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TheNegotiator

Considerations for a Wannabe Trader...

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Isnt it amazing, and thats putting it mildly. If you wanted to be a Fast Food Mgr. I would tell you simply to just start off taking any job in Burger King or McDonalds. You want to be a car mechanic? Easy. Just take a cvourse in auto mechanics for the common mechanic, maybe go back to college to specialize. Oh, you'd like to be a policeman. No problem. Get into reasonable shape,act cordial and helpful and after you pass the test you WILL be called sooner or later and your dream of a steady job with the best benefits in the world is yours. Now we get harder stuff. Want to be a writer. 2 choices: Just submit a lot of articles to Blogs, Magazines both on and of the INTERNET, and you will get noticed if you have any talent at all. Want to be a Real Estate Speculator? Just start off as a R.E. Broker,and keep your eyes open for good deals.

 

But you say you want to be a trader and consistantly make money every year, even every month for the rest of your life. What is the path? Hmmmmmmmmmmmmm...I have the answer-There is none! You can read all the books in the world until they have overlapped with the same information 5x and all youll get is common sense things about having an exact trading plan, staying disciplined and always use stop losses. But what rules should you use? Been on these threads from Traders Laboratory to Forex Factory and every one inbetween. There are systems that work for a while people will even post and tell you exactly what to do so you dont have to think, just follow directions. Why when I ask a year ,even 2 years later on that same thread who is still making a living with this system, no one answers?

 

I would love to tell every trader what is normal for every other job: Pick a specialty, find your strong points and focus on them. So if you like Fibonacci numbers, spend 2 years viewing video lectures, buy the following books and in 2 years you can make a living by trading with Fibs. But I cant tell you that.. Is it because Fibs dont work? No, they do, some of the time, for some people. "Ok " you say :I will follow only moving averages and find the best ones to use on gold futures or the EUR/USD by back testing different ones." That should work............but everyone has done that already. What about Neural Network software and Artificial Intelligence and Expert Advisors and scanners and especially Fractals that repeat in nature all the time?' The books say 70% accuracy all the time!!!' I don't know. What about them?

 

So what actually works for sure you say. I understand the desperation of the question. No one wants to spend 2 years studying systems and find none of them win over time, let alone win enough to let you live comfortably on a small bankroll under 25k. How about those of us who spent over 10-12 years and still cant find the wright system, strategy, tactics, or any path that is sure? All we long timers get is the same song over and over, and that is..."If you want to trade bad enough, stick to it until you make it. 10 years ago I eagerly embraced that philosophy. But I am still not making a living consistently. Do I pull the plug and cut my losses? Or do I use my 10 years of learning as a base to really push forward to succeed? There is no right answer.Not even for that? Each person must decide for themselves. And dont let the books tell you about all the greats that are now famous and made millions because they wouldn't give up. Those same books don't want to interview the other 90% who didn't give up and lost their house, their life savings 3 or 4 times, their family left them

or......they are dead.(Suicide, heart attacks,stress related diseases of all kinds. Shhhhhhh....lets not talk about those people. It's bad for business. Let us go back to my first three words once more time-ISN'T IT AMAZING?

 

Do

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1-Why.

I want to find patterns in noise. I want to feel the will of thousands at the same time. I want something to work at, and learn, and gain skill in. I want to experience something that's both an art and a science. And of course, I want to make money.

 

2-Commitment.

I can commit several hours a day, four from morning to afternoon and more in the evening when CME reopens.

 

3-Timeframe and method.

I know that I'd like to trade intraday, but I don't know exactly which frame yet. I'm trying them all out and seeing which works best for me.

 

4-Account/investment size.

When I start trading live I'll have $2500 for an initial margin. If it ever drops below $1900 I'll stop trading until I can replenish it with my day job.

 

5-Money management.

I'll trade with either 20% or 40% of my principal, depending on how confident I am in the entry. My position sizes will only increase if I make enough money.

 

6-Product.

I'm beginning with futures since they have the lowest margins.

 

7-Broker.

I've chosen a broker that's known for low margins, speed, and reliability. Their commissions are slightly higher than discounts, but you get what you pay for.

 

8-Platform.

I've found a futures platform that has everything I need and is supported by my broker.

