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Life Without Trading

  #21 (permalink)

Glasgow, Lanarkshire Scotland
 
Trading Experience: Intermediate
Platform: Jigsaw Daytradr
Broker/Data: Working my way around them all
Favorite Futures: ZN, ES
 
Posts: 53 since Apr 2016
Thanks: 57 given, 46 received

Great Advice


eric73 View Post
Hi Trambo,
Instead of trying to trade the US oriented markets, have you looked at what you can trade in the European/London markets that has action similar to ES and ZN? The instruments won't be the same because they may not have the same Volumes and Price Actions as ES and ZN. But, they would be way more active during the times when you could be trading them (early morning and late evenings in UK time zone).

My preferred markets are what I've traded in the past on spot Forex, EUR/USD and GBP/USD. I would absolutely love to be in your shoes and be trading those two markets. If I want to trade EU and GU now, I have to get up at 2:00 AM to watch the German Open and stay online for a few hours through the London open up to about 5:00 AM my time. Then I can start getting ready for my day job.

Instead of trading EU and GU, I sought out watching markets that I could trade in later US evening hours on the Sydney Open/Tokyo Open on up through 10:00 PM, when I can start getting ready to go to sleep. Maybe you should look at other markets that are active in your time zone.

And stay on the simulator until you can trade winners consistently. I'm amazed that you made 1,100 of anything (USD or Pounds) last a whole year trading LIVE futures. There is a steep price to pay for wanting this trading lifestyle. And it's not all money...it can be in lost time connecting with Family and Friends as you're on the PC for all of your free time. My Daughter hates it when I'm on the PC instead of being with the Family.

It could be that Trading LIVE Futures isn't what you need to be doing. One of the other traders in Chicago said he makes way more from the free cash flow each month, on the one very small apartment building he has...than in his trading account. Trading looks cheap and easy when you first look at it, but it turns out to be very hard and kinda expensive when you really look at it. You don't have to spend several thousand dollars on tools just to fix toilets. But, I'm pretty sure everyone in Glasgow has a toilet. Now, fixing toilets isn't the point here...but doing something to make extra money that isn't trading futures is the point. You need to pay down your debts, and pursue your dream.

Take that as free advice from a 63 year old guy.

Cheers,
Eric.

Hi Eric,

Great advice. Thankyou. Believe me I've looked at a number of markets to try and get a good routine to trade with. I found that given my somewhat disjointed working routine it was a difficulty. I went through John Grady's training material and webinar and so I've spent a lot of effort on that way of thinking. I found that that was where I was seeing progress so every time I changed to a new market or studied a new market behaviour, I felt that I was giving up and method hunting again.

I also hear what you say about trading in general being "the" chosen method of earning extra income. I've actually written somewhat on this topic through other avenues and find it quite fascinating. I've often asked myself that if I found another way to generate extra sources of income would I still pursue trading. Ultimately it comes full circle and I realise that it means more to me than just the financial benefits at this point. Sure, I have the other issue that I have no idea how else to general an alternative source of income to the day job, but I also think that if I achieved the goal of doing so I'd inevitably look to utilise it's proceeds towards making progress with trading, it's a bug that bites hard I guess!

Great insights, thanks again.

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