Had a 2 week free trial but during a free trial one can hide their true colors. The guy I worked with is a good trader and he would give me plays that did real well prior to them going off, but at the same time he is extremly abusive and extremly difficult to communicate with.
Here is a novel idea: Instead of trying to be a trader, why not just follow a good one and copy his trades? It is ET's dirty little secret that at any given time there are at least 5 members posting realtime profitable trades. I know 4 at this time and there are more I am sure, I don't read every thread. It is free, you just have to find them, and follow them. But you have been a lurker here, haven't you? (how come you never thought of this?)
Maybe because he does not want to rely on others for his income. Isn't this the whole point of going into trading ?
Correct, but it was already pointed out that he is not a good trader, and my guess is that he never will be... P.S.: I PMed him the names of those 4 posters, because it is such a nice day today...
Quite possibly having this "edge" people mention so often is nothing more than having the confidence in yourself, your research, your system, etc. to pull out mass amounts of money from the markets.
<< one other thing join a prop firm, sit around people who make lots of money everyday, they'll teach you something after they get to know you in person.>> Don't these firm's like Don's just trade stocks. And the reason you need them is because you can't use leverage like you do in future trading? If they trade futures, I would be more interested. I do trade with other traders over the internet, and it does seem to give me psychological support. I also put money in a hedge fund where the master trader has a good track record and I have to give him 25% of my profits. I have no problem doing this, and will put in double my current money if he continues to do well. I am still working on my own strategy where the edge has worked fine at over 75% win ratio so far, but since I have to trade it myself instead of with others, I am having an extremely hard time pulling the trigger, or if I do, putting on enough contracts to make a difference. It's so much easier to trade where everyone else around you is doing the same thing, than to go against them even though I would have been right today and made money but took their trade instead and am down $ 75. Was down $ 550, but fought my way back with a different trader while the 1st group is still down for the day. Would actually have been profitable for the day if I trusted that last signal where he went long above his previous trade signal to close out at a profit.
If I understand things correctly, you have no job, very little money, and kids to feed. How in your right mind can you even consider trading again right now!? You have a history of failure at it. Regardless of what you think the causes of your failure are, you still failed. Have you considered what to do if you fail again? What happens when you have $0 left to trade with? How will your kids get food in them? If you want to continue trading, fine. But now is not the time. Get a job, any job. Get two if you have to. I used to have employees that worked 2-3 jobs so that their families could have a better life. And you are on the brink of losing everything. Don't let your greed and laziness make your kids go to bed hungry at night.
I used to trade futures for a living. I joined the training scheme, traded on a dummy trading system then live. We all had these big dreams when we joined. After working there for a year or so reality kicks in. You are on a min wage, and although it sounds like you have a great career, I mean 'Trader', you have nothing to show for it. Is trading truly a good career? I am now more skeptical than ever. I have traded futures for a long time. Like the guy who mentioned earlier, you make some, lose some, make some lose some. You put more money into the trading a/c, vow you will change your methods but in the end the same cycle happens. I mean are we fooling ourselves because trading is the only job where we can 'potentially' make so much more, to fulfil our dreams? I have lost over 100k and I am not even 30 yet. Looking back I made some terrible mistakes. Now I have been offered a job in Trading again. I am unemployed right now, but i am thinking twice about it, because of the risk reward element. Salary is practically to a min level, and its all down to commission. Where I could infact take a much 'steadier' job, although much less exciting, where i know i will get exactly x amount per month. But something insides me still wants to trade, to give myself a second chance. Yet inside I am afraid of failing, and knowing what I know, the stress that comes with trading. Any suggestions?