Why are you Trading? - Psychology and Money Management | futures io social day trading
futures io futures trading


Why are you Trading?
Updated: Views / Replies:548 / 4
Created: by deaddog Attachments:0

Welcome to futures io.

(If you already have an account, login at the top of the page)

futures io is the largest futures trading community on the planet, with over 90,000 members. At futures io, our goal has always been and always will be to create a friendly, positive, forward-thinking community where members can openly share and discuss everything the world of trading has to offer. The community is one of the friendliest you will find on any subject, with members going out of their way to help others. Some of the primary differences between futures io and other trading sites revolve around the standards of our community. Those standards include a code of conduct for our members, as well as extremely high standards that govern which partners we do business with, and which products or services we recommend to our members.

At futures io, our focus is on quality education. No hype, gimmicks, or secret sauce. The truth is: trading is hard. To succeed, you need to surround yourself with the right support system, educational content, and trading mentors – all of which you can find on futures io, utilizing our social trading environment.

With futures io, you can find honest trading reviews on brokers, trading rooms, indicator packages, trading strategies, and much more. Our trading review process is highly moderated to ensure that only genuine users are allowed, so you don’t need to worry about fake reviews.

We are fundamentally different than most other trading sites:
  • We are here to help. Just let us know what you need.
  • We work extremely hard to keep things positive in our community.
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts.
  • We firmly believe in and encourage sharing. The holy grail is within you, we can help you find it.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

Reply
 
Thread Tools Search this Thread
 

Why are you Trading?

  #1 (permalink)
Elite Member
Prince George BC Canada
 
Futures Experience: Advanced
Platform: IBs TWS
Broker/Data: IB
Favorite Futures: Stocks
 
deaddog's Avatar
 
Posts: 591 since May 2013
Thanks: 97 given, 643 received

Why are you Trading?

It seems like a simple question but after a discussion with another trader it seems that we may all have different motivations.

I was surprised when he stated that he was happy with his performance even if he underperformed a simple index. He also said that making a ton of money was contrary to his beliefs. When I suggested an index fund as an alternative he said it was too boring.

Years ago after reading Carters "Mastering the Trade" I copied his template for a trading plan. The first heading on the plan is “Why am I trading again this year”. I’ll have to admit that I didn’t review my entire plan this year, I have the operational part on my desk and things have been going as per plan. After suggesting that another trader step back and take a look at his goals I thought I had better review my own.

I was actually surprised at what I had written in 2013.


Quoting 
Why am I Trading?
 The challenge of being a successful trader and the bragging rights that goes with that designation.
 To be my own boss and to have the ability to earn income without being tied to a specific location or schedule.
 . Trading gives me purpose in my retirement that is interesting, challenging and profitable.
 To learn something each day.
 To gain knowledge and wisdom, not only about the market but also about myself.


Measurable Objectives

 To protect my Capital.
 To follow the trading plan
 To out perform a dividend portfolio [The Canada Select Dividend ETF (XDV)]
 To make a minimum return of 20% per year.
 Target Risk : Reward ratio of 1:2.5

Objectives were easily met in 2013 and we’re still working on it for 2014. Still have 4 months to go.

The question I have for other traders is do you know why you are trading and do you have specific measurable goals?

It is hard to find the Truth when you start your search with a preconceived notion of what the Truth will be.
Reply With Quote
 
  #2 (permalink)
Quick Summary
Quick Summary Post

Quick Summary is created and edited by users like you... Add FAQ's, Links and other Relevant Information by clicking the edit button in the lower right hand corner of this message.

 
  #3 (permalink)
Elite Member
San Jose, CA
 
Futures Experience: Beginner
Platform: NinjaTrader
Broker/Data: IB, Kinetick
Favorite Futures: NQ
 
Posts: 553 since Dec 2012
Thanks: 490 given, 365 received



deaddog View Post
It seems like a simple question but after a discussion with another trader it seems that we may all have different motivations.

I was surprised when he stated that he was happy with his performance even if he underperformed a simple index. He also said that making a ton of money was contrary to his beliefs. When I suggested an index fund as an alternative he said it was too boring.

Years ago after reading Carters "Mastering the Trade" I copied his template for a trading plan. The first heading on the plan is “Why am I trading again this year”. I’ll have to admit that I didn’t review my entire plan this year, I have the operational part on my desk and things have been going as per plan. After suggesting that another trader step back and take a look at his goals I thought I had better review my own.

I was actually surprised at what I had written in 2013.



Objectives were easily met in 2013 and we’re still working on it for 2014. Still have 4 months to go.

The question I have for other traders is do you know why you are trading and do you have specific measurable goals?


Initially when I started out in trading it was about MONEY. It still is, but now it's more about the challenge of trading, learning myself (have that figured out) and working through the puzzle of everything. Trading is stimulating and not boring. Everyday is different and that's what I love about it. I have measurable goals, but right now it's not on money it's focused on process. Working slowly thru it, I can see a twinkle of light, but still a long way to go for me until I'm trading how I want to trade.

"Small disciplines repeated with consistency every day lead to great achievements gained slowly over time."
Reply With Quote
The following user says Thank You to teamtc247 for this post:
 
  #4 (permalink)
Trading for Fun
Scottsdale
 
Futures Experience: Intermediate
Platform: ThinkorSwim
Favorite Futures: Stocks
 
Posts: 120 since Feb 2012
Thanks: 33 given, 96 received

I originally started on this journey because I loved doing analysis and studying behavior. I also saw it as a way to avoid becoming a cubicle monkey for the rest of my life.

It has since evolved into something much more valuable and personally significant than that. I'm trading because I want zen level mastery of my emotions, especially during times of complete uncertainty. You see I have been a very passive-aggressive person all my life. I never took risks and in many cases this has led to major regret.

Trading has forced me to re-wire how my mind works ..... for the better. I feel like a lot has come into alignment for me to be very successful at this. I won't lie though, others' doubts about what I've been working on for the last four years also feeds my hunger. Especially when it comes to the person who started me off with the capital. "It can't be done" is what he told me and has remained dismissive ever since.


Last edited by Rock Sexton; September 5th, 2014 at 01:21 AM.
Reply With Quote
 
  #5 (permalink)
Elite Member
Prince George BC Canada
 
Futures Experience: Advanced
Platform: IBs TWS
Broker/Data: IB
Favorite Futures: Stocks
 
deaddog's Avatar
 
Posts: 591 since May 2013
Thanks: 97 given, 643 received

In Market Wizards Ed Seycota said “Everybody gets what they want out of the market”. I guess it helps to know what you want. How many of us have really given it any thought?

It is hard to find the Truth when you start your search with a preconceived notion of what the Truth will be.
Reply With Quote

Reply



futures io > > > Why are you Trading?

Thread Tools Search this Thread
Search this Thread:

Advanced Search



Upcoming Webinars and Events (4:30PM ET unless noted)

Jigsaw Trading: TBA

Elite only

FuturesTrader71: TBA

Elite only

NinjaTrader: TBA

Jan 18

RandBots: TBA

Jan 23

GFF Brokers & CME Group: Futures & Bitcoin

Elite only

Adam Grimes: TBA

Elite only

Ran Aroussi: TBA

Elite only
     

Similar Threads
Thread Thread Starter Forum Replies Last Post
Scams: Prediction Point Trading, Hindsight Trading, Market Mover Trading flipper26 Trading Reviews and Vendors 5 August 6th, 2012 02:19 AM


All times are GMT -4. The time now is 09:01 PM.

Copyright © 2017 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432, info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts
Page generated 2017-12-14 in 0.10 seconds with 19 queries on phoenix via your IP 54.221.73.186