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Futures Trading

  #11 (permalink)
El Dorado, Ar
 
Experience: Intermediate
Platform: ThinkorSwim
Trading: E mini, Stocks
 
jhobbs92's Avatar
 
Posts: 12 since Feb 2013
Thanks: 2 given, 4 received

Nightly Review

After looking through the charts here is what I have come up with.
-A very key area to test now is at 1593, this CLVN will either take us back down to test the 1580 area or push us up to 1600. I do not believe we will get to this 1593 key area overnight, but within the next two days it will be tested.
-1564 needs to be held until open tomorrow, or we could see a serious pull back to 1545 area.
-We are still trading above the CVAH which I think will still be tested. regardless if we hit the 1600 hundred number.

Tomorrow:
-We should see a test of 1590-1593 area (short term I think 1593 is key for bulls if they want to get back to 1600), but I don't think tomorrow will be the day we make it to the 1600 hundred level. Ultimately my bias is still bearish for tomorrow, we still have not seen any true conformation that the down trend is over.

Key areas of control : (Dashed pink lines) These areas are not place I look to trade, but help me determine which side of the market I'm looking to position my self in.
-1598 CHVN and Thursday's VPOC
-1581.50 CHVN, and a HVN formed at this area today a key area to watch (possible short or long here), but must have a real confirmation on which side the market is heading.
Places I look to trade: (Green=Long,Red=Short) these lines are my bias tonight, but that could easily change tomorrow depending on the price action.
-Green:
-1586.25 Today this was a LVN but last friday this was a key area for E mini and it was a HVN.
-1569 There are a couple of LVN around this area, but here lately it has been a small support and rally point for bulls
-1560 Monday's VPOC, plus a CHVN
-Red:
-1592.50 This was Thursday's VAL, and we see a CLVN at this spot. It's possible we could see a spike up to 1593-1594 area so i will be careful here before placing an order.


Please let me know what you think!
Thank you,
Justin Hobbs

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  #12 (permalink)
New York, NY
 
Experience: Beginner
Platform: Vanguard 401k
Broker: Yahoo Finance
Trading: Mutual funds
 
Posts: 1,055 since Jul 2012
Thanks: 730 given, 2,195 received


jhobbs92 View Post
Hi everyone,
A little bit about me, I started trading when I turned 17 years old and have never been so passionate about something. When i first started trading I of course was suckered into penny stocks and after loosing all the money I had saved up from working I decide to get serious and start really understanding the stock market and how to make money. After a few years and a lot of dedicated time spent to reading I started to successfully make money in the stock market. This was a great time, but a family friend who has been trading for over 20 years asked me, "why don't you give futures trading a try". So, I took the time to try to apply what I had learned in the stock market into trading futures. It was very appariant to me that this was a different ball game. My risk management was not set up properly and even with paper trading I never really learned what I was truly doing. Many days I would break even, but the bad days killed me. I found my self impulse trading and I new I had to do something. So, here we are now. I came across this bigmiketrading.com and I love it and all the resources it presents. The reason I'm making this journal, is to keep me honest with my trading and hopefully get some insight from you guys. Unfortunately, I can't post every day due to college classes, but I will try to get on at least every other day. Sorry for the long rant

Justin

@jhobbs92

How are you handling your time between trading and classes? I'm asking because I'm young enough to recall the difficulties of doing both at the same time. And I eventually left graduate school for trading.

Judging based on your passion towards trading, I'm guessing you want to take trading as your primary career. For 99% of the cases, I recommend that you work harder at school to find a job in the securities industry, rather than doing what you're doing now.

