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Well I have been banging my head against this wall we call trading for about 18 years......
Wish I could say I made my fortune but that just isn't the case.
I trade the ES and CL and use a retracement strategy... This has actually been going pretty well as long as I follow my rules.
Anyway that's pretty much it for now.
I started trading futures 10 years ago....
At the time, subconsciously, I thought trading would 'save' me. It did; however, not the way I thought it would or the path it lead me down. What I didn't realize at the time, I was looking to be rescued. Yes, I needed money (of course). After almost blowing my entire account, I had to face myself. It was then that the transformation begin and continues to this day. My old self is still here and doesn't want to leave. But, there's a new self that's emerged. And finally, my trading account is beginning to go up instead of down or sideways.
After I took a good look at what was wrong, I discovered I was a mess. I've been cleaning up my life for 10 years now. Things that were loose ends are now eliminated or completed. My overhead was reduced by thousands of $ dollars. I uprooted my family and moved, eliminated a mortgage/rent payment for 7 seven years! Everything had to change. Now, I have more time and less required to sustain a living, which I believe has been the key ingredient in my recent success. I concentrate on my life, not trading. I spent my life in front of a computer when I started. Now, I look at the markets briefly, find my trade (if any) and go after the things that make up my life. Currently, I'm fixing up my house and spending time with my family.
I trade anything that fits my set up, within the index equity, currency and commodity markets.
Its been a tough road, but I'm finally finding a footing. (maybe I'm just a slow learner)
We are fairly new traders. My husband and I used our savings to attend a franchise called Online Trading Academy, to learn how to trade, but, they saw us coming. You ever heard the saying "a fool and his money are soon parted"? As a result of a failed outcome, He subsequently blew up a futures account. What didn't work was what they sold us, called "PrpPicks" "Pro my arse! I'll leave it at that for now.
My husband developed Lyme disease over 10 years ago, after being bit by a tick. That's how we first got involved in trading. We wanted to make money to help pay for medical bills. I guess that didn't work out too well!
But, even though we got hurt with OTA, we have not given up. We know there is a system in place called buy low and sell high. We just have to find our niche.
We have started from scratch with Forex in the hopes that we can learn from this to put us back in the Futures camp. It has been almost 5 years, but we are determined. We hope to find trade strategies as well as friends along the way.
You said that you are paper trading for the last 3 months which is net positive on profit. I am also on a similar boat. I am paper trading for the last 3 months and the result is good positive on profit. I have written down the rules/process of initiating an entry / waiting / concluding the exit. This was on the past data i.e at the end of the day when the market is closed.
Now I am doing paper trading on the live market. I do encounter problems which have the interplay of emotions. I am trying to overcome these problems so that my actual trading will reflect the success of paper trading. Here in India, the virtual trading is limited. But you may have access to virtual trading in your country. I suggest you to virtual trading to learn to overcome the difficulties of transferring the success of paper trading to real trading.
My name is Scott. I’ve been trading off and on for less than two years. Crypto, sub-penny stocks/stocks, options, Forex, and Futures. I like futures the best and I feel most comfortable and confident with futures at this point. I came here to learn, grow, and share with others. Hoping we can be consistently profitable.
I am Julien from France, I have always been interested by finance and markets. I took the plunge more seriously 2 years and a half ago. Of course I lost money but not my whole capital hopefully. I can safely(?) say I've reached the stage of not losing money anymore. I joined this forum because I am willing to learn more about futures trading and order flow trading as I have been swing trading Forex so far.
Looking forward to learning and exchanging a lot on this forum,
You are not a fool, what they taught you was probably just incomplete. It is impossible to be a consistently successful trader without digging deep and changing your core believes. Believes dictate actions and actions dictate results.
I'm new here so I thought I'd write a little paragraph introducing myself. Im a 22 year old Economics and Finance student from London. I started trading around 1 year ago after being introduced to equities and bonds through my university course. During my time studying for exams I spent my off hours self learning the financial markets and I instantly became obsessed with learning the mechanisms behind price movement of financial instruments. I adamantly spent hours a day studying for months on end before I decided to trade with my saving account of quite a large capital, which much of it went towards trading resources and learning. Since then I have switched from trading stocks to currencies as I like the uniformity of macro-information with price action. Anyway, I'm happy to help people with anything although I'm obviously not a professional and I love networking with likeminded individuals so hit me up!
Not sure how to post the screenshot: "I got an economics degree in university, unfortunately. I had to unlearn a lot of what I learned, and unlearn it the hard & costly way. This is the only thing I use my degree for"