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It seems that many of successful traders had another source of income and I believe this covered there initial losses until enough wins-in-a-row built their capital to a size where losses did not make significant inroads.
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Baldwin experienced success as a bond trader, and leased a seat on the Chicago exchange. As a full member director of the Chicago Board of Trade, Baldwin has served on its executive committee and Commodity Pool Operator/Commodity Trading Advisor committee, in addition to other positions. He currently serves as Chairman of Baldwin Group Ltd., the parent company of several investment and financial services. Companies in the group include: Baldwin Commodities Corp., a Treasury Bond Futures proprietary trading company, and Baldwin Managed Futures, a CTA. Baldwin is also the current owner of Granot Loma, the great American castle on the southern shore of Lake Superior in Marquette County, Michigan. https://en.wikipedia.org/wiki/Tom_Baldwin_%28trader%29
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When a futures trading fund under his management incurred significant losses in the stock market crash of 1987 he retired from trading for several years. Dennis earned a bachelor's degree in philosophy from DePaul University, then accepted a scholarship for graduate study in philosophy at Tulane University, but then changed his mind, and returned to trading. He borrowed $1,600 from his family, which after spending $1,200 on a seat at the MidAmerica Commodity Exchange left him $400 in trading capital. In 1970, his trading increased this to $3,000, which he described as "compared to $400 ... a real grubstake", and in 1973 his capital was over $100,000. He made a profit of $500,000 trading soybeans in 1974, and by the end of that year was a millionaire, just short of twenty-six years of age.
Dennis profited, as he bought successively new weekly and monthly highs in the trending inflationary markets of the 1970s, an era of repeated crop failures and the "Great Russian Grain Robbery" of 1972, when agents of the Soviet Union secretly purchased 30% of the U.S. wheat crop in the space of a few weeks. This set the stage for solid, sustained price trends in both directions for the next several years, a period in which "anyone with a simple trend-following method and a dart board could make a million dollars".[1][4]
Dennis managed pools of capital for others in the markets for a while, but withdrew from such management in the spring of 1988 after his clients suffered heavy losses. In the Black Monday stock market crash of 1987, he reportedly lost $10 million,[8] with a total of $50 million reportedly lost in 1987–1988.[2] In 1990 his firm settled investor complaints of his failure to follow his own rules, for over $2.5 million, without admitting or denying any wrongdoing.[9] He also managed funds for some time in the mid and late 1990s, closing these operations after losses in the summer of 2000. https://en.wikipedia.org/wiki/Richard_Dennis
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Marcus learned money management from Ed Seykota, whom he met while working as an analyst.[2] He was a founding trader of Commodities Corporation, where he was chief currency trader and hired and taught Bruce Kovner as a trader.
Marcus eventually became an EVP at Commodities Corporation. Marcus has recently invested in small-company stock through his holding company Canmarc Trading Co Marcus was featured by Thomas A Bass, in the book The Predictors: How a Band of Maverick Physicists Used Chaos Theory to Trade Their Way to a Fortune on Wall Street.[6] Additionally, Marcus was interviewed by Jack Schwager in the book Market Wizards. Marcus was described as a chartist who "keeps an eye on market penetration and resistance."
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Ed Seykota
Seykota is a trader who in 1970 pioneered a computerized trading system (now known as System trading) for the futures market for the brokerage house he and Michael Marcus were working for. Later, he decided to venture out on his own and manage a few of his client's accounts.
Much of Seykota's success was attributed to his development and utilization of computerized trading systems to which he first tested on a mainframe IBM computer. Later on, the brokerage house he had been working for adopted his system for their trades.
His interest in creating a computerized system was spawned after he read a letter by Richard Donchian on utilizing mechanical trend following systems for trading and also Donchian's 5- and 20-day moving average system. He was also inspired by the book Reminiscences of a Stock Operator by Edwin Lefèvre. His first trading system was developed based on exponential moving averages. https://en.wikipedia.org/wiki/Ed_Seykota
I have several signals in my system. One of the most reliable is the "onf"
The onf gives the direction of the first move of 5 pts or more from the first swing point near the open.
Below is an example of this signal's application. (I have chosen not to trade long side until after a crash so this was a sim trade.)
