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My story!
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Created: by Lord Sidious Attachments:0

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My story!

  #1 (permalink)
Trading for Fun
Portugal
 
Futures Experience: Beginner
Platform: IGMarkets
Broker/Data: IGMarkets
Favorite Futures: Dow Jones Index, Light Crude
 
Lord Sidious's Avatar
 
Posts: 91 since Apr 2012
Thanks: 8 given, 15 received

My story!

Hi, guys!


Having introduced myself before, Iīd like to share with you my story and what I expect from trading in the future.


Basically, I started seeing the stock market about 3 ― years ago. Didnīt know about CFDs at that time. Later I came to find that I was/am not a investor, but a trader by style and personality. And so, I began trading in the markets (CL, ES, YM) for about a year and a half ago, part-time (mostly day-trading). Until now the cost of my learning/expertise on it goes in about €2,100 (€1,100 yet to recover from trading losses and €1000 spent on books).

I recently started getting relatively consistent profits (that is, to take profits for two consecutive months). I have learned much in the books I've read, though dozens of others are in the line to read.

From the analysis I do, I have three problems:

1 - Money (my account for trading (CFD) is small - about € 6000. So, I trade few contracts of €1 per point (my broker allows it). I can not win much, but I protect myself better against considerable losses. This way, even if profits are small, it will be gradually, if possible. In fact, not to lose by the end of the month is my main goal! Iīm still learning, so I must protect my money. I have other account (€2000) for stock investing.

2 - Lack of experience/knowledge - I feel I know more than the basics, I learned a lot this last year, but I have a titanic way ahead;

3 - Lack of time - after work, I can just trade every day for the last 3 or 4 hours of US market.



My main goal is to get experience from the market, having realistic goals. Most of all, during the time Iīll expertise myself Iīll do what I can to protect my money. In the future I will make consistent profits!

I love trading, I keep thinking about learning more and more every day. Unfortunetly, I canīt be a full-time trader. I have no money or time for that, at the moment. But that is my objective - to be a sucessful full-time trader!!!


Thank you for reading my thread.


Lord Sidious




PS: How can I add my avatar? Thank you!


Last edited by Lord Sidious; April 27th, 2012 at 07:04 PM.
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  #2 (permalink)
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  #3 (permalink)
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Lord Sidious View Post
PS: How can I add my avatar? Thank you!

Click UserCP on top, then on left click Change Avatar

Mike

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  #4 (permalink)
Trading for Fun
Portugal
 
Futures Experience: Beginner
Platform: IGMarkets
Broker/Data: IGMarkets
Favorite Futures: Dow Jones Index, Light Crude
 
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Posts: 91 since Apr 2012
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Thanks a lot, Mike!


Lord Sidious

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  #5 (permalink)
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Aurora, Il USA
 
Futures Experience: Advanced
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You can still succeed trading in the afternoons and your doing the right thing by trading small and working your way up. Can you post what your methodology is....maybe we can give you some ideas or help you fine tune what your doing.

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  #6 (permalink)
Trading for Fun
Portugal
 
Futures Experience: Beginner
Platform: IGMarkets
Broker/Data: IGMarkets
Favorite Futures: Dow Jones Index, Light Crude
 
Lord Sidious's Avatar
 
Posts: 91 since Apr 2012
Thanks: 8 given, 15 received

Hi, kbit!


Well, I look for resistance and support levels, mostly very close to dayīs high or low. I look for pivots and Fibo retracements and also I keep a close look at MACDHistogr/MACD lines, Stochastic and moving averages. If I get a good scenario on a reversal, I buy or sell (mostly this) in order to profit few points from the pullback.

One thing I canīt do yet, is to let profits run. I close my position too soon because I get scared of lose what Iīve got, and since itīs close to spread value, I can find myself loosing again when I was having profits, even if they were small.


I only trade €1 per point contracts!!! Itīs safer! I trade few contracts.

The problem is, some times the market wonīt pullback, it passes dayīs high or low and thatīs when I lose. I make mistakes. Sometimes this action Iīll write next works , but a few time I got burned: I open a postion with 2 contracts (sell at dayīs high. Then the market runs, so a few point up, when the market seems to pullback, I sell another 2 contracts. 4 in 6 times, this worked, but in those other 2, the losses were considerable. I barely had time to get out. Lesson learned, anyway!!!

