Welcome to the new Traders Laboratory! Please bear with us as we finish the migration over the next few days. If you find any issues, want to leave feedback, get in touch with us, or offer suggestions please post to the Support forum here.
-
Welcome Guests
Welcome. You are currently viewing the forum as a guest which does not give you access to all the great features at Traders Laboratory such as interacting with members, access to all forums, downloading attachments, and eligibility to win free giveaways. Registration is fast, simple and absolutely free. Create a FREE Traders Laboratory account here.
Search the Community
Showing results for tags 'learning to trade'.
Found 2 results
-
Hi All, As a former City trader, experience has taught me...there is always something new to learn. I have been thinking of a way to cut a little bit of the learning curve required for folks to trade successfully.. I know demo accounts exist, but as we all know, live markets are, often, about long periods of tedium interspersed with bouts of mania!! Not necessarily, the most action packed way to learn quickly. So I formed a company which built a trading simulator for anyone who has an interest in how Market-makers (emulate them!!! they generally don't lose money)used to go about their business before algos dominated the world( although there is some algo stuff going on in the simulator)...its also supposed to introduce a little bit of fun into what can be a seriously stressful business.
-
I've been rather poor at keeping a trading journal in the recent past. So I've decided to start a journal here. I hope by posting daily updates (or nearly daily updates since I most likely won't post if I don't trade) I will feel more compelled to trade well. Hell, everyone can see my trades (the good, the bad and the ugly), right? So I better do this well.So, my hope is with this new accountability of showing my trades to fellow traders on this site, I may become more strict when executing trades against my trading plan. I've been also toying with the idea of recording my trades with a video screen capture program and a microphone. But that's another story. I'm trading the EC market on a simulated account with TradeStation. I follow a variation of the Watts scalping method. Below are a few of my key management rules which will most likely evolve over time. Trading Times: 5:00am - 830am central. Screens: 2225t long-term trend screen. 445t intermediate-trend screen and a 89t chart to pin-point entry and exit. Position Size: I follow a repeating sequence: First trade of the day is done with one contract. If it's a winner I trade 2 contracts on the next trade. If this two lot position is a winner I go back to 1 contract and start the sequence all over again. All losing trades revert to 1 contract on the next trade. Target 1: First target is 6 ticks from entry. Target 2: Either 6 ticks from entry or runner. This is another discretionary area. If I perceive the market as "choppy" I will simply exit at 6 ticks. If I perceive the market as "trending" I will allow this second contract to trail. I use an opposite Keltner channel to exit. Risk Per Trade: The maximum to risk is 20 ticks (20ticks * $12.50 per tick = $250). Many of the setups will risk far less per trade. When to Stop Trading: After two consecutive losing trades, stop trading for the day. After two consecutive winning trades, stop trading for the day. Maximum Day Loss: $300. Again, my goal is to trade well - not to make money. Yep, that's right! I need to execute my plan as described and not get emotional and enter trades that I should not take. This has been a major problem. So, here I go.
