My Plan to become a Full-Time Trader in 365 days - Psychology and Money Management | futures io social day trading
futures io futures trading


My Plan to become a Full-Time Trader in 365 days
Updated: Views / Replies:8,219 / 75
Created: by Narcissus Attachments:9

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 Ė 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 donít 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
 9  
 
Thread Tools Search this Thread
 

My Plan to become a Full-Time Trader in 365 days

  #61 (permalink)
Market Wizard
Dallas, TX, USA
 
Futures Experience: Advanced
Platform: TOS
Broker/Data: IB
Favorite Futures: ES, YM, TF, CL, GC and ETF's
 
Posts: 1,789 since Mar 2013
Thanks: 2,909 given, 2,011 received
Forum Reputation: Legendary


Narcissus View Post
I realised that taking opposite side of my swing position is very hard for me. I have a small swing short for over 6 weeks now and hence my mind automatically looks for intraday short set ups. Though I have been profitable, I m missing out on good long opportunities. Once I am out of my swing (all time high stop and 1870 target) I expect more clarity in my analysis.

Sent from my Lenovo K50a40 using Tapatalk

I totally agree with you even though I have been taking few long positions here and there that's been messing with my mind. I just can't let that go away from my mind. Example today I was about to go long but my brain keep telling me you stupid this is what you have been suffering and waiting how can you go long after the news...my timeframe is bigger but I don't need 1800, just 1900 would be sufficient

Sent from my SAMSUNG-SM-G900A using Tapatalk

Reply With Quote
The following 2 users say Thank You to bmtrading9 for this post:
 
  #62 (permalink)
Elite Member
Vancouver Canada
 
Futures Experience: Beginner
Platform: Investor RT & Ninja
Broker/Data: IB & IQ DTN
Favorite Futures: ES
 
Posts: 1,106 since Dec 2014
Thanks: 2,132 given, 1,645 received

Next level of trading

I have been piloting a passive method of trade execution for a month now. It involves discretionary entry during the 1st 60 minutes of US open (as I have to leave for my day-job after that) but then passive exit using scale out 1/3. My initial plan, when I became this forum member in November 2014, was to scalp 4 to 8 ticks but soon realised that it's a loser's game. Hence moved to a higher time frame, despite my screen time restrictions, but didn't like the swing trading concept either. My goal is NOT to have overnight position now but try to catch the big move of the day. Currently my stop is at 8 ES points and targets are 4, 8 and 12.

This method taught me 2 valuable qualities of a trader.
1 - Patience in my entry, as I get only ONE chance to enter. (I can re-enter only after all my targets are hit)
2. Acceptance that I am wrong and getting used to my stops being hit. (That's a giant leap for my personality)

I am re-organising my work and personal situation in such a way that I can sit infront of my trading monitor for more than the current 60 minutes. I will aim to trade the first 3 hours of US open from the 3rd week of November 2015.

I will continue to manage my trade in a more passive way but slowly interfere with stops and targets from December 2015 so that I can lean against high volume support/resistance.

October 2016 start is still alive and thriving.

Reply With Quote
The following 5 users say Thank You to Narcissus for this post:
 
  #63 (permalink)
Elite Member
Philly, Pa
 
Futures Experience: Master
Platform: NinjaTrader
Favorite Futures: ES, ZB
 
tigertrader's Avatar
 
Posts: 5,948 since Jul 2010
Thanks: 6,314 given, 31,870 received


Why do you think what you are doing is trading? You are simply taking random pot shots at the market. Your results will be at best, random also. There is absolutely nothing that can be gained from this exercise given the way it is being executed.

Reply With Quote
The following user says Thank You to tigertrader for this post:
 
  #64 (permalink)
Elite Member
Vancouver Canada
 
Futures Experience: Beginner
Platform: Investor RT & Ninja
Broker/Data: IB & IQ DTN
Favorite Futures: ES
 
Posts: 1,106 since Dec 2014
Thanks: 2,132 given, 1,645 received


tigertrader View Post
Why do you think what you are doing is trading?

I trade my beliefs. I Observe recent market behavior, interpret that using volume profile and anticipate certain behaviour from others. Once I see the evidence of my earlier assumptions during the first hour of trading, I place my bet. I know the actual cost to act on that belief, maximum loss and the potential benefits.

