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new trader
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new trader

  #1 (permalink)
Trading Apprentice
Plano Texas USA
 
Futures Experience: Intermediate
Platform: TradeStation, TOS, Ninja
Favorite Futures: CL, EC, ES, NQ, HG, GC
 
Posts: 6 since May 2018
Thanks: 10 given, 4 received

new trader

Hello All,

I've been on this site 29 days now and just now getting to the introduction. I keep getting these private messages to get off my arse and introduce myself. So here it is BM!

I left a 20 year career in IT to become a full time trader. Life is too short to spend sitting in a cube. The jury, my wife, is still out on my decision.

I'm an ex Navy. I was a sonar tech and scuba diver on a U.S. submarine. In the world beneath the waves there is a rule that the every good skipper knows and that is live to fight another day. In my way of thinking that is a very good rule for trading as well. Protect your capital, once it's gone it's gone. KNOW and CONTROL risk is the name of the game in submarine warfare and in futures trading.

I spent a bunch of money to learn the OTA, online trading academy way of trading. The jury is out on that decision as well. The training did give me a base of knowledge to build on and wet my appetite for learning. However, the money spent would have been a nice addition to my investment capital.

I use the following three platforms TOS, TS and NT. Just started using NT. They all have strengths and weaknesses.


BM wrote, I'm sure this is a canned response for all of us that are slow to respond.

"If after 30 days you are still unsure you have anything valuable to contribute, I would like to once again say "nonsense!". I encourage you to stop thinking like that, and instead start thinking positively. I know you have something positive to contribute, all you need to do is try Once you start getting involved, you will really see your learning skyrocket, and your trading improve."

So here is what I've learned so far.
1. Each trade is a fight
2. Not every relationship in this industry is a good one. Seems there are a lot of snake oil dealers out there so buyer beware.
3. Know the difference between luck and solid training plan that is well executed.
4. I am a VERY good simulated trader, live trade not so much.
5. In many things in life it's good to be lucky... that does not apply to trading, it's better to be good than lucky. Luck is not your friend in trading it give false sense of security and leads one to believe you've got it all figured out.
6. Each of the platforms and brokers I've worked with have things I like and don't like.
7. I must learn to think like the other side of a trade. I can do it when playing chess but I can't seem to get a feel for the other side of the trade. Why does the other side think price will move in the opposite direction that I what I am thinking.

I have more on my mind but my golden retriever says it's time to get in the pool!!

Later

Terry

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  #2 (permalink)
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  #3 (permalink)
Market Wizard
Cleveland Ohio/United States
 
Futures Experience: Advanced
Platform: Tradestation
Broker/Data: Tradestation, DeCarley, others
Favorite Futures: futures
 
Posts: 2,515 since Jul 2012
Thanks: 1,252 given, 4,690 received



TangoLima View Post
Hello All,

I've been on this site 29 days now and just now getting to the introduction. I keep getting these private messages to get off my arse and introduce myself. So here it is BM!

I left a 20 year career in IT to become a full time trader. Life is too short to spend sitting in a cube. The jury, my wife, is still out on my decision.

I'm an ex Navy. I was a sonar tech and scuba diver on a U.S. submarine. In the world beneath the waves there is a rule that the every good skipper knows and that is live to fight another day. In my way of thinking that is a very good rule for trading as well. Protect your capital, once it's gone it's gone. KNOW and CONTROL risk is the name of the game in submarine warfare and in futures trading.

I spent a bunch of money to learn the OTA, online trading academy way of trading. The jury is out on that decision as well. The training did give me a base of knowledge to build on and wet my appetite for learning. However, the money spent would have been a nice addition to my investment capital.

I use the following three platforms TOS, TS and NT. Just started using NT. They all have strengths and weaknesses.


BM wrote, I'm sure this is a canned response for all of us that are slow to respond.

"If after 30 days you are still unsure you have anything valuable to contribute, I would like to once again say "nonsense!". I encourage you to stop thinking like that, and instead start thinking positively. I know you have something positive to contribute, all you need to do is try Once you start getting involved, you will really see your learning skyrocket, and your trading improve."

