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charles1
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Everything posted by charles1
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GREED GREED GREED. Do yourself a favor and create rules for your trading. Laminate them and glue to your trading desk. Never sway from your rules. If you do sway from your rules write down why? There is no such thing as greed in paper trading... i.e. lets say you open a position in a paper account, and you set no stop. Than you go to the bathroom, the kitchen, answer the door, etc., etc... Than you come back to your trading desk and see you profited a lot from the position and choose to flat it or cover it. You wold never do such a thing with real money till you got really really good at trusting your trading skills and handling your emotions... A really good trader is emotional sound. And anyone who can learn to trade a real account like a paper account will enjoy immense riches. When real money is on the line "attachment begins", there's no feeling of attachment with a paper account....
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The ultimate question is did you profit on this chart, because the pudding or story is in the volume ramp prior to the breakout. In my opinion whats in the circle does not show support (three highers or more), not enough data to determine a trend, and yes the chart does some fundamental qualities. I ask if you made profit from the chart because I would like to know how you place the trade considering the downside and upside reversals in the circle?
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what are your order types, it sounds like you could benefit from using trail stops. As your tight risk management would fire off limit and stop order very quickly. Also if your confident in a price than you might benefit from buying simple options like a long call to cover the slippage on your market orders?
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Hello fellow traders. As a beginner trader looking to make trading a career I am struggling on to make a fulltime job. How do you fellow traders stay busy for 40hrs per week or less or more. I've learned not to trade to many instruments at once and that its best to stick to one product for awhile. I mean how do you make an 8 hour day out one product. Chart reading is essential, but does it take that long to read charts? Let me know how your day is filled with trading work, thank you.
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I really enjoy trading......:crap:
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I think for the most part in terms of "the next Asian financial hot spot" Tokyo is still leading the way, and yes there is plenty of uncertainty. But there is unrest all over the world. Just when you think it's over some other country pops up in turmoil, so there's plenty of time before things become stable. As for China they just introduced a futures market this year, (or very late 2009).Considering the lastes news with google their gov't still has a major hold on things. Or did you forget about the Olympic Chinese snowboard this year who got band from the opening ceremony's because he wore his suit too lose. China still has a lot of gov't control and even though the hand is loosening its still no where enough to start a trend. Especially now that there economy is getting hot from the inside. As far as Singapore it remain a tech hot spot i.e. Seagate has a base and they too are very strict. China and Asian countries are very morals based and markets don't have morals, just boundaries people try to work outside of. Tokyo in my opinion is still the hot spot and will continue to lead the way. They are a smart nation, there's a lot of liquidity, and they have shop setup already pretty well. Just like everyone speaks the language of love, everybody speaks the language of money.
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The cojones I have, The capital I have. I just don't know enough about the instrument. TOS offers no news on it. The CME Group has 3 pubs on it I downloaded. I'm testing it on my paper account. In just 5 trades I went from $117k to $2.6Mil opening between 10-20 contracts a position. I can handle 10 contracts live but only willing to risk one (1) and/or maybe two (2). The thinness won't let me go beyond 20 contracts. Looking for someone to trade it with me? Thank you, the pub was eye opening. I appreciate your time too
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thank you for the input and I guess for the most part I think I'm just surprised at how much capital was made on the paper account. Now for the comment on contract being illiquid. Since the first trading day the price action goes from about 124.00 to about 63.00 or so, a straight drop down and then a straight shoot up back to around 124.00 roughly.As for the leverage its 100:1 as for the ruin that would depend on the stop. But the risk is about 100 ticks on one contract. Tick size is 31.25 a tick. I've definately made more then 30 trades, just only made two trades on the ultra t bond so far. Somewhat of a newbie if not obvious just looking to see if anyone else is watching this new ultra t bond and thinking of trading it and if so wanna start a thread on it. If I open one contract and set my stop say 100 ticks and it keeps behaving the way it has one contract is worth about 153K.......?
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this new instrument has been trading since Jan.12th, 2010 and I am not sure how to trade it. I am trading it in my paper account and put over a million in my account in just two positions. I don't get it becausse is it that easy. Am I missing something, please someone help me understand this, because I would like to step in with my real account. Thanks TL Charles1
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Hi Aron, I have no particular favorite chapter, but I do like Marcus' story a lot (I think its the first interview). Are Dr. Elder's books good reads. Now that I think of it two more interviews stick out. There's one trader who was a meat packing plant manager turned trader with like $25k, I think he said he took out $5k to live and traded with the $20k, and his wife was pregnant at the time. I just forgot the other one. Besides though Im at the point where I'm trying to branch out of my one currency I trade and learn other marktes, especially ones I can hedge against.
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Since there are so many approaches that have been published it almost seems senseless to invent your own. i say the only way to know what style to use is to use it and see if it fits you. Trading is personal. Me I like chart patterns and price action, combined with fundamentals to see if it reacts or not, and I don't take my eye of the monitor, because I scalp. I get in just long enough to get the houses money, then I pull mine out and play with the pips I collected. I always reduce my position. If a pattern comes up that I feel has a foot I time it, I let it show me a hint, I pull the trigger knowing my risk. I take my commissions into account cause I could about face at any moment to collect pips. Hope that helped.
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Of course you can trade with a $1k just the same you can trade with $250 or $100,000. The only way to know what amount is right for you is to know that you've done your homework and you can trust the markets behavior as of late to make money management decisions that suit you stomach. I've personally started an account with just over $2k and in one week have just over $6k, now were the next weeks like that no of course not, could they have been of course they could. BUT I did my homework. Before I got into the market I ready a few books one i like the most The Markets Wizards. At the end of every interview there is some advice given to future traders; which i've made a note of. personally I'm a scalper I have no strength to affect the market but just to bottom feed. I'm like one of those little fish you see swimming underneath a shark. I'll go 1 lot maybe 2 lots in and as soon as I make them back I pull out and play with the houses money. Whether I make pips or lose pips I reduce my positions, because I'm not out to get rich over night. My goals is to work for myself and be responsible for my retirement. If I should get rich in the process so be it. Trading allows me a sense of freedom no job can give me. Today I scalp and someday I may be able to hold a position longer, but why ruin a good thing if it works. Hope that helped.
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I would say to consider a windows machine. I personally use TOS on my Mac Powerbook for the whole shabang, but TOS is the only front end that I found to be Mac friendly. Windows has the upper hand when it comes to trading in terms of variety and flexibility. As for what OS I would stick to XP just for stability sake and ease of use. On a personal level I really like TOS, but I know there's more out there I'm just new to trading, but old school to technology. Hope that was helpful. Good luck.
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Opening an account is wise just so you can take advantage of all the educational stuff forex sites have to offer. Some of them even have weekly webinars. I know when I started out with the $50k paper accounts I lost a lot more quickly then I made. After reading how paper trading can affect live trading behavior I asked my account rep for my paper account to start me wtih $5k instead of the normal $50k, and instead of thinking in terms of money when i won or lost. I thought of it as points in a game and just forgot about the dollar sign. And I always played with the houses money, and reduced my position when i was losing and winning. I never went in on 1 lot and added on. I more like went in 2 or 3 lots and reduced. In the beginning i was more amped to make a million a day, now I'm more amped not to lose a million in one day, if you know what I mean. Take it slow and watch it build over time. I studied charts and one currency for a solid year before I went live.
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Introduce Yourself Here - Don't Be Shy!!
charles1 replied to trading4life's topic in Beginners Forum
Hello fellow trading enthusiast. I would love to learn more about trading and make good connections with fellow traders I can learn from. I've done some reading in this area and thought it was time to reach out and be a part of the community. Thanks for this site its great!