(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:
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.
The following 2 users say Thank You to xiaosi for this post:
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.