Try the Euro FX futures and then tie volume into the mix. Spot currencies can be tuff IMHO. Futures buddy, Futures! Just remember currency traders are the real masters of the universe. Talk about a pack of wolves with unlimited resources. Geesh.
GL, there's a good group of learned people here on Mike's site.
The following 3 users say Thank You to DeadCatBouncer for this post:
Can you provide some detail as to your experience or knowledge? How do you like to trade? Are you a short term trader looking for a few ticks or pip, or do you like to hold a trades for minutes, hours, days etc? Do you trade against or with the current trend? What is your methodology? Do you use indicators? If so, what? Do you look at patterns and or trend lines. Do you have a written trading plan that defines how you like to trade, what the setups, risk, money management and targets are?
If you want somewhere to begin I would suggest this thread.
By the way, become and elite member for the $20 or $50 or whatever it is so you can access the elite threads like the one attached.
In a recent survey about webinars, a lot of members expressed interest in learning more about the elusive "price action" that many traders talk about and refer to.
It is my intent with this thread to try and document price action from my point …
David
The following 2 users say Thank You to David_R for this post:
I have been losing money as well, tried options and stock. But I am a good programmer and have to rely on my strengths so the next goals is to program a system. I like NT for their simple interface, I also tried buttontrader in the past.
Dear traders! My name is Sergey, I'm from Russia, the main my work on the automation engineer. I'm learning to trade Forex, found your forum very interesting and useful information for my training trade.
P.S. I use a translator, so sorry for the quality of the text.
David,
This is my 2nd attempt to reply to this and I hope both messages don't go through at the same time because they would be very redundant. Anyway, I've been trying to trade with the trend only, as it seems all serious successful traders use this approach. I've murdered my first 2 live accounts, but luckily I only deposited minimal amounts that I was comfortable using. I know people say demo trading first, and I did for about 6 months, but I don't believe that helps as people can be fearless when it's not real, and the results will not be realistic.
Lately I've been using a variation of guppy lines to find the trends, TD Sequential Counts, and some pivots exclusively. Surprisingly this has given me some improvement, but still not where I would like to be.
Any advice will be greatly appreciated, and I will become an elite member in due time.
Thanks DeadCatBouncer. I will look into that asap. I've been doing a lot of research on volume trading and have found some nice indicators. From what I've gathered though, the aren't all that effective in Forex, and I need to follow your advice and look into the proper markets for these indicators.
I am a beginner....and just saying HELLO!! Hope to learn alot and at some point and time hope to give back what others give to me.
Thanks.
A Trader 4 Sure
Thanks for the great site. I have traded the markets for many years. Have done some programming of indicators and systems in TradeStation, and am now looking to convert over to Multicharts.
Much of my focus has been on the Indexes, ie ES,NQ, and TF, but I am interested in working more with the curriencies, energy and food.
I am interested in building approaches that could be managed with less direct management, ie watching the screen 20 hours per day. This would take a team as I would want oversite at some level all the time.
Lookingf forward to working with others on this site.
Now that I have been introduced to your web-site and its goals, I am very excited about participating in whatever positive way I can. I know I sure need the help myself and hope to offer some assistance @ some time in return.
West Coast Trader from San Francisco. Best trade ever... Leaving Bear Stearns in 07' as Institutional Sales Broker before the shit hit the fan and went to a prop firm- Assent in SF where they gave me enough leverage to hang myself by the end of my first year. Now P/T trading ES until I can support my family trading.
Thanks Mike for the forum.
I came to China only recently began to learn NT, hope you can get help here, my English is not good, also hope to get everyone's understanding
Hi, I'm Andrea and I have been trading for 4 years. I get up every morning at 6:00 and watch the market, I take paper trades and made a great living as for real trades I get in a panic and can't think straight, my biggest problem is discipline and trusting a plan. I'm hoping to break out of this pattern and be a success story to help others and help my husband retire early or at least on time.
