I would like to recommend something to you, which might be much simpler than Perry's system. I believe it will help you build discipline and a trading plan, which I think you lack at present time.
I know how most of us, including me, might feel about educators, specially given many of them are not well priced for those looking to enter the market... but I think you should look at Rockwell Trading to get you started.
Their strategies are, well, public; and they are, well, rather simple to follow. There are implementations for Ninja and Tradestation out there for the indicators they use, which are public as well... their methods are simple and easy to follow and will certainly teach you to recognize when you are in chop or trending, help you build money management, a trading plan, etc... all the things you are lacking at present time.
Best of all, they have lots of freebies.. and their material cost is affordable.. you will spend a few hundred at most to get what you need and put into practice.. to get you started, here is a link to get their free Day Trader Starter Package.. it will provide you with one strategy..
I met with you today at the Starbucks in Costa Mesa and helped you get online with a ZenFire feed, get the Perry's system indicators imported and loaded onto your chart, and created a chart template and workspace for you. I just went through your journal for the first time today to learn more about where you're coming from since I didn't have much time to chat with you once we got your system up and running because I had to get back to my client's office.
After reading through it some more I would recommend a few more things from here.
First, you have to learn Ninja, well. Trading is hard enough. If you can't confidently use your trading tools then you will make a lot of expensive mistakes. I urge you to go through the Ninja videos and webinars they offer. It will take a lot of time and some of them will probably be boring but I did it, many others here probably did too. It's just part of the process I think you need to go through. Even if the video is on a topic about something you think you know about Ninja, watch it anyways, you'll probably learn something new.
Second, I fear you are trying to achieve trading mastery too quickly. Trading 3 contracts at this point is really dangerous right now. You probably feel pressured to generate income and are trying to force it, but you won't succeed that way. If you need income fast I suggest you find something else to supplement your income until you put in the time to become a good trader, which will take at a minimum at least 6 months, probably more. I know that's probably now what you want to hear, but it's the truth. I did something similar: borrowed a lot of money so I could trade it and make some quick profits. As I told you today, I had some big losses because I was risking way too much too early. You need to start becoming consistently profitable with small amounts, then increase your trading size after a few months at least.
Trading is hard. You are going up against multi-billion dollar hedge funds run by Ivy League MBAs and MIT PhD's. The odds are stacked against you. You need to learn to be patient and selective with your setups and not try to hit a home run with each trade. Your expectations need to come down a few notches.
Third, keep journaling, no matter how embarrassing you think it is. I started my journal 18 months ago, and maybe some of it is embarrassing to read now but the transparency has been worth it. A lot of people here want to help and will.
The following 5 users say Thank You to shodson for this post:
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.
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The following user says Thank You to Big Mike for this post:
shodson, my time with you was PRICELESS. When I drove away I had to look at the clock to see how much time we spent together. Our productivity was incomparable. A mere 90 minutes. I was shocked. I had labored around the clock by myself to no avail. First, you identified the eSignal issue of not providing range data in a New York minute. I would have been incapacitated by that issue alone for the rest of my life and never realized the problem.
I can't believe I now have a magnificent chart after trying to put one together for better than a week. And I mean around the clock. When I returned home I checked each of the parameters and I only have a few questions which answers I can pick up from Perry's thread. Tomorrow when I'm fresh I'm going to type all the notes I took about importing Zip, CS and XML files. I can't believe I know how to do that now. You neglected to mention that little detail above - you showed me how to import each type of indicator and document for templates.
Not less importantly you dragged me back to my journal when I wanted to shrink from the humiliation I felt I brought on and experienced by exposing myself so unnecessarily to strangers. "WTF was I thinking when I started this journal?" I kept asking myself. I began to delete all my messages I wrote on this board but Big Mike busted me quickly and put a lock on my deletion capabilities.
I will go through all the NT Vids and Webinars but the truth is that I learned so much more in the 90 minutes together than I have during the hours I've already poured into them. I will continue to watch and review them while I am trading with the simulator. Trust me, I am so far away from trading live that frankly I can't even imagine it. Yes, three contracts are too many to trade even with a simulator. I will begin with two as Perry suggested and see how I do. You asked me today why I selected Perry's system to trade? When I was looking at the chart today I knew that the answer is that I just see the trades on his chart the way he has layed out the platform. I'm just so ready to embrace the rules associated with a trading system. I wasn't before but now I am. This lesson has cost me big time and I have just internalized the experience to the extent that it has transformed me. It's what happens when one hits a bottom. And believe me, I have hit different types of bottoms. Each time I clawed my way back up from the ashes.
I hear what you are saying about mastering the trading tools. I will aspire to do that while I am trading with the simulator.
Thank you so much for your personal attention to me. You took time you could have spent with your family, business, or trading to help me. I am ever so grateful and filled with immense appreciation. My gratitude is beyond words but I think you felt the extent of it. Thank you, thank you, thank you.
The following user says Thank You to plethora for this post:
I wasn't going to say anything because I didn't want to make you feel uncomfortable, but here it comes: You have been an amazing friend to me. I've said it many times before and will say it again, thank you so very much.
The following user says Thank You to plethora for this post:
I'm very sorry and apologize for not thanking you sooner for adding to my journal. It's just that I was completely incapacitated by the fact that I dragged you into my mess. I couldn't believe I did that.
Thanks particularly for understanding that some people do not have the technological aptitude to the extent that others do. You seemed to imply that it did not have to be a deterrent to trading. But I am plodding away at it as there is no way to circumvent, as shodson says. tools of the trade.
Thank you so much for having this amazing place where you have successfully brought out the supreme qualities of people, and human potential.