It's no different from any trade, I guess. A (possibly complicated) medical example would be... let's say I believe in increasingly unhealthy lifestyle resulting in increase in Obesity. I anticipate more metabolic syndrome like Diabetes, Hypertension and hence a demand for medical and (non-medical) lifestyle interventions. I hire a nutritionist or physical therapist in my practice. In this case, I know the initial cost to implement it, i.e advertisement, overheads & recruiting staff and their salary. I estimate the potential increase in patients and the likely increase in revenue and finally the total cost if my expected patients didn't take up the service during a particular timeframe.



tigertrader View Post
You are simply taking random pot shots at the market. Your results will be at best, random also.

I agree that the results will be random. But I disagree that my attempts are random. (Almost) Every one of my entry has a reasoning and I try to write in my journal here before the outcome of my trade. You can prove that my logic/reasoning is incorrect or stupid but there is always one. My goal is improve my reasoning by looking closely into my trades on a weekly basis and keep learning about myself and about the market. My hope is that this repeated and objective hindsight analysis will slowly improve my live market analysis and eventually my foresight into what's likely to happen.

Though I am at a disadvantage of not able to monitor my trade continuously due to my day-job, I refuse to succumb to scalping during my 60 minutes screen time. I may migrate to swing trade at a later point once I get enough shorter term trading experience.



tigertrader View Post
There is absolutely nothing that can be gained from this exercise given the way it is being executed.

Possibly. Since there is no other established exercise I am aware of, I came up with this one. My goal is to practice this only for 100 trades or 3 months and then re-evaluate.

It may be too early to say this but I think I have seen quite a few benefits like improved patience before I enter the market and getting more comfortable with the concept of me being wrong. I don't feel hurt when I am stopped out these days.

I also see my personality more objectively now. e.g My perma-bear personality was rewarded well during the august & september bearish moves but struggling during this strong bounce from 1900 to 2050. It's clear that I have counter-trend trading personality. Even though I was profitable during this period, obviously a more sensible and less stressful approach would be to go with the trend. I also realized that this short bias was due to me reading Zerohedge for too long and also my small swing short position for 2 months now. This helped me to decide on NOT trading 2 time-frames and instead choose on just day-trading so that I can trade the chart in front of me. I also minimise exposure to news until I get more objectivity.

This execution style is just the beginning though. My stops and my targets will eventually be at logical places based on my understanding of Volume profile and S/R levels.

I highly appreciate if you can direct me to better ways or exercises to improve my understanding of market and the execution style. I guess, the ideal situation would be give up my day-job and do this full time with a prop firm or with other traders and learn from more experienced mentors. It's not an option right now but I will consider that if I am not getting anywhere at the end of my first year of full time trading. i.e Summer 2017.


Last edited by Narcissus; November 2nd, 2015 at 12:48 AM.
Reply With Quote
The following 8 users say Thank You to Narcissus for this post:
 
  #65 (permalink)
Elite Member
Philly, Pa
 
Futures Experience: Master
Platform: NinjaTrader
Favorite Futures: ES, ZB
 
tigertrader's Avatar
 
Posts: 5,948 since Jul 2010
Thanks: 6,314 given, 31,870 received


Narcissus View Post
I trade my beliefs. I Observe recent market behavior, interpret that using volume profile and anticipate certain behaviour from others. Once I see the evidence of my earlier assumptions during the first hour of trading, I place my bet. I know the actual cost to act on that belief, maximum loss and the potential benefits.

It's no different from any trade, I guess. A (possibly complicated) medical example would be... let's say I believe in increasingly unhealthy lifestyle resulting in increase in Obesity. I anticipate more metabolic syndrome like Diabetes, Hypertension and hence a demand for medical and (non-medical) lifestyle interventions. I hire a nutritionist or physical therapist in my practice. In this case, I know the initial cost to implement it, i.e advertisement, overheads & recruiting staff and their salary. I estimate the potential increase in patients and the likely increase in revenue and finally the total cost if my expected patients didn't take up the service during a particular timeframe.




I agree that the results will be random. But I disagree that my attempts are random. (Almost) Every one of my entry has a reasoning and I try to write in my journal here before the outcome of my trade. You can prove that my logic/reasoning is incorrect or stupid but there is always one. My goal is improve my reasoning by looking closely into my trades on a weekly basis and keep learning about myself and about the market. My hope is that this repeated and objective hindsight analysis will slowly improve my live market analysis and eventually my foresight into what's likely to happen.