 

9-News source.

I don't intend to use news, unless I can find some RSS feed that will warn me of catastrophes.

 

10-Computer.

My PC runs my platform fine.

 

11-Internet Connection.

I have a (mostly) reliable broadband internet connection.

 

I love your post. Especially about finding the patterns in noise and feeling the will of the market. This is mumbo jumbo to some, but that is the greatest achievement one can get as a trader IMHO. I say this because I am also a martial artist and not young anymore. Anyone is faster or stronger than me. But who will be able to see the will of that person before it manifests. That is what lets some of the old masters still fight ,live and BE old. Intuition,whatever you call it, I love when it works....yet it cannot be depended on as a complete system. -) I also dont think you are being realistic about the money part. You are leaving yourself with $600 to lose before you stop? You will never feel stress free on that little amount to trade unencumbered and correctly. I heard of only one person in the world making it on $600..............and he might have been lying. But you are on the right track. I'd like to hear more from you. Feel free to PM me and if I can help in any way, or if I can use any of my 15 yrs of trading to guide you, ask anything you like.

 

Good Luck.

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1. Why

I'm trading to make money, possibly as a career. It's an hobby, but it's also something more than a hobby. I have a job and don't depend on trading for my daily expenses. However, even if money is not a goal in itself, to have an additional income is my basic motivation. That's a major thing that presently makes sense to me. And yes, trading is also a good gym to motivate yourself in many things of your own life.

 

2. Commitment

I'm currently spending 6-8 hours a day to learn and improve my trading. I'm lucky because my family supports me in that (well, till now it worked at least...).

 

3. Timeframe and method

Basically intraday (5m, 30m charts), 100% mechanical trading system. Using mean reversion, breakout, gap trading strategies.

 

4. Account/Investment size

$20.000 spread in two accounts (futures, forex and equity).

 

5. Money management

I started apply a very profitable (but risky) strategy to CL contract, but had to move back to the more "quiet" QM because of the risk/reward ratio. I'm trying to keep my risk under control.

 

6. Product

Basically futures. Some stocks (especially in the past), but also forex pairs.

 

7. Broker

InteractiveBrokers and mainly TradeStation. In the next future will also open another futures account, to diversify.

 

8. Platform

TradeStation mainly. Had some experiences with MT4.

 

9. News Source

Don't do news trading.

 

10. Computer

I've just recently noticed that my quad-core 3Gram PC is no longer supporting my daily activity as expected. I'm planning to do an upgrade asap.

 

11. Internet

A regular ADSL connection. Using also my cell phone as a backup/emergency connection.

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1-Why.

I realize that trading will have a learning curve and I will have to be disciplined and patient. I don't want to trade for a living because I want to have the freedom to make good decisions without worrying if I'm going to be able to pay the mortgage.

But I'm not going to lie, I want to be financially independent which to me is the same as being rich.

 

2-Commitment.

I can commit about 10hours a week

 

3-Timeframe and method.

I will use options to take advantage of a huge news opportunity, but I will primarily either use options strategies to trade directionally or non-directionally as the market lends itself.

 

4-Account/investment size.

I've got about 5k to trade, and I would like to have a minimum 20% ROI per year.

Realistic?

 

5-Money management.

I understand that losses are part of the game from playing poker, but if one consisting makes trades with a positive expected value, he can come ahead over time. I plan to limit losses using stops.

 

6-Product.

Options

 

7-Broker.

Options House

 

8-Platform.

Options House Platform

 

9-News source.

Need to learn more about this. I have been using Google Finance.

 

 

10-Computer.

Computer is ok.

 

11-Internet Connection.

Have reliable high speed internet

 

Thks,

 

Drader77

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1. Why

To get rich.

 

2. Commitment

 

I spend 6 hours trading and 4 more on system development

 

3. Timeframe and method

 

Short term momentum and reversals (swings), EOD, 1H data.. Setups are data-mined by Price Action Lab and the code for Multicharts is also generated by it..

 

5. Money management

Fixed fractional 1% - 2% of bankroll on each trade. Cumulative risk of all positions not greater than 3% at any time.

 

6. Product

 

Index ETF, high cap stocks, futures, forex.

