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:8,213 / 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

  #1 (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

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

I am starting this journal/thread to summarize my Psychological progress in becoming a full time trader.

I work full time and currently mainly swing trade but day-trade the first 60 - 90 minutes. My goal is to become a full-time day trader in exactly 1 year. I am NOT brand new to trading and have some experience but inconsitent trader so-far.

My current trading journal is here.

https://futures.io/elite-trading-journals/37057-es-s-p-500-futures-contract-trader-3d-volume-method-8.html#post521341

My previous trading journal is here.

https://futures.io/elite-trading-journals/35041-es-s-p-500-futures-contract-journal-jigsaw-gom-ladder-38.html#post478798

I will ONLY post brief messages here. Sort of one liners / Punch lines.

It will be things I learn from my trading journal and emotional / psychological aspects of trading.

Let's start


NON FARM PAY ROLL DAYS DON'T RESPECT SUPPORT AND RESISTANCE LEVELS.

Try to go flat and take the day off.

Reply With Quote
The following 7 users say Thank You to Narcissus for this post:
 
  #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
Memphis TN
 
Futures Experience: None
Platform: MB Trading
Favorite Futures: 9x19
 
Pariah Carey's Avatar
 
Posts: 585 since Jan 2014
Thanks: 142 given, 1,398 received


Very interesting topic and good luck. My plan is about seven years, seriously. I call it the seven-year bitch.

How have you worked this out numbers-wise? Are you planning on making 100% of your current non-trading income in a year? How much are you earning now off trading in a month and how do you plan to get to where you need to be in 12 months?

Someday, and that day may never come, I'll call upon you to do a service for me.
Reply With Quote
The following 2 users say Thank You to Pariah Carey for this post:
 
  #4 (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

I really like your posts and analysis. I know you would have thought this thoroughly about your decision of full-time trader, I hope you are not giving up your profession...My life goal is to become successful trader, I too wanted to be a full-time trader but gave that idea recently because

1. With swing trading you don't have be full-time trader, in fact most of mistakes
I do is because of watching this market continuously tick by tick.

2. Idea of full-time is enticing but as a trader we end up doing more work than regular job.

3. The BIGGEST issue I am facing right now is if you are in a trade how do I determine my CONTEXT is right or wrong? This is specially challenging when you are SWING trading futures, that CONTEXT changes every hour.

4. One way to overcome this fear of failure is have 100K account and start scaling in with ONE contract and scale in or scale out at pre-determined levels for that
I don't know becoming FULL-TIME help or not?

In any case I wish you BEST of LUCK.

Reply With Quote
The following user says Thank You to bmtrading9 for this post:
 
  #5 (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

Numbers


Pariah Carey View Post
How have you worked this out numbers-wise? Are you planning on making 100% of your current non-trading income in a year? How much are you earning now off trading in a month and how do you plan to get to where you need to be in 12 months?

My goal is to make 100% of my income from trading starting Next November. I did a trial 10k target which I achieved (sort of, if you exclude today) in 5 months. However, I missed lot of opportunity due to my max 90 minutes day-trading restriction and was able to catch only the big swings. However, I THINK I GET IT. My understanding of Market behaviour increased significantly this year and I think I got what it takes. Hence the resolution to go full-time and give my 100%.

The magic number for me is 100k per year. However, I can still lead a comfortable life with 50k as I don't have a Mortgage, zero debt and likely to live in a developing country and hence low cost of living.

Though I make lot more than 100k from my current job as a Physician, I find trading world fascinating and NOT necessarily drawn towards it for income. I also like the concept of not having to work for someone. It will allow me to do whatever I want to do in anyway I want, whether it's within health service or others. I call it financial freedom.

I am quite privileged to have a job which pays me well and still provide satisfaction. My biggest advantage is my frugal lifestyle, sufficient emergency savings to last 2+ years & VERY understanding wife. This allows me to take that big risk of quitting (or rather stop practicing) for a year.

That's the dream world I live in but I am determined to make it a reality. We will know by October 2016.

I just need less days like today in my trading career.

Reply With Quote
The following 8 users say Thank You to Narcissus for this post:
 
  #6 (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

Thanks for your helpful comments and concerns.


bmtrading9 View Post
1. With swing trading you don't have be full-time trader, in fact most of mistakes I do is because of watching this market continuously tick by tick.

Totally agree. I struggle with that tick watching daze too. Morover, I perform better when I enter my trade and leave the screen for 5 to 10 minutes. It's going to be a challenge as a full-time trader (when I become one) but I am hoping to extract more wisdom from successful day-traders here. I am sure others would have had the same problem before becoming consistently successful. futures.io (formerly BMT) is truly a sharing and helpful community.


bmtrading9 View Post
2. Idea of full-time is enticing but as a trader we end up doing more work than regular job.

How True. Even now, my full time job is lot easier than my 2 hrs trading. However, trading is also more exciting (not in the casino sense) and I expect it to remain satisfying. I am expecting to less spend hours eventually but don't mind spending more than 8 hrs as long is it's still enjoyable.


bmtrading9 View Post
3. The BIGGEST issue I am facing right now is if you are in a trade how do I determine my CONTEXT is right or wrong? This is specially challenging when you are SWING trading futures, that CONTEXT changes every hour.

