Hello - Jumping in - Beginners and Introductions | futures io social day trading
futures io futures trading


Hello - Jumping in
Updated: Views / Replies:2,633 / 26
Created: by Chrismind Attachments:0

Welcome to futures io.

(If you already have an account, login at the top of the page)

futures io is the largest futures trading community on the planet, with over 90,000 members. At futures io, our goal has always been and always will be to create a friendly, positive, forward-thinking community where members can openly share and discuss everything the world of trading has to offer. The community is one of the friendliest you will find on any subject, with members going out of their way to help others. Some of the primary differences between futures io and other trading sites revolve around the standards of our community. Those standards include a code of conduct for our members, as well as extremely high standards that govern which partners we do business with, and which products or services we recommend to our members.

At futures io, our focus is on quality education. No hype, gimmicks, or secret sauce. The truth is: trading is hard. To succeed, you need to surround yourself with the right support system, educational content, and trading mentors – all of which you can find on futures io, utilizing our social trading environment.

With futures io, you can find honest trading reviews on brokers, trading rooms, indicator packages, trading strategies, and much more. Our trading review process is highly moderated to ensure that only genuine users are allowed, so you don’t need to worry about fake reviews.

We are fundamentally different than most other trading sites:
  • We are here to help. Just let us know what you need.
  • We work extremely hard to keep things positive in our community.
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts.
  • We firmly believe in and encourage sharing. The holy grail is within you, we can help you find it.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

Reply
 
Thread Tools Search this Thread
 

Hello - Jumping in

  #1 (permalink)
bRoKeN
Houston, TX/USA
 
Futures Experience: Beginner
Platform: Sierra Chart
Broker/Data: Sierra Charts Data Feed
Favorite Futures: Futures
 
Chrismind's Avatar
 
Posts: 68 since May 2013
Thanks: 40 given, 101 received

Hello - Jumping in

Hello all,
Just wanted to give a quick introduction. I'm lucky enough to be in a position to put all my time and energy into learning to trade, and that is what I've been doing for most of this year. I've been sim trading for a 3 months now(OEC mainly). I am consistently doing well, very well. I feel like I've come a long way and have passed many hurdles, except for the main hurdle, trading live. I'm about to open a trading account, and hope to go live in the next couple of weeks. I have until the end of the year to prove that I can do this for a living, and luckily I have an amazing wife that believes in me and backs me up 100%. I'm 33, and my whole life I've been searching for a way to work for myself but still provide a decent life for my family. Don't get me wrong, I don't expect to be making much of a living by the end of the year, if any at all. But if things head in that direction, my wife is willing to stick it out until I become profitable. I(we) don't have high expectations, and we don't have a lifestyle that needs a lot of income to support it. When I say profitable, if in a year from now, if I could start bringing in 50k a year, that would be enough to allow me to work for myself. Aside from having the time and support, it SEEMS like I have the ability. Charts, numbers, trends, critical thinking, quick instincts, do well under pressure, not a gambler, and based on sim, what seems like the ability to do it successfully. I don't risk more than 2%, and I'm not trading on margin and never would(not a gambler, again). I do NOT have the expectation that live trading will be the same as sim trading. But on the other hand, I am performing consistently profitable in sim trading, and if I only do 25% of what I'm doing now in sim, then I will more than meet my goals. Anyways, so much for the "quick" introduction, I'm just rambling on. I have been reading Big Mike's forum for a while, and wanted to join the club. I am looking forward to taking advantage of all the forum has to offer, especially the webinars and elite material! Thanks for reading and wish me luck!

******************
EDITED(Feb 2014):
Looking back at my original post, it is comical. Please read the entire thread.


Last edited by Chrismind; February 4th, 2014 at 08:18 PM.
Reply With Quote
The following 4 users say Thank You to Chrismind for this post:
 
  #2 (permalink)
Quick Summary
Quick Summary Post

Quick Summary is created and edited by users like you... Add FAQ's, Links and other Relevant Information by clicking the edit button in the lower right hand corner of this message.

