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Some things that I learned in the past 6 months
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Some things that I learned in the past 6 months

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Market Wizard
Bamberg, Germany
 
Futures Experience: Beginner
Platform: Sierra Chart
Broker/Data: IB, SierraCharts data
Favorite Futures: mini FDAX, ES, GC
 
Posts: 924 since Oct 2014
Thanks: 10,757 given, 2,006 received
Forum Reputation: Legendary

Some things that I learned in the past 6 months

Hello Traders,
I just joined this forum 2 weeks ago and I am really amazed by the great format, collegial spirit, and loads of valuable information. I just wished that I had joined before I started trading...so I made a lot of mistakes like most beginners, attempted to learn as I traded real money, which was a big mistake. I like to think of it as an expensive education. Now in the last month, I stepped back and pressed the Reset button and am learning on the simulator and starting from scratch. I left my day job and am doing this full time so I want to succeed but realize that I need to make good trades and not be concerned with P&L to avoid bad habits such as over trading.

The item that I learned in the past few months is DON´t RUSH IN TO THIS TRADING THING! Do your homework first. Get thoroughly trained before using real money! I just wanted to share some of the resources-books that I read that IMO are good primers prior to start trading or simulation:
This web-site => study futures.io (formerly BMT)!
Enhancing Trader Performance by Brett N. Steenbarger => read before considering trading! lots of good advice and training planning.
Profits in the Stock Market by H.M. Gartley, even though its old, the fundamentals are valuable to start develop a "market read". actually from the last few months, just following the intermediate trend of the FDAX would have netted good results.
Markets and Market Logic by J. Peter Steidlemayer and Kevin Koy. This gives a good insight in to market profile.
Day Trading with Short Term Price PAtterns by Toby Crabel. More insight of developing a market read.
Trade Chart Patterns Like the Pros by Suri Duddella.

Regards,

John

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  #3 (permalink)
Elite Member
prague, czech republic
 
Futures Experience: Intermediate
Platform: NT7, MT4
Broker/Data: LMAX
Favorite Futures: DAX, Gold, Euro
 
xelaar's Avatar
 
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Good stuff! Just a quick remark about doing demo for very long.. the come back to trading live will be hard!

Trade to live. Not live to trade.
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  #4 (permalink)
Market Wizard
Bamberg, Germany
 
Futures Experience: Beginner
Platform: Sierra Chart
Broker/Data: IB, SierraCharts data
Favorite Futures: mini FDAX, ES, GC
 
Posts: 924 since Oct 2014
Thanks: 10,757 given, 2,006 received
Forum Reputation: Legendary


xelaar View Post
Good stuff! Just a quick remark about doing demo for very long.. the come back to trading live will be hard!

Thanks for the reply! I bet it is hard….I have a way to go on the demo.

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Elite Member
TUCSON, AZ/USA
 
Futures Experience: Advanced
Platform: NINJATRADER
Favorite Futures: ES
 
Posts: 11 since Mar 2014
Thanks: 1 given, 35 received

What I learned over the previous year--top 7.

1. Simulated trading is great to learn a platform and prove that a trading system works. I have found that I am very profitable trading in a simulated environment than a real one.
2. The study of price action is far more important than the reliance on indicators.
3. Having a trading system/plan that is effective and that you believe in is paramount.
4. Controlling my emotions and trading without fear or stupidity is my key for success.
5. Maintaining a trading journal takes a lot of work but has huge rewards.
6. Trading rooms offer little advantage.
7. Learning to quit after profit targets are met.

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Trading Apprentice
Canada
 
Futures Experience: Advanced
Platform: MetaTrader
Favorite Futures: Forex, Futures
 
Posts: 5 since Nov 2014
Thanks: 0 given, 1 received

I recommend Trading in The Zone by Mark Douglas to help your psychological development.

Take Care.

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  #7 (permalink)
Market Wizard
Bamberg, Germany
 
Futures Experience: Beginner
Platform: Sierra Chart
Broker/Data: IB, SierraCharts data
Favorite Futures: mini FDAX, ES, GC
 
Posts: 924 since Oct 2014
Thanks: 10,757 given, 2,006 received
Forum Reputation: Legendary

Another book

Another book that I found to be good is
Thinking, Fast and Slow by Daniel Kahneman

It explains the two parts of the mind, System 1 and System 2, and how they drive the way we think.

Again, after the last month of joining futures.io (formerly BMT), I can not say how much I really am impressed with this forum. Before thinking about trading or getting a broker/system: STUDY futures.io (formerly BMT), get an elite membership and study!


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Elite Member
prague, czech republic
 
Futures Experience: Intermediate
Platform: NT7, MT4
Broker/Data: LMAX
Favorite Futures: DAX, Gold, Euro
 
xelaar's Avatar
 
Posts: 1,517 since Feb 2013
Thanks: 1,739 given, 2,592 received

Johns, Thanks, I have heard about it before, on my reading waiting list.

Listening now to Market Mind Games by Denisse Schull, recommended by some hedge fund managers. Its very interesting.

Trade to live. Not live to trade.
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