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Trading Journal from a Chicagoan
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Trading Journal from a Chicagoan

  #1 (permalink)
Trading Apprentice
Chicago
 
Futures Experience: Beginner
Platform: Multicharts.NET
Broker/Data: AMP Clearing
Favorite Futures: NQ
 
Posts: 9 since Feb 2016
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Trading Journal from a Chicagoan

I know now that everything and anything has already been said and done but for some reason I still find myself attracted to this business.

I've been studying charts, indicators, patterns, psychology, etc. etc. to help put me in the best position possible when it came to trading. I've watched numerous videos and read countless articles and I have to say it's very true what everyone says when it comes to trading. If you can't control your emotions then your SOL.

I lost my job (re-located down south) 9 months ago so I have the chance to put some of my methods to work. I'm also going to school full time to get certified in the I.t. field. i'll admit, i'm struggling with consistency and i'll have my good days and bad just like some others but that still doesn't drive me away from wanting to make this a full time job.

So I'm here now watching the ES and ZB and thought to myself if anyone else out there would care to share how they got started and the mindset they had when taking on this endeavor. Did you ever feel like giving up? What kept you going?

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  #3 (permalink)
Market Wizard
Germany
 
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82Hopz View Post
I know now that everything and anything has already been said and done but for some reason I still find myself attracted to this business.

I've been studying charts, indicators, patterns, psychology, etc. etc. to help put me in the best position possible when it came to trading. I've watched numerous videos and read countless articles and I have to say it's very true what everyone says when it comes to trading. If you can't control your emotions then your SOL.

I lost my job (re-located down south) 9 months ago so I have the chance to put some of my methods to work. I'm also going to school full time to get certified in the I.t. field. i'll admit, i'm struggling with consistency and i'll have my good days and bad just like some others but that still doesn't drive me away from wanting to make this a full time job.

So I'm here now watching the ES and ZB and thought to myself if anyone else out there would care to share how they got started and the mindset they had when taking on this endeavor. Did you ever feel like giving up? What kept you going?

In trading your existence stands and falls with your bankroll.
Thus one of the most important preconditions is: Don't risk money that you cannot afford to lose.

Emotions flying high (or worse: low), feeling like giving up, struggling with consistency etc are often the result
of undercapitalization, excessive leverage, and (therefore) intolerable equity swings. Esp with the personal factors
that you named and that interfere with successful trading anyway, it would be bad advice to tell you just to go on.
That's not a matter of mindset.

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  #4 (permalink)
Trading Apprentice
Chicago
 
Futures Experience: Beginner
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Broker/Data: AMP Clearing
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Posts: 9 since Feb 2016
Thanks: 3 given, 13 received

choke35

This is one of the reasons why I posted this. Thank you for the response. I understand what your saying but what would if I wanted to continue on?

Of course I'm not looking to lose money that I can't afford to risk or put me and my family's well being in jeopardy.

I'm sure you didn't start off having a profit right away, or did you? there must have been a system or method that lead you to become the person you are today.

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  #5 (permalink)
Elite Member
Calgary, Alberta
 
Futures Experience: Intermediate
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82Hopz View Post
I know now that everything and anything has already been said and done but for some reason I still find myself attracted to this business.

I've been studying charts, indicators, patterns, psychology, etc. etc. to help put me in the best position possible when it came to trading. I've watched numerous videos and read countless articles and I have to say it's very true what everyone says when it comes to trading. If you can't control your emotions then your SOL.

I lost my job (re-located down south) 9 months ago so I have the chance to put some of my methods to work. I'm also going to school full time to get certified in the I.t. field. i'll admit, i'm struggling with consistency and i'll have my good days and bad just like some others but that still doesn't drive me away from wanting to make this a full time job.

So I'm here now watching the ES and ZB and thought to myself if anyone else out there would care to share how they got started and the mindset they had when taking on this endeavor. Did you ever feel like giving up? What kept you going?

Yep, we all start somewhere. Behind every trader is a story.

My trading story is very personal as I think it is for every trader. I wouldn't concern myself with how other traders managed it or approached it. All that matters is how are you are going to approach trading? What works for one trader will probably not work for another, so the approach is a very personal one.

If I could give any advice here (I noticed you talked about ES and ZB) - you should swing trade the SPY for 6-12 months before you even start thinking about trading futures. This has all been said before so you can use the forum to search this topic.

If you do start trading futures, you may not be profitable for years. Does that make you want to quit now? Are there exceptions? Yes of course, but you will likely be no different from the many of us whom have managed to somehow pull it off. And it is not an easy journey.

--------------------------------------------------------
- Trade what you see. Invest in what you believe -
--------------------------------------------------------
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Market Wizard
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82Hopz View Post
This is one of the reasons why I posted this. Thank you for the response. I understand what your saying but what would if I wanted to continue on?

Of course I'm not looking to lose money that I can't afford to risk or put me and my family's well being in jeopardy.

I'm sure you didn't start off having a profit right away, or did you? there must have been a system or method that lead you to become the person you are today.

In short: Probably the preconditions were better, e.g. the job situation, personal obligations, and the cushion against losses.
Trading is hard enough without problems in these fields.