Though I am at a disadvantage of not able to monitor my trade continuously due to my day-job, I refuse to succumb to scalping during my 60 minutes screen time. I may migrate to swing trade at a later point once I get enough shorter term trading experience.




Possibly. Since there is no other established exercise I am aware of, I came up with this one. My goal is to practice this only for 100 trades or 3 months and then re-evaluate.

It may be too early to say this but I think I have seen quite a few benefits like improved patience before I enter the market and getting more comfortable with the concept of me being wrong. I don't feel hurt when I am stopped out these days.

I also see my personality more objectively now. e.g My perma-bear personality was rewarded well during the august & september bearish moves but struggling during this strong bounce from 1900 to 2050. It's clear that I have counter-trend trading personality. Even though I was profitable during this period, obviously a more sensible and less stressful approach would be to go with the trend. I also realized that this short bias was due to me reading Zerohedge for too long and also my small swing short position for 2 months now. This helped me to decide on NOT trading 2 time-frames and instead choose on just day-trading so that I can trade the chart in front of me. I also minimise exposure to news until I get more objectivity.

This execution style is just the beginning though. My stops and my targets will eventually be at logical places based on my understanding of Volume profile and S/R levels.

I highly appreciate if you can direct me to better ways or exercises to improve my understanding of market and the execution style. I guess, the ideal situation would be give up my day-job and do this full time with a prop firm or with other traders and learn from more experienced mentors. It's not an option right now but I will consider that if I am not getting anywhere at the end of my first year of full time trading. i.e Summer 2017.

great reply. my one caveat is that you try recognize and avoid instilling any "bad habits" that are a result of adapting to your special situation and it's attendant limitations.

Reply With Quote
The following 6 users say Thank You to tigertrader for this post:
 
  #66 (permalink)
Elite Member
Vancouver Canada
 
Futures Experience: Beginner
Platform: Investor RT & Ninja
Broker/Data: IB & IQ DTN
Favorite Futures: ES
 
Posts: 1,106 since Dec 2014
Thanks: 2,132 given, 1,645 received

Update after 2 weeks of committed trading

I had an opportunity to spend more time day-trading due to a combination of my personal circumstances and work flexibility. For the next 6 to 8 weeks, I can watch RTH for atleast 4 hrs and possibly upto closing time.

This summary is for non-elite members who don't have access to my journal.

I tentatively started last week and traded 7 days in total. Will start again next monday.

Before we look at the results, let me be clear that the goal of this exercise is to check a number of things, not just profitability.

I suffer from many of typical setbacks and personality issues of wannabe traders.

1. Hanging on to losers with hope
2. Cutting my winners short.
3. Focusing on win percentage
4. Expecting most if not all trade to be a winner and NOT thinking in probability
5. Not comfortable in stop loss being hit.
6. Focusing more on monetary gain rather than process & execution.
7. Over-trading and revenge trading

.... the list goes on but these are the key ones.

My goal is first to statistically find the evidence by using tradervue and improve on the measures I already employed in becoming a successful trader. How do I do that?

I want my MFE to be significantly more than MAE. My win % to be less than 40% but average winner to be atleast twice the size of my loser. I also want the holding time of winning trade to be twice the time of a losing trade. I want a gradual reduction in the number of trade but with same or better profitability.

Now to the results. I will let you decide after seeing the attachments (I hope you spend some time on the second picture). My reaction - I am happy It makes me feel I got what it takes to succeed in trading. Obviously this is just the beginning and lot of hard work ahead and consistency is key.

One of the other goal is to 'sample a trader's life'. What I am doing is significantly different from my current job in health care where I am more active physically, always engaging with colleagues and patients, get a lot of satisfaction from helping others (usually). Compare that with staring at a screen for (atleast) 8 hrs and limited social contact except FIO community, sedentary job and the emotional roller coaster.

I have mixed feelings about the emotional and social aspects of full time trading for me. I don't want to jump to conclusions at this early stage. I will wait for the full 2 months period to finish before I summarise my thoughts and experience on that.


Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).

Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).

Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).


