Finally my father has agreed to teach me more about trading. He is not too sure about it, and I am not sure it is for me either, but we will give it a try. In the last few months I got more interested in trading and I have read a few books and I have been lurking here too. He is going to let me trade one of his accounts. Just 1 futures contract at a time. He explained the strategy in about 2 minutes and he said, if I can't make money with such a simple plan, I shouldn't waste my time with the more complex strategies. So I figured I will start this journal here and report my progress. He said I can post trades, but I can't go into details, for obvious reasons. My only problem is that the whole thing seems to me too simple. He basicly described the strategy in 10 sentences. He says trading is more about psychology than strategy, and he must know... Also, it kind of looks boring. Max. 3 trades a day? What am I going to do all day? I guess there is always Myspace... So wish me luck and see you next week!
I actually think trading 2-3 contracts instead of 1 will help you better to manage risk, but 1 is a good place to start. If you can keep at break-even with 1 and have only very small drawdowns then move on to 2-3 contracts.
One day I hope to teach my daughter to trade as well. Good luck ChocolateGirl...I will be pulling for you.
Yesterday there was only one signal, a short from 846 to 840. Today I just closed a long from 833 to 840. This system gives on average 2 signals a day, and I find it very boring to wait between signals. I will try to post the next trades in real time...
Yes, you're doing it right! Trading SHOULD be boring. It is not gambling and therefore not very exciting (although it does have it's "perks" ) Keep it up. Hopefully you don't end up losing 20k like some of us here. Whatever you do, keep your dad around... a mentor will help you vastly and he will prevent you from making costly beginner mistakes!