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Matt_K74

Hey guys - this looks like the perfect day to start my journal. If I look at my raw numbers I'm down -7083 so far today and -83132 for the year - the day is not over yet.

Let me quickly introduce myself. My name is Matthias - I am a 48 yo software dev manager born in Germany living in Colorado, married, 2 kids.

I've been trading 20+ years (you couldn't tell based on my P&L this year) and caught the trading bug when I was new to the country, lived in Chicago and was working for an options company on Lasalle.

I struggle somewhat with addiction/all or nothing mindset and typically try to channel a lot through fitness (I love to race bikes) - although recently I've mostly channeled them through weed - hence my hope this journal (which I hope will be a tool for accountability) will help me.

I'm about 4 ish years from retirement - at least that's the plan and hope to post twice a week on here.

As far as my trading goes - I'm trading two systems, thetagang/wheel is one of them - cointegrated pairs stock/futures trades is the second system. I reduced my account balances today to protect myself from myself - I've seen this movie before where I get too frustrated, so right now my balances are:
306.000 TD IRA
553.000 TD Portfolio Margin Account (I'm using 400.000 in margin)
280.000 IB Portfolio Margin Account (I'm using 170.000 in margin)
75.000 Tastyworks Futures Account (I'm using 12.000 in margin)

My overall net worth (not liquid but everything) is ~ 4M with quite some fluctuations and I'm looking at spending at least 500.000 on colleges the next four years.

I usually do best when I follow (and trust) "the process" and don't questions things too much - I'm hoping this journal will help me with this.
 
It sounds like you don't have the right mind set for trading. You might do a lot better investing instead. Also, why aren't you using stop losses? It only cost a few bucks to exit a trade and then get backin at a more favorable time. Best of luck...
 
Matt_K74 said:
I've been trading 20+ years
lived in Chicago and was working for an options company

I struggle somewhat with addiction/all or nothing mindset
More...
I thought all those finance, options, employee trader types you see on news photos were so expertly successful at trading, and printed millions annually for themselves doing what they do.
 
MacBookProHo said:
I thought all those finance, options, employee trader types you see on news photos were so expertly successful at trading, and printed millions annually for themselves doing what they do.
More...
I was in software development - saw and learned (slowly) from the sidelines watching (loved the energy on the trading floor although only from a distance) - not all of them were successful though, that's for sure.
 
Matt_K74 said:
I usually do best when I follow (and trust) "the process" and don't questions things too much - I'm hoping this journal will help me with this.
More...
So what is the plan? How do you see the journal helping?
Will you post the process and hope that the forum will hold you accountable?
 
Based on your numbers, I assume that the bulk of your net worth is in real estate or long term (long only) investments? If so, then you're doing fine. As a total percentage of your net worth, you're only down about 2% for the year. My only advice would be to trade smaller size until you are consistently profitable. If you don't enjoy trading, then just dollar cost average those funds into an index ETF and don't look at it.
 
Matt_K74 said:
I was in software development

saw and learned (slowly) from the sidelines watching
More...

Software development and trading...are basically polar opposites of another, different ends of the spectrum.

I hate to burst your trading dream bubble...but I don't think a software developer engineer type guy....would make a successful trader. You are, naturally, way too left, linear, brained for this kind of endeavor that is part art, part science on a daily scale.

There was a trading documentary, or more of a reality show, about trading once. And the software engineer type fared really low compared to everyone else. It was a UK show called Million Dollar Traders, or something like that.

May the Farce be with you, though, on this trading journal adventure journey,
Hopefully, you will be the exception to the rule....and print millions annually,
 
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