Wanted to say hello and go over my strategy with you guys. This may get long and I dont mind if you hit on one point instead of them all but this is some of my ideas and strategies.
First what got me actually in this forum and reading books was from another forum im apart of where I met someone who trades and asked him a few questions. I looked into forex before but somehow got more into the scams of forex than what it is you guys deal with. Im sure you know what im talking about.
So as I read I found it very interesting. I currently was into stocks(not an expert by any means) but found the whole platform of forex trading awesome. The whole ADHD of it where you have so much information coming at you and you have to decipher it in seconds for some reason is appealing to me. Im currently a business owner and have wanted to deal with real estate and have mentioned my deal with stocks so this is right up my alley. In the last 2 days ive gone through the babypips "school" and I've enjoyed a white chocolate mocha while reading complete idiots guide to forex(I also found the idiots and dummies guides to be very good for getting an idea of a subject). Then came the forum reading where I came across you guys and read some interesting things. Read about 5-10% success rate and about how people lost money and faith.
This made me more excited. I was once young and thought that there was a way to get rich quick and easy. I then learned that the easy things that are supposed to get you rich usually end up being the reverse. So I learned to like challenges. So far I have found the great the challenge the greater the reward.
Just wanted to get that out of the way so you know im here to work. After reading threads I've also saw how people blow accounts due to impatience. I can almost guarantee what happens is they get bold because they had a good gain or perhaps even a lose and move away from there discipline. Good thing I've played a lot of blackjack. I know how that works all to well and although I tell myself now I will stay disciplined I can only hope in the coming months I stay loyal.
Anyways down to business I only get to introduce myself once so I figure I get a little back round in there. I did mention it would get long . So I have a short term strategy I wanted to run past you guys. I pretty know how I work and the strategy is true to myself but im more than welcome to additions and modifications. This semester I got bulled out of college so that will free up some time. Can't say the same for business but im lucky enough to be able to spend time reading/reading charts while doing it is what I do. The term for the strategy is from now until about January.
This month is learning learning learning. I have the gift to be able to take down books in a pretty short amount of time. So your recommendations are welcome. As long as you guys don't swamp me I'll even provide my ideas about a book in either this thread or another thread. To help future noobs. At the same time ive been looking at charts. I dont know what the im looking at but I found that if you stare at a chart long enough you notice things. I cant tell you what I notice its just something I notice in my head but cant actually say. Perhaps you know what im talking about? I already performed some trades on what I thought was good stuff. No basis other than it felt cool at the time . Ill admit though it was helpful. Seeing the trade go and do its thing was a learning experience and actually fun at the same time. I had one trade go up 34.20 and one go down 110. Most fun I had all week though(I need to get out more).
Anyways in October I will then start a new demo account. The one Ill use this month is for practicing things I read and such. Sure I can start a demo account and double it and then double it again but I have a feeling that it will be based on blind luck. This is where ill see if I can basically do the deed.
November I will take it a step further. Test strategies. Perhaps play around with different methodologies. Learn how to test things. To refine them perhaps run 5 different strategies to see how they work. Why they work.
December I will also refine but business ends up booming so I will more than likely run strats look at numbers have nightmares of charts and enjoy holiday season. When December ends I am on a nice vacation. At this point I usually just stare at walls for long periods of time and responding to people a day later when asked a question due to the busy holiday season for business.
January im live. Depending on how business and some very well places stocks go I will know what is my sweet spot for trading. Emotion will still be tested against my discipline because I hate to even see 50 dollars go down the drain.
After January I will look at my position and move on with a new 6 month plan for learning and growing. This plan can go live earlier but not because I get over zealous that im making uber demo account dollars but rather get that adrenaline boost.
Also I want to mention the learning I will be using is learning fundamentals. Using forex and economic geared books as well as taking a course or two in economics from:
http://ocw.mit.edu/OcwWeb/web/course....htm#Economics
(btw if you didnt know about this and you love to learn I just gave you a gold mine)
Also from that list what do you think are the best economics classes. Im thinking Intermediate Macro and Economics and Psychology.
If this is to long I can provide cliffs if need be. Also I will be hosting a vent dedicated to forex traders. If I get enough response from you guys I can either post an IP or you can PM me. You can all come and go as you please and Ill even add channels that you request. It would be nice to be able to chat with your fellow members.
