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  • #245,641
  • Aug 13, 2010 8:48am Aug 13, 2010 8:48am
Quoting mpurdy1973
me too...i can only trade at home (im in eastern time zone) i just trade for fun now...trying to get better :-)

have a great day.
Keep it small, keep at it and try to formulate a plan from what you have learned. Keep a trade journal to understand which trades are the winners and which trades are the losers and why. Analysing should be done before and after each trade. Analyse to find out which direction and what price you place your trade on and once the trade is stopped out or hit your automatic or manual target, analyse the trade itself and you should be able to identify areas of improvement.

I will PM you screenshots of my trading journal (I don't have it work today... argghhhh!) so that you can get an idea of what you should record for each trade! It is still work-in-progress, but the meat of the journal is there! I also created Excel formulae for the columns that require calculations, so that it is all automated for me. Tricky, but you will find the formulae help in Excel is quite good. Being in IT, you should have no problems with these formulae! LOL

Good luck and have a great day too.
  • #245,642
  • Aug 13, 2010 8:49am Aug 13, 2010 8:49am
I do
  • #245,643
  • Aug 13, 2010 8:49am Aug 13, 2010 8:49am
In all honesty, I'm demo'ing right now. I will eventually be going live with my own money, but I'm to much of a noob right now to feel comfortable doing it.
  • #245,644
  • Aug 13, 2010 8:50am Aug 13, 2010 8:50am
Quoting xenu
I also always ask myself, if people are making money why they don't manage accounts or don't start a fund or something?
bookkeeping, risk, liability, the usual headaches of running a 'business' ..who needs it?
If one can make money trading, the best thing to do is ... trade
(this goes triple for those trying to sell 'robots guaranteed to make money while you sleep). If anyone had such a thing that worked, you would never ever sell it!!
******************* I'd rather make money than be right.
  • #245,645
  • Aug 13, 2010 8:52am Aug 13, 2010 8:52am
Quoting AdrianHNV
Just out of interest;

How many of the people here actually live trade with their own money??????

I trade live
If you think you can or cannot do it you are correct
  • #245,646
  • Aug 13, 2010 8:53am Aug 13, 2010 8:53am
Quoting Nate04
In all honesty, I'm demo'ing right now. I will eventually be going live with my own money, but I'm to much of a noob right now to feel comfortable doing it.
open a 50$ micro account somewhere. its better than demoing. trust me

its better to start real and small than demo then go with a bigger amount. ur not gonna be in the best mindset
  • #245,647
  • Aug 13, 2010 8:53am Aug 13, 2010 8:53am
Quoting xenu
I also always ask myself, if people are making money why they don't manage accounts or don't start a fund or something?
People's goals aren't only to make money you know. I am not interested in making millions, nor managing accounts. I am interested to make enough money so that I don't have to have a day job anymore and I can have a better quality of life to spend with my family and on the golf course.

Why are people so hooked up on money. Money is not everything you know. There is more to life than making money!
  • #245,648
  • Aug 13, 2010 8:54am Aug 13, 2010 8:54am
Quoting joemiami
Its been a scalper's dream these last few hrs, hasn't it?

Long from 5582.......

I got out at 5601 as market is having hard time finding a clear direction at the moment...
  • #245,649
  • Aug 13, 2010 8:55am Aug 13, 2010 8:55am
Quoting 4xStar
bookkeeping, risk, liability, the usual headaches of running a 'business' ..who needs it?
If one can make money trading, the best thing to do is ... trade
(this goes triple for those trying to sell 'robots guaranteed to make money while you sleep). If anyone had such a thing that worked, you would never ever sell it!!
Trading is also a business, and you also need to deal with bookkeeping, no?
  • #245,650
  • Aug 13, 2010 8:56am Aug 13, 2010 8:56am
Quoting boxingislife
open a 50$ micro account somewhere. its better than demoing. trust me

its better to start real and small than demo then go with a bigger amount. ur not gonna be in the best mindset
I totally agree, but put a trading plan together 1st and use the demo to work out all of the questions that the market will throw at you and you can find all the answers in your trading plan. Once you have your plan, you MUST move to a micro account. Trading with real money is a totally different ball game, but if you have your plan and the plan worked in demo, then stick to it like glue in Micro and slowly build on that.
  • #245,651
  • Aug 13, 2010 8:56am Aug 13, 2010 8:56am
Quoting Olu
I trade live

Live here too since 2008 and consistently profitable(trade mostly ES though) (70% ES, 30% FX)
  • #245,652
  • Aug 13, 2010 8:57am Aug 13, 2010 8:57am
Quoting bbakker
Why are people so hooked up on money. Money is not everything you know. There is more to life than making money!
If trading is not about making moneey then why trade whatsoever? There is more about life than just trading, I agree
  • #245,653
  • Aug 13, 2010 9:00am Aug 13, 2010 9:00am
Sorry for the question regarding actually having a live account with your own money invested and working.