 
  #3 (permalink)
Market Wizard
Switzerland
 
Futures Experience: Intermediate
Platform: Investor/RT
Broker/Data: IB / DTN
Favorite Futures: Futures
 
Posts: 4,130 since Feb 2012
Thanks: 3,791 given, 7,661 received
Forum Reputation: Legendary


Hi @Chrismind

"Jumping in"... sounds great all times!
If you are on the good path in sim and profitable - keep it like this.
Trading live normally means pressure in comparison to sim.
Take it easy and stay concentrated and "jump in" as you would in sim.
Forget about PnL numbers and you will repeat gains as in sim trading.

Just repeating the condensed advice of the best traders here on futures.io (formerly BMT)

Good Trades
GFIs1

Reply With Quote
The following 2 users say Thank You to GFIs1 for this post:
 
  #4 (permalink)
Elite Member
desert CA
 
Futures Experience: Intermediate
Platform: NT7, TOS
Broker/Data: AMP/wCQG, TDA
Favorite Futures: CL,YM
 
Posts: 2,027 since Jul 2011
Thanks: 2,211 given, 1,551 received

Welcome. Sounds like you are doing well. Are you going to start a journal here? I agree with what you mean about working for oneself. It's hard for small business in general. Trading has a lot of risk but lots of advantages over traditional businesses. Like no physical break-ins and theft of inventory for example. However trading has been rocked by scandal recently and if the world economies collapse I'm worried they may shut down retail trading in the future for everyone in an over-reactionary backlash. Well, better than starting a home cannabis farm in California. If you can keep your profit factor on average, greater than 1.4 or 2.0 or above you should be fine. Good luck.


Last edited by Cloudy; May 5th, 2013 at 03:17 PM.
Reply With Quote
The following user says Thank You to Cloudy for this post:
 
  #5 (permalink)
Market Wizard
virginia
 
Futures Experience: Intermediate
Platform: ninja
Favorite Futures: ES
 
cory's Avatar
 
Posts: 5,220 since Jun 2009
Thanks: 628 given, 6,318 received
Forum Reputation: Legendary

Does your sim trading mirror what would be live trading? same amount of capital, same comm fee, same number of contracts, same stop loss etc...

Reply With Quote
The following user says Thank You to cory for this post:
 
  #6 (permalink)
bRoKeN
Houston, TX/USA
 
Futures Experience: Beginner
Platform: Sierra Chart
Broker/Data: Sierra Charts Data Feed
Favorite Futures: Futures
 
Chrismind's Avatar
 
Posts: 68 since May 2013
Thanks: 40 given, 101 received


cory View Post
Does your sim trading mirror what would be live trading? same amount of capital, same comm fee, same number of contracts, same stop loss etc...

Cory,
Sorry for the late response. Yes I am trying to be as realistic as possible. Taking into account $5/rt. I started with 5k, a couple of times. Made plenty of mistakes, technically and logically, and have learned quite a few lessons. I only trade with one contract, no leverage. Risking no more than 1% normally. I'm using very conservative stops, too conservative probably, but its working for me. This is exactly how I will trade live. I know I will not make enough to live on with only 1 contract, but over 6-12 months I should have an account large enough account to start bringing in a a modest income. I've tried 4 or 5 platforms now, and found one that I really feel comfortable with, which was a really important important thing. I am now able to make profits pretty consistently, and by my math, it should work out for me. That's the dream anyways, isn't it. I'm trying to see this with great ration, and and know there is no way I will perform as good live, as I am in the sims. But 1/4 of that would make me happy and meet my needs. About a month ago we decided I would really take a shot at this, and the pressure really hit me. It felt completely different when I started trading, knowing that I really had to perform. I still did well even though I felt like the world was on my shoulders. That has passed for the most part, so I have a least a taste of what it will be like live trading, with some real stress. It probably sounds like I'm trying to rationalize or justify my readiness, and I guess I am! It just feels like I've really "caught on"

Reply With Quote
 
  #7 (permalink)
bRoKeN
Houston, TX/USA
 
Futures Experience: Beginner
Platform: Sierra Chart
Broker/Data: Sierra Charts Data Feed
Favorite Futures: Futures
 
Chrismind's Avatar
 
Posts: 68 since May 2013
Thanks: 40 given, 101 received

I wanted to give an update to this thread.

