I think I figured out why trading can never work for so many people
- Thread starter ChkitOut
- Start date
There are no significantly profitable traders commenting on ET. There may be a few "has beens", but nobody actively commenting on ET is a significant trader. I include myself in this observation.
I'm not telling anyone how to trade, just wanted to present a couple trend-following tactics that produce net profits (that means over series' of trades, not every single trade), things that happen more often than not, which was requested.
I basically shared everything about those tactics. The limit order entry method is one, and as it was pointed out, stop entries are another. Do your own research on the instrument you want to trade and figure out what works best for you. Why should someone else tell you every detail of their personal trading plan? Even if I did that, you wouldn't follow it.
As for selling books/products, I sell none of those. The only thing I'm selling on any given day is futures contracts.
Quote from Trader KGB:
Well this thread has devolved into anons stroking their e-penises rather quickly..
What was your story again, "trading since '72" but just registered to ET this month out of the blue? A "3-server e-mini system" and a "genius son on the T-bond"? If the bulls run out of excrement from the telling of this tale, the French offer leftover horse dung you can borrow while you're there.
I strongly suspect this is surf/doji/hershey trolling us with another fake alter ego with which to feign fawn & praise over. In any event, this forum proves no lack of entertainment!
I don't know what kind of loser you are but don't lump me into your negative crap. I posted initially to be of help to someone- period.
I assure you I am in no way involved with anyone on this site like Marketsurfer, etc. I have communicated with an individual in Toronto and maybe one other.
What you don't realize before I ever traded commodities -I was already very wealthy. I have always chased a buck. My mother says I sold water to people on the train from Philly to LA (in 1945) when I was 3...
At 11, I got my father to open a stock account from the money I earned working in his supermarket. The broker was Montgomery Chaney Scott ( I think). I turned less than $500 into enough to buy a new white Chevy Impala for cash @ 16. A year later I traded it for a new Lincoln convertible. I had enough left over to buy enough stock in Avnet Electronics (it went from like $10 to $68) to put myself through Wharton. There I met a young broker on the Phila Exchange and we went into RE business together. The rest is history.
In the early 70's I first traded only the June Cattle contract making 400% return with point and figure charts and a few AG commodities long all through that decade. Admittedly I knew little compared to today.
At 39 I had enough money to last me for the rest of my life from RE so I picked up and moved to La Jolla CA where RE was on its ass. I bought some- actually a lot. Sold my CA holdings in 1999-2000 and moved to Scottsdale AZ. Same thing- bought more RE. In 2005 I sold and moved to Seattle area. RENTED ONLY. Three years later I relocated to Vegas and bought really heavily- (2000 sq ft foreclosures). All told, with broker/ partner with connections @ legal newspaper auction acquired more than a hundred fifty units many as low as @$45/sq ft.- none more than $60. We started selling beginning this year since Las Vegas is HOT. There is NO inventory!
When I was first moved to La Jolla CA in early 80's I took $20K from a large insurance settlement and shorted 20 C Crude Oil. That's been my grubstake all these years. Oil went down nearly $20 to $9.95. I NEVER had to use a dime of my capital to trade any commodity since.
In 2000 I met a retired investment banker who owned 2 jets @ Scottsdale airport. He was a cool guy and we became fast friends. We both bought 20 C of Gold and Crude. He was reeling from a $3million loss in the stock market.
Long story short, my son who is a computer genius developed a trading system to trade the big S&P. My friend put up $50K to test it. We called orders directly to the floor. Believe it or not it worked phenomenally and has continued to this day basically unaltered. We eventually switched to the Emini.
Lastly, after talking to Tom Baldwin last month we recently decided to trade short term the 30 year T Bond. My son temporarily moved east to be up in time to take advantage of the early morning trades. He had NO trouble making 32 ticks/day so we decided to go big or go home.
That's why I inquired about buying an IMM seat. We calculated we could save $6M in commissions. Very disappointed to get zero replies out of 15K here. We were also looking into a foreign company but found a much better way and going with it.
So now we are relocating to Europe at the end of the month to trade 12 hours a day in a much more favorable time zone. (We've always left many trades overnight in S&P which we can now do also).
I'm looking but will NOT buy a 120ft boat until the end of this year. Today I saw a 120ft Sovereign in Ft Lauderdale for $5.5M... Sorry but will pay cash without flinching. Not that big a deal. After all I am 70. If that upsets you, so be it...
And YES, I will promise to send pictures (@ end of the year or perhaps sooner). The name of the ship will be Serenity.
But I will also look up independent traders in London. Maybe there are some on this site but after my negative experience trying to find even one IMM seat owner, I am not sure. We'll see...
Woody
Wow. Great story. Thanks for posting.
BLSH. SHBL
BLSH. SHBL
Just saw this a few minutes age. Not that unusual:
"To reduce his schedule, Mr. McGoldrick switched time zones by moving with his family to London a few years ago. He began a push into alternative-energy investments long before the sector got hot. His group bought Horizon Wind Energy, based in Houston, for about $150 million, infused $800 million to build up its wind-turbine pipeline and recently sold it for $2.1 billion to a Portuguese power company."
"To reduce his schedule, Mr. McGoldrick switched time zones by moving with his family to London a few years ago. He began a push into alternative-energy investments long before the sector got hot. His group bought Horizon Wind Energy, based in Houston, for about $150 million, infused $800 million to build up its wind-turbine pipeline and recently sold it for $2.1 billion to a Portuguese power company."