Ive been studying trading futures seriously for about 2 years. I work full time and get home in time for London open. Luckily I am a night owl and dont need much sleep. Like most, my goal is to ditch the 9 to 5 and trade for income. I havent reached a level of consistency to do that yet but I've passed through the indicator seduction path and the get rich quick myth and now am putting together my own niche approach to trading price action at SR levels. I look forward to learning more here.
Hi everybody, first I would like to thank Big Mike for such a great forum...I am new to this type of trading (only a couple of weeks live trading ES) and have had mixed results. Mainly due to experimenting with different strategies. I use price action only no indicators just buy sell volume. I just try to get a feel for what the traders are doing in the overall market, while closely paying attention to the chart ( 2 and 5 min) I have not yet worked out which one works best for me. So far I have had my best results watching the price action of CAT stock at the same time and using it as an indicator, not fool proof, but it seems to work for me. Other than that I have to learn to stay out of the chop, that is where i have lost money. Thanks to all, Terry
The following user says Thank You to kayaker for this post:
I am glad I have found such an informative and friendly site.
I am a relatively new trader (who has also lost his first stash) and use MT4.
I have an interest in the Harmonic system and I also use the 'Pipsnager' indicators.
I have also has successes in Trading the London close! letting the market come back to equilibrium.
At the moment though, while building my small account brick by brick, I am concentrating on the psychology of trading mainly studying Mark Douglas on Trading in the Zone and his Disciplined Trader.
Thanks for a great site!
The following 2 users say Thank You to Gryffn for this post:
I'm new to this forum and a project manager for a software company in life sciences and healthcare. I recently became interested in finance and trading but have yet to dip my toes in the water. I plan to go into trading with my eyes open and I have started out by reading books on the subject and am also reading the forums here and elsewhere so that I learn as much as possible about the markets, trading psychology, money management, risk and indicators hopefully soaking up some of the great advice from people that have leaned the hard way. Most likely I will be swing trading or just looking for short term investment opportunities there is a lot I still need to learn before risking my dosh.
Thanks
The following 2 users say Thank You to euandean for this post:
My thanks to Mike and the other contributing members for this great site.
I've been asked to introduce myself and this is my offering.
I've been trading full time for almost three years.
Happily making trading and living expenses but disappointed I've not gotten "better" (consistantly more profitable) faster than I have.
Ninja is the platform I use to trade and develop; my tradimg account is at IB.
I've gone through several RT data suppliers (eSignal. IQfeed, Barchart) in addition to IB itself.
I've just started with Kinetick - so far "ok."
Mostly I daytrade ES - but also TF, NQ, and rarely YM.
I've been watching the currency futures (6E, DX) but so far I'm not confident enough to trade real money.
My goal is to develop a mechanical - automated trading system.
I only half expect to deploy a "golden goose" but keeping that as a goal keeps me focused and improving.
Why Ninja Trader?
I am a programmer and I chose Ninja over a few other platforms I looked at because I can develop using a "standard" programming language; that was the deciding factor. I still think that is an important consideration but I may have given it too much weight.
"Stability" is critical for live trading and Ninja continues to disappoint.
As a development platform absolute stability isn't critical - and I don't have an "automated" system that'd I'd walk away from anyway. So, with TWS (especially booktrader) at the ready, NT's occasional freezes and crashes havn't cost me anything more than aggrivation.
In the meantime, I'm hopefull that eventually they'll "get it right"
- at least they're not rushing to release V7
Actually, I don't know that anything else I could realistically consider is any better, so until I hit a dead-end I'll probably stick with NT.
Good Luck to us ALL!
Steve
The following user says Thank You to srvsrv for this post:
I have been lurking around in these forums for a while but recently started a journal on 'My experiments with Market Profile'.
My first taste of stocks was in mid-80's in India, straight out of school, where I used to buy new listings (IPO) and sell 3 to 6 months later. Didn't understand a thing but made decent money.
Then in late 90's, I rode the NASDAQ roller coaster i.e., made a lot of money and then lost it all and some more.
This was an intense humbling experience and I decided to become a student of the market. Did lots of reading especially in technical analysis. Now I primarily trade (not full time) long term directional and short term non-directional option spreads.