I started live trading on 5/29. I proceeded to lose $1,800 in 6 days of trading($5k starting balance). What a devastating slap in the face.

I stepped back last week to regroup and rethink. There were a couple of problems that I had: my strategy was flawed, but, it was mainly due to the psychological aspect. I was trading in simulation on pure intuition without any good knowledge to back it up. When I went live, my intuition meant nothing because I didn't have the knowledge to give me confidence in my intuition. I tanked big time. I started putting my stops in places that I never did in sim. I went from a 67% win rate in sim, to a pretty much 100% fail rate. Seriously, pretty much 100% failure. I almost gave up. If I didn't have the most amazing wife in the world who believes in me, I probably would have.

A few things that helped me immensely. I read a book by Mark Douglas(Trading in the Zone). I also started doing intense studying/researching/learning on my strategy.

That book might have helped me more with my trading than anything could have. I was trading based on right or wrong. I felt hurt that I was wrong. Stupid. Probabilities win, not right or wrong. I don't give full credit to the book though, because I've watched quite a few psychology webinars here on BM that were very helpful. And BM deserves plenty of credit here too. I might not had even read the book, had it not been for BM constantly touting the importance of psychology. Mark Douglas, however, is what really struck home with me and I can't even explain how much that book helped me.

My other problem: I had no idea that the strategy I was using could be quantified. I didn't even really know what my strategy was, I just did it with no knowledge to back it up. 50% fib retraces is what I had been doing in sim, I just didn't know it. Once I found out about fib retraces, I could start backing up my intuition with actual quantification. Intuition means nothing without the knowledge to back up your intuitions. In sim, it worked great for me. Live, I fell flat on my face. I had to have confidence in my intuition before I could move forward.

Patience. This has been a huge factor in my turn around. The patience is hard at first. Instant gratification is a tempting thing. Patience has gone from being hard, to being rewarding. Makes you want to be that much more patient. I've read this quote a few times on BM and other places, but it has really helped me: "You should be able to justify(out loud) the exact reason you are going into a trade. If you can't justify it, don't trade it."

Things have turned around completely in a matter of days. Don't get me wrong, I don't think I am some expert trader now. I know next to nothing. I get it. But I'm learning. Monday I had my first successful day. Yesterday was even better. Today, even better. I know that three days of winning doesn't mean a whole lot, but the progression I've made in 2 weeks has given me confidence again, and the confidence is priceless. I am trading on the YM right now. In the last 3 days, I've made 18 trades and have won 15 of them, and have made 6% profit in three days. I've gone from a 0% win rate, to 83.33%. The first day I profited, I chalked it up to a lucky day. Yesterday, I did even better and thought to myself, "this has to mean something". Then today, I had another, even larger successful day. 3 days in a row......that has to mean SOMETHING.

Work ethic. You better have it. So many lazy people are probably attracted to trading. I can tell you right now, if you are lazy and aren't willing to work then you might as well keep your day job. I have never worked so hard in my life, or put in the hours I'm putting in now. I have walked, talked, and eaten trading for the last 6 months. 12-15 hours a day. Little sleep. Little time spent with my family. Sacrifices must be made.

Anyways, I just wanted to post this for one main reason, and that is to hopefully give some fellow newbie traders the push and confidence that they may desperately need. I now see why there is such a high failure rate. I bet that 50% of the failures come in the first week or two. I could hardly stand losing money like that and almost gave up. I changed the way I was thinking and started considering my losses as tuition, and crammed. I stepped back, dug in, and didn't give up and have now penetrated the brick wall that all new traders face. Don't give up!! And whatever you do, don't underestimate the power of confidence, or the lack of power that comes from having no confidence.




