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GoodPunk6's Trading Journal
- Thread starter GoodPunk6
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Goodpunk,
I am a prop trader too and I have been following your journal since you started. I like it because it reminds me of the time I was a beginner and the struggles I went through.
It took me over 9 months to get profitable. Since you are already net positive on your third month you are doing well.
Through conversations with profitable traders in the office, most of them tell me it took them 6 months - 1 year before their account went positive.
I also know one guy who is positive in his second month. He's a natural at trading. He pick things up fast and got the agression to push up his size. He is way ahead of me in terms of net profits now.
I guess trading is a marathon. You got to stick to it and keep a steady pace. Sometimes I do have doubts about my trading ability because I am progressing too slow but what drives me is the belief that with experience I will get better.
I am a prop trader too and I have been following your journal since you started. I like it because it reminds me of the time I was a beginner and the struggles I went through.
It took me over 9 months to get profitable. Since you are already net positive on your third month you are doing well.
Through conversations with profitable traders in the office, most of them tell me it took them 6 months - 1 year before their account went positive.
I also know one guy who is positive in his second month. He's a natural at trading. He pick things up fast and got the agression to push up his size. He is way ahead of me in terms of net profits now.
I guess trading is a marathon. You got to stick to it and keep a steady pace. Sometimes I do have doubts about my trading ability because I am progressing too slow but what drives me is the belief that with experience I will get better.
Goodpunk,
I was not trying to bash you or put u down. I was just giving you honest advice.
Look at reality.. you are moving millions of dollars a month taking huge risks ( stocks can get halted or surprise rumors) and paying almost 4x what u make in commisions. All for a crappy $3,000 in 5 months of work? From a business stand point I would rather be the one managing the firm because u are grossing them a nice consistent flow of $.. a few traders like yourself and u can make nice consistent money managing a prop shop. Do the math yourself.. at this pace.. u will have to pay almost half million dollars in commision to make around $100k.. thats not a sound business venture. Even if you can bring those ratios down, its still poor.
Dont be fooled by beginner talk.. and breakeven 6-12 months jazz, most people burn out by then. The point is you can get a job at DHL and make $40k a year and get full benefits and not have to take a single risk. The hard work you are putting in eventually takes its toll and most people in your scenerio burn out because they never end up making enough money. Trading is very difficult on the body and mind.. its only worth it if u make real $ at it. $3k in 5 months is about $30 a day. In NYC thats enought to pay for lunch and smokes. In order to make a living at this you will have to get like 10x better.. the question is can your really stand the test of time ?
I am not trying to scare you away from daytrading and say that you are not doing a good job.. just asking you to take a cold hard look at the facts and decide if its all really worth it.
--MIKE
I was not trying to bash you or put u down. I was just giving you honest advice.
Look at reality.. you are moving millions of dollars a month taking huge risks ( stocks can get halted or surprise rumors) and paying almost 4x what u make in commisions. All for a crappy $3,000 in 5 months of work? From a business stand point I would rather be the one managing the firm because u are grossing them a nice consistent flow of $.. a few traders like yourself and u can make nice consistent money managing a prop shop. Do the math yourself.. at this pace.. u will have to pay almost half million dollars in commision to make around $100k.. thats not a sound business venture. Even if you can bring those ratios down, its still poor.
Dont be fooled by beginner talk.. and breakeven 6-12 months jazz, most people burn out by then. The point is you can get a job at DHL and make $40k a year and get full benefits and not have to take a single risk. The hard work you are putting in eventually takes its toll and most people in your scenerio burn out because they never end up making enough money. Trading is very difficult on the body and mind.. its only worth it if u make real $ at it. $3k in 5 months is about $30 a day. In NYC thats enought to pay for lunch and smokes. In order to make a living at this you will have to get like 10x better.. the question is can your really stand the test of time ?
I am not trying to scare you away from daytrading and say that you are not doing a good job.. just asking you to take a cold hard look at the facts and decide if its all really worth it.
--MIKE
Quote from Trend Fader:
Goodpunk,
I was not trying to bash you or put u down. I was just giving you honest advice.
