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How I Trade For a Living
Started:August 30th, 2016 (10:48 AM) by rocksolid68 Views / Replies:49,429 / 662
Last Reply:November 7th, 2016 (02:55 PM) Attachments:94

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How I Trade For a Living

Old October 13th, 2016, 06:10 AM   #311 (permalink)
Elite Member
Luxembourg, Luxembourg
 
Futures Experience: Advanced
Platform: TWS
Broker/Data: Interactive Brokers
Favorite Futures: Stocks
 
Posts: 429 since May 2012
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Even though a lot was discussed in @GruttePier's journal (link to start of conversation - https://futures.io/trading-journals/37351-gruttepier-s-trading-journal-getting-profitable-63.html#post601632), I would rather post here and try and keep everything in the same thread for ease of reference later.

@rocksolid68 - Well done on your trading room. I have attended each session so far this week and it is interesting to see your perspective. It is also nice to see that you are quite humble about it and are quick to admit when you are wrong - not easy to do when your reputation is at risk and I hope you continue in that manner.

Regarding your P&L - you give your entries and exits publicly in the room. I see no reason for you to keep a summary, unless you really feel the need to do so. If you do not wish to display your size, just keep each trade at a 1 lot size. 1 lot for the initial trade and 1 lot for each additional add. That way, you can have an unaudited track record for the room which will allow you to keep a running P&L of the trades you showed to everyone. However, any member of the trading room can also do this themselves and you should not be pressured into doing this unless you feel the need.

Regarding other people just following your trades - Let me quote Ed Seykota, "Everyone gets what they want out of the markets." If someone wishes to learn from you, then they will. If someone just wishes to follow your trades, then they will - even though you make it abundantly clear that they should do their own trades on their own analysis. You are providing the platform for traders to learn from, but self-confidence (not arrogance), discipline, skill, etc. are all things that you cannot give to others - so don't let that distract you from the good job you have been doing.

Cheers,

     
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Old October 13th, 2016, 09:25 AM   #312 (permalink)
Membership Revoked
Duluth MN
 
Futures Experience: Intermediate
Platform: NinjaTrader/Sierra Chart
Broker/Data: AMP
Favorite Futures: ES
 
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Thank you for all of the input. I appreciate it quite a bit!

I hope to see you all in the room today and we can discuss it a tad bit more.

Thanks again,
Alex

     
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Old October 13th, 2016, 02:56 PM   #313 (permalink)
Elite Member
Australia
 
Futures Experience: Beginner
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Favorite Futures: Futures
 
Posts: 38 since Dec 2014
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@rocksolid68

Dropped by the trading room today, I will be spending a lot more time in there !!!

Looking at attempting my first Combine soon, any hot tips you can share?

     
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Old October 13th, 2016, 03:05 PM   #314 (permalink)
skrubtrader
Boynton Beach
 
Futures Experience: Intermediate
Platform: NinjaTrader
Favorite Futures: ES,TF,CL
 
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Posts: 182 since Mar 2012
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:congrats: Hey RS, only caught the last 30 mins of room today

Hey RS, only caught the last 30 mins of room today, was great. I am a bit older than you, very impressed with your market knowledge and discipline for your age. Do you still trade as a funded trader with TST, I am guessing not, if not to personal of a question, can I ask why you do not trade with them now.

skrubtrader

     
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Old October 13th, 2016, 03:15 PM   #315 (permalink)
Membership Revoked
Duluth MN
 
Futures Experience: Intermediate
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Broker/Data: AMP
Favorite Futures: ES
 
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Futures Edge on FIO

Are you a NinjaTrader user?

 

fiftyeight View Post
@rocksolid68

Dropped by the trading room today, I will be spending a lot more time in there !!!

Looking at attempting my first Combine soon, any hot tips you can share?

Coming from someone that has failed over a dozen of them, I have a few tips for you.

First off, you will have the best chances of passing the $150,000 combine over any of the other ones. You have a MUCH larger drawdown which allows more room to work. Think of it like this: taking a trade with a 2-tick stop loss or a trade with a 30-tick stoploss. Which one is more "comfortable"?

