Well I will get directly to the point here. First allow me to introduce myself, the name is Dan and I am taking my first stab at trading 5 year notes here at the CBOT in Chicago. I have been in and out of the CBOT since I was 17. I ran, clerked, out-trades, called fills back, even did retail brokerage for about 2 years. In March I started working with a company here to be trained to trade on a proprietary basis, and well basically I am simply looking to make some contacts and get some general advice on this side of the business. I am only 22 and am nowhere near knowing it all and well aware of this. But so far I love every aspect of it, the hours, the challenge, and most of all the adrenaline rush. I have been around the business my entire life as my father traded 30 years on the floor for a number of years and am incredibly excited at the opportunity I have. So as I said I basically wanted to introduce myself to the forums and would love to hear any advice some of the more seasoned traders could give on surviving in the beginning here. Any and all responses are most appreciated and thank you in advance for any suggestions. Thanks again, -Dan
Only 1 post, this kid might have some SPAM in his lunch bag. If you really are serious though my advice is to trade like John Wayne in the movie True Grit. When they piss you off, yell out "FILL THAT TRADE YOU SON OF A BITCH". Then put your pencil sideways in your mouth and start firing off trades with both hands using two computers. John Rennick Ford (famous western director) out
Yes only one post... But no spam. The whole point was to introduce myself and let everyone know why I am here. Oh and I already yell fill me you bitch!!
How have you been doing since you started trading/training in March for the prop firm? What kind of size did they start you off with?
As of right now I am still trading on the sim, However the size of my trades will be the same once I am initially live. 10 lots in the 5 year notes. In regards to how I have been doing as of late. Recently my performance has been slowly but steadily getting better. On a daily basis my goal is to make one to two tics per day. The things I seem to have trouble with is the confidence in my trades. I am often quick to piece out my winners, and although the largest loss I will take is 2 tics I have often turned small winners into losers when I enter a position it will move a tic in my favor and I will take 1-3 contracts off. Then the market will move back to my entry price or even a tic or two against me. I think alot of this could be eliminated if I didnt reach so much on the sequence changes, yet at the same time it seems when I wait for my ideal price it often gets filled when the markets on its way back. As of now I am reading the online trading athlete, which seems to be a pretty good book to help with the mental aspect of this game. But as always, any other advice is appreciated.
did you pop trade notes or bonds ? there is a book called charlie D or the life of charlie D (?) somewhere in it is an interview he did at the CBOT and part of that is useful to traders also ... there are other books written by top traders ( i.e the logical trader ) ps there are other markets out there in which if you can find an edge or way to trade properly without blowing up you can make a good living good luck kid ps I started as a runner myself back in the old days when NYMEX memberships could have been had for a song ok ... maybe thats stretching it
Are you trading in the pits or behind the screen? I'm just curious....how do you SIM trade in the pits?