NexusFi: Find Your Edge


Home Menu

 





Primary source of income: how many have made it?


Discussion in Psychology and Money Management

Updated
      Top Posters
    1. looks_one jstnbrg with 55 posts (113 thanks)
    2. looks_two Jedi with 30 posts (25 thanks)
    3. looks_3 nakachalet with 25 posts (8 thanks)
    4. looks_4 Lornz with 23 posts (46 thanks)
      Best Posters
    1. looks_one PandaWarrior with 22.3 thanks per post
    2. looks_two Private Banker with 6.7 thanks per post
    3. looks_3 Big Mike with 6.6 thanks per post
    4. looks_4 jstnbrg with 2.1 thanks per post
    1. trending_up 194,729 views
    2. thumb_up 1,655 thanks given
    3. group 130 followers
    1. forum 628 posts
    2. attach_file 34 attachments




 
Search this Thread

Primary source of income: how many have made it?

  #591 (permalink)
 
DropD's Avatar
 DropD 
Western Slope+Colorado/USA
 
Experience: Beginner
Platform: ninja
Broker: NinaTrader Brokerage, Interactive Brokers
Trading: Coffee
Posts: 22 since Aug 2012
Thanks Given: 39
Thanks Received: 29


Big Mike View Post
I would venture futures.io (formerly BMT)'s crowd does in fact beat the odds (ie: perform better than the 95/5 rule). But, I think could be true of any specialized group within a larger group.

Remember, to fail at trading it could be as simple as starting with a woefully under-capitalized account, trading it for a month, blowing out, and then quitting. You've now failed at trading.

I earn my living from trading and I will never do anything else again. I've worked for myself for a long time before trading, and while its liberating to be your own boss, it is even more liberating to be a successful trader.

Mike

Hey Mike,
How long did it take you before you were earning a living from trading?

-Thanks

Reply With Quote
Thanked by:

Can you help answer these questions
from other members on NexusFi?
How to apply profiles
Traders Hideout
Exit Strategy
NinjaTrader
Better Renko Gaps
The Elite Circle
NT7 Indicator Script Troubleshooting - Camarilla Pivots
NinjaTrader
Trade idea based off three indicators.
Traders Hideout
 
Best Threads (Most Thanked)
in the last 7 days on NexusFi
Just another trading journal: PA, Wyckoff & Trends
31 thanks
Tao te Trade: way of the WLD
24 thanks
My NQ Trading Journal
14 thanks
GFIs1 1 DAX trade per day journal
10 thanks
Diary of a simple price action trader
10 thanks
  #592 (permalink)
 
nakachalet's Avatar
 nakachalet 
siam, west coast andaman sea
 
Experience: Master
Platform: ninja
Trading: gc, cl, tf, 6e
Posts: 512 since Aug 2011


Cloudy View Post
re: email 01,02 and pic

There's no execution information, nor even mention of what type of instrument traded. Win ratio is perfect, but # of trades is few compared to the sample time. imo, not quite acceptable for a seasoned trading student nor a good enough statistical sample.

have been busy doing something else than visiting bmt here.

just saw your post, cloudy.

well, would you kinda accept the included attachment more readily than some afterthought afterhour afterdoctored xl spreadsheet?

not to belittle those individuals, nor those trading schools, nor those trading educators, nor those so-called trading gurus, nor their efforts to attract potential customers.... OK?

just thought you might like to see something different than just xl spreadsheet offered by so many trading schools and prop houses....

but if you still do not like the attachment herewith, it is perfectly ok too, alright? L O L it won't hurt my feeling one bit either, K? though your not liking it, might just dent my ego a tiny bit.... L O L

happy and profitable trading, traders.....

<well, well, well.... it could just be a fluke, a kind of one night stand sort of thing....
but i am by no means a better trader than you'al, am more like an opportunistic trader, that's all.... LOL>

cheers everyone


Reply With Quote
  #593 (permalink)
 Cloudy 
desert CA
 
Experience: Intermediate
Platform: NT7, various
Broker: various, TDA
Trading: NQ,ES
Posts: 2,124 since Jul 2011
Thanks Given: 2,396
Thanks Received: 1,748


Hi Nakachalet,

Thanks, I made a mistake in the last email. I didn't recognize those topsteptrader pics before. If they could be shown as TST reports from a live funded account then I would accept that proof.
As for your recent .jpg , it's good, and I would also like to see some more, such as MAE, MFE and profit factor etc.

