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Greetings All!
I'm presently 64. I've wanted to trade futures for a living since I learned about them in high school economics class. Life intervened though.
When I left my most significant career job in 2000 with some funds, I chose a broker to trade for me so I could learn by watching. I’ve read books, attended conferences, etc. The broker lost about half of the account, didn't use stops, before I finally closed the account.
Then I got a Series 3 and worked trying to sell options on futures over the phone, and worked in the back office of the brokerage til 2004. I went bankrupt early in the process.
Still pursued the effort - traded a few options on futures, and put some money in ETF's, but lost money overall. I recently quit what I hope will prove to be my last “day time job”.
Now I’m starting a full-time small business to day-trade emini SP500 futures. I read books about taxes on futures trading & think I have a good outfit selected to help me (Green’s). I will start with approximately $25k. I will manage my cash per Ryan Jones - The Trading Game, Playing by the Numbers to Make Millions. I will subscribe to Barry Taylor’s 3 “better” indicators on emini-watch.com , and use them to help me decide entries and exits. I will use TradeStation as my data feed and broker.
I’m leaning toward purchasing a PC with W10 64 bit from tradingcomputers.com . But, I’m still considering buying an iMac with Parallels to run W10 on it (costs about $1k more…). I just want to avoid troubles with OS upgrading etc. over, say, the next three years.
Overall my strategy is to try to make better than 50% winning trades, and try to win bigger than I lose. I expect that the relatively rapid compounding will grow the account (as opposed to making big winning trades). If I can double my account in 2017, I will consider the beginning of the business a success.
I started trading Futures about 25 years ago, and like so many others, I blew my account TWICE. I was younger with very little patience and wanted instant profits. Now, I'm much wiser and have learned to stop listening to brokers, and everyone else on the net who says this or that is a sure fire moneymaker.
I'm working with a simulated account for a month now and have a 3K net profit. I listen to what services say, but do my own work before taking a position. I hope to gain some new knowledge from this forum.
I want to thank the great people whom given their time to share their techniques and indicators at F/io. I have made major improvements due to the help offered here.
I was led to this forum several times through the search engines. After getting awesome information on several occasions, I decided to join/support the forum. I've been trading for 2 years. When I started I figured I'd be retired by now, but it didn't work out that way. Learned out real quick that all the crazy crap that works on Sim usually doesn't work live. Was led astray by a trade room scoundrel. Could have quit after that experience, but realized how much I love watching charts and trading, even while I was struggling. I made the decision that I had no intention of failing at trading. That's when things changed for me. I live by the philosophy, "If it's meant to be, it's up to me."
Look forward to interacting with fellow traders in the future!
Hi Sudesh, are you looking at trading futures? CME products? I haven't looked at anything in India, any points of interest you would like to share? I hope this finds you well -FT
techniques and indicators at F/io. I have made major improvements due to the help offered here.