I would add regarding new traders is that its not so much that their ideas suck but that they run out of capital ie blowout. I wonder how many people over the years have blown out, I know some good traders that blew out. Its not always because they are unskilled, sometimes "shit happens" and great traders get caught, 2008, 1998, 1987 etc. Again regarding execution if you go all in you better be right, so one should think hard and long about position size in an account.
The ACD Method
- Thread starter sbrowne126
- Start date
Just to take the other side, while I appreciate that I'm blessed to have seen this thread, read the Logical Trader, and read everything I can get my hands on with regards to trading, new traders CAN make it.
I started trading full-time last June, and I'm still here. Big thanks to everyone who contributes to this thread, and especially Mav and Shan. Because of you guys, and a lot of hard work, I'm making it, and having celebrated one year full-time, that's awesome!
Just want to make sure folks don't get too disheartened.
: )
I started trading full-time last June, and I'm still here. Big thanks to everyone who contributes to this thread, and especially Mav and Shan. Because of you guys, and a lot of hard work, I'm making it, and having celebrated one year full-time, that's awesome!
Just want to make sure folks don't get too disheartened.
: )
When I first started trading futures the charting program defaulted to line charts, I would get stopped out and not see the price on the chart as line charts don't show proper high/ lows, that little lesson costly slightly less than a grand.....that is how little I knew about TA and charting. I also managed to get long 4 ZB futures one time without real time quotes @ $130 a tick, ooops. I miraculously made like $500 on the trade. I could go on and on, that is why new guys should trade small till they master execution.
I trade from home, but I have a nice social network of experienced traders who have graciously helped me along the way. Remember, Fish says you need a partner at least.
I also find that Twitter can be a great resource. Not so much for the heads up on trades, but more to give you a heads up on a news item or a shift that could affect the market. You can follow the Fed there and get their releases before the news reports them too.
And thanks, I'm pretty excited about making it past year one. Now if we can just get a trend of some kind...
Low volume market that is kinda frustrating, but it is what it is!
So last week it appeared as if we might be having some sectors breakout, but most of them went back into the bases or failed to have follow through. The energy sector is getting strong on my numberlines, BUT they haven't had follow through yet....so time will tell.
Homebuilders, some of retailers, and even some of the regional banks are still showing strength and holding near highs, but again no follow through right now.
Considering all of this, we do have earnings coming up and maybe that will provide for some moves. I think one needs to remember to trade the market in front of you and not the one that may be coming. Vol is still getting hit, but trading and expecting a big move one way or another hasn't worked. When the action changes, you will know! Not very hard lol
Hell considering the how strong the numberlines are, it might happen very soon. When it happens then you trade that market, but for now there is one right in front you!
So last week it appeared as if we might be having some sectors breakout, but most of them went back into the bases or failed to have follow through. The energy sector is getting strong on my numberlines, BUT they haven't had follow through yet....so time will tell.
Homebuilders, some of retailers, and even some of the regional banks are still showing strength and holding near highs, but again no follow through right now.
Considering all of this, we do have earnings coming up and maybe that will provide for some moves. I think one needs to remember to trade the market in front of you and not the one that may be coming. Vol is still getting hit, but trading and expecting a big move one way or another hasn't worked. When the action changes, you will know! Not very hard lol
Hell considering the how strong the numberlines are, it might happen very soon. When it happens then you trade that market, but for now there is one right in front you!