My goal is to become a full time trader (currently I have a day job in a Software company). To that effect, I have started learning Market Profile and other ways to decipher price action.
I feel lucky to be part of these forums where many traders are willing to share their knowledge and experience.
Good trading to all!
Vroomy
The following user says Thank You to vroomy for this post:
I've been lurking on the sight and not posting anything as of yet--so here is my first. I am impressed with the content on this site--especially some of the more psychological oriented threads. I have been messing around with Ninja Script and trading for about 1 year. Have lost money . As I have mentioned, some of the content on this site really speaks to me. Hopefully I can use it to turn my trading around and add some useful content of my own to this site.
Thanks Mike!
The following user says Thank You to marlermi for this post:
I'm new here too. Looks like a decent site you guys have here. I'm just getting into trading so mostly just trying to learn everything I can and figure out which software/brokers are the best.
I have some questions I will be posting about the various softwares I have tried so look out.
The following user says Thank You to thescientist for this post:
A noob here....its a great site to begin with and learn as much as possible.Thanks Big Mike.....you are really big indeed.Happy to be associated with the fraternity of great traders here.......yo.......
I am Nuno form France
I subscribe in this forum because I want to learn more about trading
I am a newbie trader using Multicharts.
I found Mike's blog and I really like it.
Thanks a lot for this great site....
Hi,
I'm someone [ 45, Irish, but don't hold that against me:-))) ] who's realised that you absolutely need to take personal ownership of your own net worth. I've worked for major communications corporation in a senior global project management capacity, so ownership is something I understand well. Worked hard, gave lots of money to the tax man and realized in the end, that you are really a doormat.....
When I was made redundant in 2007, I decided to change things. I opened an IB a/c then and have been slowly and steadily learning since.
I hope I contribute here - I am struggling to get contiguous time to plan/execute/ and review daily trades. I've been swing/position trading, and currently have a major %'age of capital on a position trade [short....so we'll see if I get stopped out!!!
My goal is to earn 20% of my capital per year, using etfs[long+short] so I'm not interested in futures or options until I can demonstrate consistent profitability with etfs first. I am struggling to do that actually, and am down 10% YTD [actually since July!]. I'm currently doing a YTD post mortem of my decisions and we'll take it from there.
My objective is to learn, and contribute by sharing that learning, or maybe post my post mortem findings.
The following user says Thank You to Munsterk for this post:
I've been in this forum for a week and I love it. It seems like such a nice community.
I currently now nothing about day trading, but I am very interested in learning and start doing it.
So please bear with me, for I will be asking lots of very basic questions.
"No one lives long enough to learn everything they need to learn starting from scratch. To be successful,
we absolutely, positively have to find people who have
already paid the price to learn the things that we need
to learn to achieve our goals." - Brian Tracy
I am from Hong Kong and used to work in Electronics industry for many years. Yet, I decided to have my career change and start full-time trading in 2009. I mainly day trade stock warrant which is one of the most popular speculative tool. Basically, scapling is my strategy and I trade from 20 to 60 times a day. Now, I start to trade US e-mini and hope I could learn more.
I've 1 year of experience as swing trader and daily study of 5 to 60 minutes ES charts.
Now i'm looking at day trading as a complementary activity for the future.
I'm planning to spend few hours a day (or night...) for a month or so to study and experiment with NT day trading indicators. If everything proceed well I hope to be ready for some real life day trade by the end of the year.
I'm glad to join the comunity and hope to be able to give some contribution ASAP.
Hey all - Long time off and on reader, first time poster. I figure I'll take the plunge and join officially. I'm a Multicharts user and while the forum seems Ninjatrader heavy, I figure there is still good information I can learn even using a different platform.
I'm not going to detail my past trading history except to say that persevrence through more than 10 years and 10's of thousands of dollars has brought me to my present situation, which is semi-profitability on the verge of consistent profitability.(let's call me semi-consistent)
This is one of, if not the, best trading forums, in terms of users and content that I've come across.
So, thanks Big Mike and all who contibute.
