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Let's start from the beginning
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Let's start from the beginning

  #21 (permalink)
Member
Australia
 
Futures Experience: Advanced
Platform: Self-made, Multicharts, AmiBroker
Favorite Futures: Stock, Futures, Forex
 
Posts: 32 since Nov 2010
Thanks: 7 given, 21 received

It's amazing to see someone which such determination. I give you my tips:

1. The secret to trading is there's no secret.
The path which real trader walk is full of obstacle, blood and sweat. However, at the end of the path, there are many gems waiting for you.
2. Many people say learn to control your emotion first, but I say learn knowledge first and master your emotion later. It just, you need to make sure that journey doesn't go forever.
My experience with beginner trader suggest that they always feel not knowledgable. Hence, they go into "holy grail journey". While it's true many people are advised to get out from "holy grail journey" ASAP, I would suggest, holy grail journey is prerequisite to build up your knowledge. This knowledge is prerequisite to create your trading plan after all.
3. Don't overdo it.
Just like "Rome is not built in one day". If you want to go place in far away, you can't always run, because you'll get exhausted easily. Same thing happens with trading. Most important thing is just enjoy the process of learning how to trade. If you hate trading, you won't go far in that process, because it's a long journey.
4. Create your plan and follow it.
Trading plan is not only about planning how to trade. But it's also contains how you plan to improve your trading. It give you a road before you do it. The advantage is of course, in case you got lose somewhere, you can always look back at your plan to see where you are and what's the next step rather than screaming and cursing because you got lost. Having plan is worthed, mark my words.
5. Talk to traders.
This forum has a good community. Many traders help each others. Although, some people are not really generous, but many of people here are generous. There's no rule to not ask for anyone help. However, make sure to keep your mind open to new ideas and opinions.

All the best.

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  #22 (permalink)
Elite Member
Atlanta, Georgia
 
Futures Experience: None
Platform: NinjaTrader
Favorite Futures: Forex
 
rem4444's Avatar
 
Posts: 24 since Jan 2011
Thanks: 37 given, 28 received

Ignore thispost

Completed my first sim trade this morning.

I wanted to see if I at least understood and could execute the basic mechanics.

No system whatsoever. It was just to see if I could enter and exit. Success in this regard. Lost a few pennies after 10 minutes. Irrelevant.

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  #23 (permalink)
Elite Member
Honolulu, Hawaii
 
Futures Experience: Intermediate
Platform: NinjaTrader
Broker/Data: ATC/TT, AMP/Zen-Fire, AMP/CQG
Favorite Futures: TF
 
bluemele's Avatar
 
Posts: 2,547 since Jun 2010
Thanks: 3,806 given, 2,826 received


My wife loved this from forexfactory post a while ago.

Attached Thumbnails
Let's start from the beginning-5-steps-trader.pdf  
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  #24 (permalink)
Elite Member
Atlanta, Georgia
 
Futures Experience: None
Platform: NinjaTrader
Favorite Futures: Forex
 
rem4444's Avatar
 
Posts: 24 since Jan 2011
Thanks: 37 given, 28 received

5 steps of a trader


bluemele View Post
My wife loved this from forexfactory post a while ago.

Thanks so much! I really appreciate it.

I've seen this in other contexts, for sports, and most recently in a Dale Carnegie course on managing people, but never in a trading context. It's a great lesson. Unconscious Incompetence in tennis is one thing, but in trading it's deadly. Ignorance is definitely not bliss.

Very very few of us are naturals at this, so putting in serious time will move us down the path we need to follow. This is not good or bad, it's just how it is.

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  #25 (permalink)
Elite Member
Atlanta, Georgia
 
Futures Experience: None
Platform: NinjaTrader
Favorite Futures: Forex
 
rem4444's Avatar
 
Posts: 24 since Jan 2011
Thanks: 37 given, 28 received

Mostly reading, some sim trading

At this point this is more of a diary than a trading journal. I've made a few sim trades, but they have all been somewhat pointless; i.e., I have not employed any rules or strategies. The value has been in setting stops and targets, and learning the mechanics.

This is not to say that I have been inert. To the contrary, I've reached an important point in my brief trading journey: when I started I had to force myself to study, but now I really enjoy it and look forward to reading and learning and looking every day. I talk with people at work about it.

