Just registered here

I

ignl

Hi guys,

I've just registered here. I'm looking forward to learn more about trading from knowledgeable people and plan to go full time. Now I'm reading a lot and learning about markets and how they works (Trading and Exchanges: Market Microstructure for Practitioners looks like very good book for this I have almost finished it). Was reading something here and there for quite a while and now I decided that I need to take action :) I have registered with IB and after I get used to platform and understand it I will quit to paper trade full time for something like 1 month or maybe less and then start working. I'm software developer, so I'm also interested in automated trading, but probably leave it for a little bit later, when I have more practice. I'm aware that a lot of beginners fails, but I trust in myself. I know psychology is important, but I think I'm ready. I like to play poker and even though its completely different thing, but I guess psychological part is similar so it wont be so unexpected for me. Even if I fail I think experience gained will be very valuable, and I can retry or land an IT job in finances to regroup myself :) I will probably start trade oil futures, because I know someone doing that professionally and he could be my mentor for a while.
I was reading forum for few days now, and found some advices interesting. Here is short list I've copied (sorry no authors):
1. Another tidbit, indicators should not be used until you can just trade Price Action.
2. Plan every aspect of your trade down to the smallest detail, and plan for every possible outcome.
3. Develop your own strategy. Don’t let someone tell you that you can’t trade a simple moving average if you truly believe you can.
4. You are responsible for everything when it comes to trading. That includes stop running, bad fills, limit moves, your PC crashing. I mean everything. See #2
5. Paper trading is ok, but there is nothing that truly tests the strategy like hard earned cash.
6. And last but probably most important, don’t be afraid of failure. Just do like Edison and go, “Well that didn’t work”.

IMO the ideal trader demeanor is that of a predator. Predators are actually very careful--even shy.
If things aren't just right they back away and wait for another opportunity. But when they spot GENUINE WEAKNESS...
when they KNOW they're about to have a mouthful of blood--then they're THERE...and they take it all...and nothing will stop them.

The best way to trade using stops is knowing where traders place them and taking advantage of that fact. I go out of my way to hunt stops and take the
other side of that trade.
Only thing I might add is to stick with the dominant trend and then search for the counter trader stops, it's gold.
Agree. If surf's up look for a corrective move and an obvious place where the early longs would have their stops. Outside of the first 30 to 60 minutes the market tends to make one false move before it continues it's upward move, or downward should that be the case. Wait until the market comes back to tag stops and take the trigger on the next push up. Just one strategy of many in the toolbox. You gotta know what kind of market you're trading.
More...

However I noticed there are lots of arguing and quite few worthless posts in this forum. But I guess we can all live with that :) Anyway what do you guys think? Any advices about my approach? Any advices about forum? Any advices in general for new trader? I registered here because I want to learn from smarter than me :)
 
Quote from ignl:

.......... I'm software developer, so I'm also interested in automated trading, but probably leave it for a little bit later, w....
More...
Did you learn software developing on you own? I doubt it. It took time and I'd supposed
for someone, a company or perhaps a government agency, to employ you to get the skills you now have.

Without similar skills already in trading expect to have to spend much time and money to make it work.
 
Also, a lot of people here are bipolar, insomniacs with huge egos but little else....
Other wise known as 'Americans'.:D
We know, the USA is where all evil comes from- Subprime, Goldman Sachs, George W etc.

(Do you think it's a coincidence that "In God we Trust" appears on their coins?)
 
You must log in or register to reply here.
Back
Top