I'm very grateful to be here and look forward to the future.
My trading platform is woodies cci with 3 stochastics for long term trades (30-50 ticks). I would like to chat with other cci traders to see how they are doing as i am a new trader (2 yrs) it's always good to here and see what others are doing.
The following user says Thank You to rfharris for this post:
I've been at this for the better part of 20 years now and have had enough near misses and hit the wall at 215mph that I'm well past counting.
I found this forum on a Google search during my latest epiphany and noticed that there was apparently an ongoing thread regarding publishing signals from MultiCharts to Collective2 which I personally believe to be a godsend to a trader in my current position.
I have experience working with the following platforms:
ThinkOrSwim
TradeStation from Supercharts through 2000i + TS6
Rina Systems Portfolio Evaluator/Money Manager/3D Viewer
I've worked in the Institutional department at CIBC/Oppenheimer, Traded for The Antillies Fund at First New York, done model re-works at Smith Jacobs & Co. and WorldCo LLC.
It's been a wild ride.
The thing I want to accomplish first is to get my signals uploaded to collective - from there I'm happy to work with other designers on running stability tests and evaluations of equity curves also sharing any insights I might have on how to improve their existing models performance - i.e. I'm not looking for your rule set - just working on curves and helping where I can.
Psychologically I've been up and down - I've had days where I've printed $230,000.00 on a single trade and years when I've worked for 11.25/hour.
So suffice it to say I've seen a couple of things inside my soul.
I'm a big fan of Skype/TeamViewer 5 so I'm always up for collaborative work.
The following 3 users say Thank You to Nothing Done for this post:
I ran across this site from a post on EliteTrader. I consider myself a beginner to trading. I have done several Mutual Funds. I have paper traded Options for several years, but never for real. I won some and lost some. My account right now is with OptionsXpress. I am just getting started on NinjaTrader. I am a Computer Programmer by day. I hope to learn how to trade well (and make some money in the process).
I plan to learning and reading a lot. I read where most people blow up their first (and second...third...) accounts before getting anywhere. Is it realistic at all to offset some of the early losses by being patient and learning as much possible and not jumping the gun?
Anyway, I have been having fun so far.
Steve
The following user says Thank You to 1steve1 for this post:
57 year old retired health care provider and full time trader and part time blogger. Still looking for the Holy Grail and very thirsty for its contents. Meeting other traders has been a highlight of my life and hope to meet some of you here and a big thanks to Big Mike.
The following user says Thank You to winja for this post:
I saw this when I was looking for something on the internet; I started trading as a commodities trader on the London FOX (futures & options exchange) in 1986 which was a baptism in fire esp the year after. It was terrifying.
One guy I traded with during that time used timeframes to make forecasts on commodities (soybeans especially) and he had charts going back to the inception of the contract in 1936. He could forecast and trade markets with an uncanny ability that I have not seen since. He retired to the Greek Islands with his own sailing school some years after.
Since then I have, like you, made and lost a great deal of money. I think most people become traders thinking they are going to 'make it' in 6 months, whereas for some, it can take 10 years. Think about that? But the money to be made is staggering if you get it right.
These days I focus mostly on automated systems, developing my own (which you won't find for sale on the internet) and I trade a managed fund that gives back to charity. I have a couple of discretionary & mechanical systems that I trade everyday without automation that do well, but automation is what interests me. The charitable trust fund runs an EA on a VPS & currently yields about 10% net per month, uncompounded! Believe me I didn't discover it overnight.
These days I only trade currencies, and for sometime have been using MT4, but have just discovered Ninja. So I look forward to seeing that bear some fruit in the coming months. Ninja should at least allow me to backtest some of my own ideas without having to employ coders all the time.
I will read this forum with interest, I am a member of 1 or 2 others but not many.
Thanks
Michael
The following user says Thank You to brightredmegaphone for this post:
I'm an Italian trader, nice to meet you.
I'm trying to learn how to create a code for Multicharts.
I have some codes for my old easylanguage system, but I don't know how make these for MC.