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  #7 (permalink)
Elite Member
Aurora, Il USA
 
Futures Experience: Advanced
Platform: TradeStation
Favorite Futures: futures
 
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Posts: 5,872 since Nov 2010
Thanks: 3,301 given, 3,332 received


Lord Sidious View Post
Hi, kbit!


Well, I look for resistance and support levels, mostly very close to dayīs high or low. I look for pivots and Fibo retracements and also I keep a close look at MACDHistogr/MACD lines, Stochastic and moving averages. If I get a good scenario on a reversal, I buy or sell (mostly this) in order to profit few points from the pullback.

One thing I canīt do yet, is to let profits run. I close my position too soon because I get scared of lose what Iīve got, and since itīs close to spread value, I can find myself loosing again when I was having profits, even if they were small.


I only trade €1 per point contracts!!! Itīs safer! I trade few contracts.

The problem is, some times the market wonīt pullback, it passes dayīs high or low and thatīs when I lose. I make mistakes. Sometimes this action Iīll write next works , but a few time I got burned: I open a postion with 2 contracts (sell at dayīs high. Then the market runs, so a few point up, when the market seems to pullback, I sell another 2 contracts. 4 in 6 times, this worked, but in those other 2, the losses were considerable. I barely had time to get out. Lesson learned, anyway!!!

Well I guess my suggestion would be if your not doing it already is know reversal candles and patterns inside and out. That's literally all I do and I don't use MAs or MACD...you don't need any of it.
I don't know if your just jumping in when your MACD or whatever tells you to but if you are the results will be terrible.

As far as reading PA and so forth you probably know it works on all time frames but maybe play around with some different time frames and even try tick charts and maybe you can find something that really "speaks" to you.

Don't worry to much about hanging on that will be easier once you gain some consistancy.....though you should probably look for trades that you think will pay at least 10 ticks or so minimum so your not wasting your time and money by getting chopped up with the small stuff.

If you have 6000 euro account that's enough in my view to trade the regular dow futures (YM) and get away from the CFDs and not have to deal with terrible spreads and so forth.
Just do 1 lot...you'll be fine

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  #8 (permalink)
Trading for Fun
Portugal
 
Futures Experience: Beginner
Platform: IGMarkets
Broker/Data: IGMarkets
Favorite Futures: Dow Jones Index, Light Crude
 
Lord Sidious's Avatar
 
Posts: 91 since Apr 2012
Thanks: 8 given, 15 received


kbit View Post
Well I guess my suggestion would be if your not doing it already is know reversal candles and patterns inside and out. That's literally all I do and I don't use MAs or MACD...you don't need any of it.
I don't know if your just jumping in when your MACD or whatever tells you to but if you are the results will be terrible.

As far as reading PA and so forth you probably know it works on all time frames but maybe play around with some different time frames and even try tick charts and maybe you can find something that really "speaks" to you.

Don't worry to much about hanging on that will be easier once you gain some consistancy.....though you should probably look for trades that you think will pay at least 10 ticks or so minimum so your not wasting your time and money by getting chopped up with the small stuff.

If you have 6000 euro account that's enough in my view to trade the regular dow futures (YM) and get away from the CFDs and not have to deal with terrible spreads and so forth.
Just do 1 lot...you'll be fine


I see.


Thatīs still one thing I didnīt understand: trading YM without CFD with a broker still requires margin, right? Is it also possible to sell aswell buying?

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  #9 (permalink)
Elite Member
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Futures Experience: Advanced
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Favorite Futures: futures
 
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Thanks: 3,301 given, 3,332 received


Lord Sidious View Post
I see.


Thatīs still one thing I didnīt understand: trading YM without CFD with a broker still requires margin, right? Is it also possible to sell aswell buying?

Yes still requires a margin ( there's a lot of brokers with $500. margins)
And yes you can sell and/or buy....same thing

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  #10 (permalink)
Trading for Fun
Portugal
 
Futures Experience: Beginner
Platform: IGMarkets
Broker/Data: IGMarkets
Favorite Futures: Dow Jones Index, Light Crude
 
Lord Sidious's Avatar
 
Posts: 91 since Apr 2012
Thanks: 8 given, 15 received



kbit View Post
Yes still requires a margin ( there's a lot of brokers with $500. margins)
And yes you can sell and/or buy....same thing

Thatīs new, to me.


Iīm seeing my other broker. It allows to trade everything, CFD, stocks, futures, etc. For Futures, 1 lot (donīt know if is well translated) for the YM, the initial margin is $3125!!!

Is 1 lot (???) = 1 contract?

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