mfbreakout, I agree you didn't suggest to use your method. But as everyone here can only read what they see without knowing what you implied, it definitely felt that you think your style is somehow special.
You mentioned something about small stops and dreamers. See, we have completely different experience. While I've never really looked into ACD and know nothing about Mark Fisher or his successful students, I was a part of a firm with a couple of hundred guys who were trading for ticks for living. When you said it didn't make sense to you how people make six figures while paying 200k in commissions it just made me smile.
All I meant is that there is a difference between an opinion and a fact and the way they should be presented (especially if you consider that your comment may actually affect someone's life).
Thanks for your reply
The following user says Thank You to isla for this post:
I am sorry if i implied that my style is special. Confident about my style? Yes, very confident and may be that gave the impression. I know couple of traders at SMB capital who trade stocks , with tight stop loss and look for ticks all day long and thats the only way they can trade.
I did not mean to imply that my personal experience reflects the entire trading industry. What i am trying to say that in my personal experience , and based off my interaction of at least 30 traders who followed my first journal, they finally are trading with confidence in some part of what they gathered from my journal. They try to give 100% credit, i will take 5% of that. That's all.
My main point is if one is not successful based off whatever they have tried, time to change. If i was working at SMB capital and got booted out ( which i would have been in a NY minute) becuase that style does not suit me, should i have just packed bags and said man i can not make it based off what SMB does? No, i said let's find and use what suits me and that's what i try to share.
NOTE: On a separate note, i am a big fan of SMB capital. It's good to know that Steve Spencer - partner of SMB capital- and a superb day trader can not hold a candle when it comes to my universe just like i can not in his universe.
Last edited by mfbreakout; August 22nd, 2014 at 12:25 PM.
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I'm very far from the starting point, I can assure you e.g. I've been told not to trade IPOs, but I did - with "I'm gonna be smarter" mentality. I can say I'm humble and disciplined by now, the only thing is missing a little bit is proof that it can be done.
I also know that someone else's success won't help me, but if many can be profitable, I think I can as well. So if I knew [I]real traders[I] who are consistently profitable, that would help me in some way.
thanks for your thoughts, I already aware of these problems, and the decision is hard, but I'd like to be a trader...
To get funded I should be profitable first I presume, do you know anything about the process of funding?
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thanks for the great forum and sharing. I really like the futures.io (formerly BMT) discussions.
I live in UK (moved from US) but I haven't started trading here though I'm investing and doing positional trade in indian market for several years. At the moment I'm looking for a broker here in UK but I have no idea whom to choose for low brokerage fee.
There are generally two ways. The first is to try to get in with all the graduates, which I imagine is extremely difficult nowadays when not many firms are even hiring. This will require some luck as well depending on what qualities and experience the firm is looking for. If you manage to get in straight away that's great, otherwise I wouldn't waste too much time on it. Getting a job is not the end goal, you still would need to develop into a profitable trader, and don't expect to learn any "secrets". Generally, experience of starting out in a prop firm can be very different depending on how well you fit into their system.
The second path is to develop a skill and then get funded based on your results. I've seen several companies offering to pass a selection process. TopstepTrader is one of them.
Personally I think prop firms have less to offer today than 5-10 years ago. Making money in the markets has become more difficult and takes more time to learn, that's why only very few firms survived.
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" Couple of months ago, i was talking to a broker who has been in the industry for 30+ years. According to him he has several traders who make 6 figure income on $200k account etc. This is after paying about $200,000 in comission. "
I am not sure you noticed that as you mentioned in response ;
" When you said it didn't make sense to you how people make six figures while paying 200k in commissions it just made me smile. "
It still does not add up for me. Paying 100% of one trading account in commission and they producing 6 figure income?
Myabe you misunderstood me or i am misunderstanding. In the end we all go by our own experiences and thanks to your post it makes all the sense to add disclaimer to my posts.
NOTE: I should have given more details about my conversation with this broker. $200,000 trading account was just used as an example by me for my conversation with this broker. He was recommended to me someone i trust and i was trying to understand how some of so called BIG producers were trading at his brokerage house. I already knew the answer from SMB capital side since i know some of her traders- $1million to start with and goes up as trader proves himself etc. For SMB traders 2 years out after training expectation is $150,000 gross on $1 milion trading capital. I can relate to that. I said to myself, let me find what someone else experience is and that's where this broker came in. When he told me , it all depends on a trader skillset and he has couple of clients who clear 6 figure on a 200-300K account day trading stocks, i asked him number of trades done in a day to achieve those results. Based on his answer , he agreed that they pay minimum of $200,00 in comission. Basically lot of trades at very high speed with very little risk etc.
I decided it's not for me and most of traders who follow my journal. I am not good enough or ever will be to pay 100% of trading capital in commission and still produce 200-400% annual return. 30% annual return on trading capitalis all i can focus and hope to achieve on a consistent basis.
My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
Last edited by mfbreakout; August 22nd, 2014 at 02:16 PM.
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I started reading the tape in Brokers offices since 1982.
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