I've been trading for a couple of unprofitable years, figured I'd make an account here because the worst that'll happen is I'll lose more money!
I'd still consider myself a beginner because I'm unprofitable.
I don't use indicators, not even volume, and I prefer to day trade the morning session. My current instruments are buying calls/puts for SPY, QQQ, AAPL, IWM, and FB to name a few.
I'd say I don't have a strategy since I'm unprofitable, but it basically involves lines such as the Previous Day High, Previous Day Low, and Hourly/Daily/Weekly trend channels.
I plan on putting up a trading journal on here to hopefully get valuable critique about the strategy.
And my journal will be all paper trading.
The following user says Thank You to N00bdayraider for this post:
I respond well to constructive criticism, and I'm hoping my trading journal (whenever I get around to doing that) gives me the feedback to turn me into a consistently profitable (albeit on paper...which I think I have the means to translate to real money) trader.
The following user says Thank You to N00bdayraider for this post:
Welcome to this forum. I am also trading since 2 years and now have learned a lot through constant practice. Hope you will share your knowledge and experience with us.
Of course you will. But you need to take it seriously. I would like to suggest you to find an appropriate broker and practice risk free trading through Demo and then enter the real world of Forex. I did the same about 5 years ago and faced many difficulty at first, but now I have found the best broker and I am earning a lot through him.
I've actually decided I'm going to trade Futures instead of Options. I think I have a strategy that works, and I'm going to to paper trade with ThinkOrSwim for the next few months, just one contract, and see how it works.
With Options I would have to make perfect trades to profit with less than 10 contracts, 1 or 2 losses would seriously hurt me. With Futures 1 or 2 or even 3 losses can easily be cancelled out with 1 good trade.
I prefer loss as the stepping stone towards success. You should not neglect it and because of the risk of losing you should not stop trade. I have also incurred loss when I have started trading and through every loss I gained experience regarding Forex Market and various brokers. My current broker helped me a lot to understand market analyzation and I am very happy that I chose him as my broker.
