1st year of trading

Quote from keysertv:

You know, good question and you made me think. Apparently now it's only 0.1% of my account, not much at all and not very risky I guess. But you know, my goal was and still is to learn how to trade first, not to make money right away. When I started I really didn't know what I was doing and I was risking more and losing more. But only since January when I finally went back and analyzed my trades I could see what I was doing wrong and for last 5 months I'm risking the same amount on every trade and just applying my approach to markets.

What was your experience when you started?
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Well, I overtraded and had a tremendously astronomical return. Later I paid the piper.......
 
Quote from Macphisto:

Since I want to get into trading in the Forex Market, I'd be really interested to here replies on this post. Please everyone, can you state how much return you get per yr on your capital, and what programs/training did you use to get going?

Basically, trading is like everything else. It pays to do you research before you jump in...that's what I am trying to do...

Any advice would be much appreciated.

Mac
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Be Honest. You saw that Forex infomercial didn't you?:)

They make the lifestyle look great (which it really is). However, nobody can teach you to trade. You have to teach yourself and pave your own way to profits. Forex is nice if you have to trade outside regular NY trading hours. If not, I would suggest trading equities as a direct access trader. There are more opportunities than the Forex market to apply the same principles ot trading.

I have been daytrading since 96'. Currently my strategy is to use a great real time Alert program that filters out low volume noise. In other words I am only looking at stocks doing at least twice their normal volume for that day. This helps me keep it simple. I use no system. Just a discretionary trader flying by instincts and personal rules. :cool:
 
I attended a Forex seminar on Tuesday in Vancouver. The website is fxtrainer.com. It was basically a multi-level marketing scheme with a ripoff software program. THe sad thing is, lots of ppl signed up... so yes.... a sucker is born every minute.

Mac
 
Mac,

I started in June of 2002, I was net positve $25,000 by Jan of 2003. In 2003 as my first full year I cleared $100,000. This was done by trading pairs, trading with established traders and a lot of hard work.

If you are in Vancouver you should check Bright Tradings open house on Tuesday June 8th at 7:00 pm. Bob Bright will even be there. You can RSVP brightvancouver@canada.com if you are interested.

Cheers,

Darren
 
Quote from djclif:

Mac,

I started in June of 2002, I was net positve $25,000 by Jan of 2003. In 2003 as my first full year I cleared $100,000. This was done by trading pairs, trading with established traders and a lot of hard work.


Darren
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How have you done trading pairs from June 2003 to the present?
 
I run all my accounting per year. So far this year I am already up more than last year trading pairs. I don't think that my results are average, but I do believe that a good portion of them can be duplicated. If you want some insight into one of the strategies I am currently using check out the chat I did with Don Bright the other day.

http://www.elitetrader.com/ch/transcripts/nyse_order_execution.cfm

The way that I started was with a little of my money as a risk deposit and then leveraged capital. This allowed me to get great returns when I didn't start with much. Now I manage my capital a little more cautiously as I have more to loose.

Being in the game after a year and not making much money is fine, as long as you have learned from it. You should be starting to see some better results in year two.
 
Quote from keysertv:

You know, good question and you made me think. Apparently now it's only 0.1% of my account, not much at all and not very risky I guess. But you know, my goal was and still is to learn how to trade first, not to make money right away. When I started I really didn't know what I was doing and I was risking more and losing more. But only since January when I finally went back and analyzed my trades I could see what I was doing wrong and for last 5 months I'm risking the same amount on every trade and just applying my approach to markets.

What was your experience when you started?
More...

This is a simple money management problem then. Start betting 0.5% of your account per trade, and increase your position size in line with increases in your closed position equity.
 
Quote from keysertv:

I started trading a year ago, never had experienced before since I lived in Russia and moved to US only a couple of years ago. I had my ups and downs but since January I am more consistent and started to make some money. I make 3-4 trades per day and 45 out of every 100 is profitable, plus on average I make $3 for every $1 I lose. Right now I risk a small amount on every trade and working on increasing it...

However I am up only 5% since June last year. This is pathetic and since trading is my only source of income (which is not much income right now) it makes me wonder sometimes if I'm just fooling myself.

So I want to ask you guys what was your first year like? How long did it take you to be profitable? Do I need reality check or the fact that I still have my capital and becoming consistent is a good sign? What do you think?

keysertv
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Number one problem is that you are relying on your trading for income. Obviously you have not enough capital.

Otherwise your progress is very good.
 
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