Look at reality.. you are moving millions of dollars a month taking huge risks ( stocks can get halted or surprise rumors) and paying almost 4x what u make in commisions. All for a crappy $3,000 in 5 months of work? From a business stand point I would rather be the one managing the firm because u are grossing them a nice consistent flow of $.. a few traders like yourself and u can make nice consistent money managing a prop shop. Do the math yourself.. at this pace.. u will have to pay almost half million dollars in commision to make around $100k.. thats not a sound business venture. Even if you can bring those ratios down, its still poor.
Dont be fooled by beginner talk.. and breakeven 6-12 months jazz, most people burn out by then. The point is you can get a job at DHL and make $40k a year and get full benefits and not have to take a single risk. The hard work you are putting in eventually takes its toll and most people in your scenerio burn out because they never end up making enough money. Trading is very difficult on the body and mind.. its only worth it if u make real $ at it. $3k in 5 months is about $30 a day. In NYC thats enought to pay for lunch and smokes. In order to make a living at this you will have to get like 10x better.. the question is can your really stand the test of time ?
I am not trying to scare you away from daytrading and say that you are not doing a good job.. just asking you to take a cold hard look at the facts and decide if its all really worth it.
--MIKE
I'm working on building a team of traders. I will manage other traders and I will be a trader myself. Trading is all I will ever do.
I have lived in Jersey City my whole life. I know what it takes to live out here. And just so that you know, Jersey City, and NYC are next door neighbors. So please, leave me to my lessons.
I must be honest though, there have been times (on bad losing days) where I question whether this is all really worth it. The funny thing is I continue to have the same answer, "Yes." I'm in this for the long wrong and I don't see an end in sight. One day I will own a prop shop and it will be an authority on Daytrading. But until then, it's one step at a time.
Personally, I think that "beginner talk" is the best thing that I have right now. It is a constant reminder that I'm not alone. I hope that my journal serves as a reminder to other new traders that they in fact are not alone. Together we will make mistakes, and together we will drive on. Who can stop us?!? No one! Because when there is determination and a goal then the only thing or person holding us back is each other.
So you see Trend Fader, I have looked at the facts and figures and the answers are clear. I need to work harder in order to achieve my goal. I will see you when I get there!
Good Trading!
Quote from Trend Fader:
Goodpunk,
I was not trying to bash you or put u down. I was just giving you honest advice.
Look at reality.. you are moving millions of dollars a month taking huge risks ( stocks can get halted or surprise rumors) and paying almost 4x what u make in commisions. All for a crappy $3,000 in 5 months of work? From a business stand point I would rather be the one managing the firm because u are grossing them a nice consistent flow of $.. a few traders like yourself and u can make nice consistent money managing a prop shop. Do the math yourself.. at this pace.. u will have to pay almost half million dollars in commision to make around $100k.. thats not a sound business venture. Even if you can bring those ratios down, its still poor.
Dont be fooled by beginner talk.. and breakeven 6-12 months jazz, most people burn out by then. The point is you can get a job at DHL and make $40k a year and get full benefits and not have to take a single risk. The hard work you are putting in eventually takes its toll and most people in your scenerio burn out because they never end up making enough money. Trading is very difficult on the body and mind.. its only worth it if u make real $ at it. $3k in 5 months is about $30 a day. In NYC thats enought to pay for lunch and smokes. In order to make a living at this you will have to get like 10x better.. the question is can your really stand the test of time ?
I am not trying to scare you away from daytrading and say that you are not doing a good job.. just asking you to take a cold hard look at the facts and decide if its all really worth it.
--MIKE
Please stop making idiotic references to DHL, last time I checked this was a website about TRADING!!!!!!!!!!!!!!
One hell of a day.......
This morning I took a $300 loss by losing 2 cents on 15,000 shares. But they call me the comeback kid,......
I was down $220 and feeling hopeless. But little by little, I made it back. I made $254 and spent $180 making it. Crazy huh?
I had 26 buy executions, 44 sell executions, and 231,200 shares traded.
Tomorrow will be a better day!
This morning I took a $300 loss by losing 2 cents on 15,000 shares. But they call me the comeback kid,......
I was down $220 and feeling hopeless. But little by little, I made it back. I made $254 and spent $180 making it. Crazy huh?
