while u are waiting to get more experienced, u should have a sim acct also and practice trading,it should speed up your experience miles,and when a great setup presents itself ,trade,you reeally can't afford to chop in and out ,you will die in brokerage fees,you could take 3 or 4 trades a week and make 4-500
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newbie looking for virtual mentor/ mentors
- Thread starter shiko2000
- Start date
Quote from ammo:
while u are waiting to get more experienced, u should have a sim acct also and practice trading,it should speed up your experience miles,and when a great setup presents itself ,trade,you reeally can't afford to chop in and out ,you will die in brokerage fees,you could take 3 or 4 trades a week and make 4-500
Ammo, than you for advice.
I trade Live from Title Trading office actually and at least half of my trades are made with limit orders so, most of the time I even earn by providing liquidity.
I am trying to catch bigger moves, but not always can make it.
Today I made more agressive trades in relation to limit orders, but because I was providing liquidity for %0.29 for 100 shares and removing for $0.18, I think I should be almost flat or just a little down on my fees today. Usually I even earnn on credits.
I am done for today. Just watching BAC as it looks like break out on one hand and double top on another. Interestuing how things will turn.
Quote from shiko2000:
I think that posting this thread and telling what are my problem, how I see them and hopefully what other experienced and successful guys have to say can be very helpful to attain consistency and final success in my trading career.
I started trading in the end of January with new Title trading branch.
Unfortunately as this branch is a brand new we have no experienced traders whatsoever and everyone is on their own. Admittedly floor manager is doing his best to teach what is in Title Level I Theory book, he is as new as we are and there is no systematic approach to training.
Ok, I have been trading and learning on my own by reading and practicing. Actually , I was able to graduate to more than 100 shares last week. But so far I decided to stay with 100 shares in the light of the last 2 days.
I have not lost much in all this time. About $280.
Actually 10 out 11 days before the last 2 days were winning ones with average 5-7 ticks daily.
Here was the problem as I was trying to have 10 and more net ticks daily. However i noticed, the moment I start pushing myself, I start losing and this is what happened in last 2 days.
Before the day before yesterday i almost traded back this month loss but dropped into it again after 2 losing days. Lost $50 Thursday-Friday.
As I see it my problem is mostly of psychological nature. When I was winning I was so careful, I was letting trades go and was measuring 100 times and cutting once. Also, Once I achieved 5-7 ticks positive, I became scared to take other opportunities that existed and I saw them to avoid losing my measly 5-7 tick profit.
Then on Thursday, I decided f*ck it and started pushing, with bad results. I have been bouncing between being too careful and being reckless.
I also decided to trade 1 or may be 2-3 equities and no more. I concentrate on financial sector stocks. MS, FAZ and WFC.
Last 2 weeks I practically traded only MS.
Yesterday should have been a good day but I ruined it by being reckless.
Here examples of my trades:
I took a couple of long trades and lost but with small losses . was -8 ticks. Then I waited for price to hit support at 29.50 MS and entered aggressively long at 29.52 when print went green with mental stop loss at 29.49. I took profit at 29.65 with limit order. Then , I got too exited, and when price set in the range of 29.79-29.81 with probably big orders at 29.81-29.82 showing great resistance and price broke down 29.79, I entered aggressively but got filled at 29.76. Hence my stop loss became really big and I got stuck. I was thinking that price will break down further and ignored the fact that price consolidated above MA20. Although price action gave me few opportunities to get out at break even or even 1-2 ticks profit, I stayed until the price moved from the bottom to 29.82 and I was trying to close trade at 29.83 but got filled at 29.86 losing 10 ticks.
Ok, I saw it as opportunity to go long and bought at 29.86 but got scared by reaction and sold at another 5 ticks loss while price quickly moved up giving some profit.
I stopped trading at this point.
The day that should have been a good winning one turned a losing one due to my recklessness and lack of patience.
I understand that what I should have done is to place limit oder in first case at 29.80. Before that resistance level and wait. In most cases prices at least does test broken level , hence I would have reduced my risk and I would make 4-5 ticks on the trade. I could have entered aggressively as well but again at same level.
Same should have been done on long side. Waiting for price to move down to 29.82 level which was broken and which the price did and then enter.
I am looking for advice from experienced successful traders. What people think?
I am also planning to write down the plan for my next week trading setting guard lines and what set ups I am going to trade ignoring the rest.
Thank everyone on advance.
I read what everyone said so far, and what you should grasp, is no matter what you do, the odds are probably 99%+ against you of becoming a longterm, lucrative trader. I highly doubt the place you are will lead to you becoming successful.
Most of the people here are paper traders and wannabes. They may sound like mentors or gurus, but almost all are still trying to figure out how to make money.
Things to focus on (independent of your branch/setup): 1) Money management (SERIOUS, not 101), trade management, portfolio management 2) stock market analysis (what causes everything to move - expectations, interest rates, dividends, news/reports, etc. 3) disaster/black swan prevention 4) what are the market sectors & market indexes doing while you are trading 5) read a lot - there are some recommended books on the book section of ET - focus on ones with a number of reveiws that are higher rate (70-75%+). Things like Schwager's two "Market Wizard" books are not bad, although dated. Trading in the Zone, Van Tharp and some others can teach you a few things. But books will not "make" you a successful trader, but learn as much as you can. 6) screen time - what do the market do? 7) Focus on the instruments you plan to trade and master how they work at diff parts of the day, when volatile/liuid/etc. whether things like Google/Apple or crude oil/grain, etc. 8) Stay away from forex (way too hard/efficient) and options (a lot of complexities involved). 9) If it easy to learn, it probably does not work.