Visit my NexusFi Trade Journal Reply With Quote
  #594 (permalink)
TryingTo Make It
San Diego CA/US
 
Posts: 1 since Aug 2013
Thanks Given: 0
Thanks Received: 1

Forgive me as I am new to this forum, but isn't this the first post in the thread?:

" Here we go:

1. Is trading your primary source of income? (Yes or no)
2. Do you make over $100k/year in trading (Over, under, NA)
3. How long did you trade prior to making trading your primary source of income - or if not primary income yet, . number of years trading? (Approx. # hours on screen)"



I have been reading many pages of this thread, but having alot of trouble finding anyone to actually answer the original question or provide some stats.

Did any simple concise answers come from the original question?

Reply With Quote
Thanked by:
  #595 (permalink)
 Itchymoku 
Philadelphia
 
Experience: None
Platform: corded black telephone
Trading: ticker tape
Posts: 2,894 since Apr 2012
Thanks Given: 1,683
Thanks Received: 3,681


TryingTo Make It View Post
Forgive me as I am new to this forum, but isn't this the first post in the thread?:

" Here we go:

1. Is trading your primary source of income? (Yes or no)
2. Do you make over $100k/year in trading (Over, under, NA)
3. How long did you trade prior to making trading your primary source of income - or if not primary income yet, . number of years trading? (Approx. # hours on screen)"



I have been reading many pages of this thread, but having alot of trouble finding anyone to actually answer the original question or provide some stats.

Did any simple concise answers come from the original question?

Have you read the entire thread? Considering the 5% rule to be true, this seems like a pretty arduous task to find those that answered yes to the first two despite the positive results of this forum. If everyone answered honestly that gives you 1 out of 20 posts that might give you a yes. And even so, Most profitable traders won't give you the answer so easily because they believe the proof is in the pudding. You'll have better luck answering your questions in some of the polls https://nexusfi.com/polls/ and as far as finding solid proof good luck getting that anywhere on the internet

R.I.P. Joseph Bach (Itchymoku), 1987-2018.
Please visit this thread for more information.
Reply With Quote
Thanked by:
  #596 (permalink)
 
nakachalet's Avatar
 nakachalet 
siam, west coast andaman sea
 
Experience: Master
Platform: ninja
Trading: gc, cl, tf, 6e
Posts: 512 since Aug 2011

@trying to make it

there were several others related topics which perhaps you'd missed some how.
there was also another person who also wanted to know if there was really someone who has been trading live and profitable with consistency as well?

as far back as i could recall, those questions have had already been tended to, by at least one bmt member living and trading in siam.
and he also supplied his brokerage statements as well, not a xl spread sheet like most others like to do in this biz.
yes, as recent as some two months ago, he was still kicking and screaming around jubilantly.

cheers
[email protected]

TryingTo Make It View Post
Forgive me as I am new to this forum, but isn't this the first post in the thread?:

" Here we go:

1. Is trading your primary source of income? (Yes or no)
2. Do you make over $100k/year in trading (Over, under, NA)
3. How long did you trade prior to making trading your primary source of income - or if not primary income yet, . number of years trading? (Approx. # hours on screen)"



I have been reading many pages of this thread, but having alot of trouble finding anyone to actually answer the original question or provide some stats.

Did any simple concise answers come from the original question?


Reply With Quote
  #597 (permalink)
 
alejo's Avatar
 alejo 
madrid spain
 
Experience: Beginner
Platform: nt
Trading: None.
Posts: 1,311 since Apr 2013
Thanks Given: 16,557
Thanks Received: 646


shodson View Post
As a business owner myself and co-founder of venture-backed start-ups, these points are right on. I don't trade for a living because I'm under capitalized but I keep in the game to keep learning and slowly grow my account so if/when I am able to put together some capital I'll have the skills and tools ready to go to make the switch. In fact, even with a small account, if I can string together a good track record where I am yielding good returns, on a percentage basis, you can use that to raise money to trade other people's money, once you get the proper licenses (CTA, Series 7, Series 3, etc) but now you have a new set of headaches: anxious investors and their lawyers ready to pounce on you if you have a draw-down of negative months more than they can handle.

