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How I Trade For a Living


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How I Trade For a Living

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  #431 (permalink)
 Zefi 
Mount Martha, Victoria, Australia
 
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bobwest View Post
I can't answer for Alex, of course, but I think that trying to get a good understanding of how he trades, and why, and how he looks at the issues you are raising, via these written forum posts may not be the best idea.

I completely understand about the time difference and the difficulty it presents to you. However, his room is only open about 2 hours or so, from 8:00 to 10:00 (sometimes a little later) AM US Central Time. If I've figured out the time zones correctly, that would be from midnight to 2:00 AM AEDT. (Apologies if I didn't get it right. )

I think that if you could manage to stay up late for a couple of nights in a row to attend, you would get a much better sense of what he thinks is important, and what he is doing, than any number of text exchanges here. (You can pose questions live in the room, too.) A few nights would probably answer all your questions, and then you could go back to having a full night's sleep.

My take from reading your posts is that you are coming at the issues from a very different perspective (tight fixed stops and targets, focus on risk, etc.) Not wrong, just different. Actual demonstration of what he is looking at may make it much simpler to understand. I may not be correct about the difference, if any, of course.

There's nothing wrong with the fact that your two viewpoints may be different, but the best way to understand it is to see it.

Just a suggestion.

Bob.

PS, I used the time zone calculator here, Chicago, Illinois US to Melbourne, AUS: Time Zone Converter ? Time Difference Calculator

Double check me on both the time and day of the week before sacrificing any sleep.

Thanks Bob for the suggestion.

I would like to attend Alex's room and at some point I'm sure I'll be able to do, however at the moment I have early morning commitments to attend to every weekday and for I'm sure you're all aware of, trade reviews, journaling, stats building takes up a HUGE amount of time during the day. Time really is money in this game and so is sleep!

I do agree with you all on the lines of needing to experiencing Alex's style in order to learn and a discussion on a forum won't give you probably half of what you'll get in the (audio/visual) flesh. However I don't see the harm in getting a written explanation of his strategy on a thread for thousands of others to see in the future and possibly learn a little from.

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  #432 (permalink)
 wldman 
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@rocksolid68

I remember one of the days I stopped by your room I wanted to see what or if there was an actual method being traded. That is to say something rule based versus something totally discretionary. The reasoning is that I find myself going back and forth between discretion and method. The transition is usually violent.

My push for method is motivated by the notion that a low latency old market maker can somehow code 20 plus years of experience into a grey/black box. I am certain that it can...but not by me, alone, and not now. When I back off a hierarchy of non-colinear indicators and just trade what I see, I have way more fun. It is easier for sure. Results are about the same.

So I was wondering why and how you started to jettison items from a typical view to parse things to what you share now and if "the light went on" before or after you did that? Perhaps that was the light that went on?

I'm asking because I'm trying to decide if this will be a vocation (with associated expectations) or a hobby (without any real expectations) Likewise I wonder how you view your future in trading, vocation or vacation. Thanks for whatever you want to share.

Dan

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  #433 (permalink)
 Big Mike 
Site Administrator
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Moderator Notice
Moderator Notice



I am sorry for being such a pessimist, but my experience of running this forum for 7 years has taught me that it is required. So many vendors come on here and lie through their teeth it's unbelievable (what's more unbelievable is the amount of inexperienced rookies that fall for what they say). They get banned and then they go bad mouth me or the site elsewhere, because they were exposed here. It's part of the job of running the forum.

I now fear that the decision of allowing @rocksolid68 to promote his room on FIO was a massive mistake on my part. I've strongly disliked what I've seen and his actions, and after spending some time today reading through some new items that were sent to me I think it's best to just end it.

I know from experience there will be a group of people that think I'm wrong. But FIO as it exists today is built on my following my gut feeling and trying to do the right thing. I make mistakes. I don't always get it right. But my gut feeling tells me to end this here and now.

So, @rocksolid68 is now banned. This thread will stay open for a short period so the community can discussed what happened. Then it will be closed.

I can repeat everything I've said above in different ways and from different points of view, but the bottom line is I am doing what I think is right. Thanks for your understanding.

