Millions Made, now what? - Traders Hideout | futures.io
futures io futures trading


Millions Made, now what?
Started: by Big Mike Views / Replies:9,800 / 61
Last Reply: Attachments:0

Welcome to futures io.

Welcome, Guest!

This forum was established to help traders (especially futures traders) by openly sharing indicators, strategies, methods, trading journals and discussing the psychology of trading.

We are fundamentally different than most other trading forums:
  • We work extremely hard to keep things positive on our forums.
  • We do not tolerate rude behavior, trolling, or vendor advertising in posts.
  • We firmly believe in openness and encourage sharing. The holy grail is within you, it is not something tangible you can download.
  • 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, and we will never resell your private information.

-- Big Mike

Reply
 
Thread Tools Search this Thread
 

Millions Made, now what?

  #21 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 45,801 since Jun 2009
Thanks: 29,096 given, 81,367 received


wldman View Post
What steps could you take to ease the burden of being "Big Mike"?

I think it is simply my nature to be hands on and to want to do everything myself, my way (the best way, naturally).

But the forum would be fine without me while I am on vacation. I would probably only check in on it 5-10 times a day and write 20 posts and 15 private messages a day while I am on the cruise ship, instead of my normal 6 hours of non-stop typing on the forum all day... LOL! j/k

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote
 
  #22 (permalink)
Elite Member
Philly, Pa
 
Futures Experience: Master
Platform: NinjaTrader
Favorite Futures: ES, ZB
 
tigertrader's Avatar
 
Posts: 5,872 since Jul 2010
Thanks: 6,243 given, 31,067 received

Yo, Mike !!! The world’s top 10 retirement havens

The world?s top 10 retirement havens - Slide Show - MarketWatch

BTW: I'm off to Sao Paulo on business ( both commodity sourcing and monkey) sometime next month.

Please, feel free to join us, if you think you can keep us with us younger guys...

Reply With Quote
The following user says Thank You to tigertrader for this post:
 
  #23 (permalink)
 Vendor: www.indicatorx.com 
Bridgwater, UK
 
Futures Experience: Beginner
Platform: Ninjatrader
Broker/Data: MB Trading
Favorite Futures: Forex
 
mokodo's Avatar
 
Posts: 384 since Jun 2011
Thanks: 525 given, 341 received

When is enough enough?


I've started to post a bit lately and whilst I've be at this trading thing for a couple of years, it really is only in the last few months that something has changed in me and my trading has, as if by magic, fallen roughly together. And, whilst I've wrestled with defining what that something is, I haven't be able to, until I read this thread.

I think the reason is that trading is freedom, or as close to freedom as we are likely to get. I've set up and run businesses in the past and am obligated to stay involved with one of those still, albeit only a day a week. But the best day in that office is not even close to the worst day's trading.

Are we not free to come up with any idea and see if it makes money, circumventing the need to hire, train staff, take on overhead, deal with bankers (oh lord the blood is draining fom me at very the thought) - and work till our fingers bleed - before the idea is proven or not? For me ideas are the key and in trading anything goes and it can all be done by me when and where I choose. Trading provides me with the time and freedom to learn, oh the books and ideas I have soaked up in the last few years - not least from this forum.

This is invigorating stuff and it's an arena where you can really discover who you are. The mundane and everyday will not expose the character of a man (or woman) but in trading you operate in such a different environment the true you can not hide and you must confront yourself. That is such a valuable lesson.

So Mike in answer to your question I would say it ends when the returns in intellectual and self development are marginal, when it no longer floats your boat. Having said that I work to targets which are very modest and yes that does include an end game. (But fortunately it has a trailing stop)

Reply With Quote
The following 4 users say Thank You to mokodo for this post:
 
  #24 (permalink)
Elite Member
Duluth, Minnesota, United Stat
 
Futures Experience: Intermediate
Platform: Open Ecry
Favorite Futures: ES, NQ
 
JEHs's Avatar
 
Posts: 271 since Aug 2010
Thanks: 320 given, 415 received

This all sounds like such a great problem to have.
What to do with your life after you've "made it".
We have all thought about this a lot I'm sure.
Unfortunately the vast majority of us here have not made it.
And the vast majority of us never will...

We live life moment by moment either way.
The trick is to enjoy the moments as they happen... one at a time. You don't get them back.
It would be great to have the financial freedom that being a successful trader would, assumably, bring.
But life has to be about a lot more than that, or I would be extremely unhappy in this struggle...

