thank you for your patience -
I am basically a seeker. My educational, and professional background is in biochemistry, and cell biology,and I have spent many years critically evaluating data seeking patterns.
I got started learning about investment strategies, mostly long term. I take advantage of my employers % 401K match, and my investments are currently in low fee index funds. There may be better long term strategies but this strategy is probably the best for me at my current knowledge level.
However, as a seeker, I a compelled to learn all I can about a subject, and related subjects and have developed an interest in short term trading. I have read many books which has allowed me to better understand the lingo and grasp the principles; however, I will need to begin experimenting more before I can determine what type(s) of trader I might be.
Also, as a seeker, I can get sidetracked by subtopics such as math and optimal computer setups, and sometimes find myself almost forgetting about trading for awhile as my focus shifts. This is something I am trying to work on.
So, I am here as part of my process of continuing to learn.
after reading the free forum a couple of times in the recent weeks. I decided to become a member and see what's going on here. I am a futures trader in ES, DAX, EuroSToXX, Bund, NQ and US.
The markets have always fascinated me and I love the movies Trading Places and Wallstreet.
I also always loved computergames that have to do with economy or the markets. Not sure why though.
Still, when chosing/deciding what to do with my life, I decided to study computer science (probably loved that more ) and became an engineer.
I got quite successful, left my hometown to work abroad and after losing my job I ended up starting my own company in switzerland. So now I am an engineer AND a business man. That part of my live goes very well.
I used to be a buy and hold trader and I also used to believe in fundamental analysis.
After all, it does make sense right? Good plan, good product, good figures, and the company gets more valuable over time. Unfortunatly, the market hardly ever agreed with my choices of companies! And of course I have tried my fair bit of Newsletter- or other Trading-Services (btw. some are really good, but you know, being to greedy or to fearful sabotages even the good services...). After failing for about a decade trying to make money in that way (just about breakeven), I thought I'll give Technical Analysis a try (before I thought thats Voodoo!!!).
It didnt work to well in the beginning; but I came across van Tharps work (money management and position sizing) and some price action strategies, and surprisingly enough, that worked for me... I was finally making money and it boosted my confidence. My portfolio was just somehow growing to slowly, so I kept looking for other strategies.
I soon was trading with more indicators, following momentum, cycles, multiple timeframes and so on...
Profits grew faster...well at least as long as the market was going up, up, up! I would say, from 10 trades that i took, 6 to 8 went very well, the rest where rather small losses around 1R. Some bigger, most a lot smaller.
The problem was, when I started having a loosing period, I didnt realize the change in market behavior soon enough, and not only I gave everything back that I had made, I had managed to also lose about 50% of my trading account. I got lazy with my trading log, mixed up my strategies, entered wrong orders under stress (buy instead of sell and vice versa) and so on. What also contributed was my broker, being quite expensive in comissions. In the end, I was at least able to analyze most of my mistakes. I now know, I was mostly too greedy, at times very fearful and I wasnt able to stay disciplined and follow my strategy. I tried to pick tops and bottoms.
I never looked at reasons to stay out of the market, I was afraid of missing 'that one move' that will make me rich, I jumped into the market basically every setup. Also, since I was to cheap to pay for Realtime-Data I limited myself to trade some rangebound indices and forex instead of trying to find an easier market to trade.
Fortunatly, I never stopped my 'self-education'. I switched my broker, I changed my trading strategy again to eliminate my psychology as much as possible and I started trading different instruments (Options) to better hedge my trades; and I am happy now with a slowly growing portfolio.
My spirit is up and I want to keep it that way.
My drawdown this year is about 50% (January till May). I managed to reduce my drawdown to around 30%, being more disciplined in my analysis and tradelog.
I joined elite traders, because I was looking for ninjatrader indicators (my brokers charting s*xx...but he is very very cheap in comission). I like the content and user base so far, I hope I can contribute to the comunity.
I mostly trade stock-options now, and I enjoy writing code to backtest strategies.
It would be great if I could learn more about market timing, market cycles, sector analysis and so on, so I dont end up trading the wrong or very difficult market again
) and became an engineer.