I get questions about the interview process for a top firm or what it's like to be a partner at XX, but these are mostly people who are infatuated with money and not really suited for the job (that said, many of these people still pass the filter and get onto the trading floor, but they're usually the ones that feel miserable, make the place worse, and rarely stay at a single place for long enough to make management decisions that make others feel miserable). Interview at the top firms - it's like a college application process - if push comes to shove and you're willing to start at the branch office of some relatively unknown or less prestigious firm (Houlihan Lokey, BBH) and slowly work your way towards the NY headquarters of a bulge bracket bank or hedge fund, then this route is definitely better for you. You're young and given the right steps, could become a partner at a bulge bracket investment bank 12 years from now (assuming the industry remains the same), which for most part, is better than being an independent trader.

What you're doing now will likely not get you anywhere. Citadel makes a killing out of thinkorswim customers. In fact, if I had to price an OTM call option on your success 12 years from now, it would be extremely cheap.

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  #13 (permalink)
El Dorado, Ar
 
Experience: Intermediate
Platform: ThinkorSwim
Trading: E mini, Stocks
 
jhobbs92's Avatar
 
Posts: 12 since Feb 2013
Thanks: 2 given, 4 received



artemiso View Post
@jhobbs92

How are you handling your time between trading and classes? I'm asking because I'm young enough to recall the difficulties of doing both at the same time. And I eventually left graduate school for trading.

Judging based on your passion towards trading, I'm guessing you want to take trading as your primary career. For 99% of the cases, I recommend that you work harder at school to find a job in the securities industry, rather than doing what you're doing now.

I get questions about the interview process for a top firm or what it's like to be a partner at XX, but these are mostly people who are infatuated with money and not really suited for the job (that said, many of these people still pass the filter and get onto the trading floor, but they're usually the ones that feel miserable, make the place worse, and rarely stay at a single place for long enough to make management decisions that make others feel miserable). Interview at the top firms - it's like a college application process - if push comes to shove and you're willing to start at the branch office of some relatively unknown or less prestigious firm (Houlihan Lokey, BBH) and slowly work your way towards the NY headquarters of a bulge bracket bank or hedge fund, then this route is definitely better for you. You're young and given the right steps, could become a partner at a bulge bracket investment bank 12 years from now (assuming the industry remains the same), which for most part, is better than being an independent trader.

What you're doing now will likely not get you anywhere. Citadel makes a killing out of thinkorswim customers. In fact, if I had to price an OTM call option on your success 12 years from now, it would be extremely cheap.

Hi @artemiso
Yes, I am doing good in school GPA is high and the summer class that I'm taking is just a gen-ed that requires little work, but nothing difficult. As far as your question, I would love to be a independent trader nothing has ever intrigued me the way trading dose. I've always been a business guy and love the aspect of business, but an old girlfriends aunt introduced me to trading to futures trading I've been hooked. I've thought plenty of times of working for a firm and plan on starting my career at one out of college thats why I'm working on three bachelor degrees in finance, accounting, and economics (and maybe CPA after that), but in the end i want to be a trader. I know it sounds "corny", but its just been a pasion and always will be. Thank you for the advice and I will defiantly be looking into a career in the securities industry.

Also, I do not use think or swim for trading, but I always do my after hours charting at the library and my actual charting software (siria charts) won't run on my mac.

Thank you for the post and hope you have a good day tomorrow.

Justin

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  #14 (permalink)
New York, NY
 
Experience: Beginner
Platform: Vanguard 401k
Broker: Yahoo Finance
Trading: Mutual funds
 
Posts: 1,055 since Jul 2012
Thanks: 730 given, 2,195 received

@jhobbs92

Great, it sounds like you're on the right track academically and ambition-wise. I don't know how else to advise you without being intrusive on your private circumstances, but here are a few for you to chew on:

1. I must point out that all that charting is absolutely unrelated to what you'll be doing in any respectable firm in this industry.

2. I think the CPA is only relevant if you prefer to be an auditor (inhouse?). The CFA is not necessary - most legitimate jobs would offer time and training for license requirements, if any is needed. I may be mistaken though; I've heard recently that Columbia's MFE program requires a CFA for enrollment - so maybe the climate is more stringent nowadays.

Best of luck.

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