Day Trading & Forex Forum

NetTecture

Hello folks

I am a not yet again active person on the markets that has learned futures trading after school around 18 years ago. Been inactive, pursuing a career in IT, for the last 10 years.

I now plan moving back, combining my IT knowledge and infrastructure with trading.

I do not want doing that if possible without some guidance If anyone here does day / short term trading in the US futures markets (preferably energy / oil, currencies, stock futures)... I would really love to get in touch with someone to help me for some weeks to get back into the "proper mood". I HAVE been thinking about signing up for some of the trader programs that some arcades run

My plan is manual / systematic discretionary trading, based on technical analysis. I plan to develop some automatic systems on the side.

I do have the infrastructure in place for video conferencing and application sharing. No historical data, but I will start collecting some feeds before going real.

I will start trading with Mirus Futures and use NinjaTrader as platform for some time. Not too long, though - I rather plan developing my own order management system.

What I am looking for:
* Experienced trader, calm person to help me getting into the proper mood.
* Ability to proove track record. Sorry - I know all the confidentiality reasons, but fact is that 95% of the people make no money, and I rather look for an experience mentor
* Trading by price action & support / resistance.

Some interest in system development would be nice, to share more than just "enter trade here". I have created an extensive IT knowledge in the past Would be nice if that could somehow help giving something back

Trading is probably starting mid of May, though that may delay - there are some legal setups still in the work, and I need to finish my current final contract

Anyone willing? It would really be nice

rathcoole_exile

mate, you don't need a mentor.

success as a trader is not about entries, it's not even about exits.
it's certainly not about indicators and to a lesser degree not about timeframes.

the only true path to success as a trader lies in correctly managing a trade

more than half the time I don't even have my charts on screen. but i know in advance what i'm going to do at a certain price and i know what i'm going to do
a) if I'm wrong
b) if I'm correct
c) if the market flatlines

example-
pick a trigger price at random (a pivot or round number for example)

your plan is to buy/sell whenever price hits the trigger

your automatic safety stop is lets say 1 unit, your minimum profit target is say 2 units

if you accept that the markets are truly random and that price could move in any one of 3 directions, the split second you initiate your trade then in theory you should be correct 50% of the time.
Even if the law of averages decides to screw you and you're only correct 1 in 3 trades, you would still breakeven (not allowing here for comms, fees etc)

if your plan allows you to move your stop to 1.75 as it approaches 2 points profit, sometimes you'll get stopped out for 1.75 profit. other times your trade will take flight and earn you 5,10, 20 units......and that is where the real money is earned, where you become financially successful as a trader

what does this illustrate ?
money management is key
having a plan is key
sticking to your plan is key
fundamentals, indicators, timeframes and trend are irrelevant and redundant

Ok, I exaggerate, you could use fundies, trend etc to determine what your plan will be at any particular trigger, ie to go long or short, but once the plan is in place, they all become unnecessary to you.

imho, the willingness to commit to a plan, the willingness to take losses and the strength to keep repeating those trade set-ups are what will make you a successful trader.

if you can't accept that only 2 or 3 trades out of 10 will be small winners, and that 2 or 3 will be scratched for even and that 3 or 4, even 5 will be losers, with possibly only 1 in 10 trades being "payday" then you shouldn't even consider trading

finally,
if you have decided on a trade and it goes against you, don't be afraid to get stuck back in if you get stopped out early.
i've no time for babies who whine that they got the direction right but the market noise or the devils disguised as market-makers deliberately hunted out there stops, only to see the market zoom off in the anticipated direction but leaving them behind.

have respect for your own judgement and get back in ! and again and again and again ....


good luck, hope it helps,
r_e

__________________
how to speak Norn Iron:
http://www.youtube.com/watch?v=zJH3_...eature=related
if u can't accept that only 2 or 3 trades out of 10 will be small winners, & that 2 or 3 will be scratched for even & that 3 or 4, even 5 will be losers, with possibly only 1 in 10 trades being "payday" then u shouldn't even consider trading

my Opinion is never "humble "

karl6666: 'Why doesnt anybody like you R_E is it because you shout?'

new_trader is to trading advice what air france are to aviation

NetTecture

I fully agree. Heck, I was working with futures when I was 21 And around 30 I was living from trading for years And not living bad Stopped all when my second wife and me - well Lets say I was in no mood to trade then, and decided to do something else.

That is what I mostly want from a mentor setup - some reflection. I live not exactly in an area with arcades etc., and I know that my main problem is going to be psychological Sticking to a plan. The theory is there. The psychological aspect.... I would like to be able to reflect.

anley

The word 'mentor' has been successfully hijacked by the marketers.

So if you want one, get your credit card out it's as simple as that........

NetTecture

I would prefer not to, but if someone can proove that he has a positive track record and a good mentor personality, seriously, I am more than willing to.

Contrary to some people I am going to put more than a couple of hundred dollars into the market.

ahardy66

Net,

put your credit card away, you'd be wasting your money. There's no-one out there who'll mentor you in the way that you want.

You've got this forum, all the posters here will read whatever you post and give you more feedback than you can ever get from a paid-for so-called mentor. Of course lots of the back-chat will be rubbish, but you should be able to spot that.

Here, I'll start.

What's that all about? Surely "systematic discretionary" is an oxymoron?

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Adam

NetTecture

Call it programmer talk I am working on getting the discretionary parts out. When I was trading 10 years ago, automatisms were not that available easily Never went to TradeStatsion. I have a systematic approach, but it is not good enough for me yet to call it systematic, because it has elements where I make decisions myself (whether to take the trade or not). I am currently trying to get those out. It also works not really with indicators, but with resistances, supports etc. - which I thing a little hard to describe without human factor. I would not call it systematic unless I can basically describe it in a programmatic way (though programming it may be harder - some things are just harder to express for a computer). It definitly is an oxymoron

karl6666

nice.

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