Are you actually awake when you are in the trades or do you go to sleep? I ask because if you were awake, I am sure that watching the price go all the way back up would have been difficult
2 x long at around 6750.
Price consolidated just above this in a long consolidation. Who knows which way it will go.
Some news out later so who knows!
Spend some time learning basic NT (5 -10 hours)
Spend some money getting data from IB for SPI, Kospi, STW, Nikkei, ES, YM, CL, GC, DAX, FTSE and a few FX crosses. ($150 per month)
Set up NT each day to record depth and every tick for playback. (daily connect setup 5 min per day)
When you have some spare time each week spend it on the sim PLAYING on everyone of the above markets. Doing anything, putting on size, scalping, hanging on for a few hours, being in the market ALL the time etc etc(5 hours per week)
Then after a few months when you have had a good look at all markets and see how they are when they get wild and when they are boring as bat Sh!+ pick a few where you have some interest.
Then pick a few patterns that you think repeat in those markets and print them out and put them in a folder in sections, breakouts, wild starts, ranging, fake breaks, low range days, large range trending days etc...... What you want to do now is every day add to the folder whenever you see the same pattern in your markets.
With those two or three Markets and your growing collection of repeating patterns on the weekend and 1 or 2 day through the week put aside a few 2 hour blocks. Now here is the bit that will save you years and worthless side trips down the discipline road. Turn on NTs playback function. Set it to 10x speed and hit with all you have. Trade it seriously with 2 lots and don't kid yourself. Keep stats (which NT is good at) and really work on them. Win rate, R:R hold time etc. You will do 20 hours of intense trading and training in two hours. After a few months you will literately have years of examples played out in your head.
A little about me, im 17 and from New Zealand i've been trading shares for a couple of years on the New Zealand Stock Exchange and have decided its time to transition to the Australian exchange to get a decent online broker with decent fees (its appalling in New Zealand), as well as wider options. Hopefully getting into Futures trading. I have around 25K.
I know its not easy money but i have the time and enjoy it so would love to give it a shot.
I have a few questions i was hoping you guys could help me with.
Is 25k NZD enough? It sounds like risk control is the biggest factor. I can take losses.
Do you guys just trade futures? Pav I think i remember you saying you traded stocks as well. Which one do you prefer? I'm interested in futures particularly as it would suit me in the evenings and the easy use of leverage.
Recommended broker? Interactive Brokers seems the best to me unless there is someone else? What would you recommend for playing back data? Whats the costs currently involved for you?
Trading setup, Do you guys use multiple screens?
Hey guys first of all thanks this is an incredible thread, pretty cool reading your transition Pav.
A little about me, im 17 and from New Zealand i've been trading shares for a couple of years on the New Zealand Stock Exchange and have decided its time to transition to the Australian exchange to get a decent online broker with decent fees (its appalling in New Zealand), as well as wider options. Hopefully getting into Futures trading. I have around 25K.
I know its not easy money but i have the time and enjoy it so would love to give it a shot.
I have a few questions i was hoping you guys could help me with.
Is 25k NZD enough? It sounds like risk control is the biggest factor. I can take losses.
Do you guys just trade futures? Pav I think i remember you saying you traded stocks as well. Which one do you prefer? I'm interested in futures particularly as it would suit me in the evenings and the easy use of leverage.
Recommended broker? Interactive Brokers seems the best to me unless there is someone else? What would you recommend for playing back data? Whats the costs currently involved for you?
Trading setup, Do you guys use multiple screens?
My action plan is to read a couple futures book such as "Futures Made Simple" by Kel Butcher then jump straight into trading playback/demo accounts. The biggest factor here seems to be risk control.
I found this quote by Trembling hand particularly great and plan on following it somewhat.
Cheers for any insight
My spectrum of trades seems similar to others.
My "stupid" trades are usually "smart" trades that didn't perform as expected, and my "smart" trades are often "stupid" trades that miraculously recovered.
The one that interests me is the DOW. It has continued to move up with little disturbance. Here is a chart. I've drawn in the last bar in big. It's taken out a few bars. Interesting to see if there is follow through next bar and into next week.
In the back of my mind I'm considering the possibility that this is the failed push up after that initial smash down. I want to position myself in case it is.
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Surely someone else is on here making some money!!!!!!!!!!!!!
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