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This is good advise, so I will follow it...
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This is good advise, so I will follow it...

  #411 (permalink)
Elite Member
Toronto, Canada
 
Futures Experience: Advanced
Platform: NT
Broker/Data: TD Ameritrade, Dorman/Zenfire
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VinceVirgil's Avatar
 
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Promotion

Promoted myself today.

A fellow futures.io (formerly BMT)er was slagging begginers and the advise they offerred, even though they were begginners. Begginners have so much to say, and they dont say anything...Blah, blah. I wanted to insure he didnt mean me, so i changed my experience to intermediate from begginner.

Which I think is appropriate. I am no begginner in futures. In stocks, bonds, real estate, small bsuineess, restricted stock, Partenerships, pension plans and various other investment accounts, I am a master. Its my career, so i thnk that qualifies me as a master in that area. I make my living off of investing other peoples money. Or shoulkld I say, i sell them strucutred products mostly, and i take a commission.

it isnt discretionary trading commodities. in that area, i am an intermediate.

I move myself up to advanced when I set up my Hedge Fund.

I am going to start small...maybe a few hundred thousand, to see if I can do from a logistical standpoint. Have to iron out the legalities of the whole thing first. Likely just my family and a couple of close friends.

I have to declare my intentions to the investment firm i work for, because this is considered an OBA. Outside Business Activity, so, i have a little tippy toeing to do around the security regulations, to make sure I am on side. Cant spend all the money I will be making from behind bars.

Anyway, talked to my lawyer about it already. Setting up a LLC for trading. Going to come up with a name. Something cool. Animal name maybe. Osprey Investment Group. Tiger Trading LLC( oh yeah, taken)

If I have a company that I can run my trading through, I can pay my wife and daughter and and they can use their personal exemptions. And have the LLC buy all my stuff. Like lease a car...tax deductable, pay for my gasoline and maintanance...all my stuff. RV, Cottage, Maybe buy a plane... Wow, life is grand!

All this just because I changed my experience from beginner to intermediate. The fellow futures.io (formerly BMT)er did me a big favour.

Maybe I'll give him a ride in my plane.

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  #412 (permalink)
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VinceVirgil View Post
Anyway, talked to my lawyer about it already. Setting up a LLC for trading.

Lots of great info here not just on taxes, but on LLC and trading as a business, btw:

Webinar: Traders Accounting Tax Q&A

Mike

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

Need help?
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4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
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  #413 (permalink)
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Big Mike View Post
Lots of great info here not just on taxes, but on LLC and trading as a business, btw:

Webinar: Traders Accounting Tax Q&A

Mike

yes thanks. I saw the last part of that webinar, and I have been meaning to review it again.

The information was great from the last part I saw. Much of it is applicable to Canadian law, as both American and Canadian law is based on the British Legal system way back in the day. Lots of similarities, but i am aware of the differences.

It was very good webinar.

Vance

 
  #414 (permalink)
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29.6.2012

What is one tendency of the CL? It is an instrument that respects levels.

Given this simple 60 minute, what is the likley tendency of the CL today?

It looks like it should be faded at the extreme of this upper balance area.

This is just a single chart remember.

Attached Thumbnails
This is good advise, so I will follow it...-cl-08-12-60-min-6_29_2012.jpg  
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  #415 (permalink)
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29.6.2012

OK so it wasnt a fade...

Now its my break time. I like to pause near lunch to review the morning. Kinda like beaking the seesion into sections so that I can take a look at the afternoon with new eyes. Get away from the monitors fort afew minutes. go for a walk around the block. Whatever. Just nothing trading related.

So here is the 60 minute fromtnhis morning.

I doid short, but I quickly reversed my position when volume came in like gangbusters.

So i was net ahead on that trade.

But its Friday, and is the move from yesterdays close going to lead to the rest of the afternoon in the doldrums?

Stay tuned.

Attached Thumbnails
This is good advise, so I will follow it...-cl-08-12-60-min-noon-6_29_2012.jpg  
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  #416 (permalink)
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Thanks: 2,144 given, 9,180 received

29.6.2012

OK...back from my walk. Nice day hear, a little windy. Picked up a few blown around garbagwe cans for people.

Walked my dog. Hes a Bull Terrier...getting a little old. 14 years old, which is old for a bully.

Longer 60 minute from last couple of weeks. NOw past perforemance is no indication for future gain, however, because CL is a very liquid instument, and contract deliveries are short, it responds quickly to sentiment and repects support and resitance levels pretty well.

So why the breakout of the last few sessions thins morning?

