Am I Wasting My Time?

[ironchef]

So successful traders don't post PNL because it's beneath them to do so... this forum must be 100% populated with 8-figure traders bc nobody knows how to produce a blotter. Fuckers spending their lives posting on the pol-forum or posting charts a day late yet couldn't produce a PNL run to save their lives.

Mkt open -> phone pic -> post in real-time -> show tickers and news stamps.

Why is that do you suppose? I mean that nobody knows how to do a screen capture outside of hindsight bullshit?

If you're not here for external validation... then why bother? I am here to troll, what's your angle?

Why do we want to post our PNL on ET?

I am not here for external validation nor to troll but to learn a few things here and there, share my struggles and to pass time while waiting for my VBA excel codes to finish computing.

Thankfully, there are some kind souls, including you sir (once in a while), willing to give out a few hints here and there.

My best regards,

 

[Zalak]

Each situation needs to be studied in detail in order to draw conclusions.

 

[themickey]

...... I will give an sample I took 0,05 silver position with price of 11,62 silver close to 19 now and with rollover still I am holding it, maybe I can close next week......

I call BS.
So you bought at the bottom and you still hold?
What are the CFD fees for holding continuously over a 4 month period?

 

[smallfil]

Your problem is you do not have proper position sizing and risk management. If you did, you would have kept most of your $162,000 instead of losing 85% of it? That is a shame. As for getting rich, you compound your monies over time. Say, in 3 years time, if you have proper risk management and position sizing, you would have millions and keep most of it too.

 

[murray t turtle]

Off topic, but is the DOW really relevant anymore? When I hear talking heads at the end of a newscast say the “The was up today (or down)”, I think why does it matter.

%%
Partly off topic/partly on topic...……. mr James. Even though I do business with EXOM,MCD,MSFT [dow stocks] its not really much of a benchmark]. WSJ promotes it like was better benchmark than SPY/QQQ/LOL
I like the way IBD newspaper puts it under S&P 500/Nasdaq ;
+ makes it smaller/shorter/LOL...…………………………………………………………………………………………..

 

[themickey]

Yes I know this attitude, in your world it is impossible because you will never get 0,05 position with 12K account yet you have over 5K post. That is the problem, who knows nothing they talk more...

There is no swap and 0,5 commission (10 usd for 1 lot)

Did you post your entry at the time on ET? Nooooooooooooo......
And you bought right at the very bottom, yes?
You held your position through two longish drawdowns, yaaa?
And now next week for some magical reason ya gunnah sell and make a huge profit, riiiiiiight?
CFD's are designed for short term trading, but in this big winning trade where you got in on extreme bottom you went long term, yup?
Yaaas, I believe you even though millions wouldn't.
Carry on, love the story.

 

[themickey]

End of 2013 I had 7K account and turn it to 162K account till August 2014 and than I lost 85% of it in 9 days in August...

We are in 2020 I have an CFD account which allows me to take small positions with limited capital. I will give an sample I took 0,05 silver position with price of 11,62 silver close to 19 now and with rollover still I am holding it, maybe I can close next week. My sharpe higher than 4, YTD 48%, I keep positions open end of the day end of the week in a long holidays, I can because size is small I am not looking to get money in days I am looking to make money on months.
2014 when I blown up It was futures account, it wasn't possible to take limited risks. When I was right account was flying. Unfortunately I didn't see it that time I take bigger positions with 162K account.

So here is the think; 100K account is not a small account you can find way to trade with that money by taking smaller risks and play on longer price movements. I know it is difficult to admit, I have a brother I couldn't make him agree to take small positions still he took make it or lost all account. He has bigger account he can trade in futures but he refuse to take 1-2 max 3 contract and per trade 1% risk. So it is not about account size it is about vision.
If you are looking situation to get millionaire with 100K forget about it. My strategy will work with proper risk in futures but I need minimum 1 million dollar to do that that's why I trade in CFD's I am not selling anything and still I am making money.

View attachment 234488
Trading business (yes it is a kind of business) is very hard game. If your vision is not okay, if you follow other sheep, if you don't ask questions, if you don't have passion, if you don't agree to pay it's cost, if you are not disciplined, if you have some kind of wrong believes (in my case I had money phobia, so I was believing -if I will get rich I will be ill- don't laugh, even I didn't realize that I believe this shit till events show me clearly, this was fault of my father, his words effect a 7 years old child and he didn't notice what he is doing too) you are going to fail.

If you don't have passion when you fail you can not stand up, discipline is not enough you must have fire inside you for trading that keeps you going. I suffer 20 years don't believe any idiot who will tell you that is a easy game or you can make from 100K to 1M overnight or over weeks. That is possible if you are trading with billions. Many other so called trader says "If you are so good about trading why you are writing book, advise others or searching bigger capital do it yourself"

If you will try to do it 162K to millions you are going to need your big luck as same 7K to 162K. No it doesn't work that way, you can be sure... Soon or later if you have all this pains, experience and suffer over the years you are going to find right way but here is the tragedy, when you find you are going to need bigger capital as I am today and unfortunately we are living BS word that nobody is going to give you that capital.