I had 26 buy executions, 44 sell executions, and 231,200 shares traded.
Tomorrow will be a better day!
Quote from mrmoose63:
Hey ... maybe you shouldn't trade in the mornings!!! sure sounds like you do better later in the day!! Just a thought... hey what basis do you use to trade? Price, indicators, trends? Just curious... btw Great Journal! Keep it up... I'm rootin for ya
-moose
You know, I've thought about this several times. But I can't resist. I'm watching good opportunities pass me by if I do so. Don't get me wrong, I've had some great mornings, which is why I like trading the mornings. Funky huh?
Well, I can't complain about the losses I've taken lately. But I can complain about how much I suck. It seems as though I'm in a slump.......or a corrective phase on the learning curve. If my progress was a bar chart, then I would be in a bullish consolidation pattern. (I'm such a geek.....I found that funny) Hopefully I can break out of this pattern.
Good Trading!
Goodpunk, I've been following your journal for a long time too. I have to agree with Trend. It seems your trading style (scalping LU & NT) is on the verge of over-trading, and making HLV a little too happy to have you. Like Trend said, you're taking HUGE risks with your large positions, and to have commissions take such a huge chunk out of your profits, your net risk/reward ratio doesn't seem balanced.
Do you plan on position or swing trading in the future? I think you would be better fitted for it. A great trading journal/blog I really recommend is here:
http://www.freewebs.com/mytradingjournal/
He does more position and swing trading than scalping, but is incuring far less commissions, and often banking 3-10k a month net. I've learned quite a bit from him and other trading blogs.
Also, I'm guessing you have the benefit of a subsidized cost-of-living (a nice way of saying you live at home). I'm certainly not knocking that at all, I'd love to live back home myself. But like Trend, I think for the future it's best to analyze your gameplan to account for future expenses down the road.
I'm really trying to be supportive, the fact that you are net positive over such a short time is fantastic! Keep it up! Consider looking into alternative trading styles when you're ready that might lead to even great profitability. Good luck & happy trading!
Do you plan on position or swing trading in the future? I think you would be better fitted for it. A great trading journal/blog I really recommend is here:
http://www.freewebs.com/mytradingjournal/
He does more position and swing trading than scalping, but is incuring far less commissions, and often banking 3-10k a month net. I've learned quite a bit from him and other trading blogs.
Also, I'm guessing you have the benefit of a subsidized cost-of-living (a nice way of saying you live at home). I'm certainly not knocking that at all, I'd love to live back home myself. But like Trend, I think for the future it's best to analyze your gameplan to account for future expenses down the road.
I'm really trying to be supportive, the fact that you are net positive over such a short time is fantastic! Keep it up! Consider looking into alternative trading styles when you're ready that might lead to even great profitability. Good luck & happy trading!
Quote from Trader KGB:
Goodpunk, I've been following your journal for a long time too. I have to agree with Trend. It seems your trading style (scalping LU & NT) is on the verge of over-trading, and making HLV a little too happy to have you. Like Trend said, you're taking HUGE risks with your large positions, and to have commissions take such a huge chunk out of your profits, your net risk/reward ratio doesn't seem balanced.
Do you plan on position or swing trading in the future? I think you would be better fitted for it. A great trading journal/blog I really recommend is here:
http://www.freewebs.com/mytradingjournal/
He does more position and swing trading than scalping, but is incuring far less commissions, and often banking 3-10k a month net. I've learned quite a bit from him and other trading blogs.
Also, I'm guessing you have the benefit of a subsidized cost-of-living (a nice way of saying you live at home). I'm certainly not knocking that at all, I'd love to live back home myself. But like Trend, I think for the future it's best to analyze your gameplan to account for future expenses down the road.
I'm really trying to be supportive, the fact that you are net positive over such a short time is fantastic! Keep it up! Consider looking into alternative trading styles when you're ready that might lead to even great profitability. Good luck & happy trading!
Thanks for your advice. When I'm ready I'll take on different styles of trading. I'm amazed at people who can swing trade. That will be my next endeavor.
Right now my expenses surpass my profit, but that's okay. Because with time, I'll get better.
Thanks for the link to that journal. I watch it very closely everyday.
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