June 28, 2017
Setup: onf - first leg with o/n information
Direction: up
Action: buy
Action Price: Between 2426.00 to 2429.50
Supplementary Signal : buy near open
Preferred Action Price: 2426.75
Actions Taken:
BOT 2427.00
SLD 2439.25
Profit/Loss (pts) :12.25
Comments: I went out for a walk with the dog and the trade was closed with OCO Sell 2439.25 while I was away.
To fix your attention on the best is to surround yourself with the best and you will become the best.
The creative power within us makes us into the image of that to which we give our attention.
-Wattles
8:28 AM 6/30/2017
After yesterday's big down day, I am expected a modest range choppy and directionaless day. It could be a, caret, V day, N, W ect.
The default Range est=19.25, but I feel something more modest such as 13-15 pts, prehaps even less. It is Friday and July 4 is on Tuesday so the session could be quiet. Initial switches are primarily up and though it may move up some the chart has the feel of a sluggish roll-over.
The o/n high was 2426.75 and that is pretty much it, perhaps stp level1 of 2431.00 depending on the opening price and distance to the stop. That is 2426+ open should be able to get there. We are at 2424 so I'll say no to stp 1 go with H/L est= 2428.25- 2418.00 (?) very narrow.
Estimate confidence: low
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June 30, 2017
Setup: onf - first leg with o/n information
Direction: up
Action: buy
Action Price: Between 2421.25 to 2428.25
Open est 2424.00
Supplementary Signal : DD up
9:02 AM 6/30/2017
So on a choppy day like this you would have had to sell the estimated HOD 2428.25.
I was too slow - due to posting to catch it and now the price is about 2422.50.
In the middle of the est HL
There isn't really much to do if you miss the FE (today the high) and you have to be ready and trigger the order
The best probability trade was the sell 2428.25 and with it gone you really should just turn off the machine - being Friday and all.
This shows, I believe the importance of H/L estimates. It was a very fast spike and without the estimate you miss it.
Open topic with navigation
You are here: Price/Risk Analytics > IB Risk NavigatorSM > Increase Memory Size for TWS
Increase Memory Size for TWS
Advanced users who manage large portfolios (over 500 stock or 100 options positions) or who simultaneously use more than 15 chart windows may need to manually increase the amount of memory allotted to TWS to accommodate the higher demands needed by both TWS and the Risk Navigator to handle this kind of heavy load.
Modifying the memory size requires that you open, edit and save the tws.vmoptions file.
Find the tws.vmoptions File
Standard Download: If you downloaded standard TWS software (Latest, Beta or stable) you will find this file in the Jts folder which is typically in the C:\ directory on Windows/Linux machines, and in ~/ on the Mac.
Note: If you didn't specifically find and download the Offline TWS, you are using the standard TWS software.
For example, you will likely find the file in C:\Jts\tws.vmoptions (Windows and Linux) and in ~/Jts/tws.vmoptions (Mac). If you are having trouble finding this file among all of the "tws" files in Windows file explorer, look in the "Type" column for VMOPTIONS File in all uppercase letters.
Offline Download: If you downloaded the Offline TWS software, you will find this file in a sub directory of the Jts folder, named for the build version you downloaded.
For example, if you installed Offline TWS Latest when the latest version was 955.4, you will likely find the file in C:\Jts\955\tws.vmoptions (Windows and Linux) and in ~/Jts/tws-955.vmoptions (Mac).
Edit the tws.vmoptions File
1. Open the file, and find the line that looks like: -Xmx768m. This defines the memory size currently being used by TWS. In this example, it is 768 MB.
Note: If you're running Window 10, consider opening and editing the file directly in Notepad. To open Notepad, right-click the Start button and select Run. Type "notepad." Use the File>Open menu in Notepad and in the Files of Type field change the filter to All Files. Navigate to C:/jts and find the tws.vmoptions file. Make edits as shown then Save the file.
2. Modify the size (in MB). We recommend not to go above 2 GB (or 2000 MB) as this will likely degrade your machine's overall performance.
3. Move this memory size line BELOW the line that says: ### keep on update. Otherwise, the setting will revert to the default value when the version is updated.
The body of the file will look something like the below when you're done (note the highlighted lines at the bottom of the file):
4. Save the file.
Check that the memory has been upgraded the next time you log into TWS. From the Help menu select About and check the max heap size in the Java Version section.
