Good Evening & A Question

[MCM 10]

Greetings everyone - have enjoyed being voyeuristic on this website - and the more I look - the more useful information I am finding.

New to the trading gig - after a couple years of reading/classes, have set out the past 3 months. Unfortunately - I am still in the process of developing the trading plan - and actual rules. Have made a vow to not trade anymore until that process is complete.

 

The question (and problem): Lots of books, lots of ideas. Have tried to implement a few, some with success, some with failures.

 

Have read numerous times - that nearly everyone blows up an account. I havent, am basically down 2% over the past 3 months - but that isnt going to cut it (obviously).

1) Did you blow up an account? If you did - was it "key" to your education?

2) Did you all have a strict plan before your started trading.

3) In developing the plan - how many "types" of trading did you start out with?

 

I enjoy trading fib retracements/extensions both in price and time. Am struggling with finding ample opportunities (TS easy language is anything but for me). Thus on days when I cant seem to find those opportunities - will trade some breakouts from S/R etc. However - in the end - I feel like I am aimlessly wandering - or as the old saying goes - king of half a**. Doing lots of things - none of them particularly well.

 

Realize this is a long and rambling message...but looking for some guidance on how you got over this initial problem (cant believe I am the only one) - on developing your own personal "style".

 

Appreciate any comments - have a good evening.

 

MCM

[wjrusnak 10]

MCM:

 

I've been trading for almost a year now and no I didn't blow out my account. I am actually up over 20% on my accounts (stocks and futures). I did however get into the game before I knew anything about trading and that cost me about $2000. Luckily I made it all back and realized, I still don't know anything. I won, but only by hunches and a few good calls.

 

Beginning this year I got into trading futures since it allows you to day trade. This began my "actual" trading. I started to -- and still do -- glue my ass to this chair and make a grueling attempt to read as much of these forum topics as humanly possible (all while keeping up with school). And of course some of these boards lead you to other valuable information as well. I previously used the stochastic indicator, and it seemed to work, but I had no clue what it did, so I analyzed what it actually calculated and now I understand it. Ironically that is why I removed it from my charts.

 

Currently my style is still developing. I use S/R as you mentioned and I try to incorporate volume into my trading when price is at important levels. One of my "things" is that I limit myself to 3 trades a day and trade with very small stops. I also try to quit by 11:00 a.m. The rest of the time I have during the day, I just watch the charts and try to understand them better and better. Its a great way to still be "in the game", but continue getting better by observation.

 

I would suggest you do something maybe similar and really just sit and watch the market sometime during the day. It really helps when you aren't distracting by trading. Maybe trim down some of your strategies also and really try to master one. Most important though, put in the time to learn. Good luck!

 

-- Bill

[drproteus 10]

Hi there,

I'm still in the learning stage. Can you tell me how I can use "Volume Accumulation Percent Breakout" (VAP-B ) as a tool?