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What I wish I would have known when I got started.
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What I wish I would have known when I got started.

  #41 (permalink)
Elite Member
Santiago Chile
 
Trading Experience: Intermediate
Platform: TradeStation
Broker/Data: TradeStation
Favorite Futures: ES, NQ, TF, CL, GC
 
Posts: 1 since Jan 2017
Thanks: 0 given, 0 received

Thank you @DeadCatBounced for your post. very usefull at my stage of learning.

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  #42 (permalink)
Trading Apprentice
Reading, Pennsylvania / United States
 
Trading Experience: Intermediate
Platform: Ninja Trader, thinkorswim
Favorite Futures: /ES, /CL, /NQ, /YM, Stocks
 
Posts: 2 since Mar 2017
Thanks: 0 given, 3 received


GFIs1 View Post
Thanks @DeadCatBounced

When I read the journals here and see where most of the posters are struggling - then your post

"Have the patience to let the market do its thing
Most large intraday swings take between 3-5 hours to complete. Somehow someway if those are the kinds of moves you are wishing to capture you have to have the ability to be patient enough to let the market do its thing: whether that is finding a part time job, some sort of hobby or something to let you do a secondary thing while still feeling productive with your time. Go download rosetta stone and learn mandarin or something.
"

is absolutely right!
A longer time frame than most of the traders are looking for is needed to get positive longtime results.
Article especially dedicated to @ratfink who knows about but can not leave this rat cave easily.

To encourage traders with 2 important points - not already mentioned in this thread:
1) TURN OFF your P&L while trading: it makes you crazy with non realized wins or losses
2) Let the market play it out: "Set and forget"-trades are the best of all! You don't need to stare at the screen - changing
eventually preset decisions. When entering a trade you should believe in your decisions and your stop loss settings.

Finally - the hint to learn a new language in your spare time while trading is great! Which trader is speaking more
than one language? Being capable of speaking several languages does wonders to your trading - PROMISED!

GFIs1

Great advice. Your strategy should be set and not tampered with. Messing with your stop loss by one tick could be detrimental and change the overall outcome of your successful trades!

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The following user says Thank You to brenemancj1 for this post:
 
  #43 (permalink)
Trading Apprentice
Reading, Pennsylvania / United States
 
Trading Experience: Intermediate
Platform: Ninja Trader, thinkorswim
Favorite Futures: /ES, /CL, /NQ, /YM, Stocks
 
Posts: 2 since Mar 2017
Thanks: 0 given, 3 received

The Big Picture


Trading can be the most simplistic or the hardest thing you ever do! There is so much hoopla from sales people out there. Learn this indicator, trade this candlestick pattern, put this on your chart...blah blah blah. Your pulled in so many directions especially when you start losing trades and start to blame your losses on the specific indicator and then what do you do?? You switch the indicator or strategy and lose more! lol If only that new trader would listen and just stick to one of the thousands of strategies out there and live by this little piece of advice. "YOU WILL LOSE MONEY, BUT IF YOU STICK TO YOUR STRATEGY, YOU WILL WIN OVER TIME!" "MITIGATE RISK" "DON'T TRADE MORE THAN YOU CAN AFFORD TO LOSE"

By the way, this was me! Everyone needs an epiphany.

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  #44 (permalink)
Trading Apprentice
Calgary, Alberta Canada
 
Trading Experience: Beginner
Platform: Sierra Chart
Favorite Futures: ES, NQ, YM, M6E
 
Posts: 5 since Apr 2017
Thanks: 3 given, 1 received

Great Analysis

@DeadCatBounced - Great analysis of your personal situation. Shows you have a good handle on the core concepts of successful trading which also go well with those in leading a successful life. Props to you and your post and those that have contributed to it.

I've been taking my time entering the futures trading world. I believe this time will be looked back on by me as being well spent regardless of the outcome. I agree with everyone on the KISS method. Observation has been massively helpful in my progress and will continue to be. S/R and longer time frame are 2 key points already mentioned. You will do yourself a lot of good observing and learning these 2 things alone. Beyond that, Risk always comes before Reward. These are the things that have helped me put the markets into perspective.

Happiness and Success to all!

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  #45 (permalink)
Trading Apprentice
Columbia, USA
 
Trading Experience: Beginner
Platform: N/A
Broker/Data: SierraChart
Favorite Futures: ES
 
Posts: 7 since Mar 2017
Thanks: 19 given, 5 received

Thanks for the info man.

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  #46 (permalink)
Elite Member
Orlando, Florida
 
Trading Experience: Beginner
Platform: Ninjatrader
Favorite Futures: CL, YM
 
CinderellaMan's Avatar
 
Posts: 147 since Nov 2015
Thanks: 529 given, 266 received

I wish I would have known the pressures that come with bringing your family on this journey with you.

-OneUpTrader
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  #47 (permalink)
Elite Member
Milwaukee, WI, USA
 
Trading Experience: Intermediate
Platform: NinjaTrader
Favorite Futures: Equities
 
DavidBodhi's Avatar
 
Posts: 68 since Oct 2014
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singer399 View Post

To encourage traders with 2 important points - not already mentioned in this thread:
1) TURN OFF your P&L while trading: it makes you crazy with non realized wins or losses
2) Let the market play it out: "Set and forget"-trades are the best of all! You don't need to stare at the screen - changing
eventually preset decisions. When entering a trade you should believe in your decisions and your stop loss settings.

Finally - the hint to learn a new language in your spare time while trading is great! Which trader is speaking more
than one language? Being capable of speaking several languages does wonders to your trading - PROMISED!


This is important. As a new trader this has been drilled into me by those who I look up to. Be patient, have faith in the market, that you read it correctly, and don't check your P/L every 5 minutes.. Staying in trades and collection 20-30 ticks gives you great confidence in how you read markets.

I also rarely set stops and use the market going against me to my advantage by averaging out losses - anyone have thoughts on this?

Thanks,

Singer399 - I taught myself averaging out of losses when I was learning the ropes in Sim, but that is how I blew out my real-money account the first time. I changed my habits by waiting for the next S/R region before entering the trade a second time and that's how I blew out my account the second time.
Can you describe how you've made averaging out of your losses work for you?

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  #48 (permalink)
Trading for Profit
Antwerp
 
Trading Experience: Advanced
Platform: Rithmic Pro
Favorite Futures: NQ, ES
 
Posts: 231 since Jun 2016
Thanks: 45 given, 358 received


CinderellaMan View Post
I wish I would have known the pressures that come with bringing your family on this journey with you.

Indeed, it puts a lot of pressure on the people around you!

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  #49 (permalink)
Elite Member
Tampa florida usa
 
Trading Experience: Advanced
Platform: NT
Favorite Futures: CL
 
Posts: 70 since Jan 2017
Thanks: 5 given, 72 received


DeadCatBounced View Post
This was near the end of my post:
"So what am I going to do from here?... Because I do not want to leave the markets completely the next step my trading will take is looking at swing trading etfs/stocks. I am very interested in forex markets and maybe will try and start a journal about FX swing trading here on futures.io (formerly BMT)."

Nice post. there is a lot to be learned from all that you said. I have one suggestion you might want to consider. If you wish to swing trade ETFs you may want to consider options. Depending on the options technique used it can be much safer for swing trading.

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  #50 (permalink)
Trading for Profit
Perth AUSTRALIA
 
Trading Experience: Beginner
Platform: Tradestation
Broker/Data: Tradestation
Favorite Futures: crude gold sugar wheat soybean
 
Posts: 253 since Jun 2017
Thanks: 77 given, 85 received

Thank you!


Appreciate those replies to beginers like me, learned a lot. Thank you!

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