Tuesday, January 14, 2014

First Day Hiccups



Introduction To The Site

I find it really hard to start a new website or blog.  I never know where to start, and judging from a lot of books that I've read about trading, neither do a lot of other authors.  Everyone assumes you don't know anything about the markets, and you end up reading the same beginner stuff over and over.  So I'm going to skip explaining all the beginner stuff for now, I'm not going to explain what futures are, how to trade em, etc etc.

Instead, I'm going to assume that you have a basic understanding of what the stock market it.  Eventually, I want to turn this website into a free how-to guide.  It's crazy how much money I've spent on tons of systems, that really just don't work.  Instead, I'm going to post ALL my trades asap on twitter (eventually, once I get it all set up and running).  I'm going to make it public that I am going to be trading with a starting account of $10,000.  It may or may not be a simulation account, not sure if I can legally say that it will be a real account per SSC rules.  So officially it may or may not be a SIM account.

I'm going to write about my journey on becoming a professional trader.  I am going to work on addressing all my character flaws, and documenting all my trades.  By learning from my mistakes and my accomplishments, I hope that you can accomplish all of your own financial goals.  Whether you are looking to enjoy the freedom of being your own boss as a professional day trader, or simply looking to earn a little bit of extra income on the side, I hope that this website will help you.

About Me

I'm also not a professional trader, and I have NOT used this system in the past.  I have no idea if it is going to work or not.  I have a LOT of serious character flaws that I need to address if I'm ever going to become successful at this:

1.) I take profits way too early.  I will get freaked out and take a 2-3 tick profit, when my goal is 15 ticks on the CL, and 1 Point on the ES.
2.) I've taken some substantial losses because I never used stops.
3.) I'm always looking to counter-trend trade, and nail the exact bottom.  

The System

The system that I am trying to use has worked for a few other people on other sites, but just because a system works doesn't mean that you will be profitable at it.  I must address all my character flaws if I am going to be successful at it.  I am going to try and post a daily recap of my good and bad trades on the CL and the ES.  I am going to keep a running total of my profits, commissions, and losses.  Anyways, here is the system:

1.) Trade only with trend - This is really hard for me to do.  I am always looking to counter trend trade, I even caught myself doing it subconsciously today.
2.) Take only 2nd entry's - It gets a little hard to spot these for me in areas of congestion, but it is probably the easiest part of this system for me.
3.) Profit Targets - 1 Point for ES, 10 Ticks for CL.
4.)  Stops - 10 Ticks for CL, 2 Points MAX for ES (preferably 2 Ticks).
5.) Runners - Move Stop to Break Even plus 1, and actually let them run.
6.) Discipline - This will get it's own sub-page.



Please bear with me while I get this site up and running.

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