Hello everyone on ET. I will be working with Socrates on mastering the world of futures and becoming an all around better trader with his great help. Magna, if you don't mind, this journal should be for public viewership and my intent is for anyone and everyone to learn from my postings for the near and long term. Thank you. For all of you, I have started out with $2,000 trading the mini Euro FX and mini Crude oil contracts. I like them the best compared to the YM and others because they trade slow and steady(plus have sufficient liquidity) and I usually can pull good patterns out of them with my past trading experiences with equities chart patterns learned through the Investools method. For my software, I use Metastock 10.1 with eSignal data feed. I use RMO indicator/MACD/+ Momentum indicators for my buy entry and sell entry, Tradestation 8.2(use color coded volume average to determine who is dominating current price direction, bulls or bears) to place the trades, and that's about it! On Metastock, I like to draw in various channel lines and different pivots(I call them J-Lines) to measure key support and resistance level breakouts. I am new to posting jpeg charts with my drawings but am very open to in the near future. -TB
Billions, permit me to congratulate you on your extraordinary courage in starting this journal. To begin, would you please tell us why you began trading in the first place? My belief is that your reasons for trading are important to devising profitable trading strategies. Best regards.
I began trading in the first place for two very reasons, Socrates. First being, I want to be able to retire at a young age and live with financial freedom.(Meaning, I can pay my pills, pay taxes, give back to local charities, buy a dream house, etc.) The second being, I want to become a full-time trader because I am a very technically minded thinker love to learn how to trade well in general. I feel trading is the best profession for me that will work in harmony with how I think and who I am.
THanks for that explanation. Wouldy ou please tell me your age, and if you consider yourself successful at some other endeavor than trading? Not necessarily work, it could be sports or a creative art, anything. I ask because if trading is a need to be a success at somehting, that is important to recognize.
My age shall remain a mystery for now.. I started a successful computer repair business back when I was a youngster.. So I do have experience with starting up different ventures and projects involving service related things..
Got it. Can you achieve your financial goals to buy all the pretty things you want if you DON'T trade? I think you see where we're going here.
Yeah, going in circles.... Mastering Futures Daytrading by Bo Yoder is a good book to start with for a nice discussion on risk management and position sizing as well as one person's mental approach to trading futures. He also shows the indicaors he uses and explores the justification for different trades. I am not saying he is going to hand you a blueprint to trade but seeing his logic will be helpful. Might as well read something that answers questions as opposed to asking them
He might be trying to dig a bit deeper into your pressures and motivations. So far we're at a surface level, not getting far under the issues given your unwillingness to even expose your age (when no-one knows who you are???? you could be an eskimo trading in an igloo for all we know or care; you could be ugly too; how old?)