Account been approved! Going to have my first day of tradingthis week LA - Beginners and Introductions | futures io social day trading
futures io futures trading


Account been approved! Going to have my first day of tradingthis week LA
Updated: Views / Replies:20,393 / 187
Created: by budfox Attachments:2

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 Ė 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 donít 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
 2  
 
Thread Tools Search this Thread
 

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

  #71 (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


Big Mike View Post
A good place to start would be to go back and look at all the advice you got begging you to not do what you were doing, but you chose to ignore.

Do not trade CL. Trade micro's only, limit yourself to 2 trades per day. Read this thread front to back:

https://futures.io/elite-circle/11125-ask-any-trading-question.html

Also watch these webinars on how to generate a trading plan you have confidence in:



https://futures.io/webinars/june11_2013/futurestrader71_statistical_analysis/

https://futures.io/webinars/mar7_2013/futurestrader71_trade_management_techniques/

https://futures.io/webinars/may30_2012/futurestrader71_review/

https://futures.io/webinars/mar22_2012/futurestrader71_risk_trading_probabilities/

Mike

How long have you been trading the ES?

maybe I will trade the junior CL the QM.......glanced over your thread on that.

Thanks.

Reply With Quote
 
  #72 (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: 46,238 since Jun 2009
Thanks: 29,350 given, 83,221 received


budfox View Post
How long have you been trading the ES?

I started trading ES about 6 or 7 years ago, after over 10 years of swing trading equities.

Mike

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.

Reply With Quote
 
  #73 (permalink)
Elite Member
milwaukee,wi, usa
 
Futures Experience: Intermediate
Platform: Mobile TWS & mobile TOS. Dough.com
Broker/Data: IB, TOS, FXCM
Favorite Futures: futures and options. looking into forex
 
lrfsdad's Avatar
 
Posts: 186 since Nov 2012
Thanks: 302 given, 160 received



budfox View Post
The Truth:

i hope guys are happy: I not only blew my account once, twice.....but recently six times!

Everytime I blew my account, I added like 100 to top it up. then tried to trade again. Generally I would last about a month before blowing the account.


I am coming to you hoping for positive suggestions. But I know there will be individuals with low character who will just laugh.

On the positive side, I have backtested my system over the past two months and May and the average MAE is 0.5 per a trade. I video record all trades and the end of every week I go over them noting the reasons I failed. I have manually backtested my system using excel (very time consuming, but it will be very hard backtest on Ninja)

Then I use this feedback to adjust my "Rules" and trading steps. Every losing trade I learn. I don't even bother going over the winning trades.

I will demo trade for another week, and after four successful (consecutive) trades in sim, I will put on my armour and go back to the frontline.

I am also considering trading the CL (but I am assuming the skill requried and margin is too high for me).

Good for you @budfox for admitting defeat and seeking advice. Not many people have the balls to do so.

IMO, you are owed a "thanks" from everyone that predicted your demise cause you fessed up to it and admitted they were right. You didn't run and hide, never to post again


Last edited by lrfsdad; November 21st, 2013 at 11:26 PM. Reason: added more
Reply With Quote
 
  #74 (permalink)
 Vendor: diversifyportfolio.com 
PTA, Gauteng
 
Futures Experience: Advanced
Platform: Self built + Sierra + TWS
Favorite Futures: Stocks and Options
 
DarkPoolTrading's Avatar
 
Posts: 1,036 since May 2012
Thanks: 1,244 given, 1,304 received


budfox View Post
The Truth:

i hope guys are happy: I not only blew my account once, twice.....but recently six times!

Everytime I blew my account, I added like 100 to top it up. then tried to trade again. Generally I would last about a month before blowing the account.


I am coming to you hoping for positive suggestions. But I know there will be individuals with low character who will just laugh.

On the positive side, I have backtested my system over the past two months and May and the average MAE is 0.5 per a trade. I video record all trades and the end of every week I go over them noting the reasons I failed. I have manually backtested my system using excel (very time consuming, but it will be very hard backtest on Ninja)

Then I use this feedback to adjust my "Rules" and trading steps. Every losing trade I learn. I don't even bother going over the winning trades.

I will demo trade for another week, and after four successful (consecutive) trades in sim, I will put on my armour and go back to the frontline.

I am also considering trading the CL (but I am assuming the skill requried and margin is too high for me).

As Big Mike already suggested, you received excellent advise in the threads you initially started but chose to ignore. There was no magical predictions being made. You're simply not the first person to approach trading like you did, and you certainly wont be the last. What matters now is,...will you go back and read every single post from your threads and actually listen?