Last edited by Narcissus; November 26th, 2015 at 09:37 AM.
Reply With Quote
The following 8 users say Thank You to Narcissus for this post:
 
  #67 (permalink)
Elite Member
Vancouver Canada
 
Futures Experience: Beginner
Platform: Investor RT & Ninja
Broker/Data: IB & IQ DTN
Favorite Futures: ES
 
Posts: 1,106 since Dec 2014
Thanks: 2,132 given, 1,645 received

Old habits die hard

I have reduced my frequency of trading significantly during the last 2 weeks but that seems to be the only positive thing. I am struggling with other issues but learning fast.

1. I am still unable to manage multiple positions, which makes me more emotional and irrational.

2. Holding Overnight positions seems to make me stubborn and inflexible rather than disciplined.

3. Concentration difficulties, partly due to time difference i.e 8 PM to 2 AM trading.

4. I am realistic about the difficulties in transition from my current job to trader. It's going to be VERY tough. Becoming consistently profitable is obviously the basics. But there are other key issues too. I have to find solutions to improve my mindfulness, active socialisation and more physical activities to counteract the side effects of trading.

With regards to my old habits, I increased my position sizing whilst holding a loser. I also tried to catch the falling knife twice yesterday. I did that with hope rather than a clear exit plan. I quickly realised this and cut it down but yet that's a very bad execution on my part. Since this could ruin me in the long term, I decided to switch to SPY, to reduce loss potential, for another 2 weeks to practice position sizing. I will avoid Overnight holding for the time being but will aim to swing trade once I return to my regular job in a month's time.

Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).

Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).

Reply With Quote
The following 9 users say Thank You to Narcissus for this post:
 
  #68 (permalink)
Elite Member
Vancouver Canada
 
Futures Experience: Beginner
Platform: Investor RT & Ninja
Broker/Data: IB & IQ DTN
Favorite Futures: ES
 
Posts: 1,106 since Dec 2014
Thanks: 2,132 given, 1,645 received

New positive habits

After my difficulties in managing multiple ES contracts, I sensibly shifted to SPY ETF where I can 'play with' my tools and ideas without getting hurt. Did I learn anything? You bet.

I managed to swing trade by zooming out one level and held positions for several days. I also spent less time staring at my computer screen. I effortlessly scaled in and out of my positions with clear logic and plan. I generally stuck to my plan, let's say 80% of the time. You can follow my daily thoughts and entry logic in my regular journal and I'm posting only the pictures here.

Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).

Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).


Decent comeback or recovery with SPY after ES struggles.

Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).


Last edited by Narcissus; January 23rd, 2016 at 06:01 AM.
Reply With Quote
The following 4 users say Thank You to Narcissus for this post:
 
  #69 (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


Narcissus View Post
I generally stuck to my plan, let's say 80% of the time.

What caused you to deviate from your plan?

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
 
  #70 (permalink)
Elite Member
Vancouver Canada
 
Futures Experience: Beginner
Platform: Investor RT & Ninja
Broker/Data: IB & IQ DTN
Favorite Futures: ES
 
Posts: 1,106 since Dec 2014
Thanks: 2,132 given, 1,645 received



deaddog View Post
What caused you to deviate from your plan?

As I explained in my regular journal, my profit targets were 1840 & 1820. When I saw a huge gap down open and price flirting with 1800, I thought Bears would take this down much further. Essentially, I became greedy and was blinded by the exhaustive selling.

However, I took partial profits below 1820 but fully covered only in the 1860 to 80 area.

Reply With Quote

Reply



futures io > > > My Plan to become a Full-Time Trader in 365 days

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
Transition to full time trader? apo99 Traders Hideout 1 March 2nd, 2015 09:27 PM
What is your Trading Situation (full-time, part-time, retired, etc) Big Mike Traders Hideout 13 December 16th, 2012 03:14 PM
My path of trading full-time LJYY Trading Journals 24 December 14th, 2012 09:37 PM
Plan X: Pentagon's blueprint for full-fledged cyberwar kbit News and Current Events 0 May 31st, 2012 04:35 PM
Transitioning to full-time BenosBanderos The Elite Circle 6 May 9th, 2012 11:03 PM


All times are GMT -4. The time now is 09:11 AM.

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 0.21 seconds with 20 queries on phoenix via your IP 54.82.56.95