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This is good advise, so I will follow it...
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This is good advise, so I will follow it...

  #1 (permalink)
Elite Member
Toronto, Canada
 
Futures Experience: Advanced
Platform: NT
Broker/Data: TD Ameritrade, Dorman/Zenfire
Favorite Futures: CL,ES
 
VinceVirgil's Avatar
 
Posts: 1,752 since Aug 2011
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This is good advise, so I will follow it...

Very new to Trading, in currency that is. Therefore, I felt it good to start this journal, to help me on my journey.

Briefly, I am a financial guy, but more of an investment consultant. Customer service rep really, for a financial institution. I make 6 figures, and have done for 15 years. but my work is really boring...and I have other interests, so i would like to stay in the investment business, but something different. the biggest hassle i face is compliance issues with clients, risk tolerence, is this appropriate and handholding in difficult markets. like when their portfolio shrinks in value for a few months and they have to be fully invested becusue thats the program they signed up for.

i was a rising star in the investment world...in my own little pond, youngest in the room at one time. now I am older, and not so young, and what I do stopped being interesting and enjoyable around 10 years ago...but it pays the bills.

So now...along comes futures trading, a subject i studied in university, and understood in my investment courses. Trading in futures falls into the category of Alternative Investments, and as such, are offered to retail customers only under an Offering Memorandum for accredited investors, which varies depending on your country of origin. I happen to live in Canada. not much different in the US, as such investments are considered unregulated by the SEC. So, I have some skills, but in a different branch of sport.

for actual trading, I am pretty green. have a good computer for trading, multilple screens, and NT7. Read a couple books on trading Forex. started on sim a couple weeks ago to try to piece together the procedures, and lost 42000.00. Thats a lot...good thing they were sim dollars. but now...i have a simple strategy, and trading E6 and ES, 1 contract, simple entry and exit strategy, looking for 6 ticks max with a 4 point stop when I get a simple setup.

So this is my first post...next ones wont be as wordy. Did 17 trades (i know likely too many) 1 contract at a time got carried away. 12 winners, 5 losers for a measly 70%.

made 50 bucks. Still trying to figure out how to add commission cost. If I added that, I lost today.

Try again tommorrow. BTW, journal will be way less wordy. i welcome all comments and will reply to all I can.

Looking for a mentor...anyone that can help? maybe we can start a hedgefund...i'll handle marketing. i figure I could raise 1 million in a few weeks.

Just a thought.

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  #2 (permalink)
Quick Summary
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  #3 (permalink)
Elite Member
Chicago Illinois USA
 
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How fast could you...


raise 20MM?

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  #4 (permalink)
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Honolulu, Hawaii
 
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6 ticks TP and 24 tick stop.....

You may want to reevaluate that.

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  #5 (permalink)
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VinceVirgil's Avatar
 
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Journal Day +1

Visited Perryg webinar. Tried to set up his method. Great presentation ....good speaker. Tremendous confidence. What did you do in a previous life, Perryg. what ever it was, you must have doen it very well, because your presentaion was excellent. 4 stars.

Tried setting charts up like his. Kinda confused on how he got some of thiose indicators to work. And the significance of each one is a little foreign to me....ok a lot foreign, but this is the place to learn right? There are no lousy students, just bad teachers?

i would like a mentor, someone to help me through the mass of confusion. The best way to learn is at the foot of someone experienced and capable, and from my years of competitive sport, I know that when one teaches fundamentals, personal fundementals are reinforced. Thnis is brain training...never too old to learn something new.

Traded 1 contract following a simple strategy from some of the indicators perry talked about. 9 trades 4 winners, 5 losers. down 62.50. Not discouraged, just recognise I have a lot to learn. I have to be confident I can do it, before i do. No guessing. Create strategy, then follow strategy. Discipline, discipline, discipline. Top 3 traits.

Thanks for listening.

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  #6 (permalink)
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9.19.2011

12 trades 1 contract, 7 losers 5 winners. best was 11 pips when my strategy was giving me a green light.

Still, lost -275. The losers were when my strategy went against me, so I cut my losses. Shouldnt say that. On my losses, my strategy wasnt with me completely, so in hindsight, I lost on trades when i didnt follow my strategy. Didnt follow my own strategy. I wonder how many traders do that? Too many to count...not following their own strategy and losing. " If you dont know where you want to go, any road will take you there." from Alice in Wonderland

Did maybe 40% of the things I need to do right...guess what? Traded at less than 40%. Now there is a lesson in there.

VanceVirgil

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  #7 (permalink)
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9.21.11

Didn't post in my journal yesterday because of technical difficulties with my computer. Nothing major, just accidentally deleted what I wrote, and dindt feel like rewriting it.

Traded 1 contract trying to get my setup. I am trading a 2 minute chart on the 6e. Using an EMA 20 And EMA 5 for setups, With a SMA 40 to determine price action.

Last night at 20 EST pm had some kinda computer lock on Sim that kept pushing then 6E higher and higher. Started to susopect something wrong after around 20 minutes, because I was letting my profits run. up and up and up. Turns out I wasnt in the right place at the right time, and I didnt make 20k on my 5k account. When I reloaded the information, my charts went to what they should have been.

I tryed remaining calm, but as the currency went higher, I kept riding up with it....but I took away 2 things.

1. I let my profits run without getting overly anxious. I remained pretty even on my emotions despite the HUGE runup. I did started adding more than 1 contract, couldnt help myself, because of the profits I was making.

2. I figured out something was off. it took me a while, but I did figure it out. Rather have a problem Simulated that live. Would the false information feed have happenned if I was live? If I had traded like I had live, I would have lost.

I need to learn a lot more before i go live.

Sat in on an Online Trading presentaion last night. They use fractal geometry for their setups to detrermine suport and resistance. They claim that in 4 to 6 weeks, using their method, you can get over 85% accuracy. Of course it was a sales pitch to buy their program.

Gonna try a few trades today, but I need to reset my Sim account because of the false runup last night.


Last edited by VinceVirgil; September 21st, 2011 at 01:37 PM.
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  #8 (permalink)
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VinceVirgil View Post
Gonna try a few trades today

Bear in mind today is FOMC day, I would say don't trade until after the announcement.

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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  #9 (permalink)
Elite Member
Toronto, Canada
 
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VinceVirgil's Avatar
 
Posts: 1,752 since Aug 2011
Thanks: 2,144 given, 9,180 received

Thanks

Thanks Big Mike. Will keep that in mind.

Seems I've been getting whipsawed a bit...for a begginer like me, any advise for viewing the Webiinars? Checked out your presentation from last year...the intro one. Very good stuff, BTW.

For now, sticking with the 6E until I get a better handle on trading mechanics, and try to work on the phsychology side of trading.

Thanks Again

 
  #10 (permalink)
Site Administrator
Manta, Ecuador
 
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Big Mike's Avatar
 
Posts: 46,240 since Jun 2009
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Most traders keep using smaller and smaller charts, and smaller and smaller stops. They do this to avoid the pain of a big losing trade.

It is not the answer. Death by a thousand cuts.

If you are getting "whipsawed", I have two pieces of advice:

- Make certain you are not reversing your direction. Don't go long, then 5 minutes later short, then 30 minutes later long.

- Increase the size of your chart and/or your stop. Set stops based on recent price action + cushion. Do not set stops based on pain threshold.

Read the Elusive Price Action thread for good examples.

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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