New To Trading...

Discussion in 'Trading' started by ktmexc20, Dec 4, 2003.

  1. After studying for over 2 yrs, I've developed a sound base to becoming a prudent active trader. I don't gamble, and the only way I will act is with assured statistical probability. I am about to dive in, so I thought I would seek some friendly advice/comments.

    I am quite familiar with the basics, the pros, and pitfalls.
    I have WealthLab Developer to program,test, and automate strategies.
    I am open to any system that will generate an income for me to live off of. (not necessarily asking for systems)
    I am using OPM so my results must be positve right from day one.
    I have found intrest in taking profits off the table on a daily baisis, and
    would like to avoid holding positions over night.
    I guess that I am striving for HG success before making my move.
    I have taken a %^%$^ load of time educate myself in becoming the smart money.

    Your Comments Are Greatly Appreciated,
  2. You have only one thing here that is simply not realistic.

    >>I am using OPM so my results must be positve right from day one.<<

    This one perspective alone**attitude** and/or expectation
    could stop you from being successful.


  3. fan27


    You are setting yourself up for some serious disappointment if you expect to make money from day one.

    Good Luck
  4. tanp21


    I hope you have educated yourself in the field of Risk and Money Management. It makes all the difference in this game.

    I also hope that creating these systems that you did not curve fit the system to produce the results that you desire.

    If you system trade, make sure that the equity curve looks good. (Not many peaks and valleys).

    With the quant approach, I believe using only 2 variables work best.

    Set realistic goals and always have a positive attitude.

    I think that about covers it!

  5. Arnie


    When I first decided to start trading on a short term basis over ten years ago, I told a friend who had been a broker. He told me "You will lose your ass". Of course I thought he was wrong because I had read everything I could get my hands on. Long story short, he was right. There is maybe 1 in a 1000 that start out profitable from the get go. Please don't take this the wrong way, but your post is naive at best. Losing is merley part of the game. Anyone that things they can trade and not lose is doomed. It shows a mindset that is competely at odds with what trading is all about. Good luck.
  6. I Want To Thank you for your initial comments.

    I didn't want to come across as unrealistic as it does sound. I have worked very hard to consider all the necessities as to what makes a successful trader. I consider myself to be aware, prudent, and extremely analytical. From a sheltered point of view, I hope that I am approaching trading with a great deal of respect; Maybe more so than the average active trader wanna be.

    As far as testing... I have remained cautious toward not over optimizing and curve fitting. My considerations for a good system go far beyond that of just backtesting.

    I am just trying to express that I am working hard to become insightful before making trade one.:)
  7. tanp21


    One question:
    After studding for 2 years, what makes you think that you are ready now?

    It seems to me that you have a hard time pulling the trigger. Remember day trading has to be reactionary. You don't have time to decide. You have to know right away and pull the trigger.

  8. rickty


    While you're a lot more prepared than I was when I started, what makes you think that 2 years preparation is adequate compared to the successful minority of traders who have had over 20 years of actual trading experience? You need to be prepared to lose money before you'll be able to make any. This is a difficult prospect at best to face and will be exacerbated by using OPM.

    Have your automated trading strategies proved to be successful under actual trading conditions (or close to it)? If so, you may be starting out better off than most.

  9. ptt


    Will your trading be automated or involve some element of discretion?

    If there is any discretion, you will need to deal with psychological issues.
  10. dbphoenix


    Actually, I'd be most interested in talking to those OP, especially if they have that much M.
    #10     Dec 4, 2003