I wish you guys the best in figuring out this "problem".

Here, it's good to be alive.

You can get help from teachers, but you are going to have to learn a lot by yourself, sitting alone in a room.
Dr. Seuss
Reply With Quote
The following 2 users say Thank You to JEHs for this post:
 
  #25 (permalink)
Elite Member
Houston,Tx
 
Futures Experience: Advanced
Platform: NinjaTrader
Broker/Data: Mirus Futures/Zen-Fire
Favorite Futures: TF
 
ThatManFromTexas's Avatar
 
Posts: 2,302 since Feb 2010
Thanks: 1,208 given, 4,282 received

Futures Edge on FIO

What value do you place on the webinars on FIO?

 
When I was ya'lls age I thought if I didn't "make it" by age 40 ... l would be a failure... looking back now... I am amazed I was able to accomplish anything with so little experience ....

I'm just a simple man trading a simple plan.

My daddy always said, "Every day above ground is a good day!"
Reply With Quote
The following user says Thank You to ThatManFromTexas for this post:
 
  #26 (permalink)
Elite Member
Chicago Illinois USA
 
Futures Experience: Advanced
Platform: Ninja Trader
Broker/Data: IB
Favorite Futures: duh hammer!
 
wldman's Avatar
 
Posts: 2,055 since Aug 2011
Thanks: 966 given, 2,572 received

I thought...


ThatManFromTexas View Post
When I was ya'lls age I thought if I didn't "make it" by age 40 ... l would be a failure... looking back now... I am amazed I was able to accomplish anything with so little experience ....

plural of ya'll was all ya'll not ya'lls. What is up with that TMFT. Are you from a special region in TX?

Reply With Quote
 
  #27 (permalink)
Elite Member
Houston,Tx
 
Futures Experience: Advanced
Platform: NinjaTrader
Broker/Data: Mirus Futures/Zen-Fire
Favorite Futures: TF
 
ThatManFromTexas's Avatar
 
Posts: 2,302 since Feb 2010
Thanks: 1,208 given, 4,282 received


wldman View Post
plural of ya'll was all ya'll not ya'lls. What is up with that TMFT. Are you from a special region in TX?

@wldman

I type as few keys as possible to help keep my hands from cramping up...

ALL regions in Texas are special...

I wasn't all yall's age..I was just some of ya'lls age...

What's the difference between Chicago girls and Texas girls.... Chicago girls say You Can... Texas girls say YA'LL can...


I'm just a simple man trading a simple plan.

My daddy always said, "Every day above ground is a good day!"
Reply With Quote
The following 2 users say Thank You to ThatManFromTexas for this post:
 
  #28 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 45,801 since Jun 2009
Thanks: 29,096 given, 81,367 received


JEHs View Post
I wish you guys the best in figuring out this "problem".

I have not made my millions yet, but I have come far enough to know that you can redefine the problem into any relevant amount of money to suit your life.

For example, the problem of "never having enough" can be relevant to the person that is consistently making $250 a day in the market, but wants to make $500. And then $1,000. And then $5,000. It is all relevant to the individual and to the outsider looking in, whatever perspective they have.

The question I originally posed was in effort to better understand why some people have "made it", in my opinion, yet continue to press for more (at a risk). I think I got my answer, but I know that personally I will err on the side of caution when I "make it" because that is what suits my personality.

I have no problem taking risks, but when I measure the importance of making more money vs. not being happy, it is an easy choice.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote
The following 5 users say Thank You to Big Mike for this post:
 
  #29 (permalink)
Elite Member
La Jolla, CA
 
Futures Experience: Master
Platform: Sierra Chart, X_Trader Pro, OptionsCity
Broker/Data: Advantage, Trading Technologies, OptionsCity, IQ Feed
Favorite Futures: CL, NG
 
Private Banker's Avatar
 
Posts: 1,040 since Jul 2010
Thanks: 1,713 given, 3,724 received

I've been hesitant to comment on this as I view my personal goals as private. But I will say this, did Tiger Woods quit once he made enough to retire on? Phil Mickelson? Paul Tudor Jones? Or any other successful person regardless of their career, just walk away from what got them there because they "made enough"?

This brings up the point that I've said often. Trading isn't about just making money. It's about having a career, owning your own business, having a sense of pride and accomplishment in what you're doing. If your sole focus is to make enough and walk away, that's fine but remember then that you're focusing on the money rather than focusing on what you're doing which should be trading correctly.

