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Where I am after 8 months of trading ES
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Where I am after 8 months of trading ES

  #41 (permalink)
Elite Member
Murrells Inlet SC
 
Futures Experience: Advanced
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Favorite Futures: ES, CL, ETFs
 
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Often times I come off as a dick when I write posts but that's not my intention- I just don't have time to sugar coat things so here goes a quick one.
Stop trading biotech immediately. Past couple years my two year old could make money in that sector. You happened along the right sector at the right time. RS buy signal on FBT provided 200%+ returns with zero effort.
ES (all trades) require intense work. If you cannot commit to putting in the effort, those who do will take your money ( as they should, it was earned). This is a zero sum game- one winner for every looser; the best trader wins and you will not be that person " in your free time"

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  #42 (permalink)
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Inletcap View Post
This is a zero sum game

Much worse than that. Finding profitable strategies excluding commission and slippage is incredibly easy, anyone could do it with a few minutes of work.

Commission and slippage make this more of a negative sum game for most, because each time you play the game it costs money on top of whatever you win or lose.

Mike

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  #43 (permalink)
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Big Mike View Post
Much worse than that. Finding profitable strategies excluding commission and slippage is incredibly easy, anyone could do it with a few minutes of work.

Commission and slippage make this more of a negative sum game for most, because each time you play the game it costs money on top of whatever you win or lose.

Mike

You mean to tell me that taking 7,8,9 Round turn rades before lunch for <1 point gains and losses actually costs more than 53cents per trade?

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  #44 (permalink)
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i agree with RG @rahulgopi. I also think you have taken up responsibility to get better and wish you only the best @Lonely path

Pls dont treat this as advice....as it is for one to figure out. Its your money and yr life. Structure it the way you want. my only point to write here is as I dont like looking at large losses now and wish you dont see that also. hence sorry for making this long.

I dont however agree on the SIM part...but thats okay. I think like people said SIM can only get you that much or not even that from a learning perspective

However for me while was on SIM and the way I trade in Live is not different. If it deviates SIM to Live then I wont get jack having been on SIM. However if it is exactly same psyco wise you will see where you made mistakes. I went to SIM for a year as i could not dedicate time to trades and had a very bad habbit of no stops and size. Have put on very large size and walked away on a extremely profitable day...to see the market eat up -50pts or so. I was not aware of myself and the bad habbit then...i thought i was always right foolishly. This is however overcome by me(lol i hope so)....but i dont stay too long in a trade though am following some stuff which says stay longer. But its a personal choice. Many days now also if i cannot devote atleast 2 hrs to a trade day I keep systems running on SIM only to look at it EOD.

I wish was lucky like RG to be fulltime....but that needs to wait for a atleast a few years. But check him out he gave up a lucrative career for his passion. Passion is what drives.

The play field is equal for the large fund house as it is to the smaller player in today's technological times with an edge to the smaller player. I think with passion and thirst for knowledge anything is overcome. That passion will lead one to what they need to know. I guess that's what happened in the field we are in. Similarly it has to be replicated weather in Investing or Trading.

the whole trick is to keep size small....and not large losses if one is not aware of whats market doing or not aware of oneself and maybe not do futures but dabble with equities.

cheers and only good luck


rahulgopi View Post
I have been developing network security and remote access systems for over 12 years out of my 18 year career as an engineer. I quit my job and started as a full time trader for the past one year. Looking back , the engineering job was much too easier for the following reason

1) There was structure, process and management. Once we develop an idea of a new product, there is a clear plan to achieve the same. Strong collaboration with teams of experts identified and mitigated risks beforehand. Responsibility and achievements were shared by the whole team and there was always opportunity for the better ones to perform and shine.

When I was doing part time trading while working, there was a huge conflict between my engineering mind and learning to think in probabilities and how I dealt with risk. I figured if I want to pursue my passion for trading I have to sacrifice my high paying job.

Now I dont have a plan B, I dedicate all my effort and focus on trading and trading related activities. Few years back I joined a meditation group, worked with a bunch of trading psychologists, tried a lot of alternate healing techniques (hypnosis , binural beats, emotion code, sedona method, dr hawkins etc etc ), all in pursuit to prepare my mind for trading, managing emotions and getting rid of stress and impulsive behavior.

Looking back, getting into full-time trading is the best decision I have ever made. It is not just about money but I really enjoy the whole process. Psychologically I am at the best place in my whole life thus far. It is not hardwork but commitment and dedication is the key.

Now there are so many others that can balance trading and a fulltime job. Every one is different and you have to figure out what are your strengths and weakness and where you need to improve. What have you learned from your trading gig so far , both about yourself and the market ?. What are your plans for addressing these ?. What timeframe are you comfortable with ( trader / investor ) ?.

Regardless of what you choose, the activity of trading opens a window into your current personality. Where you go from here greatly depends on how much passion you have to effect meaningful changes to achieve your goals.


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