I try to find prop trading or hedge funds last couple of months, these type of companies in USA or England not in my geography. First President cancel H1B visa, second all hedge funds and prop companies is reflecting not true outside the world. When you open their website youtube page you see how important team, how company care traders etc. When you open glassdoor account you see that they give 3 times food in a day because they don't want you will leave desk, you will arrive 6:45 and work till 21:00. At the beginning I afraid they will try to steal my system because you can't hide from team. now I understand, it is old same world everybody is alone there, team is a kind of story for out-world. When you look from outside "world class technology" when you look at inside company, they are 10 years old tech. All has big digital marketing departments and beautiful stories from that departments...

Worst they don't care your sharpe ratio, or record I thought it is about short sample size but no simply they care marketing more than risk/return. They take all type of quant, is it because of they are profitable? no! it is good for marketing in front of investors eyes. They pay more when they don't understand... And any condition they have 1 to 2% of total AUM regardless they make or lose money.

As you can guess it is not possible to find million dollar person to take around me too. I can pass series 3 take CTA exam and I am sure I will suffer same thing to find account to manage.

What is my point for your suffering; I am at the point where you are dreaming to be, but I am saying this is not end of the game. If you dream to make money as much as this point and it will be enough for you than find another way believe me open a coffee shop will be profitable same and you will be free there too and you will not be busy with world toughest job, yes it is...

But if you have passion on this, if you can say that "If I will born again I am going to be trader again" than keep going, maybe things will not be same as you dream but soon or later you will find the way as you doing something you are happy to do...

.....That is the problem, who knows nothing they talk more...

The irony.

 

[ironchef]

It depends on how much you are trying to make a month. Can you make at least $10,000 net profit a month with $100,000 cash --in my opinion yes --especially in daytrading S&P 500 futures and closing out all positions before the end of each session.

I assume that is your own trading record, namely you are making 120% a year. Very impressive.

I wish I can do that.

 

[Ethilaloth]

It seems to me that every trader periodically has such thoughts that something has gone wrong and that you should stop trading. And the moment that you can wait or the moment when you decide that it is time to stop trading.
I think that if you have problems in trading, but the desire to develop is still strong enough - then I can advise you the following...
- Take a little rest. If you understand that you're tired, you don't have to get stuck. Take a week or two rest, try to switch to something else and don't think about trading at all.
- Take a strategy you don't know, but it's interesting. And work it out well on the demo, maybe it will be a new nuance for you, which will help you to rehabilitate yourself in the market.

 

[StockTrader100k]

Before anyone gives up on trading they need to take stock of themselves and take an honest objective look at whether he or she is doing everything they can to improve their trading each day or not. Or are you just coming to quitting conclusion without even doing all the real work you need to. For example - you need to keep a very detailed journal of your trading each session and review it and be honest with yourself as to what your strengths and weaknesses are

- Create a trade plan & risk mgt plan before each trading session
- Write down a daily trading report journal of what you did right & wrong
- Continuously learn from mistakes and take consistent action to correct mistakes and noting in journal if you have actually taken action to correct mistakes or just falling back into old bad habits
- You also have to be willing to be honest with yourself as to whether you have all the elements needed to actually be consistent and successful in the trading for a living business (or whether you are just randomly lucky every now and then and really have no consistent strategy/edge that you execute consistently and correctly) to base a daily trade plan off of that is consistently profitable regardless of market conditions, or whether you are someone who is great at some elements of trading such as coming up with daily trade ideas that turn out to be great winners but you are just bad at as executing and managing trades (both entries and exits) and/or practicing consistent and realistic sound risk management or do you have a gambler or right fighter streak in you where you double or triple down on losing trades hoping they will turn around so you can be "right" or just random gambling such as putting way too much of you money on 1 trade because you "feel" its going to be big payout (like being at the craps or blackjack table in Vegas) or do you practice consistent units of risk management under a well thought out in advance plan and can you actually stick with the plan instead of just winging it when you feel like it

Also some people are great at certain aspects or trading but not others and since they dont have all the elements it still results in consistent losses even though they are very good a certain aspects:

Example - you might be someone who is great at creating trade strategies and trade plans for each day as well as entering a trade at the right time but are just horrible at risk management and take profit management and cut winners too early and let losers run or are not capable of executing risk management and place bigger bests on some trades and smaller bests on others and have no consistency in units of risk put into the market.

If you can't correct your weaknesses over time even though your journal everything and try to take action to correct then you probably just need to either quit the trading for a living business or perhaps you need to team up with someone that is great at things you are weak on and you are great at things they are weak on and perhaps as a team you can make it work.