Made a lot of progress, but feel like there's so much more to go...

MarkBrown · Aug 20, 2018

Palindrome said:
I too trade about 10 different futures markets and only trade them when they get interesting.
More...

when you have nailed it you only need one market - one market will buy everything you would ever want. one market allows you to actually be positioned to kill it. why do surgeons specialize? why do athletes specialize? look up the word specialize! "to become a expert"

padutrader · Aug 20, 2018

MarkBrown said:
when you have nailed it you only need one market - one market will buy everything you would ever want. one market allows you to actually be positioned to kill it. why do surgeons specialize? why do athletes specialize? look up the word specialize! "to become a expert"
More...

i trade only eurusd.....why diworsefy? i find technicals same for all so why look elsewhere?
but if you find a reason [to trade other things] for it go ahead

Scataphagos · Aug 20, 2018

Palindrome said:
This is exactly why I don't understand "ES only traders" or "CL only traders"
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Probably because you're trying to "set the paramaters" for trades rather than let the market "talk to you". IOW, trying to "cherry pick what YOU want to see".... which is not what the market usually offers up.

There is enough profit potential and "action" in the stock indices for certain... and likely any of the larger markets... to keep your mind fully occupied.

To "follow 10 markets" with the expectation of playing them well is... well, ridiculous.

deaddog · Aug 20, 2018

trader99 said:
Hi All,

Yet, I feel like there's still so much more to develop. From a consistent loser(to be honest that's what I was) to now a decent trader, it was a treacherous journey with so many disappointments. These last few months have been a dramatic change and positive development.
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If you had one piece of advice for aspiring traders what would it be?

How did the consistently profitable traders who make a decent living deal with the uncertainties? I mean even when you have an edge the future is unpredictable as we all know. You make some. You lose some. As long as your winners are bigger than your losers in the long run then you are fine.
More...

In my case I slowly built my capital to where I have several years of living expenses put aside.

El OchoCinco · Aug 20, 2018

MarkBrown said:
when you have nailed it you only need one market - one market will buy everything you would ever want. one market allows you to actually be positioned to kill it. why do surgeons specialize? why do athletes specialize? look up the word specialize! "to become a expert"
More...

Yeah for futures I am fine with focusing on one future because I get a better feel than jumping all over the place.

SimpleMeLike · Aug 20, 2018

trader99 said:
Hi All,

I feel like a few of the traders here on ET are at this stage in their development or have passed it. I am just curious how you guys dealt with it.

So, I started this thread back on Dec 5, 2016 just a few weeks before a personal family tragedy hit us.

https://www.elitetrader.com/et/threads/need-advice.304928/

Anyhow, here I am in Aug 2018. I'm a significantly BETTER trader than I was back in Dec 5, 2016. I'm actually net profitable on most of my recent trades. I've developed and expanded in several directions. I got rid(for the most part) most of bad trading habits. I practiced a lot and made significant money and progress in sim.

Now I'm making decent to great money in my REAL accounts. Catching great moves. Some with size/huge leverage across different instruments(futures & cryptos). There are days where I make more than my entire day of my consulting biz. Most recently, I made in one trade in my real account that approaches what I would make in an entire month. Now, I don't expect that to be the norm. But the possibility is out there.

More importantly, I cut cut losses faster than before. In my most recent run, my biggest winner is 10x my recent loser on actual money. I mean this is not the long-term average(yet) but just to show I have the discipline to ride winners and cut losers. It's a sign of good trading habit. I feel like there's a semblance of an edge. Cautiously optimistic.

So, this is exciting time for me! I feel like I'm at the edge of endless possibilities. I would never imagine I would be here back in 2016 or definitely not in 2001-2003(my first try/ foray into day trading & prop trading). Since 2003 I went back into corporate world, grad school, then moved up the corporate ladder, have a family, etc.

For those of you who are noobs, yes, it can be done. It takes a long, long, long time. At least for me it did. Is it worth it? It's up to you. There is always opportunity cost to everything. I did it full-time for only a few years. The rest of the time I did it on and off in between corporate jobs. I think that's the safest route. Because to make a living from this requires a lot of skills, patience, and capital. One must have to have a backup plan and develop other career skills and assets to pay your bills.

Yet, I feel like there's still so much more to develop. From a consistent loser(to be honest that's what I was) to now a decent trader, it was a treacherous journey with so many disappointments. These last few months have been a dramatic change and positive development.

I feel like one always need to develop more edges in your toolbox. There's always room for improvements. This is a field where the learning and improvement are never-ending. Which is fun, exciting, but also daunting.

How did the consistently profitable traders who make a decent living deal with the uncertainties? I mean even when you have an edge the future is unpredictable as we all know. You make some. You lose some. As long as your winners are bigger than your losers in the long run then you are fine.

Or the best antidote is to always have other stable source of income and trade on the side forever... I'm at a stage where I feel it makes sense to scale... I have tiptoed into scaling..