I know several traders that are former business owners mainly just looking to simplify their life, have lower overhead, and not have to babysit a bunch of employees and customers and they are very happy they made the switch. But the ones that have switched usually have attained a fair amount of wealth from selling their business or long-term savings, or some other capital event, like maybe an inheritance. I don't know anybody that started with $5-10K and worked their way up to enough capital to trade full time.

shodson, i would like your opinion about my scalping system, i need feedback ,specially with the issue gap sim/live

thanks

alejo

La lucha es de igual a igual contra uno mismo
The fight is fair against oneself
Visit my NexusFi Trade Journal Reply With Quote
  #598 (permalink)
 
shodson's Avatar
 shodson 
OC, California, USA
Quantoholic
 
Experience: Advanced
Platform: IB/TWS, NinjaTrader, ToS
Broker: IB, ToS, Kinetick
Trading: stocks, options, futures, VIX
Posts: 1,976 since Jun 2009
Thanks Given: 533
Thanks Received: 3,709


alejo View Post
shodson, i would like your opinion about my scalping system, i need feedback ,specially with the issue gap sim/live

thanks

alejo

You lost me at "scalping system". For me, scalping doesn't work. Maybe for other people it does, and maybe for you it will, but it's the most difficult type of trading there is in my opinion.

And if you're doing it on SIM your results probably severely underestimate the effects of slippage and commission. The best way to find out is to do 20 trades following your rules with real money, and see how they match up with your SIM results. Think of it as your own 20-trade combine. If they are at least close then maybe you are onto something. But if not then you should probably reconsider.

The fact is that you will never know for sure until you do it with real money. If you can't afford to take 20 trades then you are severely under capitalized. Most people that are under capitalized are attracted to scalping because they are risking little while also making little, but the headwinds of commissions and slippage are much more damaging on your P&L than if you traded higher time frames or larger moves.

Follow me on Twitter Visit my NexusFi Trade Journal Reply With Quote
  #599 (permalink)
 
alejo's Avatar
 alejo 
madrid spain
 
Experience: Beginner
Platform: nt
Trading: None.
Posts: 1,311 since Apr 2013
Thanks Given: 16,557
Thanks Received: 646


shodson View Post
You lost me at "scalping system". For me, scalping doesn't work. Maybe for other people it does, and maybe for you it will, but it's the most difficult type of trading there is in my opinion.

And if you're doing it on SIM your results probably severely underestimate the effects of slippage and commission. The best way to find out is to do 20 trades following your rules with real money, and see how they match up with your SIM results. Think of it as your own 20-trade combine. If they are at least close then maybe you are onto something. But if not then you should probably reconsider.

The fact is that you will never know for sure until you do it with real money. If you can't afford to take 20 trades then you are severely under capitalized. Most people that are under capitalized are attracted to scalping because they are risking little while also making little, but the headwinds of commissions and slippage are much more damaging on your P&L than if you traded higher time frames or larger moves.

thanks, shodson

i startt the journey fading the range on zn and go for the other side, and then i realized that a lot of moves only reach to 2 ,3,1 tick, then i was starting with the test to try to cacth up that, that was the start of this, it looks good on sim, but i realized that to fills limit i need 1 tick more, then i will try that

thanks for your time

alejo

La lucha es de igual a igual contra uno mismo
The fight is fair against oneself
Visit my NexusFi Trade Journal Reply With Quote
  #600 (permalink)
Eric B
Fort Worth, Texas
 
Posts: 49 since Jun 2013
Thanks Given: 2
Thanks Received: 15



shodson View Post
Most people that are under capitalized are attracted to scalping because they are risking little while also making little, but the headwinds of commissions and slippage are much more damaging on your P&L than if you traded higher time frames or larger moves.

Right on. From watching the ES dom on a daily basis, I can tell you that scalping is a crowded method already, too. Why not innovate, such as engaging those larger moves/timeframes mentioned (even intra-day) - and the pay is much better

Reply With Quote
Thanked by:




Last Updated on July 3, 2018


© 2024 NexusFi™, s.a., All Rights Reserved.
Av Ricardo J. Alfaro, Century Tower, Panama City, Panama, Ph: +507 833-9432 (Panama and Intl), +1 888-312-3001 (USA and Canada)
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.
About Us - Contact Us - Site Rules, Acceptable Use, and Terms and Conditions - Privacy Policy - Downloads - Top
no new posts