Trying to transition from full time job to trading. Having trouble with discipline.
- Thread starter jinxu
- Start date
I've mentioned this here before, but you CANNOT successfully swing trade until you successfully daytrade. You'll get chopped to death. It's a matter of understanding market mechanics. Long-term is a different story.
only when one knows how to trade
for now one is just learning, and on the daily or weekly charts one would need 9 lives to learn
that's the reality of the situation
and one should not believe that swing trading is a solution - its not
if one whats to learn he need to learn on the smallest timeframes possible
and even that will take many years
What you have lost must be a big money even though it's not in a relative comparison.
I don't know why people try to run before they learn to walk.
The best method is that until you get to the stage where you can make consistent profits or at least to the stage where you don't lose to the market (break even) anymore, which will take at least 2 years, you need to try to learn how to trade first.
You Sir, trying to be greedy when you don't know where you are in cannot be called a trading. It is a gambling.
Enjoy doing trading first Sir before thinking of becoming rich.
Trade with a small lot and never ever open more than one position.
Save your money and do the topstep combine which will force to you become ultra disciplined or fail without blowing what little little capital you have.
Sounds interesting, but the reviews are very negative:
Once funded, TST keeps 20% of earnings.
Once funded , TST charges 3 times what TradeStation does for exchange data fees.
Once funded, TST would expect me to purchase a $1000 license for NinjaTrader, even though I already have TradeStation.
Don't Bother
The cheesy pseudo-community and apparently supportive environment is just a lure. The main revenue for this company is 500+ traders a month wasting precious time and money pumping credit card payments into a paper trading practice account - something you can get for free on any brokerage website.
When you complete a combine you will not receive funding to trade... NO... ! you will be put into another paper trading trial that can last anywhere from 2 weeks to 2 months.
This trial has more stringent requirements than the combine and although it's free - a part of the purpose of it is to make you fail and repeat another combine, which you must pay for.
If you do get past that trial - do some maths - $150,000 account is not what you are getting - the day margins on most of these contracts is about 2k, and you have to close before settlement each day, so you are actually getting about $30k.
Furthermore, there are better, more serious prop trading companies out there and come on... if you want to trade seriously, get yourself together and raise your own $20-30k... look.. there's $400 of it already you are about to spend on a combine, 4-5 weeks work, you can already be a way towards your own 20-30k account. Whether that's enough to work with and earn and live off, probably not.
PT BARNUM was right
1. If you can hit these parameters, get off your ass and start cold calling.
2. Do the math. It doesnt add up.
3. You are trading on demo. Wake up.
4. If you save your combine fees for a year, and get a paper trading platform, you can do the same thing...FOR FREE!
5. Why wont this guy go on Bloomberg or MSNBC? Timmy Sykes did it, why? Because he is legit and proves his track record when he charges for his info etc.
6. If you make money every single trading day at 300 bucks a day, thats 1500 a week. Sounds great right? Except you are forgetting TAXES, Profit Splits etc. *Nevermind nobody on planet earth can go 20 for 20 on a monthly daytrading basis. NOBODY. Therefore, you are wasting countless hours, combine fees to listen to a Puppeteer broadcast (look him up). By the end of the year you could have developed a REAL track record at a Prop Shop instead of wasting your time on this nonsense.
7. Name 1 TST trader that has moved on to bigger and better things....waiting...still waiting.
Also, many disgruntled traders have left this horrible scam and yet their names are still on the site.
Sometimes we want to believe so badly in a fantasy that it blinds us.
Lastly, I pray this kid is dumb enough to go on Bloomberg or CNBC to advertise this scam so the CFTC could have a FIELD day with him.
Kids, there are NO SHORTCUTS in life. You are better off working and doing this with REAL MONEY.
Good luck.
Everyone one else, chill out and drink some optimism kool aid. Notice how I didn't reveal how much I lost and everyone thinks it's the end of the world. The goal of a training account is to practice.
Thanks to the guys that actually answer my question.
Instead of quitting, I may try to work out a deal with my employer to work part time but I probably would need a good excuse. My employer already knows about my trading and he knows about my intent to quit soon. He is fine with it.
Thanks to the guys that actually answer my question.
Instead of quitting, I may try to work out a deal with my employer to work part time but I probably would need a good excuse. My employer already knows about my trading and he knows about my intent to quit soon. He is fine with it.
That's not something to be proud of.
I didn't say I was proud of it. I was answering a previous poster's comment.
Anyways, I have another question and I've tried searching on google on this with no luck.
I need a news source that gives me info on any potential market moving events like the Brexit and yesterday's Bank of England decision. Something like this:
https://www.briefing.com/investor/markets/stock-market-update/
But unlike that link, I want the information at the start of day or start of week with reliable warning. And gives me the time of any said events. With Brexit, I had to google article to find the timeline that decisions would be made and still got a bunch of random article that didn't give me much information of what to expect. I want a news service that will do that.
Preferably free, but I may be willing to pay a subscription if it's good.
I need a news source that gives me info on any potential market moving events like the Brexit and yesterday's Bank of England decision. Something like this:
https://www.briefing.com/investor/markets/stock-market-update/
But unlike that link, I want the information at the start of day or start of week with reliable warning. And gives me the time of any said events. With Brexit, I had to google article to find the timeline that decisions would be made and still got a bunch of random article that didn't give me much information of what to expect. I want a news service that will do that.
Preferably free, but I may be willing to pay a subscription if it's good.