 

8. Platform

Multicharts 8.7

 

10. Computer

AMD 8 core CPU. I use 4 PCs, 2 for trading and 2 for development. backups are made daily and full backups weekly.

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Hi guys, great thread, allow me to add my 11 pennies.....

 

1-Why.

Challenge first, money second. If I don't find something challenging I won't be inspired to keep it up.

 

2-Commitment.

A few hours a day is all I'm able to spare at present, this doesn't include commute times spend researching ares of trading that interest me.

 

3-Timeframe and method.

Fancy myself as a scalper though probably more of a swing/daytrader

 

4-Account/investment size.

5k initial outlay, no pressure for it to start making money back, the funds were earmarked for this purpose.

 

5-Money management.

Never more than 2% of risk capital per trade, anything else goes :)

 

6-Product.

Primarily currencies, however have a soft spot for gold. Call me a permabear.

 

7-Broker.

Started with FxPro's MT4 account, well actually spend about 9 months in demo mode before opening this. FxPro's demo is free and unlimited, you don't need to give over your payment details either, just a simple registration form and a confirmation email link is all you need to start trading demo. Good way to get newbie traders in, good advertisement for broker as well. I reckon all brokers should give you demos for free with no limits.

 

8-Platform.

Ooops, just answered this!

 

9-News source.

Hmm I'm torn. Technical indicators are working for me and have worked in the past, but at heart I think I'm a fundamental analyst. The deeper I get involved in technicals, the more the little voice in my head screams WITCHCRAFT! ;)

 

10-Computer.

Currently using an ultrabook to trade between office and home, always use more than one monitor. Except when at Starbucks!

 

11-Internet Connection.

Doesn't really matter nowadays does it, all connections are lightning fast....

 

 

Hope this is useful

Thanks again.

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I might not be a forex trader guru but I am an expert researcher. Based on research and current trade trends I think gold trading is the way to go. Truth of the matter is in times of crisis and economic down fall, gold it always standing tall and is a mutual form of trade. You can’t loose when you trade gold it is almost like crude oil.

Based on prediction by top traders gold is going to be the next big thing :D

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1. Why

To get rich.

 

2. Commitment

 

I spend 6 hours trading and 4 more on system development

 

3. Timeframe and method

 

Short term momentum and reversals (swings), EOD, 1H data.. Setups are data-mined by Price Action Lab and the code for Multicharts is also generated by it..

 

5. Money management

Fixed fractional 1% - 2% of bankroll on each trade. Cumulative risk of all positions not greater than 3% at any time.

 

6. Product

 

Index ETF, high cap stocks, futures, forex.

 

8. Platform

Multicharts 8.7

 

10. Computer

AMD 8 core CPU. I use 4 PCs, 2 for trading and 2 for development. backups are made daily and full backups weekly.

I am newbie...this is very useful suggestion, thx

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As for begginer trader, It's very important to find your own style and a reliable broker who will help you at the beginning with finding best Trading conditions,Adding and withdrawing funds,Client reviews ,Quality of client support. A lot of companies offer you this kind of services,unfortunately not all of them can be trusted.When I started trading I used Personal Broker | FXFINPRO Capital. They helped me a lot at the beginning. Now ,having become quite experienced, I place bids without help of brokers.But they helped me a lot when I was newie)))

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So after 3 years, do you feel you have addressed all these point poorly/well/got them nailed? It's important for new traders to realise how many things they have to look at and how many more things they will find out they have to look at when they get into trading. Being extremely organised should help!!

 

I feel that before we begin the training journey,we should consider our interest in it,mostly. It shouldn't be just for the money. The moment we really love it,then our attitude will be positive. Our efforts will be great and we will have the heart to face any challenges that come with it. The moment we love it,everything else will fall into place.

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... The moment we love it,everything else will fall into place.

 

nhn.

You are joking us, right?

Many traders love trading to death and can’t make a go of it. In a tennis league I play in you can tell which guys love the game the most... but it does not make them the winners. A ‘love’ for trading is definitely a necessity for sticking in there through thick and thin... but everything will not fall in place just because one ‘loves’ it.

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Hi!

