I spent 17 years in the field. I started at the Merc as a runner and worked my way up to be a very profitable pit trader. I traded for 8 years in the pit and did well. The pits dried up in 06-07 and I moved on to broker the eurodollar options. I made the move from the floor to the screen in April and lost about 6k since then(I'm guess most in fee's). I'm trading the ES and finding how hard it is to trade off the floor. I'm using charts and some indicators to try to produce profit. I'm now going on 8 months with no pay check and just about out of money to support a family of 5. What do you guys think should be my next move. I would like to try to find some honest answers... Thanks for your time and effort........
I understand bro. I'm a Retail Broker with a Wife, three Sons, and four dogs... Money "left our building" months ago. To be candid, you probably don't want to trade must have money, as it's been my downfall in the past to do that. It's a catch 22. You have extra money, trade it, and if you're good, make a profit; don't have much left, trade it, and it goes bye bye... Trading "must have" money is a stressor. Others here might be good at trading must have $$, but I caution against it due to the psychology involved. What did I do? I prayed for guidance, and God's favor. It happened. I went from dispair, and thinking too much inside the box (can I go to this firm, that firm, prop trade? etc.,), to real solutions. I'm working on a project that will take me out of the retail brokerage side, and it will be great! I believe it's God's plan for me. I'm also doing extra work on the side (I guess you can say I got another job) It's late evenings-midnights, and 3-4 nights per week/weekend. I'm not thrilled having to ammend my U-4 to put another employer on there, but I have to pay the bills, and put food on the table... I REFUSE to sell a Client or Prospect snake oil garbage just so I can get paid. Hence, the second job. datstrader, you'll be in my prayers, no question.
I made the transition from the wheat pit to the screen pretty seamlessly. Why don't you ask your buddies at your old clearing firm to help you out? Your pit knowledge will give you a different kind of edge that is foreign to most people around here. Jeff
LEApup Thanks for your prayers. I know I could pull this one off....Just pressed hard to make good trades and you know when you go to the river boat and you need to make rent you normally walk off the river boat down the cash and down on the credit cards. I see the moves I could call the moves just having a rough ride playing the moves that i see. Thanks for your advice.... Jeff I don't think i would like to revisit the exchange again or the so called friends that i had there. You know when money is involved there isn't a friend or so called friend in the world in that building. I know i could go back and make 2 to 3k a day with my eyes closed, but i think i would rather die a slow dealth of some sort of poision....LOL Thanks JEFF
If you,ve gone 8 months without a pay, but can go back and make 2-3k w/ your eyes closed it sounds like you have to swallow your pride, go back like a man and take care of your family...
Let me get this straight. You say you could go back and make 2-3k/day, so I assume that you have been making this kind of money for years, but after 8 months you are out of money? Where did all your money go? Blow and Broads?
the last two years of trading were not that great. At the exchange the cost of doing business and kiss ass is pretty expensive. With clerks and emini fees you need to make 700-900 to cover expenes. Plus the cost of mental abuse is so not worth it at any profit. Thanks for your time
What is your basic methodology? Trend following? Mean regression? Pattern recognition? What kind of risk/reward do you take per trade? I have never traded on a floor, only on a screen, but from what I have read you must learn to be a little more long term (minutes/hours instead of seconds) and shoot for larger profits.
on the floor you dont need indicators,just your supp/res before the open and the rest of it is in your head,you used to feed off the other traders or the herd mentality,there is none of that in front of the screen,as much as you don't wan to,t you will have to learn to use indicators,and why dont you keep trading wheat,you could probably pull a couple,three g's a month outa there why your trying to make the floor to screen transition