PHOENIX TRADING's 2013 Prophet and Loss Journal

Discussion in 'Journals' started by PHOENIX TRADING, Jan 4, 2013.

  1. Happy New Year's Fellow Traders

    Here is my starting IRA equity snapshot.
    I do not have any open positions so I probably will only post monthly snap shots until I do.


    1/3/13
    [​IMG]

    At this point I consider myself an Independent Professional* Trader.

    *Professional in the sense of claiming as such for IRS purposes.

    I am essentially either unemployed or retired from my Healthcare Profession.

    My plan was to reduce to 2 days a week with my employer so as to not put a huge financial strain on my new company "JOHN GALT EQUITY"



    Well that didn't work out and I'm very disappointed in how that situation went down.
    I had a verbal agreement at work for the 2 days/week and gave them 6 months notice (which in retrospect was a mistake).

    I'll try to make it a brief synopsis.
    Two years ago I went from self-employed status to employee.
    At that point in time my duties included part time from 2 different offices 60 miles apart.
    One office was 2 miles from home the other apx 58.
    Officially I was hired by the office 60 miles away.

    The extra hrs of driving and getting original documents to the outlying office made it undesirable and I had decided (march 2012) in my mind I would switch to trading Professionally.

    At this time the office that was nearest me the key full time employee was Pregnant and they asked me if I would fill in for her while on maternity leave in November.

    "I said that could be done" and two days later explained(nearby office ) in detail my intentions to drop the further away office and continue working as I had upon her return from maternity leave.

    2-3 months pass by and the far away office managers are unaware
    of the deal and intent to remove me from their office (sometime in nov).
    Upper mgmt knew of the deal (perhaps even starting the idea I fill in for the person on up coming maternity leave ). This was an unbelievable situation because in the far away office I was the key employee in my dept and besides that I was officially their employee.


    I finally broke the news to the manager of the far office(both the plans to move me for replacing the person for maternity leave and my intent to only work for that office thereafter).
    The far office manager turned in her notice to take effect before I left.
    Meanwhile when it comes to my evaluation(think pay raise time ) she doesn't give me one, zero zip nada. She confessed she was jumping ship before I left. Then she gets fired.

    October rolls around and the other therapist goes on maternity leave early. So I'm not only stuck doing her job and mine for the nearby office, I'm also still fully responsible for running my dept in the far away office as well. I'm working 7 days/week

    After 3 weeks of that my responsibility for the far office ceased . They hired a new person.

    I was still doing the work of at least 1.5 people and still working every day.
    First week of november I help them pass federal Joint Commission inspection without ANY deficiencies .( had they failed they could have closed the office down.)

    The next week I'm informed they hired another employee to "help me out " and would be starting in december.

    Well I didn't really need any help by that time because all of my assistant staff was either back from vacation or off medical leave and the other employee was due back first week of january. All I had to do was 1 more month of managing the dept myself and we'd be back to full employee strength.

    First week of december they give all my workload to the new guy reduce my benefits package to as needed basis, cutting my work down to a third(ie not even what we had agreed to verbally and nearly a month earlier than agreed to .)

    Full time Employee returns from maternity leave 1/3/13 and leaves me with zero work for that office.

    Far away office already has hired full time employee.

    So in essence I got screwed by my company for doing them a favor working 7 days/week for them for 2 & 1/2 months and helping them pass a critical govt inspection.
    Can never claim unemployment status because they call it prn which means they can forever give me no work and still claim I'm not unemployed for bls and claims purposes.

    Then they had the nerve to call me back begging me to takeover an office that's over a hundred miles away for a week or so like I did in may 2012.
    I politely said "no thanks".

    I'll continue to offer my services to them on MY TERMS exclusively, because I consider TRADING MY PROFESSION NOW.

