Trade for a living- best approach
- Thread starter tudor.squared
- Start date
I have been more consistent in making profits and minimizing losses in the past 4 years when the time-frame I traded was shorter (it seems to fit my personality better). Unfortunately, given the fact that I worked the entire time, much of the time I would not be able to place too many trades on an intra-day basis, and when I would know that this wasn't going to be a possibility (to trade frequently) I would do all my homework, scans etc and put on swing trades. I hope that answers your question...if not, please let me know...
Given the new circumstances in my situation, stock trading is out altogether as I am subject to 30 day holds and compliance approval. On top of that, my firm wants day orders only for personal accounts (again, subject to compliance approval, which takes a couple of HOURS sometimes) so I can't even place stops and/or targets and leave the trade. ETFs aren't subject to these restrictions for the most part, BUT I can't exactly place 2+ trades per day in my personal account, as compliance would be on my a** due to excessive trading during work hours. At night they don't care. So pretty much these are my choices for now, swing-trade ETFs or futures, or day-trade futures after my workday is done (7am-4:30pm or so on most days).
Given the new circumstances in my situation, stock trading is out altogether as I am subject to 30 day holds and compliance approval. On top of that, my firm wants day orders only for personal accounts (again, subject to compliance approval, which takes a couple of HOURS sometimes) so I can't even place stops and/or targets and leave the trade. ETFs aren't subject to these restrictions for the most part, BUT I can't exactly place 2+ trades per day in my personal account, as compliance would be on my a** due to excessive trading during work hours. At night they don't care. So pretty much these are my choices for now, swing-trade ETFs or futures, or day-trade futures after my workday is done (7am-4:30pm or so on most days).
I'm the opposite.I have found that I do better when I swing trade.
Swings take the emotion out of it. Set ups are found during the quiet time. Stops and targets placed with the order and managed daily rather than minute by minute.
That said go with what works for you. Iâm not the guy who has to cover your losses.
Quote from deaddog:
That said go with what works for you. Iâm not the guy who has to cover your losses.
Too bad, that would really help my P&L, if I kept the P and you took care of the L
You can consider DAX/FTSE futures if you can trade around 3am EST.
I don't know that this is feasible for me, I start work at 7am, usually up by 5:30 or so...can't imagine being up at 2am every morning, trade for couple of hours then go into work...I will give it a shot though (sim-trade it), look at various contracts and see how I like it. Thanks for the suggestion.
Does this need to be spelled out for you? Find the people/department at your brokerage firm that do the trading/investment management stuff and piggyback on them by trading ETFs that rely heavily on their stock/whatever selections. If they do good, you'll do good, although not as good as them because you're just trailing. After a while you'll get what they're doing and you'll be able to do it yourself. If they're not good, then why would you want to work for them?
Not exactly what I'm looking for, not looking to piggyback trades for a multitude of reasons.
Although I trade both the futures and equity market, I must admit that I finally accepted the fact that it's much easier to make money in the equity market. That has been my experience, as well as quite a few other traders here on ET. I understand that folks have discovered an edge in the futures market and make a good living at it; however, for me, it's VERY CLEAR where the easier opportunity is...
In other words, I'm not sure if you should abandon daytrading the equity market, especially if after paying your dues for several years, you now have an edge there... Perhaps there's an opportunity to find employment elsewhere so that you can daytrade the equity market.
Walt
In other words, I'm not sure if you should abandon daytrading the equity market, especially if after paying your dues for several years, you now have an edge there... Perhaps there's an opportunity to find employment elsewhere so that you can daytrade the equity market.
Walt
Have you looked at the nearest contracts for Euro futures (symbol 6EM0 at my brokerage) or crude oil (CLJ0 or CLK0 right now)?
Unlike a lot of futures that trade overnight, they usually have enough liquidity to make good, well-formed price bars between ~ 7 PM and midnight eastern time on 5 minute charts. Yen futures often have decent price bars too.
Kevin
Unlike a lot of futures that trade overnight, they usually have enough liquidity to make good, well-formed price bars between ~ 7 PM and midnight eastern time on 5 minute charts. Yen futures often have decent price bars too.
Kevin