Some suggestions:
  • Trade micro forex or micro futures. To start off with, your goal is NOT to make money. Your goal is to NOT LOSE money while you go through the learning curve. This is a hard pill to swallow. At this stage, you really are not trying to make money. Just survive the learning curve.
  • Accept that this is going to take you a LONG time. Each lesson in trading is hard earned, as you have just realized.
  • Learn how the markets work. Dont just dive head first into trying to make a profitable system. Why do markets move? How do different time frames affect the market? Do you notice any repeatable patterns, what is causing them? Markets are fractal, have you observed this for yourself? What is your belief about what drives markets intraday, swing etc?
  • Focus on risk and money management
  • Be careful of using indicators early on. They certainly have their place for some, but if your only focus is on indicators at this stage, then you're not learning to read the market, you're learning to wait till squiggly lines cross. Add indicators later if you feel the need to at that point.
Good luck. Do it right this time round. Take it slow. Learn. Heed advice. Lose the ego, lose the sarcasm.

Diversification is the only free lunch
Reply With Quote
The following user says Thank You to DarkPoolTrading for this post:
 
  #75 (permalink)
Elite Member
Singapore
 
Futures Experience: Beginner
Platform: SC, TOS
Broker/Data: Inifinity Futures, TOS
Favorite Futures: NQ
 
Posts: 206 since Jun 2011
Thanks: 1,048 given, 198 received


budfox View Post
...i hope guys are happy... But I know there will be individuals with low character who will just laugh...

@lrfsdad, do you really think so?

Just two of his statements tell me otherwise. I will definitely avoid this thread from now on..

Reply With Quote
 
  #76 (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


lrfsdad View Post
Good for you @budfox for admitting defeat and seeking advice. Not many people have the balls to do so.

IMO, you are owed a "thanks" from everyone that predicted your demise cause you fessed up to it and admitted they were right. You didn't run and hide, never to post again

The point of this whole thread is that I am willing to do whatever it takes to be a successful trader . I already finished business school - so I don't have any money to pay/waste on "trading school" or a vendor, have to pay off the student loans.

Reply With Quote
 
  #77 (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


DarkPoolTrading View Post
As Big Mike already suggested, you received excellent advise in the threads you initially started but chose to ignore. There was no magical predictions being made. You're simply not the first person to approach trading like you did, and you certainly wont be the last. What matters now is,...will you go back and read every single post from your threads and actually listen?

Some suggestions:
  • Trade micro forex or micro futures. To start off with, your goal is NOT to make money. Your goal is to NOT LOSE money while you go through the learning curve. This is a hard pill to swallow. At this stage, you really are not trying to make money. Just survive the learning curve.
  • Accept that this is going to take you a LONG time. Each lesson in trading is hard earned, as you have just realized.
  • Learn how the markets work. Dont just dive head first into trying to make a profitable system. Why do markets move? How do different time frames affect the market? Do you notice any repeatable patterns, what is causing them? Markets are fractal, have you observed this for yourself? What is your belief about what drives markets intraday, swing etc?
  • Focus on risk and money management
  • Be careful of using indicators early on. They certainly have their place for some, but if your only focus is on indicators at this stage, then you're not learning to read the market, you're learning to wait till squiggly lines cross. Add indicators later if you feel the need to at that point.
Good luck. Do it right this time round. Take it slow. Learn. Heed advice. Lose the ego, lose the sarcasm.




What you mean by markets are fractal?

Pondering over those questions you posed......

How do I go about learning to "read" the market? this is what I will try to figure out over the next couple of days.

Thank You DP.

Reply With Quote
 
  #78 (permalink)
 Vendor: diversifyportfolio.com 
PTA, Gauteng
 
Futures Experience: Advanced
Platform: Self built + Sierra + TWS
Favorite Futures: Stocks and Options
 
DarkPoolTrading's Avatar
 
Posts: 1,036 since May 2012
Thanks: 1,244 given, 1,304 received


budfox View Post
What you mean by markets are fractal?

Pondering over those questions you posed......

How do I go about learning to "read" the market? this is what I will try to figure out over the next couple of days.

Thank You DP.

By fractal I mean that if I were to show you the following charts, each with their price and time info removed I can almost guarantee you would not be able to tell me which is which:
- 5 minute chart spanning 1 day
- 60 minute chart spanning 1 week
- Daily chart spanning a few months
etc...

Markets are fractal in nature meaning that the eb and flow occurs in a similar fashion across timeframes. This is an important concept to understand. It implies that if you become too obsessed with a ridiculously small timeframe chart, you lose awareness of the higher timeframe activity. Be aware of what the market is trying to do. Dont just choose to trade 5 minute charts because someone else is. Do 5 minute charts suit your schedule, risk limits, personality and trading style?

