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Account been approved! Going to have my first day of tradingthis week LA


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Account been approved! Going to have my first day of tradingthis week LA

  #31 (permalink)
 
GaryD's Avatar
 GaryD 
Orlando, Florida
 
Experience: None
Platform: shoes
Trading: happy
Posts: 6,462 since May 2011


budfox View Post
What will create success?

Time, patience, acceptance, risk versus reward, trading less, happiness, relaxation, self-learning...

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Can you help answer these questions
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  #32 (permalink)
 
josh's Avatar
 josh 
Georgia, US
Legendary Market Wizard
 
Experience: None
Platform: SC
Broker: Denali+Rithmic
Trading: ES, NQ, YM
Posts: 6,216 since Jan 2011
Thanks Given: 6,752
Thanks Received: 18,136


budfox View Post
What will create success?

Any person successful in any endeavor could give a list of things which might contribute to success. I don't think it's much different in trading. Here are a few that come to mind: have goals and ways to reach them; understand the game you're playing and know the rules of the game; be disciplined in your approach; enjoy the process; learn from others; know your strengths and weaknesses and act accordingly. The list could go on, but these are a few.

Learning from what you read and watch is a necessary part of the process to some degree. Lots of good info here at futures.io (formerly BMT) for example. But most traders know "technical analysis and reliable patterns" quite well. Why would learning that stuff make you successful? It's all common knowledge. There are some very good principles that can be gleaned from traditional technical analysis, but a technical analysis book will teach you exactly how to trade like everyone else does who reads it, and when you do that you are one of "the herd."

If you are a trader, you are taking part in a game. In fact, there are several games going on at the same time in any given market. The rules of the game are not found in a $39.95 technical analysis book or a $59.95 video. Is it logical that traders or investors who risk millions and billions of dollars do the same things that "Day Trading For Dummies" advises you to do? I'm not saying you can't pick up good information, it's just that for every helpful thing you read, you'll read two other things that are just plain silly. One example: a common technical analysis tenet is, place your stop under the last swing low (or above the last swing high). Go ahead, try it, see how well that works for you. Only in fading common technical analysis principles is there much benefit to it. Again, just my opinion.

The bottom line is: knowledge is important. But understanding how markets work does not come from books. Trading requires independent thought, formulation of logical opinions, and then betting money on those opinions.



budfox View Post
Josh how long you been trading the ES for?

First traded it 2.5 years ago, but really focused on it starting just under 2 years ago. The more I learn, the more I realize there is to learn about markets, the financial industry, and myself.

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  #33 (permalink)
 budfox 
Toronto
 
Experience: Beginner
Platform: Sierra
Broker: MB
Trading: ES
Posts: 313 since Jun 2013



GaryD View Post
Time, patience, acceptance, risk versus reward, trading less, happiness, relaxation, self-learning...

lol.

What advice can you give me with regards to entering and exiting stocks.

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  #34 (permalink)
 budfox 
Toronto
 
Experience: Beginner
Platform: Sierra
Broker: MB
Trading: ES
Posts: 313 since Jun 2013


josh View Post
First traded it 2.5 years ago, but really focused on it starting just under 2 years ago. The more I learn, the more I realize there is to learn about markets, the financial industry, and myself.


So you trade the ES every day? full-time job? Major respect if thats the case

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  #35 (permalink)
 
josh's Avatar
 josh 
Georgia, US
Legendary Market Wizard
 
Experience: None
Platform: SC
Broker: Denali+Rithmic
Trading: ES, NQ, YM
Posts: 6,216 since Jan 2011
Thanks Given: 6,752
Thanks Received: 18,136


budfox View Post
So you trade the ES every day? full-time job? Major respect if thats the case

I trade the ES every day. I also do other things, but between the hours of 7:45 - 16:30 that's all I do (plus night prep, fun at futures.io (formerly BMT), etc.).

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  #36 (permalink)
 
GaryD's Avatar
 GaryD 
Orlando, Florida
 
Experience: None
Platform: shoes
Trading: happy
Posts: 6,462 since May 2011


budfox View Post
lol.

What advice can you give me with regards to entering and exiting stocks.

Practice

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  #37 (permalink)
 
lrfsdad's Avatar
 lrfsdad 
milwaukee,wi, usa
 
Experience: Intermediate
Platform: Mobile TWS & mobile TOS. Dough.com
Broker: IB, TOS, FXCM
Trading: futures and options. looking into forex
Posts: 186 since Nov 2012
Thanks Given: 302
Thanks Received: 161

So how have the first couple of weeks been going for you?

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  #38 (permalink)
 
Chrismind's Avatar
 Chrismind 
Houston, TX/USA
 
Experience: Beginner
Platform: Sierra Chart
Broker: Sierra Charts Data Feed
Trading: Futures
Posts: 68 since May 2013
Thanks Given: 40
Thanks Received: 101

Okay come on budfox. Let's hear the update. It will be painful, but just get it off your chest and tell us. Others can learn from this too. I started a thread very similar to yours a couple months back. I've been honest. Your turn.

You weren't ready were you? I had to learn the hard way too. You aren't alone by any means.

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  #39 (permalink)
 
Big Mike's Avatar
 Big Mike 
Manta, Ecuador
Site Administrator
Developer
Swing Trader
 
Experience: Advanced
Platform: Custom solution
Broker: IBKR
Trading: Stocks & Futures
Frequency: Every few days
Duration: Weeks
Posts: 50,396 since Jun 2009
Thanks Given: 33,172
Thanks Received: 101,537


Chrismind View Post
Okay come on budfox. Let's hear the update. It will be painful, but just get it off your chest and tell us. Others can learn from this too. I started a thread very similar to yours a couple months back. I've been honest. Your turn.

You weren't ready were you? I had to learn the hard way too. You aren't alone by any means.

He hasn't logged in since August 6th as of this post according to his public user profile.

Mike

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  #40 (permalink)
 budfox 
Toronto
 
Experience: Beginner
Platform: Sierra
Broker: MB
Trading: ES
Posts: 313 since Jun 2013


lol


Its going ok....some days I profit, others I lose...



Chris- How long did it take before you blew your account?

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Last Updated on June 7, 2014


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