I'm new here, kind of....been lurking for a while. Like many of you I've had my share of trading suprises, both good and bad. Through extensive and careful study I've gravitated to a few styles/techniques of trading that work well for me......but most importantly, I've learned how to be a successful trader.
Somehow my journey has led me to Big Mike's Day Trading Forum!.......I am lucky to be here and hope to contribute regularly.
Great Site!
Thanks Big Mike!
The following user says Thank You to Devil Man for this post:
It's nice to see such a great forum full of honest and helpful traders. I've been especially interested in reading people's journals as they develop/continue their strategies and trading discipline.
I've lost a ton of money on the markets over the years thanks to my undefined goals, unclear expectations of success, and ignorance of my own trading personality -- But I'm back, and willing to learn as much as possible to one day make trading a career.
I've chosen Forex as my market for now because I can trade a micro account. There's a lot for me to learn, so I thank everyone here for their posts!
The following user says Thank You to dc618 for this post:
Hi, I live in Houston and have been trading part time for 20 months, 2 months ago I became active and full time. It is astounding how much more you learn by diving in full time. Not a day goes by now that I learn somthing new.
Wanted to find more in here about Renko charting... will continud to look!
After delivering a %50 drawdown on my initial account, I have regrouped, after much back testing and now seem to be on the right path. Profitable for 3 months straight.
Trading the YM, ES and the major Forex pairs.
AJ
Nashville, Tennessee
"Life On The Edge of SR"
The following user says Thank You to tderrick for this post:
I am Market Profile and Auction Market Theory fan. Trading futures only.
A lot of great staff on this forum, especially Gom's work - absolutely fantastic - which made NT usable (at least in my case).
Trading Forex after years of trading equities and looking to get better daily. NinjaTrader and FXCM are who I am rolling with now even though I may start trading with Oanda.
I'm excited to join this site. I'm not much of a poster, but do alot of lurking. I'm a struggling trader hoping to find more discipline and management of my trading. Since joining this site 8 days ago I have started to journal my trades and find that very rewarding, something I thought was too time consuming previously. I'm looking for other ideas to improve my trading and hopefully some day I can make some worthwhile contributions as well. Don
Hello all, I discovered this beautiful forum some time ago.
I'm absolutely new to day trading, I know it is a long and winding road, but so fascinating :-) ... trying to learn how to trade ES.. I'm based in Florence, Italy.
Here is a bit about me. I am a senior Mgr for a large firm in Ontario Canada. I have opted for the package and to look for new challenges. I coming to a xross roads in my carreer, just like some of the members here, do I continue working for someone or work for myself. One area of interest is trading.
I am still at the begining stages and trying to get information on trading. I have read several books and have been reading what ever I can find on the web. I am still trying to figure what platform to use that will work in Canada and canadian brokers
I am hoping to be able to learn, chat and contibute with everone.
I try to live by the KFC principle and hope to use it in trading: Know what you want Find out what you are getting Change what you are doing to get what you want
Thank BigMike for granting me access to your site.
I'm using NinjaTrader as a platform, the platform you use will primarily depend on what your chosen broker supports (there are options to use a different platform for charting and execution but for a beginner, in my opinion only, it's better to use just one to master the basics) and let me know if you want more info on Canadian Brokers, I've just spent over 3 months researching and learning and I'm going live this week ....
I am so happy to have had a freind tell me about this site,and Thanks to Big MIke and his gang for this site....My intensions are to be a full time trader,,,,still working it out,,,looking for a mentor,,,soon will figure more of web site,,,,thanks JRS
Platform: NinjaTrader, Metatrader, omnitrader, tradestation, Window on Wall Street
Broker: amp/zenfire
Trading: ES TF Ym eur/usd audnsd
Posts: 8 since Sep 2010
Thanks: 18 given,
1
received
I have tried to design my life by reverse engineering the process. Trading was the vehichle of choice. Sales requires inventory you pay cash for and you may or may not be able to sell at a profit. Why not keep it simple. Trading cash for currency of another country and exchanging it for a profit. Who would have thought of that! After many years of trading stocks, having won and lost several small fortunes. It occurred to me I have put up front a lot of money to make a little. Then I discovered the beauty of Forex and futures. A small margin to control a large lot of Etc. Bingo the cash began to click. Now onto to self discovery and the discipline required to make consistant profits day in and day out. 15 years later things are beginning to settle into a rythem. Still working for the man but getting much closer to the reality of trading part time for a full living. Thanks for the forum.