It's a huge issue for me too. I am not sure of the best way to overcome it. Hopefully experience will make me aware intuitively. In the meantime, I am trying to learn more by being accountable for my context analysis. My journal has been very useful so far and I often go back and re-read my own entries and see how context is changing. I am getting better at knowing whether my context is right or wrong. My problem is my stubborn behavior and not taking losses even after knowing that context has changed.

bmtrading9 View Post
4. One way to overcome this fear of failure is have 100K account and start scaling in with ONE contract and scale in or scale out at pre-determined levels for that
I don't know becoming FULL-TIME help or not?

I agree. Well capitalised account is CRUCIAL for success. I have a 60k account but I will be able to increase it 100k if necessary. That's probably the reason why I trade without fear or strong emotions. Morover, I am VERY risk averse. My broker will probably let me trade 100 lots but I trade 1 . I just started practicing scaling IN 2 but probably not ready yet as I sensed mild butterflies in my stomach during strong moves. That's not a good sign. So I listened to them but I know I am NOT too far from trading 3 contract and will practice scaling In/out soon


bmtrading9 View Post
In any case I wish you BEST of LUCK.

Thanks. I think I need lots of it.

Reply With Quote
The following user says Thank You to Narcissus for this post:
 
  #7 (permalink)
Hi Mom!
Bridgeport, Ct
 
Futures Experience: Intermediate
Platform: Sierra
Favorite Futures: Gold, Oil
 
TheShrike's Avatar
 
Posts: 365 since Jun 2012
Thanks: 1,027 given, 472 received


Narcissus View Post
The magic number for me is 100k per year. However, I can still lead a comfortable life with 50k as I don't have a Mortgage, zero debt and likely to live in a developing country and hence low cost of living.

Are you planning on moving from Canada if this pans out?

Reply With Quote
 
  #8 (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


TheShrike View Post
Are you planning on moving from Canada if this pans out?

Yes. One of the goal is to live in Asia at least during winter months from Nov to Feb.

Reply With Quote
 
  #9 (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


Narcissus View Post
I think I got what it takes.

I will eloborate a little bit about my above comment.

My strengths

I am -

Well capitalised
Conservative & reduce risk as much as I can by position sizing
Young enough to learn new concepts/ideas
Old enough to know that success has multiple paths

I am NOT

An addictive personality
looking for fun from trading
Easily excitable with profit or dejected with loss

My weakness

I am

Narcissistic & often think I AM right
Hesitant to take many small losses and hence end with few big losses
Lack Patience - i.e Often too early to Short and too late to go long
Less physically active and mostly Cerebral (But not obese Yet)

Reply With Quote
The following 5 users say Thank You to Narcissus for this post:
 
  #10 (permalink)
Elite Member
Louisville, Kentucky
 
Futures Experience: Intermediate
Platform: Sierra Chart, IRT
Broker/Data: Various
Favorite Futures: Futures
 
empty's Avatar
 
Posts: 92 since Oct 2012
Thanks: 1,906 given, 177 received



Narcissus View Post
My weakness

I am

Narcissistic & often think I AM right
Hesitant to take many small losses and hence end with few big losses
Lack Patience - i.e Often too early to Short and too late to go long
Less physically active and mostly Cerebral (But not obese Yet)

Most smart people struggle with those same weaknesses, but don't underestimate how difficult they can be at times. You will likely find yourself mainly struggling in two areas:

1) Holding on to losers because you don't want to accept you're wrong. This will turn a small loser into a very large one. (I once lost two weeks of solid profits in about three hours using this fine technique.)

2) After hitting a string of losses, such as two or three in a row (which is not statistically uncommon regardless of your strategy), you will be afraid to pull the trigger on your next setup. Because if you don't enter the trade it has no chance of being a loser. You're not afraid of the money loss (as you said above the money is not the concern), but you are afraid of being wrong, or having to admit that maybe you are not the level of trader you have told yourself you are.

What it takes to overcome the above is to realize that this is a probabilities game, and if you have edge, over time you'll see consistent positive results. It does take time to get there though. You have to stick to your trading plan and take the loss when you said you would, gain from that new information the market gave you, and learn from it. You also have to come to realize that two losses in a row have no statistical bearing on the next trade setup that presents itself. So you have to take the next setup. That said, you also need to consider days when you might be "off" for some reason, and know that you need to step away.

You likely do have what it takes, and can overcome all of the above, but it does take hard work and time.

By the way, a healthy body aids a functioning mind, but you know that.

Empty

Reply With Quote
The following 10 users say Thank You to empty for this post:

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)

Linda Bradford Raschke: Reading The Tape

Elite only

Adam Grimes: TBA

Elite only

NinjaTrader: TBA

January

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 11:34 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 2017-12-12 in 0.15 seconds with 20 queries on phoenix via your IP 54.234.255.29