Avoid the easy stuff like tech indicators, Fib, Gann, Elliot Wave, and most TA. Stuff like support/resistance, trend, pure price action are probably where you should concentrate. The reality is, you will probably have to spend 8-12,000 hours of screen time, and even then, that is not a guarantee.
Quote from TraderZones:
I read what everyone said so far, and what you should grasp, is no matter what you do, the odds are probably 99%+ against you of becoming a longterm, lucrative trader. I highly doubt the place you are will lead to you becoming successful.
Most of the people here are paper traders and wannabes. They may sound like mentors or gurus, but almost all are still trying to figure out how to make money.
Things to focus on (independent of your branch/setup): 1) Money management (SERIOUS, not 101), trade management, portfolio management 2) stock market analysis (what causes everything to move - expectations, interest rates, dividends, news/reports, etc. 3) disaster/black swan prevention 4) what are the market sectors & market indexes doing while you are trading 5) read a lot - there are some recommended books on the book section of ET - focus on ones with a number of reveiws that are higher rate (70-75%+). Things like Schwager's two "Market Wizard" books are not bad, although dated. Trading in the Zone, Van Tharp and some others can teach you a few things. But books will not "make" you a successful trader, but learn as much as you can. 6) screen time - what do the market do? 7) Focus on the instruments you plan to trade and master how they work at diff parts of the day, when volatile/liuid/etc. whether things like Google/Apple or crude oil/grain, etc. 8) Stay away from forex (way too hard/efficient) and options (a lot of complexities involved). 9) If it easy to learn, it probably does not work.
Avoid the easy stuff like tech indicators, Fib, Gann, Elliot Wave, and most TA. Stuff like support/resistance, trend, pure price action are probably where you should concentrate. The reality is, you will probably have to spend 8-12,000 hours of screen time, and even then, that is not a guarantee.
Tahnk you for this information however I really do not care about what odds are against me. From what i see i am making progress. I have been trading Forex for a while so, I have idea regarding all those indicators and support/esistance. Stocks are obviously different.
I have no idea how long it will take me to start making living even trading firm's capital, but I think my chances are not that bad.
I try to keep things simple. Support/ resistance. 1 indicator. Watch tape. Keep losses short.
I think telling someone that his chances are nearly zero is not very encouraging and I am going simply to ignore this. I am not the one who expects immediate results and I am taking it step by step. If to add hours I have spent trading Live Forex, I have accumulated at least 6000 hours by now if not 7000.
I think this time was not wasted in vain. Despite being newbie in stocks whatever I acquired in Forex does help me a lot.
I think this time was not wasted in vain. Despite being newbie in stocks whatever I acquired in Forex does help me a lot.
Quote from shiko2000:
I think telling someone that his chances are nearly zero is not very encouraging and I am going simply to ignore this. QUOTE]
I do not expect you to understand this for 5+ years. I will give you an example, go to the system auditing sites, and se how very very very few systems work, out of the thousands that constantly roll through there.
Collective2 claims 10,000+ systems from various vendors. Maybe 1-2 have some interesting possibilities. It is not any better on TimerTrac, FuturesTruth, or most others.
I understand what you mean.
My expectations are very modest, I understand it takes time, so let's see how things will develop.
I have seen guys who made it and chances are higher to make it while trading prop than own account.
My cousin made it actually with Swift. Generally from what i have heard it takes 6-12 months on average to start making money.
I do not expect to make it before 1 year.
However i will try to make it as early as possible.
I do not trade any particular system.
I am learning to read tape and watching support/ resistance.
I also understand importance of knowing when to trade and when not to trade, patience and discipline.
These factors are far more important that system.
My expectations are very modest, I understand it takes time, so let's see how things will develop.
I have seen guys who made it and chances are higher to make it while trading prop than own account.
My cousin made it actually with Swift. Generally from what i have heard it takes 6-12 months on average to start making money.
I do not expect to make it before 1 year.
However i will try to make it as early as possible.
I do not trade any particular system.
I am learning to read tape and watching support/ resistance.
I also understand importance of knowing when to trade and when not to trade, patience and discipline.
These factors are far more important that system.
Quote from shiko2000:
I understand what you mean.
My expectations are very modest, I understand it takes time, so let's see how things will develop.
I have seen guys who made it and chances are higher to make it while trading prop than own account.
My cousin made it actually with Swift. Generally from what i have heard it takes 6-12 months on average to start making money.
I do not expect to make it before 1 year.
However i will try to make it as early as possible.
I do not trade any particular system.
I am learning to read tape and watching support/ resistance.
I also understand importance of knowing when to trade and when not to trade, patience and discipline.
These factors are far more important that system.
the fact that you have expectations means you are setting yourself up for disappointment. You should be passionate about your goal to trade well, but do not be emotionally attached to the outcome. B/c if you are, psychology, you will have a very tough time and more than likely fail.