Losing is part of the business, esp at the beginning.
So if you can afford to lose $x, try to trade with it with respect to risk/money management.
(From that point on futures presumably will not be at issue for beginners.)
If you cannot afford to lose $x and trade with it anyway, it's simply gambling, addiction or whatever.
Also not unusual among traders.

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  #7 (permalink)
Trading Apprentice
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choke35, Johnny Boy

I'll be approaching trading very carefully and like choke35 said respecting risk/reward. The last thing I would like to do is treat this like a casino.

and i understand that this is no overnight success, so if it takes me years to learn and understand this then so be it. those years will come no matter what so might as well stick to one thing and learn from it. Physicists work their whole lives trying to understand the universe and come up with an answer.

Another thing i'll admit that it is lonely working by yourself lol. sometimes i wish i would've gone to school to be able to work at a prop shop just to be able to socialize with likeminded individuals.

it's nice to have the opportunity to speak with some of the individuals that managed to pull this off and gone through this journey.

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  #8 (permalink)
Elite Member
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I always liked the beginning of the movie Rounders. I think you grind your way up to a bank roll to be able to get a seat at the table. And if you lose it, it'll wreck you mentally. But if you still want to stay in the game, then you have to grind your way back up working whatever jobs you can to save up a bank roll.

Once you have a track record with incredibly good risk management, it's not that hard to find funding. (For every 50 traders I talk to, only about 10 are willing to show their brokerage statement P&L, and only about 2-3 actually do as well as they say they are doing, and only about 1 has an acceptable draw down management)

So maybe you work your butt off a bit. Finish your degree, save up a bank roll at a part time job, and study the markets at night. Forget TV (except watching Rounders once =) ) and other things that waste time. Put in the work that no one else is willing to put in.

Anyways, I was a bit fortunate to find someone willing to be patient and train me. I highly recommend doing the same to save years off the learning curve. I highly caution against too many videos unless you have someone that can help you sort out which ones are good and which ones are worthless.

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  #9 (permalink)
Trading for Fun
Pune, India
 
Futures Experience: Beginner
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choke35 View Post
Losing is part of the business, esp at the beginning.

Hello hope you are doing well :-)

Just wanted to add - losing on trades is a permanent feature the key lies in understanding why you lost and most of all recovering from those loses emotionally for the next trade.

A post earlier correctly identified that being under capitalised or over leveraged gets you involved emotionally and you may not be at your objective best since swings are not hurting the truth of the position but hurting your account.

A post after this further correctly identified that you must build up your account gradually so you know what you are doing with your money.

I unfortunately do not trade the markets you trade else would have advised you on the instruments that you should start with - but this is what I would recommend for practice :
1. Trade the Forex or Commodity first - the Mini variants of key commodities. Margins required (at least here in India) are significantly lesser than Equities so you get a lot of practice.

2. Generalise charts - viz Trending Long Strong, Trending Long Weak, Bearish Strong, Bearish Week, Range bound.
Divide instruments into these broader categories to come up with a trade bias.

3. Buy on dips is clear on any security identified as bull for e.g. USD/INR you always want to be long - but the question is when, where to enter, when to take profits and when to exit. This will improve by practice provided you keep introspecting and questioning your decisions.Similarly sell on rise for bears - while fading resistances and supports for RB.

Remember to always question your decisions.

Your idea should be to stay for longer durations and trail - this trains you mentally to hold on to day uncertainties. Analyse each market you follow EOD on all charts - you will see patterns form or candlestick combinations that can trigger something.

Once you get Ok with this after say a few 100 odd thoughtful trades you can gradually reduce timeframes since if in during the day the security forms an ascending triangle you spot it instantaneously and can trade accordingly for relevant targets.

There is no end to studying - but practice is just as important. Dont be afraid - do not be greedy.

Everytime I see a position which I think looks good and feel like going in aggressively I kinda say this to myself:
" I am going to get very rich because of Tens of Thousands of successfully managed positions - Not 1. So if I have to lose my capital by trading it will only be after 10s of thousands of losses and not 1. My capital is the only constant - my learnings have limitations - my earnings are a function of my understanding of the market direction and its strength - but there is no excuse for losing more than what was planned - my risk exposure is the only thing I control in the market"

Best wishes. If there is anything you would like to discuss on charts always glad to help.

Take care.

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Trading Apprentice
Chicago
 
Futures Experience: Beginner
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Favorite Futures: NQ
 
Posts: 9 since Feb 2016
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Starting back up


Its been forever that i've been on here. I still havent given up but have changed the method of pursuing this dream of mine. Today while i was making deliveries i stopped at a home where i seen a man sitting in front of six monitors and it looked like he was living my dream. It was only a glimpse but it was enough to motivate me to not stop training and learning. Trading has become something very important to me and if i were to give up now then i would regret it for a long time.

I started trading the NQ. one because of the liquidity and the second for the contract size which is $5 a tick. I'm using Multicharts.net

I'm mainly using the volume profile along with support and resistance for areas of entries/exits. Also have been using the Time and Sales window but it seems that i still need to learn a few things from it.

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