Discussion in 'Professional Trading' started by Mach4-1, Sep 4, 2009.
Are you a remote trader with 5+ years experience?
Good, as I was worried for a minute that some traders might not like to speak about their job.
Maybe we will get some serious discussion going now and I promise to drop the smilies and all the other bullshit.
As some know the road to successful remote trading is not an easy one and it is very easy to get delayed on the journey.
The purpose of this thread, as all threads must have a purpose, is not to try and explain to others how they must travel the road, but it is for those who are well on the road to discuss what they want to discuss, nothing more or nothing less.
There are plenty of other threads for discussing plenty of other things, as people will do what they will do.
The No camp is of course welcome to ask questions - but no bullshit or smart remarks please, as that does nothing but waste peoples time, and when trading, time is indeed money.
As I started this thread I feel compelled to give a very quick and brief summary to what I think trading is all about.
My 7even Conclusions
1. Most of it is rubbish
2. Risk control is the KEY to success.
3. Chart reading skills are a pre-requisite to successful trading.
4. Specialization can hinder your earning ability.
5. Profits must always be taken out and put in the Bank.
6. Personal problems will cause you to make wrong trading decisions - aka lose money.
7. No matter how much you think you know there is always someone else that just knows that little bit more than you.
I am not trying to tell anyone what they must or must not do - just stating what major conclusions I have come to over the years.
I am a bit surprised that only 8 traders have polled Yes so far- is it a true reflection of how many remote traders with 5+ years experience are on this site?
As for the 1 who polled No - do you want to say whether you have less than 5 years experience or you do not actually trade remotely?
Just to clarify - a remote trader is one who trades from home or from one's own office with one's own account/s or family / friends account/s- whether the account/s be with a remote prop trading firm or a standard broker.
Ah, your explanation of what a remote trader is made me vote also now. Though I imagined that it meant trading from home with your own money I was not 100% sure.
I was thinking that others may see it a bit differently, much like looking at the charts!
When in doubt take the necessary action to remove the doubt - much like exiting a position if it does not move as you thought it might!
For the purpose of this thread remote will mean as per stated - but not trading in an office with other traders as that is not the same.
Traders who trade remotely (on their own) know how boring and lonesome it can be at times, hence we visit sites like this to talk with other remote traders. Sometimes I think that I would like to be in an office with other traders and part of the buzz and excitement that goes with it - but then when I stop and think about how little distractions can cost you a lot of money I am very happy to stay a lonely and bored person - I said no smilies (well the big ones anyway) but I am allowed an odd one here and there
Nice to meet you Rimping, btw.
As we have a day of rest, maybe we can discuss the pros and cons of using a remote prop trading firm.
I have seriously considered this myself, but more for the contact with other traders than for access to their capital and software.
I have adequate funds to trade my own 4:1 daytrading account, so in that respect I do not need a remote prop trading firm that will let me join for about $5K with 20:1 leverage.
However, it can be a very good way to teach others how to trade if one is that way inclined, which as of now I am not, but later on I might - it depends on who the person is and what experience they have - no disrespect to newbieâs but there is a minimum learning curve that all must go thru before it sinks in - and unless you are one of the chosen few then you have no option but to go thru this learning curve - no matter what anyone tells you.
So, why bother at all if there is no business (money) in it?
Simple, we are all human and a major part of being a profitable trader is having balanced emotions - and the best way that I know of to have balanced emotions is to speak and converse with other people - even if some of them are assholes and know alls - it is all part of the game.
I know that it helps me trading, as when I do not speak and keep everything locked up I make mistakes - but when I let it all out, be it good or bad, I tend to see the market for what it really is - most of which i think is rubbish.
Where was I?
Oh yes, remote prop firms!
I see no reason why they can not be used by anyone once they tick a few boxes in relation to fund guarantee, software (monthly) fees and payout % - if the 3 of these boxes are OK then I say Yes to using them - as I have already mentioned they have all the backend systems in place to allow for monitoring and controlling other traders - which you will of course be subjected to yourself when you sign up. Any reputable remote prop firm is going to limit the new trader to 100 shares until a proven track record is shown - and this is a must for any serious trader - I would not consider the prop firm unless they insisted on this - too many fools out there who just want commissions on turnover and don't care how the trader does.
My initial thought was "remote proprietary", but then I realized the OP never mentioned prop. I have always supplied my own capital. I tried trading in an arcade but found it not conducive to trading well. I trade for the money, not camaraderie or excitement.
Hi rwk, whilst we are all in it for the money, some of us need different things than others.
For you it may be the best way to go, but for me, as mentioned, I tend to make more mistakes (more losers) when I keep everything bottled up.
The reason I believe is such - when I stay alone for too long I start thinking that I am above others and how great I am at what I can do, and once this starts I do not then see the market for what it really is.
Now, you might say, "but I trade a black box system" and if so that is fine for you - but I do not, I trade price and volume only, very simple - I look, act, win or lose - no in betweens.
When I say nothing for a while my losers increase - when I let it all out and see what is happening all around me - confirmed by reading posts - then I know exactly what I must do - no second guessing.
This might sound a bit silly, but it is even sillier if I do not do it and I continue to lose more than I make!
When one feels good one will trade better - so the objective is to feel good - and to feel good one should do what ever makes them feel good - even if it means looking stupid and silly - who cares, all that matters are the results!
I might go off to another thread and call someone a fool or an idiot - likewise someone might call me a twit or a mentally deranged person - but it really does not bother me - speaking out is what matters most to me - how others interpret what I speak is up to them.
Yes Sir I am â although my first year and a half was spent mostly wallowing in the mud, muck, and mire chasing red hearings
And I agree with this list with possibly one minor exception of #4
By specialization â May I ask what you are referring to Sir?
Day trading vs. Swing Trading vs. Investing
Stocks vs. Futures vs. Bonds vs. Options vs. Commodities vs. Currency
Particular stocks out of the entire mktâs portfolio (some are pretty illiquid)
For I do believe âsome specialization is required Sir â else I might become scatter brained.
But a great list none the less Sir
Separate names with a comma.