    If that doesn't pan out I can get a job in any state in the Union.
    Unfortunately unlike I planned I will be living off my retirement funds.


    btw: The company wide reduced points earned by 1/3 that go towards benefits status for full time part time etc.This is obviously a move directed at reducing the number of employees qualifying for full time status and obamacare mandated benefits.
    I'm sure everyone that understands this Thanks obamacare, way to go dipshits.
     
  2. Pekelo

    Pekelo

    You kind of forgot the unimportant stuff. You know, like how long have you been trading real money with what results and what is your goal/expectation with this account....

    Otherwise good luck!
     
  3. My focus is on the leveraged etf and etn space.

    Sorry but I'm not big on posting trades and giving away my edge.

    At this time I think the market is going up but I don't think this is an especially good time to enter.
    I'm waiting for the top (perhaps I'll see an opportunity available to an IRA at that time).

    I currently do not trade options and don't think they really offer a trader much in the way of benefits in real life trading. yeah sure the theory sounds good but I think developing a true edge in them is exceedingly difficult and rare.
     
  4. I've been trading real money for 3 years.
    I'm down 45% from peak, primarily due to a bad bet on euro-bank failures which I closed out early 2012.

    My Trading goals are to follow my plans and control my risk.

    1) Avoid chasing the market. Keep your eyes open and your
    discipline intact, there is always a profitable trade available
    and or the market will always be there when you are ready.
    If you miss a trade chasing after it is a losing proposition
    waiting to happen.
    2) When you want to exit do it, avoid chasing an exit.
    3) It's okay to be out of the market and just watching
    4) Let your profits run, cut your losses short.
    5) PATIENCE is my secret weapon.


    My goal is to be living off trading profits within 20 months.

    IB is my broker and I use Microsoft One Note & excel for Journal
    and concept developement.

    I also use optionvue for back testing ideas but I'm just learning it.
     
  5. Trading is a profession like being a professional gambler is a profession. Don't think that being a "professional trader" (I actually laugh at the notion) is a "real job" or provides any sort of financial security. The closest thing to security in this arena is getting hired by a hedge fund or institution to manage other people's money.

    If you need financial security I suggest you beg, borrow, and steal to get your old job back or a similar one.

    now with that being said, I trade for a living but have other streams of income, although my trading income is a large percentage of my total income. Once you are realistic about what you're endeavoring into then I think that your chances of success are much better.
     
  6. 1) I don't disagree.

    2) Not bloody likely , I'm focusing on getting back in shape and improving my health and enjoyment of life. 2 coworkers in my line of work/stress had heart attacks last year. If I have one it won't be from work stress. If I fail as a trader or my income needs cannot be managed sure I'll get a job. But I'm not giving up my dreams just because some dickweeds decided to screw me over. Actually it makes me more determined that I'm making the right choice in leaving the Profession before obamacare gets applied.

    3) I think I'm being realistic , just not optimal.
    I would have preferred more steady income.
     

  7. It appears to me that your biggest problem is "lack of an edge"..heck..i'll even put it in bold for you...lack of an edge

    Go read Neke's thread to see what will happen to your 500k without an edge..

    without an edge..the market systematically and methodically parts a fool from his money

    Do not spend even 1 dime of your own money without an edge...find some other endeavor to invest in...I'm warning you..I also warned Neke but he didn't listen.
     
  8. ofthomas

    ofthomas

    am a bit puzzled... if that is your IRA... how are you going to "live" off it? unless you are old enough to take MRD from it, I dont see how trading that account will help your situation of not having a job... I trade my IRA as well, and own real estate within it, but I cant touch it for 35 years... so while I like to grow it, I dont base any "dreams" off it... it is merely an asset growth and accumulation vehicle... curious to know how you are pulling that off... specially when it comes to recognizing loses...
     
  9. ofthomas

    ofthomas

    I've read all of Neke's journals and have been a follower for a very long time, and I dont think he listens to anyone to be honest... :)
     
  10. Early distribution,
     
    #10     Jan 4, 2013