Also, trade a minimal amount of contracts. Just because you can trade 15 contracts doesn't mean you should. You just have much more volatile PnL swings which is not good for an aspiring trader.

Lastly, make sure you are comfortable! You need to be confident in your trading. VERY confident. Once you are trading a combine it is very similar to trading live. There are a lot of emotions. Be confident in your methodology/trades and stick with your plan.

Best of luck my friend!

     
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Old October 13th, 2016, 03:25 PM   #316 (permalink)
Membership Revoked
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kburks View Post
Hey RS, only caught the last 30 mins of room today, was great. I am a bit older than you, very impressed with your market knowledge and discipline for your age. Do you still trade as a funded trader with TST, I am guessing not, if not to personal of a question, can I ask why you do not trade with them now.

skrubtrader

Why thank you!

I do not trade with TST. I built my personal account to a point that I was comfortable trading so I did!

I no longer wanted to lose 20% of my profits. However, I believe that leveraging someone else's money with no downside risk is quite the interesting topic. I think that it is a really awesome thing that is available to us.

     
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Old October 13th, 2016, 03:57 PM   #317 (permalink)
Market Wizard
Murrells Inlet SC
 
Futures Experience: Advanced
Platform: Tradestation
Favorite Futures: ES, CL, ETFs
 
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Cross Post


rocksolid68 View Post
YES!

This is something I have been meaning to ask you all! When I was talking to some of you, I was awfully afraid that I would persuade someone to do something they didn't believe in!

I was wondering how I might affect other traders.

Hmm.. I wish there was a way to not affect other's trading biases and such...

I do not know how to do such a thing except to NOT give my bias on the market. If I do that, a lot of people will lose out on somethings they want.

I am unsure how to find the perfect medium.

What do you all think?

Thank you for the thoughts and input! You all mean a lot to me, so I hope that we can find some sort of solution!
@bobwest @Inletcap @GruttePier


Inletcap View Post
I've had this same internal struggle and determined (with others advice) it was best to share and let others control their own destiny as they see fit. Unfortunately, you will know that others are shadow trading you no matter what they say-you just know it, and when you are really wrong you are going to feel really bad for potentially leading some down a dark path but you have to accept that you will be wrong and others should expect and appreciate that fact (besides knowing that they shouldn't have been trading your thesis to begin with)..

From what I am pretty sure of, I think those people hear or read the idea and then wait to see it playing out and say- oh, he's right I'm going in- just about that time you'll be scaling out, there will be some volatility as the first speed bump comes up- they will bail for a 2 point loss or 2 tick gain and the cycle repeats- unfortunate but most likely fact!

One thing to add to this regarding shadow trading- One will never own the idea and will never believe in its merits; Therefore, at the first sign of trouble, they will abandon the idea and move on to the next which is what I was really trying to say above (the above came out kind of negative- didn't mean to sound that way)

     
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Old October 13th, 2016, 06:11 PM   #318 (permalink)
Market Wizard
Saskatchewan
 
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That was a great read

     
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Old October 14th, 2016, 01:15 PM   #319 (permalink)
Membership Revoked
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So now we make it down to that area of interest.... ugh.

Well everyone, this week was a rather poor performance. I ended net positive, but did not reach my weekly goal.

I will spend the weekend figuring out why my performance was rather lackluster. I am unsure if the room has to do with it. We shall see!

Thanks everyone for joining me on this first week!

Good luck and good trading,
Alex

     
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Old October 14th, 2016, 01:21 PM   #320 (permalink)
Trading Apprentice
Detroit, MI
 
Futures Experience: Beginner
Platform: NinjaTrader
Favorite Futures: Emini YM
 
Posts: 3 since Sep 2016
Thanks: 3 given, 3 received


Just read your whole journal. Great stuff! I will try to attend Monday's trade room.

I'm fairly new to the forum and trading in general. I've been learning and trading Sim for about 6 months now. One thing I'm struggling with is managing my time between school and trading. Do you have any advice on how to balance your time between school and trading?

     
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