Started to learn trading the markets about 2 years ago, Options and Futures. Mostly because I don't want to be tied to a 9 to 5 job. Same story as every new trader out there, made some money and then loose it and more. No discipline and not consistent. Would like to change all that and I think being apart if this community will help.
The following user says Thank You to sheee for this post:
After almost a year on this awesome forum I like to participate actively and contribute, mostly related to trading and it's developement. Have to start my own thread/journal immediately.
On this occasion, I would like to thank Big Mike for creating and administrating this forum, also for the supervision, which leads to it's quality. Also a big thanks to all the professionals, who deliver educational material, webinars, platforms, indicators and so on and so forth, not forget to mention all YOU traders, who deliver their ideas, their problems, their approach to the market.
selling options on index futures using S&P 500 E-mini
Hello everyone on what is a sunny summer day where I live in the NW United States. I have been selling options for a number of years, but have changed brokers recently. I currently use OptionXpress as my broker for my cash account, but am looking for best option to also use an IRA account. I have an IRA with Millenium Trust as the custodian and am interested in opinions on best brokerage to use with Millenium. Any thoughts?
thanks much and look forward to being part of this forum.
Twenty years ago, I came across a sales position in an East Bay (Nor Cal) paper which I responded to. In a small office tucked away at the end of a near abandoned strip mall was an outfit selling trading software systems for a financial market called the Commodity Markets. I had no idea what the Commodity Markets were but, from that day forward, it has captured my attention and my passion. A year later, I started working as a Commodity Broker/AP in Sacramento, CA and sold Commodity Options to speculators throughout the country. I was good at sales. I sold a lot of options to lot of people. And, the vast majority of those people eventually lost their speculative shirts in the Commodity Markets. Sometimes, these same people would make an initial killing in the markets I sold to them because they happen to be huge bull markets. But, inevitably, their greed ( and mine) got the better of them and they got creamed in the end.
This is a familiar story for the vast majority of brokers and AP's. We sell something we really don't have a clue about and rationalize the results afterwards. The Commodity Markets was something I did not really understand. I sold the story of "Seasonality" in the Commodity Markets and the story was a big seller. Except gas or corn or heating oil did not always go up when we confidently thought it would much of the time and all of those poorly timed options fell apart quicker than a cheap shirt.
There came a time in my life, when the sobering and nagging reality of a moral compass began to make itself known to me. It came in subtle ways like, having a real hard time looking in the mirror each morning. It began to weigh on me in a big way. One day, I found myself putting the phone down in my office and I started to stare at financial charts on the screens of my computers. My co-workers thought I was going off of the deep end because I stopped chasing new clients
For all of the years before that moment, those charts were just reflections of a chaotic crazy set of markets and prices and highs and lows, driven and propelled by chaotic, greed and fear controlled armies of speculators and hedgers. But, in the following days, weeks, months, and eventually years and thousands and thousands of hours of compulsive analytical observation later, a very strange thing began to take place in my awareness.
I began slowly, very slowly to discern subtle, mathematical time and price behavior patterns that, as far as I know through all of these years, no one else actually has discovered about the financial markets. These nearly invisible and complex mathematical timing patterns have nothing to do with conventional technical analysis. They have nothing to do with software programs, etc. These are very profound patterns of cause and effect, built into market price and time movements. These patterns reflect the basis for market movements and pending reversals in time and space. They reflect collective human behaviors and intentions before they actually take place. Once recognized, they provide a roadmap to the points in time and space when collective human behavior either expands after a contraction or contracts after a period of expansion.
It took me a long time just to accept what I was seeing on all of those financial charts. For a long time, I actually questioned my sanity. Was I seeing things? Was this some bizarre perceptual twist in my imagination? I questioned myself for a long time. But, all of the while, I kept right on studying, and analyzing and practicing my ability spot these timing patterns in all kinds of markets in all kinds of time frames. It has taken me many years to reach the point where I can now regularly recognize these timing patterns and to grow the emotional and psychological confidence to actually take some of my money and to begin trading the markets.
And, that....is where I am at now in my life. I have put together a trading plan and have chosen to immediately start my adventure trading binary options at Nadex for the next 1-2 years. I know these new financial instruments have a bad rap since their inception. But, I have done my homework and have thoroughly checked out Nadex and its exchange and its platform and its regulatory compliance. They are the real deal. My plan is to grow my small trading account and grow it incrementally through continuous intraday trading. First, I will trade Nadex and then I will open an account at one of the established futures brokers and then trade simultaneously in the equities.
I don't know if anybody else here worked in the futures industry itself. I came here for fellowship. I know, after reading the above, there will be those who are critical or pessimistic of my chances for success with such an absurd story as the one above. I understand. All I seek on this forum is some degree of comrade type fellowship from my fellow travelers on this path we call life.
I have been trading for a living since 1997 and have had the usual struggles as well as substantial successes. Illness in 2010 forced me out of the market in 2011 and 2012 and I came back to trade futures last year. I believe in keeping my trading simple and focusing on money management and risk management by systematically maintaining small size in my losers and adding to my position size in my winners which I tend to hold for a relatively strong risk/reward ratio that often includes holding over-night. My best years I am a seven figure net income producer. I know a lot about trading but I certainly don't know it all and I have found futures.io (formerly BMT) to be quite compelling.
The following 3 users say Thank You to oliverburr for this post:
I have a background in equity derivatives as a structurer, so a decent bit of knowledge but (believe it or not) not a lot of trading experience. Problem was when I worked in the field you were effectively banned from trading by the compliance rules. Big interest now is cryptocurrencies (mostly bitcoin), so keen to explore this and some other pet topics.
Thank you for sharing your experienced, I haven't met in person who so successful making 7 digit figure in a year, I hear few of them, well done.
I had made five figures for years in equity market prior 2000. Then when it crashed, I moved to CFD for a while, then start to learn Forex. I build my trading capital bit by bit, there were times runs well and there were more times not so well, as long as I keep my money management in control i will not off the track.
So many good things here in this forum, often i play the same video few times to get the grips of understanding. Thank you Big Mike's to put up this forum, definitely a learning center.
Hi... apparently I've been a member for 145 days and haven't made a post yet and this community will only be as good as its contributing users.
I live in Australia and run my own engineering consulting company. I bought my first shares from a tip sheet when I was 18. Paid for my university education from trading profits. Moved into options, warrants and CFDs. Have somce developed a couple of algorithms using MQL4 that have given me a steady income for the last three years. I recently turned 30.
Joined futures.io (formerly BMT) just to see what was going on. So... how's everybody doing?