The treacherous path to $200k a year

I have refrained from posting as there are so many things wrong here, I began to stutter and did not know where to begin! But I can't stand it!

I am now posting a journal since I started to convert my previous occupation (running businesses) into trading/investing for real. I want to make sure I succeed under all circumstances. Or else how would I pay for chowI think you will be in for a surprise. The road to trading correctly and efficiently require a different mindset then what you are demonstrating. Yes, You should treat Trading as a business, but I do not think you will be able to live off of your investements in the near future. Just my Opinion.

I have a nice size capital, I trade with usually around $100 K Buying power, and scale up to $200kYou do not state how much capital you have, just buying power. I can guess you over expose your total protfolio capital to risk. This post indicates you have 50k, but not real clear

You have me mistaken, I want a used porsche, not a new one. I may be stupid but I ain't completely retarded to pay $30k extra just for the new car smellTo be fair, This I can agree with.

I am 2X years old, I have been running things since I was 13 , a few failures a few successes, those successes made me a happy man, those failures made me even stronger.
Your paper route introduced you to the business world, and since then all you have ever wanted to do was to be a businessman right?

I do love holding positions overnight since most of the money is made there.This is trading, do not love ....If you have already identified your style of trading, then I must ask you do you have the "time in" to even know how you would like to trade?

I will develop a base hit profit taking rule, so I make more base hitsThe market has no idea where your rules are

I just noticed that I forecasted the market movements correctlyIs this what trading means to you?

So best to stick with the PLAN of sell extremes, buy extremes. Can't go wrong like that. There was a clear divergence on my charts You speak of divergencies in one post, then extremes in another, you are all over the place dude...concentrate and focus!

I lost the money at the endWhen your forecasting and trying to convince yourself your not gambling, because you have a bracket in place, will cause this to come true with ALL of your money

I'm having afterthoughts of putting on a long term trade for 2 reasonsYou are all over the place in your quest. Slow down and concentrate on one method for now. you have plenty of time...sheesh you have the rest of your life

I think thats a neat idea. Be a cowboy... but not with your money!I don't! You need to learn to respect money, not love it.

So I'm going to open up a $10k futures account at Interactive brokers, To trade futurescoolweb, they will take your money there faster, like these guys are doing here. I must do my due-diligence and tell you to stop...these folks are raping you.

I could go on an on and on...quoting you coolweb...You have worked hard all of your life...short may it, but you have worked hard. Please stop before you lose all of your money...

Michael B.
 
MichaelB , Cluseau,

1) I do have a system in place, I don't need to elaborate it to you, but I find it decent.

2) Showing off my loses may seem like I'm a shitty trader, but its all a learning journey as the topic suggested, I keep losts relatively low.
They don't bother me much, I just don't like to lose more so I switch plans.

3) "Paper route when I was 13? "

You must be kidding me, You do not have any idea what kind of money I have or what I do. Please don't kid yourself, You may be a working stiff, but other people may be living just off 4% CD interest income and trading for something to do and splurge income.


4) Don't talk trash, I don't talk trash to you. If I wanted to It'd be very easy. Trader with $15k capital should not be talking at all.

5) Right now I'm using a small part of my trading capital to learn the steps , I will trade one lots, its that simple, If I make
mistakes, I'll learn from them.

6) Whats so garbage about my thread, so I have a few losts , so what?

This topic is "Treacherous path to $200k a year" not
" I make $200k a year from trading"

Know the difference , I'm bound to make mistakes as I said before.

Which is why I post all losts, don't need to cover shit up :D


and a BIG reminder, don't talk trash, you ain't even 7 figs yet and you think you can talk down, please. I don't even talk down.


Want to post? post something helpful like what I can avoid in the futures market. Don't be a little bitch in my journal boy.

I'm not even negative and you guys are 20x more depressive then me, how does one make money hanging around with all this negativity. Lighten up
 
coolweb,

You asked throughout your Journal, Just trying to help.

So anybody have any ideas on how to protect yourself against this situation from arising?

Any advice is appreciated from everybody




You might add an item to the list. 2)Taking critiscism from a fellow trader who is only trying to help by getting your attention. You are young and full of pride, which is fine and the way it should be. please listen to this small voice and stop, I know you do not want to hear this, so be careful at least

Things I don't do well:

1) Choosing the stocks that track nasdaqs movements , benefit when I'm right on nasdaq's movements.
 