I wasn't trying to imply anything by it or even differing from the help of those who use 'dummy accounts' and post information which will help others. It was just a genuine inquiry, based upon an observation of mine, regarding the way in which a few of the posters ............... like too argue with each other and have name calling slagging matches.

This thread is after all for all of us who wish too not only learn from others, but too a degree I suspect also for 'banter'.

In general in other businesses in which I am involved, it's usually those who make the most noise about things who aren't actually invested or involved in any way shape or form.

What we call 'shit stirrers' or the Americans like too call 'Side-Walk-Engineers'...

Anyways back too getting those PIPS and making loads of Honey opps I mean MONEY
  • #245,654
  • Aug 13, 2010 9:02am Aug 13, 2010 9:02am
Quoting xenu
If trading is not about making moneey then why trade whatsoever? There is more about life than just trading, I agree
Trading for me has always been a pure passion of mine; and bcuz I love the business so much, Ive put all my heart and soul into becoming the best trader I can be. When you are passionate about your career, you will excel at it and the $$ will soon follow
  • #245,655
  • Aug 13, 2010 9:04am Aug 13, 2010 9:04am
Oooooh, there are a million reasons even if I'm not making money. It's fun, it's exciting, it keeps me from sleeping in.

And, most importantly, a loss a day keeps overconfidence away.

Quoting xenu
If trading is not about making moneey then why trade whatsoever? There is more about life than just trading, I agree
forget about tomorrow, just steal away into the night
  • #245,656
  • Aug 13, 2010 9:04am Aug 13, 2010 9:04am
Quoting 4xStar
bookkeeping, risk, liability, the usual headaches of running a 'business' ..who needs it?
If one can make money trading, the best thing to do is ... trade
(this goes triple for those trying to sell 'robots guaranteed to make money while you sleep). If anyone had such a thing that worked, you would never ever sell it!!
Trading is business, your own business and you must treat it like a business. All good businesses have a business plan and do bookkeeping to keep track of how the business is doing. Same goes for trading. You have a trading plan and use a trading journal to track how your trading is going. Really the hard part is creating these tools. The easy part is updating it because like in accounting a lot of my data is automatically calculated for me. So I just put the required data in, which takes me all of 2 mins max per trade. No headache for me and I have a beautiful record of all my trades, my analysis thought processes and my emotional behaviour at the time of each trade.

Time for another game of pool! I do love my place of work!
  • #245,657
  • Aug 13, 2010 9:06am Aug 13, 2010 9:06am
Quoting xenu
Trading is also a business, and you also need to deal with bookkeeping, no?
yes but I am responsible only for me.
Clients = headaches (IMHO)
******************* I'd rather make money than be right.
  • #245,658
  • Aug 13, 2010 9:07am Aug 13, 2010 9:07am
Quoting spekitox

And, most importantly, a loss a day keeps overconfidence away.
Yes very true....... As I experienced last week one day when for some strange reason I had a bad day and lost all that I had made the day before.......

Toooooooooo Confident I was and paid dearly for it. But as they say leasson learned
  • #245,659
  • Aug 13, 2010 9:07am Aug 13, 2010 9:07am
Quoting joemiami
Trading for me has always been a pure passion of mine; and bcuz I love the business so much, Ive put all my heart and soul into becoming the best trader I can be. When you are passionate about your career, you will excel at it and the $$ will soon follow
I agree, I've just pointed out why not extend that passion into another level? Entire universe is about that.
  • #245,660
  • Aug 13, 2010 9:08am Aug 13, 2010 9:08am
Quoting AdrianHNV
Just out of interest;

How many of the people here actually live trade with their own money??????
i trade live and forex for the past three years as been my only source of income,i will advise u to learn to trade.
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