Reply With Quote
The following 16 users say Thank You to Private Banker for this post:
 
  #30 (permalink)
Elite Member
Philly, Pa
 
Futures Experience: Master
Platform: NinjaTrader
Favorite Futures: ES, ZB
 
tigertrader's Avatar
 
Posts: 5,872 since Jul 2010
Thanks: 6,243 given, 31,067 received



Big Mike View Post
I have not made my millions yet, but I have come far enough to know that you can redefine the problem into any relevant amount of money to suit your life.

For example, the problem of "never having enough" can be relevant to the person that is consistently making $250 a day in the market, but wants to make $500. And then $1,000. And then $5,000. It is all relevant to the individual and to the outsider looking in, whatever perspective they have.

The question I originally posed was in effort to better understand why some people have "made it", in my opinion, yet continue to press for more (at a risk). I think I got my answer, but I know that personally I will err on the side of caution when I "make it" because that is what suits my personality.

I have no problem taking risks, but when I measure the importance of making more money vs. not being happy, it is an easy choice.

Mike


Private Banker View Post
I've been hesitant to comment on this as I view my personal goals as private. But I will say this, did Tiger Woods quit once he made enough to retire on? Phil Mickelson? Paul Tudor Jones? Or any other successful person regardless of their career, just walk away from what got them there because they "made enough"?

This brings up the point that I've said often. Trading isn't about just making money. It's about having a career, owning your own business, having a sense of pride and accomplishment in what you're doing. If your sole focus is to make enough and walk away, that's fine but remember then that you're focusing on the money rather than focusing on what you're doing which should be trading correctly.

The above 2 posts provide an excellent summation of this thread. @Big Mike presents the problem /dilemma and @Private Banker hits the nail, squarely-on-the head, with the appropriate solution. "Success is a journey, not a destination". Just as in the "trade" itself, those who concentrate on the "outcome" and not the "process", are missing the big picture.

Granted, without a goal, there is no process. However, the only way you can continue to grow and improve, is by not resting on your laurels. Process oriented people will work towards their goals in such a way that in the process of attaining their goals, they grow and learn. Like PB stated, it's not about the money, it's about becoming a better trader.

Goals should not be "end-points", rather than "milestones". And again, as in trading itself, doing what is "comfortable" is rarely the correct thing to do. If you become comfortable with having "made it", you have probably ceased to learn and stretch yourself.

"The greatest measure of personal success is not what one gets from it, but rather what one becomes through it"

TMITITW: Live well, enjoy life to the fullest, but don't risk more than you can afford to lose. And, as always.... "Stay profitable, my friends"!


Last edited by tigertrader; May 19th, 2012 at 01:01 PM.
Reply With Quote
The following 15 users say Thank You to tigertrader for this post:

Reply



futures io > > > Millions Made, now what?

Thread Tools Search this Thread
Search this Thread:

Advanced Search



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

PTMC Protrader Platform First Look w/Sergey Sokolov

Elite only

Spring Grains Outlook w/Sean Lusk @ Walsh Trading

Elite only

FIO Video Journal Challenge featuring NinjaTrader ($2,000+ of prizes)

April

Process above all else w/Anthony Crudele @ Futures Radio Show

Elite only

Machine Learning - Quantitative Trading w/Martin Froehler @ Quantiacs

Elite only

Market Dynamics w/Peter Davies @ Jigsaw Trading

Elite only

Ask Me Anything w/Patrick Rooney @ Trading Technologies

Apr 18

Ask Me Anything w/FuturesTrader71

Apr 19

Machine Learning w/Kris Longmore

Elite only

Market Analysis w/Dave Forss

Apr 25

Introducing iSystems with Stage 5 Trading

Apr 27
     

Similar Threads
Thread Thread Starter Forum Replies Last Post
Mega Millions Jackpot: And the Winning Numbers Are… Quick Summary News and Current Events 0 March 31st, 2012 12:40 AM
Phantom firms bleed millions from Medicare kbit News and Current Events 0 December 21st, 2011 11:28 AM
JPMorgan Denies Holding The Missing MF Millions kbit News and Current Events 0 November 4th, 2011 02:34 PM
When milliseconds make millions Big Mike News and Current Events 2 July 31st, 2011 06:28 AM
Beth's Journey to Make Her Millions wgreenie Trading Journals 1776 May 21st, 2011 05:43 PM


All times are GMT -4. The time now is 02:04 PM.

no new posts
Page generated 2017-03-24 in 0.15 seconds with 19 queries on phoenix via your IP 54.147.237.64