 

This will be a thread where people can discuss their hopes and dreams and fears about trading full-time or part-time, but either way trading for real. There are many considerations a wannabe trader must take into account before trading live and many of those will likely be missed or overlooked understandably by someone new to the business. Some will be breakers like account size, some will be obstacles like investigating which product may suit you and your trading.

 

If this thread can be a source of knowledge and be an eye opener to what may be involved in beginning to trade then it's goal will have been achieved.

 

It'd be great to get some posts from new traders here to see some of the hurdles you have had to overcome or even problems which have prevented you from trading completely.

 

Looking forward to sharing your experiences.

 

Cheers,

 

TheNegotiator.

 

Trading forex is way more challenging than you think, the question you need to answer before I reply is whether you want to trade forex to make real money or this is just a new hobby?

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well like all others my hopes from forex is to become rich . i am a beginner here but i am learning how to trade and what are the points to focus . i know i am a good learner. so i think i will gain sucess in forex . still if anybody wants to give some suggestion they are mostly welcome !!! thanks

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Hi all,

 

I'm new here and this is my first post -- this looks like a nice place to discuss all types of trading theories and news and information related to the markets, so I'm excited to get started. Short backstory -- I started trading with real money about 3-4 years ago, but not very frequently. Ideally I think at some point I'd like to become a day/swing trader, but up until now I'm more of an investor/long-term position holder.

 

I have a full time job so it's a bit hard to be on the pulse of the action and following charts, news alerts, and so forth, BUT, my job does keep me in front of a computer quite often, which is really the reason why I'm even able to place trades during the day to begin with (technically it's probably against company policy, but that's another discussion)

 

My initial bankroll was $3,000 of my own money and over the past few years I've probably purchased a dozen or two different stocks and gone through various wins and losses, and ultimtaely where I sit now is about 30% loss, with around $2,000 left. With that said, I do have open positions (cuurrently no cash flow), so if my current positions go up (and I think a few might), then I could be back to a market value of where I started.

 

I'll be honest, that's a little deflating to me because it makes the past few years seem like a waste and that I haven't learned anything, but I guess in the grand scheme of things it's better to come out even after I just started learning, than having blown through thousands of dollars like many people probably do, so I should probably consider myself lucky.

 

With that said, I am very much looking to win now, and I feel that I should be out of the learning curve and newbie stage. I hope to learn from the people here and share ideas, strategies, and tips, and contribute to threads as well so that I can help others do the same

 

Thanks for having me, best of luck, and look forward to talking to everyone.

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Hello everyone

I would like to throw some light on the topic of this forum i.e considerations for a Wannabe trader below:

--First and foremost, just read the market and follow the news. Pay attention to how the market reacts to something and how brokers make calls on some stocks. What their criteria is.

-- Secondly, just start with small amount of money on something which you think is worth making call on (on the basis of your study)

-- Dont forget to keep a track of the market trends. Monitor the stocks sector wise and keep an eye on fundamentals of the stock you are investing in.

-- Gather more on losses i.e if you are sure that the company is having solid fundamentals, sell on gains.

--- Be patient and always keep a time frame. Follow the resistance and support levels.

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To me, this is the most important tool in your belt. As someone said, "you are only as good as your tools". If you go for a cheap service or speed, this type of thing will happen and the results can be frustrating at the least - costly otherwise.

Must be "hardwired" into your connection is my experience. Also, a good backup power source.

Then the computer you use. Up to date essential.

Broker

Platform

Have a community of traders that can give support

A mentor to guide

Trading plan

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To me, this is the most important tool in your belt. As someone said, "you are only as good as your tools". If you go for a cheap service or speed, this type of thing will happen and the results can be frustrating at the least - costly otherwise.

Must be "hardwired" into your connection is my experience. Also, a good backup power source.

Then the computer you use. Up to date essential.

Broker

Platform

Have a community of traders that can give support

A mentor to guide

Trading plan

 

Nice must-have list. Actually I use VPS with my Hotforex platform running scalping EA so can cross out some of the items from your list. But for newbie starting with manual trading, everything you mentioned is crucial.

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I just entered the big game, have tons of stuff to learn about, but another forum member just mentioned here a learning package I got curious about. So now I'm freshly subscribed to Earn2Trade. I have big hopes with their learning package. They offer a funded account once you complete their gauntlet challenge. I hope I can become a full-time trader.