So with that long post I would like to say hello to you guys hope to become the mentor.
First what got me actually in this forum and reading books was from another forum im apart of where I met someone who trades and asked him a few questions. I looked into forex before but somehow got more into the scams of forex than what it is you guys deal with. Im sure you know what im talking about.
So as I read I found it very interesting. I currently was into stocks(not an expert by any means) but found the whole platform of forex trading awesome. The whole ADHD of it where you have so much information coming at you and you have to decipher it in seconds for some reason is appealing to me. Im currently a business owner and have wanted to deal with real estate and have mentioned my deal with stocks so this is right up my alley. In the last 2 days ive gone through the babypips "school" and I've enjoyed a white chocolate mocha while reading complete idiots guide to forex(I also found the idiots and dummies guides to be very good for getting an idea of a subject). Then came the forum reading where I came across you guys and read some interesting things. Read about 5-10% success rate and about how people lost money and faith.
This made me more excited. I was once young and thought that there was a way to get rich quick and easy. I then learned that the easy things that are supposed to get you rich usually end up being the reverse. So I learned to like challenges. So far I have found the great the challenge the greater the reward.
Just wanted to get that out of the way so you know im here to work. After reading threads I've also saw how people blow accounts due to impatience. I can almost guarantee what happens is they get bold because they had a good gain or perhaps even a lose and move away from there discipline. Good thing I've played a lot of blackjack. I know how that works all to well and although I tell myself now I will stay disciplined I can only hope in the coming months I stay loyal.
Anyways down to business I only get to introduce myself once so I figure I get a little back round in there. I did mention it would get long . So I have a short term strategy I wanted to run past you guys. I pretty know how I work and the strategy is true to myself but im more than welcome to additions and modifications. This semester I got bulled out of college so that will free up some time. Can't say the same for business but im lucky enough to be able to spend time reading/reading charts while doing it is what I do. The term for the strategy is from now until about January.
This month is learning learning learning. I have the gift to be able to take down books in a pretty short amount of time. So your recommendations are welcome. As long as you guys don't swamp me I'll even provide my ideas about a book in either this thread or another thread. To help future noobs. At the same time ive been looking at charts. I dont know what the im looking at but I found that if you stare at a chart long enough you notice things. I cant tell you what I notice its just something I notice in my head but cant actually say. Perhaps you know what im talking about? I already performed some trades on what I thought was good stuff. No basis other than it felt cool at the time . Ill admit though it was helpful. Seeing the trade go and do its thing was a learning experience and actually fun at the same time. I had one trade go up 34.20 and one go down 110. Most fun I had all week though(I need to get out more).
Anyways in October I will then start a new demo account. The one Ill use this month is for practicing things I read and such. Sure I can start a demo account and double it and then double it again but I have a feeling that it will be based on blind luck. This is where ill see if I can basically do the deed.
November I will take it a step further. Test strategies. Perhaps play around with different methodologies. Learn how to test things. To refine them perhaps run 5 different strategies to see how they work. Why they work.
December I will also refine but business ends up booming so I will more than likely run strats look at numbers have nightmares of charts and enjoy holiday season. When December ends I am on a nice vacation. At this point I usually just stare at walls for long periods of time and responding to people a day later when asked a question due to the busy holiday season for business.
January im live. Depending on how business and some very well places stocks go I will know what is my sweet spot for trading. Emotion will still be tested against my discipline because I hate to even see 50 dollars go down the drain.
After January I will look at my position and move on with a new 6 month plan for learning and growing. This plan can go live earlier but not because I get over zealous that im making uber demo account dollars but rather get that adrenaline boost.
Also I want to mention the learning I will be using is learning fundamentals. Using forex and economic geared books as well as taking a course or two in economics from:
http://ocw.mit.edu/OcwWeb/web/course....htm#Economics
(btw if you didnt know about this and you love to learn I just gave you a gold mine)
Also from that list what do you think are the best economics classes. Im thinking Intermediate Macro and Economics and Psychology.
If this is to long I can provide cliffs if need be. Also I will be hosting a vent dedicated to forex traders. If I get enough response from you guys I can either post an IP or you can PM me. You can all come and go as you please and Ill even add channels that you request. It would be nice to be able to chat with your fellow members.
So with that long post I would like to say hello to you guys hope to become the mentor.
Excuses are the tools of incompetence