So here is what I've learned so far.
1. Each trade is a fight
2. Not every relationship in this industry is a good one. Seems there are a lot of snake oil dealers out there so buyer beware.
3. Know the difference between luck and solid training plan that is well executed.
4. I am a VERY good simulated trader, live trade not so much.
5. In many things in life it's good to be lucky... that does not apply to trading, it's better to be good than lucky. Luck is not your friend in trading it give false sense of security and leads one to believe you've got it all figured out.
6. Each of the platforms and brokers I've worked with have things I like and don't like.
7. I must learn to think like the other side of a trade. I can do it when playing chess but I can't seem to get a feel for the other side of the trade. Why does the other side think price will move in the opposite direction that I what I am thinking.

I have more on my mind but my golden retriever says it's time to get in the pool!!

Later

Terry

Welcome! How long were you profitable for before you took the plunge to full time trading? Do you have any living expenses saved up, or is that coming out of your trading account from the start?

Good Luck!

If you have any questions please send me a Private Message or use the futures.io "Ask Me Anything" thread
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  #4 (permalink)
Trading Apprentice
Plano Texas USA
 
Futures Experience: Intermediate
Platform: TradeStation, TOS, Ninja
Favorite Futures: CL, EC, ES, NQ, HG, GC
 
Posts: 6 since May 2018
Thanks: 10 given, 4 received


kevinkdog View Post
Welcome! How long were you profitable for before you took the plunge to full time trading? Do you have any living expenses saved up, or is that coming out of your trading account from the start?

Good Luck!


This site is a little confusing.

Google Navy Dive School Panama City FL Pool week on youtube.

seems I can't post the link

I have had a lot thrown at me and when others fails I find a way.

I have funds to support both fronts. They are not unlimited but if push comes to shove then I can do contract work to meet short term financial needs. It's easy to find contract work in IT.

I am still trading sim since Jan and have trades some live trades to feel the pressure that comes with live trading. That is where I learned that luck is not a friend, she will kill you in a second! I made a quick $6,000.00 and then gave it all back and then some.

The OTA method does not suit my personality. I like action and OTA is a wait and watch for price to come to supply or demand. I would say that more the 75% of the trades they identify never make because price never moves to the supply or demand that has been identified. Money not making money bothers me. Though it is better than working and losing all of it.

Thanks,

Terry

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The following user says Thank You to TangoLima for this post:
 
  #5 (permalink)
Market Wizard
Cleveland Ohio/United States
 
Futures Experience: Advanced
Platform: Tradestation
Broker/Data: Tradestation, DeCarley, others
Favorite Futures: futures
 
Posts: 2,515 since Jul 2012
Thanks: 1,252 given, 4,690 received


TangoLima View Post
This site is a little confusing.

Google Navy Dive School Panama City FL Pool week on youtube.

seems I can't post the link

I have had a lot thrown at me and when others fails I find a way.

I have funds to support both fronts. They are not unlimited but if push comes to shove then I can do contract work to meet short term financial needs. It's easy to find contract work in IT.

I am still trading sim since Jan and have trades some live trades to feel the pressure that comes with live trading. That is where I learned that luck is not a friend, she will kill you in a second! I made a quick $6,000.00 and then gave it all back and then some.

The OTA method does not suit my personality. I like action and OTA is a wait and watch for price to come to supply or demand. I would say that more the 75% of the trades they identify never make because price never moves to the supply or demand that has been identified. Money not making money bothers me. Though it is better than working and losing all of it.

Thanks,

Terry

Good Luck! I hope it all works out for you!

If you have any questions please send me a Private Message or use the futures.io "Ask Me Anything" thread
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  #6 (permalink)
Market Wizard
North Carolina
 
Futures Experience: Beginner
Platform: NinjaTrader, Tradestation
Favorite Futures: es
 
Posts: 566 since Nov 2011
Thanks: 220 given, 638 received
Forum Reputation: Legendary

@TangoLima Thanks for sharing. The biggest advice is to decide whether or not you want to be a trader. If you are sure then if you need to spend a year getting your methodology fine tuned then it won't seem that long whereas too many want results too soon. Also, trading is a life long learning process. Try to make your learning as high quality as possible and you'll get more out of it. If you have a live account with Rithmic as your datafeed then you can get access to their sim account if you request it (the Rithmic simulator seems to be one of the more accurate sims).

