The Business of trading - what we forget - Psychology and Money Management | futures io social day trading
futures io futures trading


The Business of trading - what we forget
Updated: Views / Replies:545 / 4
Created: by steve2222 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 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
 
Thread Tools Search this Thread
 

The Business of trading - what we forget

  #1 (permalink)
Just a boy
Auckland, New Zealand
 
Futures Experience: Beginner
Platform: Sierra Chart
Broker/Data: AMP/CQG
Favorite Futures: Whatever moves in my timezone
 
Posts: 1,803 since Sep 2009
Thanks: 3,165 given, 1,367 received

The Business of trading - what we forget

Too often we as traders forget we are running a business (well those of us who aren't doing it as a hobby or sophisticated video game) and spend too much time focusing on single aspects of the business like entries & indicators, margin requirements and commission costs.

We might them spend sometime thinking of money & exit management, our PC hardware and the mental game.

Some of us may even regularly keep up to date with the support board and product announcements for our favoured software (personally I look at the latest support board postings for SierraChart at least 3 times a week - it is amazing how much I have learn't by doing this).

But how much time do we spend on risk and disaster management?

Here is a blog I received by email this week on a very specific aspect of risk/disaster management - your demise or incapacitation (whether mid trade or not).

I was pleased to receive/read this as I have been travelling away from NZ a lot for the last 2 years and I actually took this step before I left to ensure specifically trading business matters were covered. My lawyer in NZ has a sealed envelope in his safe to be opened only if I die or are unable to make decisions for myself. In the envelope are all details related to my trading accounts, their location and the passwords.

There you go, done my bit to be a kill joy on a Saturday in summer


Quoting 
A trader friend experienced chest pain and numbing feeling all over on her upper body earlier this week. She had such experience before and thought that by resting and taking a few pain killers the troubles would go away. It did not and she was hospitalized that night. Later on she went unconscious. The family is not taking this well. There is also the added worry of her trading account not being attended to as the family knows that she is a full time trader.

Read all:

Legally Preparing for the Unexpected | DaytradingBias.com

With due credit to DayTradingBias

Prediction is very difficult, especially about the future - Niels Bohr, Danish Physicist
Reply With Quote
The following 8 users say Thank You to steve2222 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)
Every Day I'm a n00b
San Tan Valley, AZ/USA
 
Futures Experience: Advanced
Platform: NT7
Broker/Data: IB, Tallinex, & 10 others.
Favorite Futures: Futures
 
FABRICATORX's Avatar
 
Posts: 195 since Jun 2013
Thanks: 693 given, 159 received


Failsafes and hard rules that require human intervention.

This way, if there's no human to say "yes, trade today", then the algos/HFTs don't trade.

Similarly, have broker-level loss limits in place, and multiple software level and hardware level failsafes and cutoffs.

-Jimmy
Reply With Quote
The following 3 users say Thank You to FABRICATORX for this post:
 
  #4 (permalink)
Trading Apprentice
Vancouver, BC
 
Futures Experience: Beginner
Platform: Other
Favorite Futures: MJY, M6A, M6E, M6G, N225M, MCD
 
Posts: 25 since Sep 2014
Thanks: 0 given, 17 received

Not sure if this is related; but additional measures such as having mobile apps available in case power goes out at home. Also, being 5 minutes drive from relatives home (who uses a different internet service provider), in the event something goes down with my ISP

Reply With Quote
The following user says Thank You to thetamax8 for this post:
 
  #5 (permalink)
Market Wizard
London UK
 
Futures Experience: Beginner
Platform: CQG
Favorite Futures: Futures
 
xplorer's Avatar
 
Posts: 2,879 since Sep 2015
Thanks: 6,143 given, 4,386 received
Forum Reputation: Legendary


thetamax8 View Post
Not sure if this is related; but additional measures such as having mobile apps available in case power goes out at home. Also, being 5 minutes drive from relatives home (who uses a different internet service provider), in the event something goes down with my ISP

Yes it is absolutely related. Part and parcel of contingency planning.

I'd also add that the more experienced traders (i.e. the ones who have at least suffered 2-3 connection outages while in the middle of trades) surely will have put such contingencies in place: they don't want to run the risk of failure that would cost them in the thousands when the cost of planning for this type of issues is usually in the hundreds.

Reply With Quote
The following user says Thank You to xplorer for this post:

Reply



futures io > > > The Business of trading - what we forget

Thread Tools Search this Thread
Search this Thread:

Advanced Search



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

FuturesTrader71: TBA

Elite only

Al Brooks: TBA

Elite only

Jigsaw Trading: TBA

Oct 19

RandBots: TBA

Oct 24
     

Similar Threads
Thread Thread Starter Forum Replies Last Post
Where is trading system forum forget all the other crap WoodGrail Traders Hideout 13 December 14th, 2015 10:01 AM
Every single business process in a trading firm/business>>> budfox The Elite Circle 6 July 11th, 2015 08:23 PM
How to grow a trading business? philippe07024 The Elite Circle 14 February 13th, 2013 03:02 PM
Trading as a business? GaryD Psychology and Money Management 15 September 27th, 2011 01:01 AM
Trading as a Business ZTR The Elite Circle 120 December 23rd, 2010 04:14 PM


All times are GMT -4. The time now is 05:24 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 2017-09-24 in 0.10 seconds with 19 queries on phoenix via your IP 54.158.248.167