 

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On 6/13/2018 at 9:50 AM, Jason Solomon said:

I just entered the big game, have tons of stuff to learn about, but another forum member just mentioned here a learning package I got curious about. So now I'm freshly subscribed to Earn2Trade. I have big hopes with their learning package. They offer a funded account once you complete their gauntlet challenge. I hope I can become a full-time trader.

 

Yep, they seem to be great so far. I got their first package with nice video lessons, definitely worth it. And it's really cheap right now.

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Hi.

I am looking for some alternative to MetaTrader platform.

I initially liked MetaTrader for their customization ability. However, the reputation for MetaTrader brokers are generally low.

Which trading platform could provide the same level customization to MetaTrader platfrom but with better brokerage service ?

Can you recommend one ?

Thanks so much for your idea.

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    • AUDUSD Market Dragged Lower on Bears Dominance   AUDUSD Price Analysis – August 15 The bears were in full control moving the market lower in the prior session, although in the present session we see the pair found buyers around the level at 0.6748 for the 4th day in a row while the pairs bear dominance is evident falling to lowest close since the beginning of the year.   Key Levels Resistance Levels: 0.7297, 0.7207, 0.7085 Support Levels: 0.6748, 0.6676, 0.6620   AUDUSD long term Trend: Bearish In the bigger picture of the daily time frame, the decline from the level at 0.7207 (high) is seen as resuming the long term downtrend from 0.7297 (February high). Firm break of the level at 0.6876 (low) should confirm this bearish view.   On observation, further fall may be seen to the level at 0.6620 (low) next. On the upside, the break of the level at 0.7085 resistance is needed to be the first sign of medium-term bottoming. Otherwise, outlook will remain bearish even in case of a strong rebound.     AUDUSD short term Trend: Ranging On the flip side of the 4-hour chart, the AUDUSD is staying in consolidation from the level at 0.6676 and it’s intraday bias remains neutral first. On the upside, the break of the level at 0.6827 will extend the rebound.   But upside should be limited below the level at 0.6909 support turned resistance to bring fall resumption. On the downside, the break of the level at 0.6676 may target 100% projections from the level at 0.7085 to 0.6827 from 0.7085 at 0.6620 level reflecting on the daily chart.
    • EURJPY Approached Recent Swing Lows, Likely to Breach the Low of the Year on the Level at 117.50   EURJPY Price Analysis – August 16   The pair depreciated again in value against the Japanese Yen. The currency pair during the mid-week breached both the upper and lower horizontal lines on the moving average 5 and 13 while completing another lap on the low in today’s session towards the low level at 117.50.     Key Levels   Resistance Levels: 123.01, 121.40, 119.91   Support Levels: 117.50, 117.00, 114.84   EURJPY Long term Trend: Bearish The Daily time frame displays the EURJPY at the low, showing the pair is also testing a swing area on the level at the 117.50 to the level at 118.16 below the moving average 5 areas. The price attempted to dip below the area on August 12 to the low for the year on the level at 117.50, but could not keep the momentum going. The swing area was reestablished as support on August 13 and again today   However, buyers are trying to lean against the low level at 117.50, on the retest and hoping for a quick bounce. The trend is showing a bearish outlook in the medium and long term.   EURJPY Short term Trend: Ranging On its Intraday, the bias in EURJPY remains neutral for the moment. With the level of 119.91 minor resistance intact, further decline is in favor. Although a break of the level at 117.50 will resume a large downtrend to the level at 114.84 support next.   However, on the break of 119.91 resistance will indicate short term bottoming. A stronger rebound should be seen to the horizontal resistance line now at 121.40.
    • USDCHF Bounces Off Lower Prices On Correction.   USDCHF bounces off lower prices on correction the past week. This has opened the door for more gain in the new week. Resistance resides at the 0.9800 level. Above here, resistance lies at the 0.9850 level and then the 0.9900 level. Further out, resistance comes in at the 0.9950 level. On the downside, support is seen at the 0.9750 level with a turn below here opening the door for more decline towards the 0.9700 level. And then the 0.9650 level. Further down, support resides at the 0.9600 level. All in all, USDCHF remains biased to the upside on further corrective strength.    
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