On point #4, you made a good observation. You need to go deeper and answer what is the cause of the difference. The question you need to answer for yourself is why? For translating simulator results to live results, one technique that may help is to try to reduce the cognitive load by reducing the number of discretionary variables.

On point #7, it is often a matter of leverage, holding time, and trading strategy. In other cases, the other side may be creating the move. For example, day traders may have access to certain amounts of leverage and certain limitations while swing traders may have access to other amounts of leverage.

If you want more "action", you can trade on a faster chart for smaller targets and/or take more risk. If you are very good at reading the market, generally speaking the more "action" you take then the higher your returns can be. However, this comes at the cost of increased risk. Traders are concerned with risk/adjusted returns, of course. And, that said, if you trade well you shouldn't need to be trading all day. I need more experience with the replays but you may prefer to focus on trading a shorter window in the live market and practicing on the replay or running studies.

Last bit of advice, tracking everything and learning as much as possible is important.


Last edited by tpredictor; May 31st, 2018 at 08:49 PM.
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  #7 (permalink)
Trading Apprentice
Plano Texas USA
 
Futures Experience: Intermediate
Platform: TradeStation, TOS, Ninja
Favorite Futures: CL, EC, ES, NQ, HG, GC
 
Posts: 6 since May 2018
Thanks: 10 given, 4 received


kevinkdog View Post
Good Luck! I hope it all works out for you!

Thanks!

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  #8 (permalink)
Elite Member
Prince George BC Canada
 
Futures Experience: Advanced
Platform: IBs TWS
Broker/Data: IB
Favorite Futures: Stocks
 
deaddog's Avatar
 
Posts: 628 since May 2013
Thanks: 100 given, 732 received


TangoLima View Post
Hello All,


So here is what I've learned so far.
1. Each trade is a fight

Better to look at each trade as an opportunity


2. Not every relationship in this industry is a good one. Seems there are a lot of snake oil dealers out there so buyer beware.

You cannot buy trading success.


3. Know the difference between luck and solid training plan that is well executed.

The more solid your trading plan the luckier you will be.


4. I am a VERY good simulated trader, live trade not so much.

You had better figure that one out before you go live. You either don't have a solid plan or you don't stick to it.

5. In many things in life it's good to be lucky... that does not apply to trading, it's better to be good than lucky. Luck is not your friend in trading it give false sense of security and leads one to believe you've got it all figured out.

The is nothing wrong with being lucky, just don't depend on it. Manage your risk.

6. Each of the platforms and brokers I've worked with have things I like and don't like.

Life is like that

7. I must learn to think like the other side of a trade. I can do it when playing chess but I can't seem to get a feel for the other side of the trade. Why does the other side think price will move in the opposite direction that I what I am thinking.

It is impossible to do. Too many other traders that have too many reasons for making whatever decision they make. base your trades on your decisions and get out if you are wrong.

I have more on my mind but my golden retriever says it's time to get in the pool!!

Later

Terry

Good Luck

It is hard to find the Truth when you start your search with a preconceived notion of what the Truth will be.
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The following user says Thank You to deaddog for this post:
 
  #9 (permalink)
Trading Apprentice
Plano Texas USA
 
Futures Experience: Intermediate
Platform: TradeStation, TOS, Ninja
Favorite Futures: CL, EC, ES, NQ, HG, GC
 
Posts: 6 since May 2018
Thanks: 10 given, 4 received


deaddog View Post
Good Luck


Thanks!

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  #10 (permalink)
Trading Apprentice
Warrington
 
Futures Experience: Intermediate
Platform: Metatrader
Favorite Futures: Currency
 
Posts: 6 since Mar 2018
Thanks: 0 given, 0 received


Good luck, I'm new as well but this community seems very helpful

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