Reading the market is something that comes with screen time, experience and never ending learning. Personally I would recommend pulling up a naked chart (ie: no indicators, just price bars and possibly volume), and watch how the market moves for a few weeks. Make notes about your observations. You will start to notice predictable behavior. Why is it predicable? What is the market actually trying to do when these things happen?

You may want to investigate auction market theory. This is one view of how financial markets operate. Ultimately you need to determine a set of beliefs about how markets move. Whether that be auction market theory, support/resistance, Wyckoff, whatever. How do you believe markets move? (hint: it has nothing to do with squiggly lines crossing)

Don't try to blindly copy someone else's trading style. Being aware of and incorporating certain parts of someone's method into your own is one thing. But trying to outright copy it is a huge mistake in my opinion. Learn from more experienced traders, dont copy. This comes back to your beliefs about how markets operate. You likely dont have any real beliefs yet. No problem, we all start somewhere. But over time you will start to develop these beliefs, and spending all your time trying to copy trading methods built around other peoples beliefs will not help you.

This probably all sounds like a huge waste of time. Why can't you just throw up a few indicators and start making money. Sure,...that's one route you could go. These suggestions are just my opinion as a discretionary trader. Learning to really interpret what the market is trying to do, understanding market structure, will I believe ultimately shorten the learning curve.

If this was easy, everyone would be doing it.

Diversification is the only free lunch

Last edited by DarkPoolTrading; November 22nd, 2013 at 05:16 AM.
Reply With Quote
 
  #79 (permalink)
Trading for Fun
Rome, Italy
 
Futures Experience: Advanced
Platform: TradeStation, TWS (IB), MT4
Broker/Data: Tradestation, IB
Favorite Futures: Futures (QM, CL, ES, grains), Stocks, Forex
 
Albnd's Avatar
 
Posts: 62 since Feb 2012
Thanks: 27 given, 26 received


DarkPoolTrading View Post
Lose the ego, lose the sarcasm.

Definitely the best advice.

Reply With Quote
 
  #80 (permalink)
Trading for Fun
london
 
Futures Experience: None
Platform: various
Favorite Futures: Glockenspiel
 
Posts: 166 since Jan 2012
Thanks: 43 given, 157 received



budfox View Post

On the positive side, I have backtested my system over the past two months and May and the average MAE is 0.5 per a trade. I video record all trades and the end of every week I go over them noting the reasons I failed. I have manually backtested my system using excel (very time consuming, but it will be very hard backtest on Ninja)

Then I use this feedback to adjust my "Rules" and trading steps. Every losing trade I learn. I don't even bother going over the winning trades.

I am also considering trading the CL (but I am assuming the skill requried and margin is too high for me).

Here are some problems as I see them:

1. You're focusing on the negative. Dont. ie you are focusing/studying your losers. Focus instead on your winners. Currently you are reinforcing the negative. Try to learn what you are doing right, not what you are doing wrong. Typical pop-psychology mumbo-jumbo about 'learning from your mistakes'. It's bull. It's only useful advise for complete novices.

2. Dont go adjusting your 'rules' too often. In fact, throw your rules out. Develop guidelines and boundaries by all means. You need to think in terms of probabilities, not hard rules.

3. CL. JMO, this isnt really a great market for daytraders. Its expensive and too volatile. Greed usually draws people to this market and they get killed. Professionals tend to spread it, never trade it outright. Try ES or the treasuries. Learn to trade something slower and less volatile.

4. Dont spend too long in research on the internet or backtesting. You'll get more benefit actually watching those recordings if the market isnt open. Be careful who you take advise from.

Reply With Quote
The following 2 users say Thank You to TheDude for this post:

Reply



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

Thread Tools Search this Thread
Search this Thread:

Advanced Search



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

Linda Bradford Raschke: Reading The Tape

Elite only

Adam Grimes: TBA

Elite only

NinjaTrader: TBA

January

Ran Aroussi: TBA

Elite only
     

Similar Threads
Thread Thread Starter Forum Replies Last Post
Day of week edge? Tundi Commodities Futures Trading 9 May 13th, 2017 02:10 PM
EUR/XXX Spot - OHLC data (Day/Week/Month/1m/5m/60m/240m) rewex The Elite Circle 1 June 25th, 2013 12:23 PM
Berlusconi Says He Will Resign After Budget Is Approved Quick Summary News and Current Events 0 November 8th, 2011 05:30 PM
Close position based on day of week guppy EasyLanguage Programming 3 October 21st, 2011 04:31 PM
first day of the week/month - requesting last day of the week/month SARdynamite NinjaTrader Programming 3 July 15th, 2010 07:25 AM


All times are GMT -4. The time now is 09:25 AM.

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 2017-12-13 in 0.20 seconds with 20 queries on phoenix via your IP 54.82.56.95