what a great site - I've been in the background occasionally checking in on the site but haven't had much to add yet, except one thing I've noticed, everyone is really cool with each other and there is no nasty stuff on here! (At least not that I've come across). What a nice surprise! Encourages you to post stuff about your trading etc without fear of being made to look like a complete idiot!!
So......my trading has been mainly in Aussie shares, Currencies & have now ventured into the e-minis, the YM at this stage which I find really easy to trade...most times, but looking to also move to the ES soon.
I've had some nasty surprises with the E-signal platform which kept duplicating my trades as fast as I would close them, so in the process of changing over to NinjaTrader, which takes time.
I've been sim trading on NT in the meantime, getting familiar with using the DOM and trying to get some indicators which work well, set up on my charts. Those that I used on ESignal were custom and don't work on NT...they were great and I feel now like I'm flying blind.
Anyway if I have some wins (or losses) which are breathtakingly good (or not!!) I will post them up.
All the best
Pipstalker (or should that be e-ministalker?)
Hello Everyone, I am completely green at trading. Been in training for 2 weeks with Nexgen on their software. Contacted Mirus Futures, they directed me here to the site. Tons of useful information here. I plan on making trading a full time thing. Really interested in learning how to get indicators.
Great forum Mike!
I like the candid comments about real trading, i.e. the losses as well as the insights and victories.
I have been learning to trade for the past three years. Like many among you I also blew my account a few times while tackling daytrading.
After reading a lot about trading (psychology) and some 'deep' thinking, I realised discipline and impatience are my weak spots.
I am working on those now (am currently sim trading spot FX) to regain confidence and become more patient.
I am geared towards scalping, despite the increased risks of overtrading and possible increase in psychological mistakes.
I would be interested to know if anyone is scalping the spot forex markets. I remember reading some comments on the forum that scalping is 'near to impossible' in the spot FX market.
I don't even know how i lucked upon this site but it looks way more friendly than the elite trader site
Anyhoo, opened first futures account in 1994 which was hastily emptied within 6 months.
Leaped again in 1998 with the same result.
Opened a Cybertrader (now defunct Schwab spawn) equities account in 2002 and actually made some money daytrading 5 months in a row only to evaporate 60% of the profit in one loooong, bad day so focused on a then profitable impex business.
2007, hooked up with a couple of friends trading prop profitably, got my series 7 license and started trading with a 100% payout prop/arcade, predominantly equity pairs, ending the year fairly profitable. 2008 was a rollercoaster, the first 4.5 months, a bumpy road up and the next 2 taking a lot of that back with a lot of commodity related pairs blowing out with the skyrocketing prices, the stocks more levered to the price of oil, aluminum, etc. just running away from the other and...anyway, ended the year profitable but just barely. 2009, went to directional plays using both momentum and trend following (buying pullbacks, selling rallys) with mostly ES and highly liquid equities over $10 and saw profitable days 80% of the time but each time I bumped up the size, the system (or my psychology;-) failed. Ended the year profitably but not with the weekly consistency I was looking for. 2010 has gone pretty well, missed several months but when trading, have kept my drawdowns small and eeking out a bit of money here and there using same as last year except rarely trading the sub $20 stocks, in addition to going back to some pair trades as well as single equity/future RTM countertrend fades.
Also about me, I ask lots of questions, like to help where I may as well as write rambling babbles that go on and on and
The following user says Thank You to Myshkin for this post:
Great site, great tools. I a trade for some time, started with my first money trading currency options. Later, when I was starting working in the banking industry, I traded also equity options.
For two years I trade full time, including FX and I find this market really appealing but also very dangerous.
Indeed I have blown some accounts and I realized that risk management is the key.