Let me put a few things below:

You can spend a lot of time going through it, as I have. Also take note of @rocksolid68's association with GTR (he worked for them). He also made promotional posts on FIO about GTR, without disclosing his vendor status.

http://www.tradingschools.org/reviews/school-trade-sideways-markets-update/

Search for "Alex" and read through the lengthy comments. Some are below.

Some more comments here:
http://www.tradingschools.org/reviews/open-range-trading/

Some on FIO:




Mike

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  #434 (permalink)
 bobwest 
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Sigh.

I read as much as I could stand of the material that @Big Mike referenced before I had to stop.

I would not have called myself an "inexperienced rookie", but it seems I was.

I did believe that he was legit. I didn't have an interest in trading his way, but I assumed from what he posted that he was successful. Sometimes, in the room, the trades worked out; other times he would come into his thread on FIO after the room was closed and said they had worked. Since I am an inexperienced rookie, I believed it.

Maybe some of what he has posted, here and there on FIO, was indeed real. I think a lot of it made sense, on face value. Maybe he isn't a bad trader. I realize now that I don't know, because I simply accepted what I read.

I guess that what I took to be brash and youthful enthusiasm was just promotional big talk. Even the title of the thread initially turned me off, but I put that aside.

Honestly, it will take a while to get over the bad taste, as well as being pissed about being taken in. I am not happy about this, but life goes on.

So, thanks Mike, you did what needed to be done.

Bob.

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  #435 (permalink)
 wldman 
Market Wizard
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I thought that might happen. Initially I did communicate with @Big Mike that I thought this was a risk. Alex did not exhibit the personality of someone that was duplicitous or selling something...legit or not. I liked the kid. The last post I made here before the "ban" was to determine if Alex was "hireable" down the road. I did find that the trade commentary was somewhat vague at times but the trouble for me is that the "trade types" were not consistent. That is not necessarily a harbinger of something bad...but I was shocked that someone with so little relative experience could have developed a "gut" for ES and price action. I was starting to believe that this was a real talented kid...but like bids and offers they come and go. So the jury is hung indefinitely....ultimately I support Mike and the great job he does here. I wish Alex all the best as well.

wldman, of course would appreciate any thoughtful response to the above mentioned question.

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  #436 (permalink)
 Big Mike 
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bobwest View Post
I would not have called myself an "inexperienced rookie", but it seems I was.

Don't kick yourself too hard. I allowed him to continue, after all, which was the biggest mistake of anyone here. But now it's over.

Mike

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  #437 (permalink)
 wldman 
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Big Mike View Post
Don't kick yourself too hard. I allowed him to continue, after all, which was the biggest mistake of anyone here. But now it's over.

Mike

Your handling of the entire situation was keen, effective and fair.

@bobwest you also have no reason to be reticent. Everyone looks for dialogue that is interesting and that supports their own interests. It is not like the bullshit meter was off the charts. Kind, interesting and respectful...the kid had that down.

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  #438 (permalink)
 michaelleemoore 
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wldman View Post
Your handling of the entire situation was keen, effective and fair.

@bobwest you also have no reason to be reticent. Everyone looks for dialogue that is interesting and that supports their own interests. It is not like the bullshit meter was off the charts. Kind, interesting and respectful...the kid had that down.

Well put, Dan.

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  #439 (permalink)
 sagor 
Los Angeles, CA
 
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Oh wow!
So sad. I kind of liked it in his room.
I also assumed that he is trading live, since he has so many posts here and seems like he was well respected by other members of FIO.
But he is young, I hope he will learn from this experience.

Tough job you have Big Mike.
But I do wonder if it would be possible to have some kind of chat room, like for example SPOO thread, but in chat form. Checking forum for posts is not very efficient in terms of dialogue, it is not two way conversation.
Since trading sometimes is quite lonely...

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  #440 (permalink)
 fiftyeight 
Australia
 
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I am lost

I am a newb trader but not a newb at life.

I have not been sold anything or had anyone try and sell me anything and I would be the target audience? What was the scam? Have others been approached for $$$?

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