Made a lot of progress, but feel like there's so much more to go...

[sillyw10]

how are so many people able to trade different markets? i trade mainly emini and during the RTH there is always so many trades just in emini, that you do not have time to follow other markets. Closest i can trade along with emini is the CL but that would be an either or situation, but i really do not get it how some traders are able to trade 3-5 markets simultaneously. Are they day trading or swing? My trades are all short duration and hold period of less than 3-5 minutes. AM i missing something by not trading all the markets??

I don't think so..the more things you look at the lesser your concentration..the only valid reason I see to trading different markets is different time zones..eg..Dax and Hsi..but even they normally follow the US financial futures..the ES is the main one..which makes it the hardest.. easily seen by the 1 min bar ranges..have a look at the RTY.. charts can be much "cleaner"!

https://www.cmegroup.com/education/...ures/introduction-to-e-mini-russell-2000.html

 

[tenny1886]

I don't think so..the more things you look at the lesser your concentration..the only valid reason I see to trading different markets is different time zones..eg..Dax and Hsi..but even they normally follow the US financial futures..the ES is the main one..which makes it the hardest.. easily seen by the 1 min bar ranges..have a look at the RTY.. charts can be much "cleaner"!

https://www.cmegroup.com/education/...ures/introduction-to-e-mini-russell-2000.html

I meant the ES. my bad.

 

[ironchef]

Totally agreed. Even if I make 2x my salary I would still work FT. Even 5x. At 10x maybe... But even then. Benefits and steady income give peace of mind in trading.

You are following my script. I was trading/investing on the side (fortunately more buy and hold than day trade), then one day was able to quit my day job and the rest is history.

The only thing I can add to your approach is please use only a small fraction of your assets to trade as they are practice runs for the real fight that will come next.

Have a good day.

 

[ironchef]

your real edge is to be debt free..owe nothing to anyone..be retired with a pension..and have some money saved..or access to money belonging to close relations with whom you have a good relationship and trust

the next requirement is to never be in a hurry to make..or more importantly..lose..money!

next is the hard bit..so much easy money out there just to pick up off the ground..after all..you only need a few hundred dollars to dayrade the e-minis..ha ha..the cannon fodder guys really did a good job..I have to take my hat off to them..so many "structured product" these days..wtf !!!!!!

there is a lot more luck than you can imagine..but..when you are "there" when your chosen market reaches a major level..the odds are now in your favour of you just wait for confirmation..just look at any chart if you don't believe me..how many times has the ES tested a previous high or low..to either bust up or pullback and head down..the so called "edge" is just being in the right place at the right time..or..for most who are not doing this as a full-time job..being lucky..but.. being lucky is no good unless you are able to act..and react..sitting there wishing and hoping for the red to turn green is being a silly willy..and that will never make you any money..never!!!

You made some very excellent points. Very few of us will admit our success is more luck than brain.

Thank you.

 

[sillyw10]

You made some very excellent points. Very few of us will admit our success is more luck than brain.

Thank you.

yes..the hard part is accepting how silly you have been for all those years..chasing elusive edges and downloading every trading pdf under the sun..to eventually discover..by experience..that 99.99% of it is pure bull..and the other 0.01% is skill

 

[trader99]

trader99: you said $1k/day is very easy for you correct? are you trading option or stock for that $1k/day and how much amount are you using to make $1k/day?

just made $2K in options this morning. Stocks and options I can made decent. Futures I'm still weak at. I think it's just the speed at which futures move. I don't have that much in my account. So % wise it's really high.

 

[ironchef]

yes..the hard part is accepting how silly you have been for all those years..chasing elusive edges and downloading every trading pdf under the sun..to eventually discover..by experience..that 99.99% of it is pure bull..and the other 0.01% is skill

True but you have to keep reading and trying to get the .01% that get you over the top.

The reason I keep coming back to ET is, being a new amateur retail, I actually found a few great lessons wading through all the posts. So, I am grateful some of the very best traders are still willing to post and help us out here and there.

 

[sillyw10]

True but you have to keep reading and trying to get the .01% that get you over the top.

The reason I keep coming back to ET is, being a new amateur retail, I actually found a few great lessons wading through all the posts. So, I am grateful some of the very best traders are still willing to post and help us out here and there.

who are they and I will look them up..be interesting to see what they say

 

[sillyw10]

just made $2K in options this morning. Stocks and options I can made decent. Futures I'm still weak at. I think it's just the speed at which futures move. I don't have that much in my account. So % wise it's really high.

$2k is a nice bit..how many contracts and what was your risk on the trade..please don't say you don't know..how long in trade?

 

[tenny1886]

So far was a great day. My risk was minimal and profits were not bad. I have traded a lot less contracts then i normally trade. Was able to stick to my risk management to the T.