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Things that may help newer traders
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Created: by GarryM Attachments:3

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Things that may help newer traders

  #1 (permalink)
Elite Member
Tucson AZ
 
Futures Experience: Intermediate
Platform: Ninja
Broker/Data: Interactive Brokers
Favorite Futures: es
 
Posts: 123 since Jul 2009
Thanks: 31 given, 133 received

Things that may help newer traders

To HOBBIT 33 and anyone else interested interested,

In a private conversation, I mentioned some things that work for me and may help other new traders.
That post is listed below:

First of all, your trading screen has to work for you. If it works for you, don't pay any attention to me or anyone else, you must have confidence in and trust your indicators.
Find something that you like and paper trade it, until you trust it or not, once confident in it move to very small amounts of contracts 1-2 until you are profitable then increase the number of contracts remember risk & money management are everything.

For me your screens are a little to much information to process on such short time frames. Al Brooks MD wrote a book on Reading Price Action Bar by Bar and he says that the 5 minute chart with candles and a 20 EMA is all the information he needs, what he is talking about is that candles, support & resistance, higher highs/lower lows-etc. give him as much information as he needs to make a decision.

I will send you several things that either I have written or found that have helped me along the way, including my screen shot with comments. One of the lists that I created has the most important things for me to remember while I am trading.

GarryM

Attached Thumbnails
Things that may help newer traders-2009-08-17-tos_charts.png-chart-hobbit-33.png  
Attached Files
Register to download File Type: docx 38 STEPS OF LEARNING TO TRADE.docx (12.7 KB, 120 views)
Register to download File Type: docx TRADING GUIDELINES 051909.docx (19.0 KB, 102 views)
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  #2 (permalink)
Elite Member
richmond hill, ny
 
Futures Experience: Beginner
Platform: ninja trader
Broker/Data: zen-fire
Favorite Futures: es .tf
 
HOBBIT^33^'s Avatar
 
Posts: 21 since Aug 2009
Thanks: 38 given, 5 received

Thanks garry,
is there anyway for you to post those indicators for tos.
HOBBIT

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  #3 (permalink)
Elite Member
Tucson AZ
 
Futures Experience: Intermediate
Platform: Ninja
Broker/Data: Interactive Brokers
Favorite Futures: es
 
Posts: 123 since Jul 2009
Thanks: 31 given, 133 received


HOBBIT 33,

The master is Eric at Thinkscripter.com, he is the creator of all my indicators, I just tell him what I am trying to achieve. His website is full of great indicators. Be sure to donate, he is incredible.

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  #4 (permalink)
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Memphis, Tennessee
 
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Favorite Futures: ES, EUR/USD
 
deltason's Avatar
 
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Those 38 steps are so on point. Thanks for the list.

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  #5 (permalink)
Just starting out...
Lowell, MA
 
Futures Experience: Intermediate
Platform: Ninjatrader
Broker/Data: Mirus Futues/Zen-Fire
Favorite Futures: ES
 
Posts: 8 since Aug 2009
Thanks: 0 given, 9 received

Gary,

I can tell you that I actually went through all those steps and now standing on #22: We start to take responsibility for our trading results, as we understand that our success is in us, not the methodology.

My steps, summarized.
1. I was excited to trade because it look easy. -$3000
2. I bought indicators hoping for that holygrail signals. -$2000 (PBF)
3. I start understanding how simple indicators are calculated. -$1000
(Almost gave up)
4. I start searching around for knowledge and methodology. -$500
5. I defined a couple of methodologies and keep breaking my own rules. -$500
6. I started with 6 indicators down to 3 using free, forum posted ones. -$100
7. Right entries are made. $700
8. Overconfident by trading over 3 contracts and breaking my own rules. -$2000
9. Feeling really close by learning to accept losses using the risk/reward ratio.

Gary, your list are inspiring.
I've spent months learning to trade and feel like I can't give up, I love it too much

Frostbyte

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  #6 (permalink)
Elite Member
Tucson AZ
 
Futures Experience: Intermediate
Platform: Ninja
Broker/Data: Interactive Brokers
Favorite Futures: es
 
Posts: 123 since Jul 2009
Thanks: 31 given, 133 received

Frostbyte,

Thank you for the great response. Let me know if I can help you in any way. Don't give up. If you ever get to that point get in contact with me.

Last night I posted some charts in the "Holy Grail" thread, they may be of help. By the way, you got off cheap on your dues, my dues (school of hard knocks) were a lot more expensive.

GarryM

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  #7 (permalink)
Elite Member
Tucson AZ
 
Futures Experience: Intermediate
Platform: Ninja
Broker/Data: Interactive Brokers
Favorite Futures: es
 
Posts: 123 since Jul 2009
Thanks: 31 given, 133 received

Frostbyte,

Thanks for the appreciative response. I really like to help guys like you. I posted some charts in the "Holy Grail" thread Post #325 they may offer you some help.

Don't ever give up, if you get to that point get in contact with me.

GarryM

Sorry, I thought I forgot to upload,then did not reload to page to check, retyped a second message.

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