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From the Beginning...my journal of starting from scratch
So in case you haven't seen my introduction thread (I'm sure you haven't), I'm seriously new to the trading game. I don't know any of the lingo like price action, draw down, etc. but I have been interested in it for years, just never took the time to learn anything. I have no capital to start with but I think that will help me in the long run as it will give me plenty of time to read, study, learn, and SIM train until I get some funds together to begin going live. I feel like I have a knack for noticing the ups and downs but who knows, maybe it's just beginners luck, although I plan to get the patterns down much better with time. So I am starting this thread with the idea of charting my daily progress and documenting everything I do as far as reading books, reading threads, and SIM training in the hopes that it can help someone else in the future when they are just starting out. I have been reading threads here and there for a few days but I am just going to start with today to make it easy.
7/8/15
Today I played on the NinjaTrader SIM from about 1pm to 6pm. Some of the trades I made were mistakes just trying to learn the system since it was my first time but I think overall I did pretty good with a profit of $350 for the day
More to come soon!
Can you help answer these questions from other members on NexusFi?
Thanks for the insight DB! I keep seeing people talk about a trading plan but I hadn't yet figured out what one was or how to come up with it. It looks like your attachment tells how to do it so I have downloaded it and am going to read it now. Thanks for the help man, it's very much appreciated!
Only SIMed for a little while tonight but made three trades. 2 winners, 1 loser. Shouldn't have taken the loser but oh well, experience for next time. Using the DOM and watching the patterns of buys while moving up and down and starting to see the way it works. Also, began reading the attachment that DBPhoenix posted about making a trading plan and still trying to understand the concept since I don't understand the lingo yet and have to look up the definitions. It's making me smarter little by little which is great! Other than that I have been reading a few beginner threads and ES trading threads which helps in little bursts but the lingo is what is holding me back from understanding fully what is being said. Until tomorrow, Happy trading!
BTW, if anyone could teach me how to screenshot the entire graph of trading with the buys and sells I would gladly post those instead since those seem to be the norm of what people post and want to see instead of the graphs I am posting. Thanks guys!
Got my book "How I made $2,000,000 in the Stock Market" in the mail and began to read it. Got a little over halfway through it and I'm really liking it. It doesn't give a lot of information on definitions and starting out, but it does go into pretty good detail about how he developed his plan through trial and error. Very good insight into what I had already assumed in that indicators, news, and tips tend to clutter your view of what's really going on. Studying your market and really understanding the price action is a big factor in being successful.
Thank you PeakGrowth for the suggestion, I will look into it
7/11/15
Finished the Nicolas Darvas book and I have to say I am impressed! Of course I didn't expect this book to teach me how to flawlessly work the market but it did confirm and cement a few things for me. Having a trading plan and strategy is a huge key to success and longevity in the trading game. Also, keeping emotions out of your trading is a big part of it as well so that you don't make quick and rash decisions against your plan because you are either scared or greedy. Along the same lines, having a stop loss is necessary to make sure you don't incur losses above and beyond what you can handle. All in all I feel more sure of my decision to get into trading and look forward to developing my plan over the coming weeks/months!
Thanks again for reading and helping everyone, it's greatly appreciated and will help further my goals and growth in this business
Trying to get my hands on more books and e-books to expand my knowledge of day trading and the E-mini S&P 500.
A few books and resources I am reading are:
CME E-mini Stock Index Futures and Options product overview e-book
A-Z Guide to E-mini futures Trading e-book
Day Trading for Dummies
Day Trading - The Art of Cashing in on a Shaky Market in Minutes a Day
Market Timing for Dummies
