A) Describe in detail: 1. Your initial success. 2. Your terrible mistake on Fed day. 3. Your abilities to read the market. B) What are the 3 most difficult things for you to do when trading?
My friend. Do not suggest u quit yr job for a host of reasons but shall elaborate on just 2 impt ones: 1) not enough scale - so plus and minus, you are unlikely to be better off financially. Of course, if u hv a situation like last year where most asset classes were so cheap, then u can get an exceptional performance from a small base. 2) with your job, your mental make up is stronger and hence u can afford to be more patient in your trades and likely u will do better. Good luck, God bless....:) Temujin
don't think a lot of these traders at big places actually know so much, most of the times they are just trading flow. Trading can be done by a single person not having bought any kind of systems. There are things that are fundamental about the markets you can see in charts that can be learned. It's called price action; although these words often mean different things to different people. To me it means reading candlesticks into context of other canclesticks of bigger timeframes. Everyone I know that's consistenly profitable uses a version of price action. Once you get it it's a rather simple thing, before you get it it will be the harderst thing to learn ... you will need a few years of screentime ... but they won't be able to take this one away ...
if you have unlimited urge to do it : 1. assume you will fail = do not close dors behind. 2. give yourself 3 months and target profit that is enough to live off. 3. if surpass the profit target, give yourself another 3 months and larger target corresponding with larger equity. 4. etc.... ... 5. Unitil you fail to reach the target. 6. Go back to work. 7. Analyse your results in peace and when ready repeat procedure. You will get there but not as quick as you think. Benefit is you will not risk your lifestyle. All edges i have have been tested over years and cant detect it in couple of months. then you owe me a bottle of wine.
Good advice / observations!!! Everyone is talking about systems... seriously there are no good systems for sale for $5k or for any amount of $$. It has nothing to do with the system itself (because there are profitable systems) it's just about the pure logic of it... no one in their right mind is going to design a system that makes a lot of $$ and sell it... they are going to trade it... until it becomes unprofitable / unreliable and they are going to sell it to a couple of the suckers on these boards. Secondly, how the hell is the OP going to design a 'system' when his current strategy is losing $$ and has always been losing $$ (from what he has stated). You want him to lose $$ quicker? You want him to not have to think about losing $$...just turn it on and it will lose you lots of $$... its perfect AND so simple! Come on guys, stop kidding yourselves. cvds16 is completely right, an individual can learn to trade the price action and make $$ hand over fist when you get good at it. The markets constantly change and with it the trader needs to change. Trust me... you think GS, JPM, MS, UBS just design a system and it just prints $$... of course not. They constantly adapt it as the market changes. The OP needs a lot of screen time, savings to last until profitability combined with the dedication & perseverance to become and good disciplined trader. Sure he can design a system but not until he is an accomplished trader Rant over...
1. I see you do not have many post here, neither do I, but consider that when looking at the advice being given. A high number of post does not corellate necessarily with more correct advice. 2. I offer this after 30 years of effort and still not being where I would like to be. If you were a friend or family member, perhaps a son or daughter, this is what I would suggest to you. 3. This is essentially a zero sum game. Consider that there are individuals and corporate players with lifetimes of experience and unlimited resources. Then how could you ever expect to win? 4, Why? Because of what you have read or infered from the media in some manner. Consider that media. If you look closely enough, you will find that their influence on you is in some manner realated to moving money from your pocket to theirs. 5. "There are winners aren't there?" Yes, but they are not the trust fund kids who trade like playing a video game, not the retirees who attended a week seminar on "how to apply the MACD properly", not the guy who bought the "best performing system of 20XX.", not the recently laid off guy who "always had a knack with stocks"..... "Who then?" Well from what I can tell, it is a small group of people who have gone through a learning/unlearning process that has lasted from 3 to 30 years. It has almost always involved blowing up multiple accounts. In many cases it has ruined marriages and other friend and family relationships. It has often resulted in financial difficulties. 6. Bottom line. If you are able to work for a consistent income and trade in some manner, you should maximize your opportunity. If the trading is causing you too much stress, then you are not trading with confidence, with a set of rules that you have fully embraced, or are trading with money you need elsewhere. You need to be able to trade sim profitably for at least 3 months before risking any money. Then when you are profitable in real time, save enough for at least 6 months living expenses. If your trading income is then becoming equal to your work income, you probably have a 50% chance of making it full time. 7. Those offering you great enthusiasm to "have at it", I suspect are either novices who do not have a clue, some one with limited experience having a good run at the moment, or a bitter failed trader wishing to share his/her fortune. Best of luck to you whatever you do.
Pleease tell me he is joking. He's down $3000 but he "believes" he has got what it takes to leave his fulltime job. Someone needs to bitch slap him real hard and wake him up. I say this: let him quit his day job!!!..... then when he realizes that he actually does NOT have what it takes to consistently make money in the market and has already quit his job, KABOOM !!, reality will hit him in the face like a runaway Mack truck. ** Actually Im being sarcastic, the point Im trying to make is this: - You(the OP) had better be consistently making money on a monthly basis so you can pay all your bills and can AT LEAST make the money you made in your day job before you can even consider quitting that day job. End of story.
After the experience of roughly doubled my money in 6 month, years later I traded 2 month during lunch hour, averaged 0.5% each day while I was doing a full time job. After the contract job ended, I started full time trading, kept losing money in the market. the trading lose was not much, but the bills were kill me. I would have continued to work for a longer period to prove I am good enough trading full time if I could do it again. Your trading style may change if your life style changes. You will have different mind-set with or without something to backup your trading.