Just curious. Thanks in advance.
More...

Great job trader99 and I am proud of you.

Thanks for sharing your journal. I been at it for about 3 years and I am still trying to get consistent profitable. It is a process, that is for sure.

SimpleMeLike · Aug 20, 2018

El OchoCinco said:
Yeah for futures I am fine with focusing on one future because I get a better feel than jumping all over the place.
More...

El OchoCinco,

I agree, and reduces stress, builds confidences, and limits force trades.

qxr1011 · Aug 20, 2018

trader99 said:
Hi All,

I feel like a few of the traders here on ET are at this stage in their development or have passed it. I am just curious how you guys dealt with it.

So, I started this thread back on Dec 5, 2016 just a few weeks before a personal family tragedy hit us.

https://www.elitetrader.com/et/threads/need-advice.304928/

Anyhow, here I am in Aug 2018. I'm a significantly BETTER trader than I was back in Dec 5, 2016. I'm actually net profitable on most of my recent trades. I've developed and expanded in several directions. I got rid(for the most part) most of bad trading habits. I practiced a lot and made significant money and progress in sim.

Now I'm making decent to great money in my REAL accounts. Catching great moves. Some with size/huge leverage across different instruments(futures & cryptos). There are days where I make more than my entire day of my consulting biz. Most recently, I made in one trade in my real account that approaches what I would make in an entire month. Now, I don't expect that to be the norm. But the possibility is out there.

More importantly, I cut cut losses faster than before. In my most recent run, my biggest winner is 10x my recent loser on actual money. I mean this is not the long-term average(yet) but just to show I have the discipline to ride winners and cut losers. It's a sign of good trading habit. I feel like there's a semblance of an edge. Cautiously optimistic.

So, this is exciting time for me! I feel like I'm at the edge of endless possibilities. I would never imagine I would be here back in 2016 or definitely not in 2001-2003(my first try/ foray into day trading & prop trading). Since 2003 I went back into corporate world, grad school, then moved up the corporate ladder, have a family, etc.

For those of you who are noobs, yes, it can be done. It takes a long, long, long time. At least for me it did. Is it worth it? It's up to you. There is always opportunity cost to everything. I did it full-time for only a few years. The rest of the time I did it on and off in between corporate jobs. I think that's the safest route. Because to make a living from this requires a lot of skills, patience, and capital. One must have to have a backup plan and develop other career skills and assets to pay your bills.

Yet, I feel like there's still so much more to develop. From a consistent loser(to be honest that's what I was) to now a decent trader, it was a treacherous journey with so many disappointments. These last few months have been a dramatic change and positive development.

I feel like one always need to develop more edges in your toolbox. There's always room for improvements. This is a field where the learning and improvement are never-ending. Which is fun, exciting, but also daunting.

How did the consistently profitable traders who make a decent living deal with the uncertainties? I mean even when you have an edge the future is unpredictable as we all know. You make some. You lose some. As long as your winners are bigger than your losers in the long run then you are fine.

Or the best antidote is to always have other stable source of income and trade on the side forever... I'm at a stage where I feel it makes sense to scale... I have tiptoed into scaling..

Just curious. Thanks in advance.
More...

imho one never asks how others live their lives, he just lives his

same applies to trading

murray t turtle · Aug 20, 2018

trader99 said:
Hi All,

I feel like a few of the traders here on ET are at this stage in their development or have passed it. I am just curious how you guys dealt with it.

So, I started this thread back on Dec 5, 2016 just a few weeks before a personal family tragedy hit us.

https://www.elitetrader.com/et/threads/need-advice.304928/..................................

There's always room for improvements. This is a field where the learning and improvement are never-ending. Which is fun, exciting, but also daunting.

How did the consistently profitable traders who make a decent living deal with the uncertainties? I mean even when you have an edge the future is unpredictable as we all know. You make some. You lose some. As long as your winners are bigger than your losers in the long run then you are fine.

Just curious. Thanks in advance.
More...

%%
Position size it; so if you lost it all, or your life, family would be OK. Good point,T99, on much of the future being unknowable.....; but some of the future is knowable-trade/invest too big you will blow up an account.

trader99 · Aug 20, 2018

MarkBrown said:
when you have nailed it you only need one market - one market will buy everything you would ever want. one market allows you to actually be positioned to kill it. why do surgeons specialize? why do athletes specialize? look up the word specialize! "to become a expert"
More...

I totally agreed with you. Having said that, sometimes the market I'm focusing is flat or nontrending. I like to hop onto another market that is trending.

I know each market/instrument has their own behavior. But from a TA perspective, it's just chart patterns. If an instrument has a particular chart pattern/setup then it's no harder to jump onto it and ride it.

I vacillate between watching many markets and focusing on one. Some days I feel like I should be superfocused. Other days I feel like scanning to see good setups across an array of instruments.