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Where do I start???!!!
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Where do I start???!!!

  #1 (permalink)
Trading Apprentice
Cork + cork/Ireland
 
Futures Experience: None
Platform: 24option
Favorite Futures: Forex
 
Posts: 5 since Feb 2014
Thanks: 2 given, 1 received

Where do I start???!!!

Hi guys and girls,
Im a complete newbie and managed to watch my account go from €2000 to €300 in minutes. I was using a platform called 24option, 1 minute candlesticks combined with rsi and Bollinger bands. I realize now I have a lot to learn but I was wondering if anybody could advise me as to whether or not im going in the complete wrong direction or what?

Any advice at all would be great, thanks.

Muiris

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  #2 (permalink)
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  #3 (permalink)
Elite Member
Germany
 
Futures Experience: Advanced
Platform: NinjaTrader
Broker/Data: NTB / Continuum
Favorite Futures: FDAX and CL
 
Balanar's Avatar
 
Posts: 396 since Jan 2013
Thanks: 507 given, 1,625 received

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birkmann3 View Post
Hi guys and girls,
Im a complete newbie and managed to watch my account go from €2000 to €300 in minutes. I was using a platform called 24option, 1 minute candlesticks combined with rsi and Bollinger bands. I realize now I have a lot to learn but I was wondering if anybody could advise me as to whether or not im going in the complete wrong direction or what?

Any advice at all would be great, thanks.

Muiris

Here is one advice.

Take one step back and switch to sim mode.

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  #4 (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

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This post has been selected as an answer to the original posters question Answer

Hi,

A few good places to start are:

Watch this: https://futures.io/webinars/jan14_2012/where_to_start_part_1/

Read this from beginning to end. It will take a long time to read, but will save you a huge amount of time if you really take the time to learn from the questions/answers in the thread: https://futures.io/elite-circle/11125-ask-any-trading-question.html

Good luck.

Diversification is the only free lunch
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  #5 (permalink)
Trading Apprentice
Cork + cork/Ireland
 
Futures Experience: None
Platform: 24option
Favorite Futures: Forex
 
Posts: 5 since Feb 2014
Thanks: 2 given, 1 received


Balanar View Post
Here is one advice.

Take one step back and switch to sim mode.


thanks Balanar....but that's where I started....that was going fine and profitable...as soon as I hit the real cash it all fell apart.

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  #6 (permalink)
Elite Member
Germany
 
Futures Experience: Advanced
Platform: NinjaTrader
Broker/Data: NTB / Continuum
Favorite Futures: FDAX and CL
 
Balanar's Avatar
 
Posts: 396 since Jan 2013
Thanks: 507 given, 1,625 received


birkmann3 View Post
thanks Balanar....but that's where I started....that was going fine and profitable...as soon as I hit the real cash it all fell apart.

Are you using a trading journal?

Maybe you did not stick to your plan due to lack of discipline.

Maybe your emotions caused that we do not know.

You need to ask yourself these questions.

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  #7 (permalink)
Elite Member
Luxembourg
 
Futures Experience: Advanced
Platform: NinjaTrader
Broker/Data: IB / Kinetick
Favorite Futures: ZN
 
Fadi's Avatar
 
Posts: 482 since Apr 2012
Thanks: 650 given, 625 received

Start here: School of Pipsology | Learn Forex Trading
It is all free, and the best online education you can get on the subject.

Although they are focused on FOREX, all what you learn there can be applied to reading the price charts of any financial instrument: equities, futures, forex, etc...

Take your time to go through the entire school, and use your SIM account to practice in the meanwhile.
Once you are ready, and that's after months and months of practice, perhaps even years; you go back to your LIVE trading account, top it up to €5,000 or so if possible, and take it from there - You shall be able to recuperate your €1,700 by then in roughly 6 months to a year.

Good Luck
Fadi

Successful people will do what unsuccessful people won't or can't do!
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  #8 (permalink)
Trading Apprentice
Cork + cork/Ireland
 
Futures Experience: None
Platform: 24option
Favorite Futures: Forex
 
Posts: 5 since Feb 2014
Thanks: 2 given, 1 received


Balanar View Post
Are you using a trading journal?

Maybe you did not stick to your plan due to lack of discipline.

Maybe your emotions caused that we do not know.

You need to ask yourself these questions.

Yeah, I definitely get more worked up with real money but I am keeping a journal and sticking to the strategy. I just seem to be chasing more often than not.....and this eats into the money management side of things. do you think I am using the right tools?

thanks,

m

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  #9 (permalink)
Elite Member
Germany
 
Futures Experience: Advanced
Platform: NinjaTrader
Broker/Data: NTB / Continuum
Favorite Futures: FDAX and CL
 
Balanar's Avatar
 
Posts: 396 since Jan 2013
Thanks: 507 given, 1,625 received


birkmann3 View Post
Yeah, I definitely get more worked up with real money but I am keeping a journal and sticking to the strategy. I just seem to be chasing more often than not.....and this eats into the money management side of things. do you think I am using the right tools?

thanks,

m

There is no right or wrong.

One has to find his own strategy, broker, chart software and so on.

Check Big Mike's Webinar about first steps that is already posted here.

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  #10 (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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birkmann3 View Post
wondering if anybody could advise me as to whether or not im going in the complete wrong direction or what?

I would say so.

As already posted, watch the Where to Start webinar.

Also, read every post made here:
https://futures.io/elite-circle/11125-ask-any-trading-question.html

I believe it should be incredibly obvious to most anyone after that where most traders fail and why, and then you can make sure you are on a different path.

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.

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