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is 40-50 ticks per day doable

  #28 (permalink)

Elite Member
Honolulu, Hawaii
Trading Experience: Intermediate
Platform: NinjaTrader
Broker/Data: ATC/TT, AMP/Zen-Fire, AMP/CQG
Favorite Futures: TF
bluemele's Avatar
Posts: 2,547 since Jun 2010
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tigertrader View Post
2 things you should not concern yourself with, when you are first learning how to trade: 1) how much money you are making, and 2) how long it's going to take until you are making money.

Your singular focus should be learning how to trade correctly. If you rush the learning process, and pick up bad habits in the process, you will only have to un-learn them in the future. Making money will take care of itself, when you you trade well.

When I first left the floor, I traded prop for a year at Schoenfeld, and they did not have any minimum P&L threshold requirements for any of their traders. Legitimate prop houses are more concerned with how a trader controls his risk, than how much money he is making. This is a sentiment that should also be your overriding concern.

Wow, spoken like a true trader.

I couldn't agree more. I traded somewhat successfully under fundamentals, then got frustrated due to a bad patch and jumped to the 'dark side' of TECHNICAL trading. It was a steep learning curve at first, and the two questions I kept asking were the two above!

The only thing that answering those questions does is deflate you to a point where you want to quit and also helps you lose money.

I remove all instances of 'money' from my charts, my dom etc. I don't speak in dollars either as it is too much pressure. I used to make 2K a day in my normal business (before recession) and now for some reason it is a big deal of making $20.00 per day trading!

The key understanding for me was the 'being right'. Our EGO's are fragile (well, most of us) and the thought of being wrong more times than right just destroys us mentally.

In my opinion, one must remove the EGO so being right isn't an issue. Once you have done that, then trading for money or training time isn't as much of an issue. You must only compare your success against your own and that will keep you somewhat motivated!

The best attitude is to go in with full disclosure to your EGO, "I am going to pay money to do this, this is going to take me a while to learn and be competent in" and then ask yourself is that OK. It is a lot like building your dream home. You will have a budget and an estimated completion date, but it will always cost more and take longer to complete then you ever imagined and so goes life.

It is amazing the psychology involved.

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