Quote:
Originally Posted by nlrsniper
TMB,
...Other than the previous books mentioned, has there been other educational material that has attributed to you getting to where you are today with trading? I know you make mention of babypips as your initial starting point, but just wondering if other things assisted you along the way...
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Other then those 2 books and the information provided by babypips.com I did not use any other outside resource. I was though tutored extensively for the past year along with a group of 10 others. From that group 2 of us have survived and we are trading every market day together.
We started of going through the information provided by baby pips and fully dissecting it for 3 months. During the 2nd month we opened practice accounts and began swing trading. We where instructed to choose Indicators that we seemed comfortable with and swing trade the market. In addition, we made use of Fibonacci and basically traded every swing to the .618 (surprisingly I brought a Demo account from 50k to 80k this way lol).
During the 3rd month we where introduced to MACD and its power of divergence combined with swing trading and trade the divergence once the main support or resistance trend line was broken. In addition we began to recognize patterns more frequently such as Triangles, Head and Shoulders, Candle Sticks, etc...
The 4th month we where introduced to the Gartley 222 and Butterfly patterns. As stated in my previous post, we continued to use our indicators until we felt comfortable with out them.
My trading partner for example is still very fond of the SSD tool and has some very good executions with it (if you wish to know more about the use of the tool with the patterns, Ill have him post the info on here).
The majority of my knowledge apart from reading and digesting information available online and in books, has come from vigorous hands on experience. For the first 3 months we would swich trading "sessions" every other day and trade the market until its close. In addition, we would spend our time home studying price history and seeing how trend lines from days before would respond to future and current price.
During the 4-5 month, 9 of us where left and we where also split up into groups of 3 in essence trading the 3 markets "24/7". Each person from each session belonged to a certain group. For example Tokyo Market = Group (1A, 1B, 1C), London Market = Group (2A, 2B, 2C), New York Market = Group (3A, 3B, 3C). This in effect created Teams within Teams and a scale of competitiveness between all of us, because of the fact that Group ABC each had 1 Demo account which they shared together. So on top of trading an account, we had to learn how to deal with our partners emotions. In addition, we would switch the market we traded weekly. As a result, allowing me to thoroughly understand each market.
After that one by one group members began to fall. Coping with each other and dealing with stress on top of learning to trade efficiently was not every ones cup of tea. Anyways from the 6th month until now we have been trying to device a way to deal with our sense of greed and fear with the market. Which in the end has led to what I am sharing with every one on this thread. In the end 2 of us are left and finally we have found a break through to all the losses.
In short, VIGOROUS practice has led to my current knowledge. In addition, I would like you all to note that during the 5-6 months is when I opened my first live account (Micro $25-100, which I had destroyed many times because of greed and fear). My problem was from the beginning over leveraging (30%+ margin), holding on to negative trades (hoping for them to go positive/falling in love to the trade), and adding to negative trades (The worse thing you can do). Learn from my mistakes please and do not commit them. I will always post my losing trades and give you the reason why it did not work, what I did wrong, and how to correct it. As I have done prior and I will continue to do so in the future.
I would go more in depth about my training with forex, but I feel like its something that I should explain at a later time when I truly become a Forex Guru. As all of you I am and will always be a student and will never think of my self above any other trader.
BTW... Pipfinder305 was my teacher heh. He may be posting from time to time as you see bellow.
04-27-2009, 09:42 AM
Eur/gbp
EURO/JPY 60/30 min Trade active
Thank you sweet pip, I don't know how I even spot that pattern!
Linear Mode
