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(copied from one of my previous posts--might as well start my journal with it)
Was only 2 weeks ago that I decided to make the transition from passive Investor to active trader.
The challenges are formidable.
I have to upgrade my net connection, upgrade my pc hardware, get a new desk, reorganize furniture, change brokers, etc.... Having said that I expect everything to be in place by the end of march. In the meantime I am learning how to read charts, different instruments, watching webinars, videos, etc.....
I really like Al Brooks methods. "Gimme a chart and I'll trade it" That is basically my long term goal.
I'm slowly getting a grip on the various factors that make up a successful trader--psychology, strategy,methods, RR, Money management, journals, etc..., and again PSYCHOLOGY---
I have a full time job, family, badminton 3 nights a week, softball most Sundays--so while I remain focused on the task--it is going to take time--lots of it.
here's a real newbie question for all of you --Are there any charts that plot volume in candlestick format? ie.. draw a candlestick for every 100 contracts traded.
My study regimen? I will watch again all of Al Brooks webinars-- I also find useful Patstrading daily u tube videos
nightly chart watching--
Last edited by asiaexpat; February 28th, 2013 at 07:31 AM.
The following user says Thank You to asiaexpat for this post:
Quick Summary is created and edited by users like you... Add FAQ's, Links and other Relevant Information by clicking the edit button in the lower right hand corner of this message.
You are starting a journey that I too started over two years ago now....if I had it to do over again I would have started with James Dalton and Brett Steenbarger. Learn to read what the market is telling you.
Good luck!
XS
The following 2 users say Thank You to xiaosi for this post:
Do you know if there is any social collaboration among the community of daytraders living around thailand? Ive got a vacant hosting account just aching for a new website
So I finally figured out how to download free historical data and actually got a simulation session up and running.
5 minute Emini
I know there is some debate about simulation but I found it extremely useful.
My intention for this session was to get use the controls and mechanics of the ninja platform--Chart Trader/vs DOM etc.... but it quickly evolved into an all out trading session.
I was in way over my head.
I made all the rookie mistakes--poor entry selection, didn't follow my "rules", sold too soon, traded way too much, trying catch every swing. .... think I made like 27 trades in 3 hours. I got tired and impatient and lost $300 in the last 1/2 hour.
I was scalping--reached my target once and got stopped about 4 or 5 times. each of the stops cost me 100$.
Seems like every time I entered a trade within seconds I was already 1 or 2 ticks down --Then I went into " I was wrong and how to get out mode" So I would scalp for 2 or 3 ticks. etc.... etc... Just poor management. wanted to get my money back-- I'm competitive--even trading phoney cash.
On the positive side--I quickly identified a channel and made some good trades--even a couple trend lines I created were surprisingly useful.
I enjoyed it, Great experience-- Im starting again now.
I finally got everything up and running--bought a ninja license etc...----
Today is the first day I could actually trade for real.
I was nervous---watching the ESmini open and trying to wait patiently for an entry point.
Finally took the plunge and exited 24 minutes later with a 4 tick winner.
It was tough waiting-- the temptation was to take 2-3 ticks but I was confident I could get more. I still dont know the what the final outcome would be if I just let it ride out.---
I need to figure out how to post the chart
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Last edited by asiaexpat; March 14th, 2013 at 11:07 AM.
Reason: add chart
