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Webinar: Where to start as a trader?
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Webinar: Where to start as a trader?

  #41 (permalink)
Elite Member
Malaysia
 
Futures Experience: Beginner
Platform: Multichart DT
Broker/Data: MB Trading
Favorite Futures: Fx
 
torroray's Avatar
 
Posts: 273 since Nov 2009
Thanks: 52 given, 59 received

Mike,

You did mention in the webinar Forex broker providing free platform and data.

What are your thoughts on subscribing to 3rd party data provider such as Kinetic, IQfeed, eSignal, Sierrachart?

I know there's no centralized exchange for forex so datafeed can be off by 1or 2 pips if you opt for a 3rd party feed.

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  #42 (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
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torroray View Post
Mike,

You did mention in the webinar Forex broker providing free platform and data.

What are your thoughts on subscribing to 3rd party data provider such as Kinetic, IQfeed, eSignal, Sierrachart?

I know there's no centralized exchange for forex so datafeed can be off by 1or 2 pips if you opt for a 3rd party feed.

When trading spot forex, you need to use your brokers data feed because it will be the only one that has the correct and valid price for them as an ECN.

When trading currency futures on the CME FX, if your broker doesn't provide the backfill or quality data you wish, you can use DTN IQFeed (compatible with all major platforms), or if you use NinjaTrader then Kinetick which is IQFeed rebranded and less expensive for NT users. I've used eSignal in the past and would recommend DTN instead, but do your own homework and reach your own conclusions.

As I said in the webinar, some platforms take on the duty of giving users historical backfill. Sierra Chart is one. NinjaTrader does as well, but only for Zen Fire customers unfortunately (not TradingTechnologies customers). Sierra Chart provides quality backfill to all Sierra customers regardless of broker, a nice bonus.

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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The following 3 users say Thank You to Big Mike for this post:
 
  #43 (permalink)
Elite Member
Malaysia
 
Futures Experience: Beginner
Platform: Multichart DT
Broker/Data: MB Trading
Favorite Futures: Fx
 
torroray's Avatar
 
Posts: 273 since Nov 2009
Thanks: 52 given, 59 received



Big Mike View Post
When trading spot forex, you need to use your brokers data feed because it will be the only one that has the correct and valid price for them as an ECN.

When trading currency futures on the CME FX, if your broker doesn't provide the backfill or quality data you wish, you can use DTN IQFeed (compatible with all major platforms), or if you use NinjaTrader then Kinetick which is IQFeed rebranded and less expensive for NT users. I've used eSignal in the past and would recommend DTN instead, but do your own homework and reach your own conclusions.

As I said in the webinar, some platforms take on the duty of giving users historical backfill. Sierra Chart is one. NinjaTrader does as well, but only for Zen Fire customers unfortunately (not TradingTechnologies customers). Sierra Chart provides quality backfill to all Sierra customers regardless of broker, a nice bonus.

Mike

Mike,

On the webinar you said you trade forex with MBTrading with their platform DesktopPro.

How do you analyze when most of your custom indicator is built on another platform?

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  #44 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
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Posts: 46,238 since Jun 2009
Thanks: 29,350 given, 83,214 received


torroray View Post
Mike,

On the webinar you said you trade forex with MBTrading with their platform DesktopPro.

How do you analyze when most of your custom indicator is built on another platform?

I don't use any custom indicators any more. And zero indicators with MBT.

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
The following user says Thank You to Big Mike for this post:
 
  #45 (permalink)
Elite Member
Newcastle, Australia
 
Futures Experience: Intermediate
Platform: Multicharts 8 - Full Version
Broker/Data: IB
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Posts: 285 since Oct 2010
Thanks: 108 given, 177 received

Hi Mike
Im away on holidays so have not seen your webinar yet.
Why don't you use multicharts. As your forex trading platform?

Neil.