Concretely, I finished reading The Complete Guide to Day Trading, by Markus Heitkoetter. It covered a lot of ground, and answered some questions, but boy oh boy do I have a ways to go. Also read Stikky Stock Charts, which you can read in an hour and is worth about that amount of time commitment. Started reading Trade Chart Patterns Like the Pros by Suri Duddella. I'm only a few chapters in, but I'm finding it is not as prescriptive on entry and exit as I had hoped. Maybe I just don't get it yet. I bought and have high hopes for Technical Analysis by Kirkpatrick and Dahlquist. (Has anyone read this book?) It's long at 700 pages and is like a text book, but I'm hoping that thorough descriptions and discussions about indicators, cycles, moving averages, etc will give me a better chance to choose the system and rules that I understand. I'm trying to understand why I choose and use particular indicators before I decide they are right for me. I bought and have just started to read Japanese Candlestick Charting Techniques by Steve Nison. So far I like and understand the discussion.

Also viewed Big Mike's video on How to Create an Advanced NinjaTrader Strategy. Needless to say I didn't follow all the programming steps, but I clearly understand what the tutorial was about and know that with time I can use this same approach if I decide it's right for me.

I downloaded NinjaTrader, but didn't receive the registration key, so that's a project for tomorrow.

For my records, I put in 3 hours Tuesday, 5 hours Wednesday, and 5 hours Thursday.

I'm having trouble setting short term specific goals, as I find I still don't know enough to write down a strategy and rules. That's not quite true. I could copy someone else's strategy and rules, but I won't even do that until I feel I can understand the concept, assumptions and dynamics of a system. So, I'll keep plugging.

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  #26 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 46,240 since Jun 2009
Thanks: 29,352 given, 83,234 received

For your next books I would say the Market Wizards books are an absolute must, and also read Brett Steenbarger and Van Tharp (in that order).

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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  #27 (permalink)
Elite Member
Atlanta, Georgia
 
Futures Experience: None
Platform: NinjaTrader
Favorite Futures: Forex
 
rem4444's Avatar
 
Posts: 24 since Jan 2011
Thanks: 37 given, 28 received

Thanks for the suggestion on books

@Big Mike,

I bought Market Wizards and started reading it, but still don't understand the points they are making. I put it down, but I'll pick it up again.

As for Brett Steenbarger, I read a thread you started with extensive quotes from this author. I see what you're getting at. This will be my next book.

Again, thanks for your guidance.

Bob

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  #28 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 46,240 since Jun 2009
Thanks: 29,352 given, 83,234 received


rem4444 View Post
@Big Mike,

I bought Market Wizards and started reading it, but still don't understand the points they are making. I put it down, but I'll pick it up again.

It's told as more of a story, how each trader made money. It lets you appreciate how successful traders think, what was important about their method or about how they traded, their confidence or personality, etc.


Quoting 
As for Brett Steenbarger, I read a thread you started with extensive quotes from this author. I see what you're getting at. This will be my next book.

Yes I started my own advice thread on the forum while his book was still fresh in my mind, I was writing a lot of passages that were inspired by ideas from Dr. Brett. His books really speak to me and gave me a lot of ideas on how to overcome the challenges in my own trading.

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.

Reply With Quote
The following user says Thank You to Big Mike for this post:
 
  #29 (permalink)
Elite Member
Atlanta, Georgia
 
Futures Experience: None
Platform: NinjaTrader
Favorite Futures: Forex
 
rem4444's Avatar
 
Posts: 24 since Jan 2011
Thanks: 37 given, 28 received

Learned something today

I was practicing on Oanda FXGame tonight. My goal was modest: execute market orders on EUR/USD, with stop loss, using Bollinger Bands, Candlestick charting and 30 second time frame.

My simple rule was that if the close was above a band for three consecutive periods, I would go either short or long, and set the stop loss one tick away from the close. I wasn't worried about gains or losses, I just wanted to see if I could watch the charts and mechanically execute the trades according to the rules.

My stop losses didn't seem to work. I guess I entered them incorrectly. I was disciplined about following my rule, albeit an extremely simple one. Nevertheless, I made a mistake and tried to close out a short by selling more units, thus opening two positions. Once I realized what had happened, I started looking at my P&L, rather than calmly evaluating the chart and adjusting or closing the open positions. And this was with fake money.

It's late and I'm tired, so I learned that I should not try this when I'm not able to concentrate fully.

Second I learned that I need to invest the time to understand fully the mechanics of the platform. I will make mistakes, but I have to do all I can to prevent stupid mistakes, and I need to keep my wits about me when I do make a mistake. I was just clicking away in a panic for about 15 seconds.

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  #30 (permalink)
Elite Member
Springfield
 
Futures Experience: Intermediate
Platform: Ninjatrader, TOS
Favorite Futures: eMicros
 
Posts: 126 since Sep 2009
Thanks: 10 given, 78 received


Since you live in Evanston, if you had time, you could go down to the Chicago Board of Trade and watch what happens.

Tour of Chicago?s Board of Trade Building Combines Architecture and Commodities Trading - Lonely Planet

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