P.S. - If you want to rain on my parade and tell me it's just a fluke, beginner's luck, etc......then you might was well keep it to yourself because it'll be water off a duck's back. I know I'm on my way, still a long way to go, but on my way nonetheless. One brick at a time.


Last edited by Chrismind; June 12th, 2013 at 02:37 PM.
Reply With Quote
The following 4 users say Thank You to Chrismind for this post:
 
  #8 (permalink)
bRoKeN
Houston, TX/USA
 
Futures Experience: Beginner
Platform: Sierra Chart
Broker/Data: Sierra Charts Data Feed
Favorite Futures: Futures
 
Chrismind's Avatar
 
Posts: 68 since May 2013
Thanks: 40 given, 101 received

One more thing to add.

If I could go back two weeks ago, and do things differently......I wouldn't change a thing. Losing that money taught me invaluable lessons about trading and about myself. I would much rather learn these lessons with a small account instead of a big one

Reply With Quote
 
  #9 (permalink)
Elite Member
Detroit, Michigan
 
Futures Experience: Beginner
Platform: Ninja Trader
Favorite Futures: Futures
 
Posts: 295 since Nov 2011
Thanks: 302 given, 280 received

Good for you!

Just keep in mind (as I remind myself too) that overconfidence is hurtful, confidence is not.

Also, changing market conditions also lays waste to the best trading plans and when we are overconfident those changed market conditions tend to throw us for a loop.

Every trading day is a new day and does not necessarily fall in line with our previous (winning) days.

Good luck and good trading.




Chrismind View Post
One more thing to add.

If I could go back two weeks ago, and do things differently......I wouldn't change a thing. Losing that money taught me invaluable lessons about trading and about myself. I would much rather learn these lessons with a small account instead of a big one


Reply With Quote
The following 2 users say Thank You to TrendTraderBH for this post:
 
  #10 (permalink)
bRoKeN
Houston, TX/USA
 
Futures Experience: Beginner
Platform: Sierra Chart
Broker/Data: Sierra Charts Data Feed
Favorite Futures: Futures
 
Chrismind's Avatar
 
Posts: 68 since May 2013
Thanks: 40 given, 101 received



TrendTraderBH View Post
Good for you!

Just keep in mind (as I remind myself too) that overconfidence is hurtful, confidence is not.

Also, changing market conditions also lays waste to the best trading plans and when we are overconfident those changed market conditions tend to throw us for a loop.

Every trading day is a new day and does not necessarily fall in line with our previous (winning) days.

Good luck and good trading.

I absolutely agree with what you've said. I agree wholeheartedly about the "overconfidence". Overconfidence is what killed me coming out of simulation. That is why I am happy that it happened the way it happened. I will aspire to never be overconfident in my trading again, because I know the pain and losses it brings. But plain ol' confidence and believing in yourself, that just can't be replaced and is the key to success in life, not just trading. Thanks for your reply!

Reply With Quote

Reply



futures io > > > > Hello - Jumping in

Thread Tools Search this Thread
Search this Thread:

Advanced Search



Upcoming Webinars and Events (4:30PM ET unless noted)

Jigsaw Trading: TBA

Elite only

FuturesTrader71: TBA

Elite only

NinjaTrader: TBA

Jan 18

RandBots: TBA

Jan 23

GFF Brokers & CME Group: Futures & Bitcoin

Elite only

Adam Grimes: TBA

Elite only

Ran Aroussi: TBA

Elite only
     

Similar Threads
Thread Thread Starter Forum Replies Last Post
The Rats Are Jumping Off This Sinking Ship. This System Cannot Survive... Victory Trader News and Current Events 0 August 10th, 2012 01:04 PM


All times are GMT -4. The time now is 03:54 PM.

Copyright © 2017 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432, info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts
Page generated 2017-12-17 in 0.17 seconds with 19 queries on phoenix via your IP 107.20.115.174