Trading in a group

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Old Mar 2, 2011, 2:29am   #1
 
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Trading in a group

Hello All ,
I am interested to do daytrading and am looking for some sort of group to start with .I am relatively inexperienced and would like to learn some from the pros .Is there any one who is willing to show some tricks or maybe take me along on the same trades that you are taking .I have my account opened already and but faced early losses and now dont want to lose the rest of my account as well.
Thanks .
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Old Mar 2, 2011, 4:59pm   #2
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Re: Trading in a group

It helps to be in a group of people that can guide you along. I am sure there are many people on here willing to help, as am I. If you are new to trading I would read as much as you can about commodities and futures, and how they work. Typical lingo is best to learn at first, along with how the contracts trade with different months and what each tick profit or loss is. I wish you luck in your trading
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Old Mar 6, 2011, 10:08am   #3
Joined Mar 2011
Re: Trading in a group

I am also new to trading and have been engaged in reading different articles and resources for a month. I would like to find the group like that of yours and share my ideas and views regarding trading.
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Old Mar 6, 2011, 12:32pm   #4
 
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Re: Trading in a group

me too
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Old Mar 13, 2011, 6:01pm   #5
 
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Re: Trading in a group

I am interest. I am not a pro however.

I already have a method that fit me. My problem is too much distraction at home.

As a beginning, you should try different instruments, different time frames to see what fit you.
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Old Mar 13, 2011, 6:41pm   #6
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Re: Trading in a group

Quote:
Originally Posted by traderwu View Post
I am interest. I am not a pro however.

I already have a method that fit me. My problem is too much distraction at home.

As a beginning, you should try different instruments, different time frames to see what fit you.
Distraction at home is a problem for many daytraders who have a home office. The reality is you can't have your spouse bugging in and asking you complete chores every 5 minutes, or you can't be left to watch the kids running around the house all day while you are trying to trade. It just won't work. Set some time where you can be completely undisturbed, even if it is only 2 or 3 days a week.

Do a lot of reading. There are a lot of good threads here, some showing HOW, and some definitely showing HOW NOT. Ask questions, keep an open mind, and never forget that it takes time and experience to get to the consistently profitable stage. It doesn't happen overnight.

apa79, what are you trading?

Peter
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Old Mar 14, 2011, 3:35am   #7
 
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Re: Trading in a group

I have read enough. I'm still reading, but just on psychology and economics.

My mom help me watch the kids during the day, but she doesn't like to watch kids. I constantly hearing screen upstairs while I am trying to focus in the office on the ground floor. I am going to send them back to day care so I can concentrate on the morning. It is unfortunate that the day care they used to go are full.
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Old Mar 14, 2011, 10:36am   #8
Joined Feb 2011
Re: Trading in a group

After trading Indices with only limited sucess for sometime, I for the first time tryed my "Luck" with crude. With 4 dollar SL AND 1dollar Limit opened at 20.30 every day last week. Long or short decided at the time by restance and support levels from charts at the time. 4 out of 4. the 5th closed out due to the contract expiry. The good news being that on my first weeks of trading oil is that i cleared £2000. The bad news is that it was on my demo account ,the second beingI have no idea what I am doing, even understanding contract dates. I need help!

Last edited by wakelingp; Mar 14, 2011 at 10:40am. Reason: typing error
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Old Mar 14, 2011, 12:38pm   #9
 
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Re: Trading in a group

I found crude fit my style more than index. With index, move is usually short with a long of pullback. If I loss two trades in a row, it is very hard to recoup the losses by the end of the day. However, if I loss 2 trades in a row in crude, I can still be green with 2 good trades.

I see above 6 good setups for 5m crude on US RTH
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Old Mar 14, 2011, 1:18pm   #10
Joined Mar 2011
Re: Trading in a group

APA,

Try the following...
One thing I have noticed is that many times, people are right on with their analysis but over manage the trade meaning they get out of good trades too early and stay in bad ones and take a full stop out on it. If you can, try sim trading for 1 week with a 1 lot and use a stop of 15-25 ticks on the YM and have a profit of 15-25 ticks... If you would rather trade the ES, use a 12 tick stop and 12 tick limit (just keep the risk reward 1/1 for this exerciese). Whenever you enter a trade, set those parameters and sit back and see which one gets hit. This will help to see how your analysis is doing. If you aren't making money then it tells you to work more on your analysis, entry and exit. If you are making money with this then it tells you that you were probably overmanaging the trades meaning getting out when you get up 3 ticks but letting a bad trade go against you and taking a big loss which wiped out several gains.
Here is the plan that I think would be best:
1.) Follow this strategy for 2 weeks in a sim account and if profitable after 2 weeks, go to the live account for 2 weeks.
2.) If profitable with the 1 lot in the live account after two weeks, increase to a 2 lot.
3.) If you are not profitable, do not go past the 1 lot. Also, keep trades to 3-4 trades made per day on #1, 2 and 3).

The thing I have found is that most people have good analysis but lose money due to money management. They get out of winning trades too soon and stick with losing trades. That is why it is helpful to see how the overall analysis is by not managing the trade. I have attacheda spreadsheet that you can use to keep track of them.
Attached Files
File Type: xls Copy of Tradereview-SFO----.xls (59.0 KB, 361 views)
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Old Apr 26, 2011, 9:25pm   #11
 
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Re: Trading in a group

Trading in a good group definitely does make a difference. The big bank traders have a team behind them, which definitely gives them an advantage. Good luck to everyone!
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Old May 18, 2011, 12:25pm   #12
 
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Re: Trading in a group

I trade with a group some of the time, we have all been taught the same methodology and have a firm set of rules. It helps because we can bounce ideas off each other, we can adjust our position sizes according to our risk tolerance and can tweak our entry and exit positions.
The answer to the original question should be "get yourself on to a virtual trade floor for a few hours a week and then watch and learn from them for a year or more until you understand what they are doing and why. Check the post before this one by Wankingp, at least he is using a demo, if this were live he would have been destroyed.
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Old Jun 8, 2011, 12:27pm   #13
Joined Nov 2010
Re: Trading in a group

Quote:
Originally Posted by apa79 View Post
Hello All ,
I am interested to do daytrading and am looking for some sort of group to start with .I am relatively inexperienced and would like to learn some from the pros .Is there any one who is willing to show some tricks or maybe take me along on the same trades that you are taking .I have my account opened already and but faced early losses and now dont want to lose the rest of my account as well.
Thanks .
To start you can begin reading books and get basic of the market and how to place order. Then you can subscribe to signal provider and use their service to place your trade.
Later on you might be able to design for yourself a good trading system
marketvistaa.com publish on its site free trading signal for commoditis, forex , indices, and metal.
or you can join their beton4x facebook, or www.groups.yahoo.com/group/beton4x
you will be receiving free signal. or check this forum. for trading signal from marketvistaa..
Hope these help
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Old Jun 8, 2011, 12:55pm   #14
 
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Re: Trading in a group

imagine everyone on this site working in a room together !!
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Old Jun 8, 2011, 3:16pm   #15
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Re: Trading in a group

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Originally Posted by theroguetrader View Post
imagine everyone on this site working in a room together !!
Good Idea. Perhaps, T2W can create a chat room
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