Also (just remembered this question), though I hate to ask this, I can't figure out how else to find out -- how much do stock traders make vs. futures traders? Anyone who's traded both? Who gets into the 6-7 figure range more often? I know not to start planning on that for a while, but I would like to know where the limits as well as the averages of incomes fall (I'm going to start with a $30k account).
Good methods in today's market
- Thread starter LokiSkywalker
- Start date
Hi Loki...It sounds like your already well on the way to grasping the concept of trading. Just keep moving in the direction your going and you'll get there. For someone who's just starting out, your asking all the right questions!
Okay,Loki...concerning the "EDGE",I'm gonna give another quote from another very good book..."The New Market Wizards" (by same guy) J.D.Schwager. I'd give you my own opinion but this guy
puts it in words a whole lot better.
"You can't win without an edge." "To have an edge,you must have a method. The type of method is irrevelant. Some of the supertraders are pure fundamentalists;some are pure technicians; and some are hybrids. Even within each group, there are tremendous variations. For example, within the group of technicians,there are tape readers (or their modern-day equivalent--screen watchers), chartists, mechanical system traders, Elliot Wave analysts, and so on. The type of method is not important, but having one is critical--and, of course, the method must have an edge."...J.D.Schwager
What he's saying is,your "edge" is a method that works for you. Find something that your comfortable with, something you believe in.
"And remember that your playing against tens of thousands of professionals. Why should you be any better?"...J.D.Schwager
I'm out there, too Loki, and I'll do everything I can to get your money before you get mine. Hope this helps.
Okay,Loki...concerning the "EDGE",I'm gonna give another quote from another very good book..."The New Market Wizards" (by same guy) J.D.Schwager. I'd give you my own opinion but this guy
puts it in words a whole lot better.
"You can't win without an edge." "To have an edge,you must have a method. The type of method is irrevelant. Some of the supertraders are pure fundamentalists;some are pure technicians; and some are hybrids. Even within each group, there are tremendous variations. For example, within the group of technicians,there are tape readers (or their modern-day equivalent--screen watchers), chartists, mechanical system traders, Elliot Wave analysts, and so on. The type of method is not important, but having one is critical--and, of course, the method must have an edge."...J.D.Schwager
What he's saying is,your "edge" is a method that works for you. Find something that your comfortable with, something you believe in.
"And remember that your playing against tens of thousands of professionals. Why should you be any better?"...J.D.Schwager
I'm out there, too Loki, and I'll do everything I can to get your money before you get mine. Hope this helps.
Originally posted by LokiSkywalker
Thank you all for your replies. I've received a lot of "it's not the strategy that counts, it's the money management and psychology" advice in the past, too. It's in all of my reading, as well. I'm very aware of this, and also know that I will not know what any of it *really* means until I start to trade with money. But I am very cognizant of that aspect of trading, and will pay careful attention to it.
I would like to know more about the specific 'edge' that I should focus on. I also know that there are many effective styles, and the one I should pursue depends on my temperament, but I'm looking to filter out the less effective methodologies that I shouldn't even examine in detail for now. I want to know what methods aren't as effective as they used to be (like Level II scalping, for example), and what still works, or works better, now that the 10 year bull is dead (and yes, I believe it is dead. A new bull market may well arise, but what is happening today is not just a 'glitch', and the runs of the past probably won't return for some time. But enough of my market forecasts
So if anyone has some specific methodologies they trade successfully or think I should look at, let me know.
Thanks for your posts, Breakout! Anyone else want to comment on the benefits/drawbacks of trading the e-minis?
pitufo -- you say I should sit by a trader's side. Is it possible to accomplish this without paying hefty fees? I don't think I want to be a prop trader, since they tend to be forced into a firm's style, and I want to develop my own style. Plus, that always comes with a ~$1000 training fee, right? Although I can afford it, I'd much rather not spend such a chunk of capital if it can be avoided.
I will be living in the LA area soon, if anyone would be kind enough to meet me and chat
Loki,
The Van Buren office in Santa Monica is one of the VB offices offering our development program, which provides traders a methodology adapted to this market environment. It is a technical methodology of trading listed equities. The development and teaching is one-on-one and has no one-time charges. The program has been developed for individuals like yourself that prefer to trade their own capital and keep all of their net profits. I hope you look into it.
Vito Sisto