Sent from my GT-I9100T using Tapatalk

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  #46 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
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Posts: 46,238 since Jun 2009
Thanks: 29,350 given, 83,214 received


NW27 View Post
Hi Mike
Im away on holidays so have not seen your webinar yet.
Why don't you use multicharts. As your forex trading platform?

Neil.

Sent from my GT-I9100T using Tapatalk

I do use MultiCharts.

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
 
  #47 (permalink)
Elite Member
Austin Texas/USA
 
Futures Experience: Advanced
Platform: Proprietary Trading App
Broker/Data: Advantage Futures
Favorite Futures: ES
 
Posts: 50 since Dec 2011
Thanks: 17 given, 91 received

Where To Start

I know that I am late to the party with this response - but so what!

When I started out, I was looking for the Perfect Instrument, The Right combination of charts, the Best combination of indicators and backed tested every indicator in my collection to give me the Optimum settings.

After doing this for a couple of years (I can be a slow learner), I began to realize this approach was getting me nowhere.

I hired a teacher. The teacher taught me a lot - it was worth the cost - but I was still not satisfied.

So I decided to try something different.

I picked an instrument, ES (I like the volatility and volume)
I played around with charts - and eventually realized it doesn't make too much difference what you decide on - I use a 104 and 416 tick chart.
I realized that I like short term predictable trades, so I decided to Scalp.
I used a simple indicator - an EMA

And then I started.

I watched my charts and began to understand what the Market was doing.
I became intimate with ES
I began to understand my EMA.

In other words I just committed to something and worked it.

Since then my understanding has grown exponentially - and I am finally becoming a successful trader.

The best advice that you could give a trader - is to start somewhere, anywhere and just work with your decisions. Ask questions; what is the market doing, why did my trade fail, is my Risk/Reward balanced correctly for current activity (who gives a crap about the perfect stop, or optimization, or which time frames to use, or whether you swing or scalp or ...)

If you made a profit but left money on the table - So What - You Made a Profit! If a profitable trade turns into a loss - Shame On You - Greed WON! If you miss a profitable setup - learn to wait because there will be more.

When I designed TRex Trader - I really had no idea where to start - so I picked (what I thought was) the obvious place - I designed a chart. Then I installed feeds, then a collection of indicators, then an analyzer - and so on....It all fell into place. I have redesigned TRex numerous times - each iteration better then the previous one.

The only way to refine your trading skills, is to acquire skills that you can refine.

Start somewhere, anywhere, and work from that point - if you have the patience and the smarts, then the questions will become obvious and hopefully you will be able to answer them - if not, you always have Big Mike's Trading Forum!

,...Gustav


Last edited by asynchronous; February 10th, 2012 at 10:49 AM.
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  #48 (permalink)
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Lawton, Oklahoma
 
Futures Experience: Advanced
Platform: Ninjatrader
Broker/Data: Mirus
Favorite Futures: TF, 6E, ES
 
madelynnjohnson's Avatar
 
Posts: 113 since Jun 2011
Thanks: 329 given, 315 received

Second Webinar

Hi Mike,

Do you have any idea as to when the second webinar in your series is coming out?

Thanks for all your time and effort. It is greatly appreciated.

Madelynn Johnson

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  #49 (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, 83,214 received


madelynnjohnson View Post
Hi Mike,

Do you have any idea as to when the second webinar in your series is coming out?

Thanks for all your time and effort. It is greatly appreciated.

Madelynn Johnson

I don't know for sure, sorry. It will be as soon as I can comfortably get to it.

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
The following user says Thank You to Big Mike for this post:
 
  #50 (permalink)
Elite Member
New York, NY
 
Futures Experience: Intermediate
Platform: TradeStation
Broker/Data: TradeStation
Favorite Futures: Forex
 
philippe07024's Avatar
 
Posts: 33 since Feb 2011
Thanks: 16 given, 16 received


Hi Big Mike,
I listened carefully to the webinar and actually you did not mention from which company you lease you remote server (you read this question at the end saying that you had discussed it earlier).
Could you share with us please?

Philippe

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