Price unwound too far?...over sold and buyers feel it is a bargan? Yesterdays selloff was way overcooked, and now the momentum crried it back to these levels?

I dont know. Trading is trully about probabilities and statistics. News has an effect. But price has no memory. People do. So we are trading against people. Even algos are programmed by people.

Price can do 1 of 3 things from here. Go up, Go down, or stay the same.

Now, once i get some idea about that, its how far, and how fast.

Where does the market want to go, and how good of a job is it doing getting there.

I am still undecided at the moment. Waiting to see...I have lots of time.

I love trading. Its not about the money. Its about doing it well. The sense of satisfaction when a trade idea works, not once, but over and over again. Even a blind squirrel finds an acorn once in a while.

Its about consistency over the long term...weekly, monthly, annually.

Its about maintaining balance, in trading, in pursuits...raising a family, having a hobby, a fulfilling spiritual life.

Each endeavour deserves your full attention, otherwise, what would be the point? You dont owe it to yourself, that is selfishness. You owe it to everyone that helped and supported you in your pursuit, and you should feel obligated to put forth your best effort for their sake, because they put forth the effort in time and expense to help you.

There is an emotional cost for everything we do? Ask a person a question, and they answer you, sincerely, and you find value in that answer, well, there is an agreement between the 2 of you.

I expect thats the reason Big Mike "pet peeve" is leaving thanks when you read a journal entry, even if you dont totally agree with what is written. It is an acknowledgement of that individuals effort for writing it, and thanks is your acknowledgement of the effort. An acknowledgment of the emotional cost that the writer paid.

Oh, af of thias writring, I decided to go long at 8231. Looking for 8300.

Attached Thumbnails
This is good advise, so I will follow it...-cl-08-12-60-min-longer-term-view-6_29_2012.jpg  

Last edited by VinceVirgil; June 29th, 2012 at 05:45 PM. Reason: spelling
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  #417 (permalink)
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29.6.2012

Well, who knew?

Today was the day of my best trade...ever. The day after I became an intermediate trader.

I should walk the dog more often.

Long at 8231.

Homework this morning suggested we might get price turning down, like it has for the last 5 days, at the open. Gap fill back to yeasterdays VWAP. But we had a strong move overnight to get us near yesterdays high. Still its a short bias.

The other day I was talking to Panda Warrior about adding to a postion. And I was a talking to another trader about levels and the DVAL, and where to place stops in order to get the most out oof a move on the CL. In addition, he often has blogged about adding 2/3 of a psotion at key entry points, particularily during an energetic move.

Why does this make sense?

Allow me to explain.

I enter with 3 lots. First targets are hit, trail to BE. Now price continues to climb.

OK now I am 40 ticks to the good on my runner. Everything looks great, buyers still seem to have interst, still lots of room to fill previous resistance levels...etc.

So if I put on another 2 lots, with a 20 tick SL, move my runner to the same SL level as the additonal 2 lots. Now if my stop gets hit, on the 3 lots, I only have 20 ticks in the trade, but if price continues on, now i have 3 lots working. If it only goes an additional 20 ticks past my entry, thats 1:3 risk reward. And if it goes 40 ticks, past my 2 lot entry, its 1:6.

The difficulty. calculating that on the fly, in your head, while the trade is on. Some times you dont have much time. Split second.

I did that this afternoon. Worked out better than great.

Attached Thumbnails
This is good advise, so I will follow it...-cl-08-12-60-min-longer-term-view-6_29_2012.jpg  

Last edited by VinceVirgil; June 30th, 2012 at 10:39 AM. Reason: clarify
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  #418 (permalink)
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Today was the day of my best trade...ever.



Congrats man!

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.

The following user says Thank You to Big Mike for this post:
 
  #419 (permalink)
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Posts: 1,752 since Aug 2011
Thanks: 2,144 given, 9,180 received

29.7.2012

After the ON and at these level, I am looking long this miorning on the CL.

I have been thiknking about the current price of oil, and the demand that virtually every major forcaster predic ts, and I think the commodity ios a bargain at these levels..

I think we could pause around 90.00, but thats a long way from here.

Anyway...I just think the sellofff over the last 8 weeks to these levels is way over done.

I am looking a long entry this morning around the open.

See if it plays out.


Last edited by VinceVirgil; July 2nd, 2012 at 10:29 AM.
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  #420 (permalink)
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Thanks: 2,144 given, 9,180 received


I should add that 8400 appears to be resistance.

Attached Thumbnails
This is good advise, so I will follow it...-cl-08-12-60-min-7_2_2012.jpg  
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