I had one but I'll open another one (I believe) with real money (soon). I sometimes post in the @Buy1Sell2 's ES journal. Why ?
Announcement: Things are still on track with my live AMP account, but I am now taking a mandatory 4 week break from trading. My MAIN source of income just took a major hit because of the coronavirus. I am a real estate broker who works mainly with investors, and my 5 best clients are all spooked and scaling back. Some are having trouble getting loans. Some are just being more conservative on their "numbers." ARGHHH!! I haven't closed a deal in a month. I am really hurting. Even though I have been able to do both real estate and futures trading each day for many years, there is a time cost to trading, as I mentioned in a previous post. But I now need 100% of my focus on putting food on the table with real estate. Obviously I am extremely distracted right now, and even a bit panicked. So besides the need for real money right now for living expenses for my family, I am just not in a good mental state for trading. I have had a few good supplemental real estate ideas recently, but no time to implement them. I am now taking the time I need. I will be back. And if I don't wait too long, I may still be able to reach the $200k by the end of the year. I have seen the impact a few good days can make, and I am optimistic. But first things first. Until I return--if you are a new or intermediate trader, please consider the main messages from my journal: 1) Don't rush 2) Keep it small at the beginning 3) Grow gradually 4) Adapt with the market volatility 5) Keep it simple 6) Micros are a great way to control risk 7) Honor your stops 8) Set a daily goal and stop when you reach it 9) Have a big goal to motivate you 10) Keep a journal and maybe even post it to keep yourself publicly accountable Trade well. Success to you. I will see you soon. sstheo
Good luck, @sstheo! The markets will be here when you're ready. I hope things work out for you and your family.
Good Luck my friend. Maybe I'll (tag in for you and) begin a journal for my trading as it seems I'll now have more time on my hands.
I don't have a crystal ball. However... I think the market will have significant regional differences, but none of them good. Lenders are having PTSD from the 2009 to 2012 recession and they are tightening their requirements. This will have a falling domino impact on some, if not many borrowers. This being said, a friend of mine just got 3 new clients this week, all first-time home buyers. But if they can't get the big "suitcase full of cash" from the bank, most buyers will just have to wait for a bit. With the unemployment lines forming, I think we may have more pain before things get better. The real estate market is absolutely molasses-like compared to the futures we dabble in. What to do? If you need a new house, then (1) just buy it and close your eyes, not thinking about value for 7 years, or (2) go rent for awhile, and hope the market drops so you can get a great deal. If you are an investor who does flips, then you should be fine, because the market moves slowly. You just need to make sure you get in and out fast, getting the home to market asap. If you are an investor who does rentals, then treat it like a new house. Just buy it and close your eyes. In all cases, I think buying long-term in-the-money puts on a builders ETF (or selling calls) would be a great way to go for the next 6 months.
sstheo, Thank you so much for the thread. I wish you and family great health and hope things return to normal for everyone. Take care sir.
@sstheo - I'm chiming in late (had some Life Stuff to deal with, and have been mostly away from here), but - best of luck in your business, and I hope everything resolves as well as possible! I still recall your kind advice when I was just starting to trade futures, and still use it every day.
Good advice. 10 years from now you will be happy you bought. 10 years from now those who bought FB @ $140.... in March will be happy they bought.