For swing trading, besides options I trade turbos, which seem to be available only in some countries/regions.
I am specially interested in auto trading because I really want to eliminate the human factor out of trading.
Thus, I find adaptive systems using neural nets and intermarket analysis the best strategy.
In relation to FX spot trading, I find automated scalping strategies most profitable, but I am making progress with otter systems. I recently started with Neuroshell and frankly find the possibilities endless and most promising.
In my experience, options are still the best way to take advantage of strong moves. The very popular turbos have a knock out included and one has to carefully select the knock out level. The probability function in my opinion is less favorable in relation to options if maturity is not a problem.
I just was knocked out recently in several trades during the last SP consolidation. My strategy was completely right but I was wrong about the retracement the SP could experience. I was actually seduced by the constant delta of these instruments. However, a high delta is correlated with a close knock out level and that makes this instruments closer to margin trading.
The following user says Thank You to heiko for this post:
I trade a Micro account with Oanda and make my position so small that I can use large stops like the pro's. I can't seem to make money scapling Forex because it seems there is no rhyme or reason for most of the small moves.
It is best to look at a longer time scale and and get in early on a long multi-day run... at least a few hours...
Micro accounts make this possible for under funded traders like me...
try a 15 minute chart with an hourly chart.. a short EMA along with a 100 or 200 SMA to follow trends....
Hello, traders!!!! This is my first time here, and I want to say that after countless hours spent reading through many different threads, forums, rooms... I found group of smart, diligent traders that have same desire to grow as traders
and as personalities and help others at the same time. I can't brag much about my success as a trader, because I can't prove it with my financial statement, but I have huge desire to learn my new (and I hope last ) profession in my life.
I am looking forward to working and learning with You guys. Thank You Big Mike for making this happening!
The following user says Thank You to TolicG for this post:
33 days I've belonged here so time to participate. Really wanted to take hours to poke around the site first, but haven't had time to do that. Everything looks promising though. Quick look around a few threads and it seems like the loser/troll factor is near zero. That in itself will keep me around.
Heard about this place when someone posted a link in the MTG (Master The Gap) trading room. Glad I pursued it.
My name is Andy and I'm an Aussie that has been living in London for 13 years.
Started my trading journey about 2 years ago.
I was initially drawn to trading by a friend who was trading FX. I tried that, didn't get killed, but didn't really get it.
Since then I have tried to really simplify my trading. Now I primarily trade the eMini S&P and just use 3 simple, non correlated indicators. I have come to realize that for me I needed a simple system that I could test and verify.
I am also really interested in Binary Options and Binary trading in general.
In my view people generally try to be too greedy and that is why scalping does' not work'.
To be successful, find your self a set of Indicators you are confident in, work out times when volumes are high enough to create the strength of wave, usually European open (7am GMT) to 30 mins after London open (8.30am GMT). Make sure that the currency pairs you choose move at least 40 points on a regular basis. Go for short points (up to 15) I have three strategies, 2,5,7 points, 4,8,12 points and then 5,10, 15 points and use them on different time frames. 3 min, 5 min and 10 min. And if you can automate it even better. The trick is not to keep going. Set your goals, ie 8 trades at 15 pts etc and STICK TO IT. On longer times frames, when it becomes speculation not scalping (?) do the same, go for 20, 30 and 50 pts rather looking at that wonderful down/up wave that could have made 150 points. By limiting your targets, you can increase contract value and keep your stop tight.
Caveat - make sure you avoid the times of economic news releases unless you know how to trade them properly.
Hope that gives someone else ideas - or encourages those out there with successful 'scalping; strategies to share them with all of us... Sure someone will disagree with this but hey ho, thats what makes life interesting, we are all different and should find a way that suits our own personality. Now where have you heard that before?
I am new to this site. It looks great. I am an options and position trader and I am looking for day trading setups. I am also experimenting with Ninja Trader. Tired of Metastock.
. As I have mentioned, some of the content on this site really speaks to me. Hopefully I can use it to turn my trading around and add some useful content of my own to this site.
