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Life Without Trading
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Created: by Trambo Attachments:0

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Life Without Trading

  #21 (permalink)
Order Flow Trader
Glasgow, Lanarkshire Scotland
 
Futures Experience: Beginner
Platform: NinjaTrader & Jigsaw
Broker/Data: NinjaTrader Brokerage
Favorite Futures: ZN, ES
 
Trambo's Avatar
 
Posts: 46 since Apr 2016
Thanks: 56 given, 33 received

Great Advice


eric73 View Post
Hi Trambo,
Instead of trying to trade the US oriented markets, have you looked at what you can trade in the European/London markets that has action similar to ES and ZN? The instruments won't be the same because they may not have the same Volumes and Price Actions as ES and ZN. But, they would be way more active during the times when you could be trading them (early morning and late evenings in UK time zone).

My preferred markets are what I've traded in the past on spot Forex, EUR/USD and GBP/USD. I would absolutely love to be in your shoes and be trading those two markets. If I want to trade EU and GU now, I have to get up at 2:00 AM to watch the German Open and stay online for a few hours through the London open up to about 5:00 AM my time. Then I can start getting ready for my day job.

Instead of trading EU and GU, I sought out watching markets that I could trade in later US evening hours on the Sydney Open/Tokyo Open on up through 10:00 PM, when I can start getting ready to go to sleep. Maybe you should look at other markets that are active in your time zone.

And stay on the simulator until you can trade winners consistently. I'm amazed that you made 1,100 of anything (USD or Pounds) last a whole year trading LIVE futures. There is a steep price to pay for wanting this trading lifestyle. And it's not all money...it can be in lost time connecting with Family and Friends as you're on the PC for all of your free time. My Daughter hates it when I'm on the PC instead of being with the Family.

It could be that Trading LIVE Futures isn't what you need to be doing. One of the other traders in Chicago said he makes way more from the free cash flow each month, on the one very small apartment building he has...than in his trading account. Trading looks cheap and easy when you first look at it, but it turns out to be very hard and kinda expensive when you really look at it. You don't have to spend several thousand dollars on tools just to fix toilets. But, I'm pretty sure everyone in Glasgow has a toilet. Now, fixing toilets isn't the point here...but doing something to make extra money that isn't trading futures is the point. You need to pay down your debts, and pursue your dream.

Take that as free advice from a 63 year old guy.

Cheers,
Eric.

Hi Eric,

Great advice. Thankyou. Believe me I've looked at a number of markets to try and get a good routine to trade with. I found that given my somewhat disjointed working routine it was a difficulty. I went through John Grady's training material and webinar and so I've spent a lot of effort on that way of thinking. I found that that was where I was seeing progress so every time I changed to a new market or studied a new market behaviour, I felt that I was giving up and method hunting again.

I also hear what you say about trading in general being "the" chosen method of earning extra income. I've actually written somewhat on this topic through other avenues and find it quite fascinating. I've often asked myself that if I found another way to generate extra sources of income would I still pursue trading. Ultimately it comes full circle and I realise that it means more to me than just the financial benefits at this point. Sure, I have the other issue that I have no idea how else to general an alternative source of income to the day job, but I also think that if I achieved the goal of doing so I'd inevitably look to utilise it's proceeds towards making progress with trading, it's a bug that bites hard I guess!

Great insights, thanks again.

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  #22 (permalink)
Order Flow Trader
Glasgow, Lanarkshire Scotland
 
Futures Experience: Beginner
Platform: NinjaTrader & Jigsaw
Broker/Data: NinjaTrader Brokerage
Favorite Futures: ZN, ES
 
Trambo's Avatar
 
Posts: 46 since Apr 2016
Thanks: 56 given, 33 received


John47 View Post
If you're in the UK, you should consider the M6E when you get back into the markets.

The fees are ridiculous and you won't make money....but you will have the opportunity to interact with the market ALOT with a small account and really hone your trading. You just have to detach from the actual P&L because it'll be skewed from the tick value vs. fees.....but if you can focus on improving your actual meaningful stats, Ave. win, ave. loss, %'s, expectancy.....then you will truly be learning and getting valueable market experience....and doing it with a fraction of the account you'd need in other markets.


There seem to be tradable moves during UK open almost every day in M6E. Best of luck.

Thanks,

I must admit it feels like going back to square one considering moving markets, which I know isn't really a defensible viewpoint but it's a good recommendation for UK hours, I'll check it out thanks.



CLNymex View Post
My suggestion. Continue to paper trade even if you can't trade live. Because trading is a perishable skill. You made $1100 last a year means you have or had the skill. If you just focus on the skill, the money will take care of itself. In any case, if you remain focused on the money all the time, you won't have the resources left to hone the skill.

Great advice thanks. I've never really gotten on with paper trading I must admit. My discipline has always been much better live and I've typically not really got much from the exercise, that's just me though.


agatto2 View Post
Options bro.... get rid if debt and start trading options .... imo its the way to go w/o day trading stress

I've been intrigued by options many times in the past. I was in a trade group once where I saw them worked to great success. No doubt (like anything) those that know how to trade them do great with them. They've always appeared quite complicated to me and to be honest deadly in the wrong hands!

I've always viewed options as something I might get into down the line after proving some success initially. I've been put off both by the fact that I didn't want to throw in the towel on the skills I've already learned and hop to something new just because I've not found success so far, and also because of the stories I've heard about getting options wrong.

I'd be interested to hear your take on them though?

Cheers.



dolan View Post
Could always try and boost your profits by using a funded account from TopStepTrader or something similar. Allows you to trade much larger capital without risk your own.

Yeah TST is something I've looked at, I've done their demo but haven't stumped up cash for their combine as yet. I think it's a pretty good opportunity for those who can make it work. I think their risk controls are (naturally) very tight so a lot of unsuccessful stories end up getting passed off as them being overly restrictive it seems. I might look at doing a combine down the line when I get back into things. Thanks for the advice.

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