I read all the ideas / comments/ cristiscms and I take into account of what everybody says like ticketwatchers 15 cents is better then 30 cents, That was hella helpful and I inserted it into my trading plan , taking 1/2 profits at support & resistance.

If you post it in a snide way , sarcastic way, thats not helpful to me,

have you seen examples of helpful comments? re-read Ticketwatchers/Boudicca/ And a few others posts,

those are helpful comments. not

"Wow you are dumb haha you did this? You'll never make it"

"Look here cluebie, you shouldn't trade nasdaq markets, The end."

"You'll lose all your money, whats wrong with you, stop trading"
^^^ what the fuck :D


"Is this what trading means to you?"

^^^ Thats real helpful questions, I'm trading because I want to make money thats it. Whats trading suppose to mean to me? A higher calling?
MAKE MONEY.



Thats not helpful. Don't confuse the two and think you are helping, You ain't yoda.
 
coolweb,

As you grow and progress on your Journey, I truly wish you the best. I know you do not believe me and it really doesn't matter does it?

When you read this post, read it with a quiet voice ...a small voice...a compasionate voice....

But re-read it all tomorrow ok...deal? No need to reply, I will go away.

Michael B.
 
Quote from coolweb:

Thats not helpful. Don't confuse the two and think you are helping, You ain't yoda.
More...

hehe i love that comment. You tell him coolweb! Someone once said the same negative things to me once and it cost me around 350-500k in lost income. I had found this awesome real estate deal where i was going to get 16 townhomes worth 120k each for between 40k and 65k due to a water main problem that would have cost about 160k to fix + another 30k or so to fix some light fire damage. Well as i went to the lawyers office to get the contracts worded just right the lawyer told me how there was a good chance i could get sued and blah blah blah. This was going to be my first big real estate deal and the lawyer actually had the nerve to say "real estate isnt for everyone and i should stick to what i know" Well he caused me to hesitate for 2 days...then i said forget him i'll do this anyway...but it was too late...some other guy found the deal and beat me to it. Dont give up/ keep studying different methods/find your edge and you will make your 200k a year...and maybe if you are very fortunate 200k a month :)
 
Only idiots listen to lawyers when looking at real estate. Smart money tells lawyers what to do, not the other way around.


Perhaps i should ask my mechanic what he thinks of my earnings in the market and the trades i will make in the future. The reason why people who make a living at trading responded to you as such is because they too see the inbred and disastrous ways in which you try and mimic other people's work for an irrelevant cause, losing your money. You asked for help but instead chose to pine out your emotions and the dribble you stole to make your trading plan. If i trade your system, will i make money? The answer is no. Back to the drawing board for you and a great living for your broker until you respect people first and the market second. What i do know is that a slang talking foul mouth 20 year old is asking for help but doesn't want it. Like a child causing a scene so their parent will reprimand them you practice out your early evolutionary emotions in what you deem is trading. I'll spare you the psychoanalysis because i understand your plight all to well. There's a name for you in the market. Let's all wait until you figure out what that is. For the record, you'll never get any help from me until you wise up and fly straight as an arrow. Yes, even in this business honesty goes a long way.

be good.

alex
 
coolweb,

I don't think ES meant to offend you, you shouldn't be so defensive.

Your statements so far are in line with someone who doesn't evaluate their decisions. This means asking yourself some really difficult questions:

1. What are your goals?

2. What did you learn for each mistake?

3. Was it a mistake because you lost money (remember losing small is trading well)?

4. When entering or exiting a position - what was your emotional state?

5. What was your emotional state when a stop was getting hit (or the price was closing in on your stop)?

200k is a lofty goal.

This is probably going to sound to cliche but to become a professional (you need to be a pro to make that kind of money), you need to focus on trading correctly (no emotion and strict discipline) rather than trading to make money.

Mike
 
Quote from Cluseau:

Only idiots listen to lawyers when looking at real estate. Smart money tells lawyers what to do, not the other way around.


More...



Usually you do not want to listen to a lawyer for investment advice. Unless he makes a shitload of money from doing the same investments you are trying to do. If so, he won't be a lawyer for long.

The lawyer is there for one reason, to protect your ass with the LEGAL DETAILS of the deal, not to give you advice on what deals you can handle.

I have missed a few really sweet deals because I listened to others advice. I have also made a few crappy deals listening to others advice. Then I realized the only ones that can help me are the ones with advice thats pertains to what I am doing. It seems really simple, but when its happening you are looking for reassurance, and dont really look to see if the advice is backed up with any real world experience.
 
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