I am still here and still trading. It has been rough, but I have been profitable for the 3 of the last 4 months. Not hugely profitable, but profitable. Pair trading has definitely been the difference. I will try to keep everyone posted.
Still there Mike? .......how about a few details as you get time. Many followers of this post I see.....seems quite a few are anxious for some tangible results. Take care, Luc
It is October 14th, 2006 and have just celebrated being a trader for two years. It has been an amazing journey. Hard to believe, I have been back in Indiana, trading remote for 1 1/2 years now. I love it. Am I wealthy yet? No! Am I financially independent yet? Nope! But, I am on my way there. I still trade with the Bright office out of Vancouver, with Rob F. He and his organization have made all of the difference in the world. (if you get the chance check out one of his training sessions, they are doing amazing things). Pair Trading is phenomenal as a strategy. Well, just wanted to check in. As usual I am horrible at updating this post. Hope this helps motivate some new people out there. Follow your dreams, prepare and work hard, but be willing to follow them, they do come true.
Mike, it sounds like you're locked in mortal combat. I admire your persistence. How has your lack of success (objectively: you are not financially independent) affected your personal life?When you say that pairs trading has made all the difference, do you mean the difference between failing and floating? Are you having trouble executing the trades (timing, position sizes, etc??) or is it based on your trading capital? Keep up the intensity.
So you've been trading for 2+ years. You went the Bright route. What is your net p/l to date? What was the low? The high? This journal gives aspiring traders an idea of the grind they're in for, but without flesh on the bones, they don't know how to interpret it.
More details would be greatly appreciated! Some numbers could surely illustrate your journey in more vivid colors. Make all of us happy and drop some numbers!
I will just make it as quick down and dirty as possible: here is the Currently 43K in risk cap, total contributed 70k High 64k - just 2 months ago (carried a little too much size, got ahead of myself and had to learn the hard way another lesson) Low 13k Currently in a large drawdown, but I have good prices to exchange for the drawdown (if my plans are correct and followed) Hope this helps, tried to be as honest and exact as possible It is a grind, I hope this helps someone
I would say the pairs trading stopped my failing and gave me the ability to float. I have the tools to be successful. The lack of overall success is trying on my personal life. I am very fortunate to have great people in my life. All have stood by my side during this and continue to do so. It is amazing, they seem to understand why I am doing this. This is not for the faint of heart. It will take everything you have got. It will bring pressures to bear at times on every area of your life. Make sure you are committed and have a good support network. It will make all of the difference.
Mike, have you ever thought of trying to automate your trading in order to take out the emotional aspect? I would try to take your pairs trading approach and systemize & backtest it. Then try it in real trading. Might help results because emotions are taken out, just my 2 cents. Good luck.