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Account been approved! Going to have my first day of tradingthis week LA
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Account been approved! Going to have my first day of tradingthis week LA

  #31 (permalink)
User requested to be banned
Orlando, Florida
 
Futures Experience: None
Platform: shoes
Favorite Futures: happy
 
GaryD's Avatar
 
Posts: 6,462 since May 2011
Thanks: 2,090 given, 5,026 received


budfox View Post
What will create success?

Time, patience, acceptance, risk versus reward, trading less, happiness, relaxation, self-learning...

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  #32 (permalink)
Elite Member
Georgia, US
 
Futures Experience: None
Platform: Various
Favorite Futures: Various
 
josh's Avatar
 
Posts: 4,897 since Jan 2011
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budfox View Post
What will create success?

Any person successful in any endeavor could give a list of things which might contribute to success. I don't think it's much different in trading. Here are a few that come to mind: have goals and ways to reach them; understand the game you're playing and know the rules of the game; be disciplined in your approach; enjoy the process; learn from others; know your strengths and weaknesses and act accordingly. The list could go on, but these are a few.

Learning from what you read and watch is a necessary part of the process to some degree. Lots of good info here at futures.io (formerly BMT) for example. But most traders know "technical analysis and reliable patterns" quite well. Why would learning that stuff make you successful? It's all common knowledge. There are some very good principles that can be gleaned from traditional technical analysis, but a technical analysis book will teach you exactly how to trade like everyone else does who reads it, and when you do that you are one of "the herd."

If you are a trader, you are taking part in a game. In fact, there are several games going on at the same time in any given market. The rules of the game are not found in a $39.95 technical analysis book or a $59.95 video. Is it logical that traders or investors who risk millions and billions of dollars do the same things that "Day Trading For Dummies" advises you to do? I'm not saying you can't pick up good information, it's just that for every helpful thing you read, you'll read two other things that are just plain silly. One example: a common technical analysis tenet is, place your stop under the last swing low (or above the last swing high). Go ahead, try it, see how well that works for you. Only in fading common technical analysis principles is there much benefit to it. Again, just my opinion.

The bottom line is: knowledge is important. But understanding how markets work does not come from books. Trading requires independent thought, formulation of logical opinions, and then betting money on those opinions.



budfox View Post
Josh how long you been trading the ES for?

First traded it 2.5 years ago, but really focused on it starting just under 2 years ago. The more I learn, the more I realize there is to learn about markets, the financial industry, and myself.

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  #33 (permalink)
Membership Temporarily Revoked
Toronto
 
Futures Experience: Beginner
Platform: Sierra
Broker/Data: MB
Favorite Futures: ES
 
Posts: 313 since Jun 2013
Thanks: 182 given, 58 received



GaryD View Post
Time, patience, acceptance, risk versus reward, trading less, happiness, relaxation, self-learning...

lol.

What advice can you give me with regards to entering and exiting stocks.

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  #34 (permalink)
Membership Temporarily Revoked
Toronto
 
Futures Experience: Beginner
Platform: Sierra
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Favorite Futures: ES
 
Posts: 313 since Jun 2013
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josh View Post
First traded it 2.5 years ago, but really focused on it starting just under 2 years ago. The more I learn, the more I realize there is to learn about markets, the financial industry, and myself.


So you trade the ES every day? full-time job? Major respect if thats the case

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  #35 (permalink)
Elite Member
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budfox View Post
So you trade the ES every day? full-time job? Major respect if thats the case

I trade the ES every day. I also do other things, but between the hours of 7:45 - 16:30 that's all I do (plus night prep, fun at futures.io (formerly BMT), etc.).

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  #36 (permalink)
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budfox View Post
lol.

What advice can you give me with regards to entering and exiting stocks.

Practice

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  #37 (permalink)
Elite Member
milwaukee,wi, usa
 
Futures Experience: Intermediate
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lrfsdad's Avatar
 
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Update?

So how have the first couple of weeks been going for you?

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  #38 (permalink)
bRoKeN
Houston, TX/USA
 
Futures Experience: Beginner
Platform: Sierra Chart
Broker/Data: Sierra Charts Data Feed
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Posts: 68 since May 2013
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Okay come on budfox. Let's hear the update. It will be painful, but just get it off your chest and tell us. Others can learn from this too. I started a thread very similar to yours a couple months back. I've been honest. Your turn.

You weren't ready were you? I had to learn the hard way too. You aren't alone by any means.

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  #39 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 46,240 since Jun 2009
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Chrismind View Post
Okay come on budfox. Let's hear the update. It will be painful, but just get it off your chest and tell us. Others can learn from this too. I started a thread very similar to yours a couple months back. I've been honest. Your turn.

You weren't ready were you? I had to learn the hard way too. You aren't alone by any means.

He hasn't logged in since August 6th as of this post according to his public user profile.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

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  #40 (permalink)
Membership Temporarily Revoked
Toronto
 
Futures Experience: Beginner
Platform: Sierra
Broker/Data: MB
Favorite Futures: ES
 
Posts: 313 since Jun 2013
Thanks: 182 given, 58 received

been busy


lol


Its going ok....some days I profit, others I lose...



Chris- How long did it take before you blew your account?

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