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I posted a performance report for one day last week. This is my performance for a few hours this Monday morning. It is a good sampling of quite a few trades and the same strategy AND money management. I keep a simple strategy as I am old. 2023-01-30_ES and first two hours performance numbers
A simple strategy has always made sense to me. The old floor traders from 40-50 years ago made money with no computers, just simple strategies. When I first started trading, I had no computer. I charted on paper!
What is the strategy you use?
Persistence! Nothing in the world can take the place of persistence.
Talent will not ... nothing is more common than unsuccessful men with talent.
Genius will not ... Unrewarded genius is almost a proverb.
Education will not ... The world is full of educated derelicts.
Persistence and determination alone are omnipotent! Calvin Coolidge
I can not explain enough sir, how important it is for me Mentally those 4 sentences you just wrote. I wish I can pay pal you $50.00.
I have recently, after ALOT of thinking, come to same conclusion as you.
I personally think us retail traders, including myself, have the wrong mindset about why the futures markets exist and working toooooo hard.
How is it traders 40 years ago floor traders are making more money then me and all the other manual traders I know who been at this business for +4 years.
I believe because of total incorrect mindset.
I also believe this who Edge stuff is scam. I am sure floor traders did not do any back testing or even mention the word Edge.
Trading: Primarily Energy but also a little Equities, Fixed Income, Metals and Crypto.
Frequency: Many times daily
Duration: Never
Posts: 5,049 since Dec 2013
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Floor traders made money because they had a) an informational advantage, b) an execution speed advantage and c) they could legally take advantage of off floor orders. That still exists today but its now the domain of HFT.
Yes, but lets answer the question why the floor traders became floor traders in the first place. Lets have a open minded conversation.
Why did a floor trader become a trader? From my research, to trade size and get rich quick and win the game.
Now mind you, they did all this without computers. Starring at whatever, and just buying and selling.
So why isnt all manual traders not rich. Cause they do not want to be rich and trade size.
The point being is, and in my mind. If I am trading ES manual daily with anything less than 50 contracts, it just doesn't make sense mental and personal lifestyle.
I believe these futures markets exist for us to rich, million dollar traders. Not all of us, but best of us.
Joseph Connors, you asked about my strategy so here is another of the old-school pit patterns that I iterate. 2023-01-30_ES and how much heat do i take on a trade
