Who were your teachers/mentors?
- Thread starter Liberty Market Investment
- Start date
Hello themickey,
Thank you for sharing your trading journey with us. For me, it is very nice to see your journey and experiences lead you to great rewards.
I like hearing about day traders making money. It inspires me.
Great work.
ironchef,Once a reporter interviewed Ted Weschier and Tod Combs asked them what they did with their time everyday, after all, at BRK they only made a few trades a year. They said they spent 8 hours everyday reading and researching companies, businesses, news and after they went home, they read and researched more until bed time. So it only looked easy from the outside looking in.
We are all different and with different trading styles so trading is very easy for you but 24/7 hard for me:
The amount of constant backtesting, adjusting the recipe, finding/testing new recipes took up a lot of times. I tested and researched many things you folks posted and there are hundreds of things mentioned just in a day. The other day, someone here mentioned statistical arbitrage, I went out bought books written by Ed Thorp, read up on all the ET posts on the topic and studies published by professors from MIT, Columbia, Harvard, Stanford. And then there is Butterfly. Someone said it was bread and butter for you pros here. I spent hundreds of hours on it and still haven't found a profitable way and will probably spend hundreds of hours more before I give up. I also have hundreds of books on options that I read and reread.
For every underlying I trade, I read up on the company's annual reports, SEC filings, FDA filings, analysts report, news releases, political news related, Fed reports..... the list is endless.
And I read charts: ticks, minute, hr, day, wk, month for each underlying on my watch list everyday....
Since I don't have a finance background, to arm myself, there are also Coursera courses in finance, economics, financial engineerings, coding, programing and statistics I am taking.
Life was a lot easier when I had my day job but the joy of making one good trade is priceless.
Best wishes to you.
Question for you sir. Have you tried trading the way you want to trade and what makes sense to you "only"?
For example, I do not like picking tops and bottoms. I am slave and the market is my master. When I wake up in the morning, and see prices going up, I go long, if see prices going down, I go down. I am a follower, not a leader.
The weather bureau guys when they make forecasts, I would imagine use instruments which read pressure and moisture, humidity and get data from satellites.
I doubt they would spend too much time looking at historical charts, but if they did, it would be for confirmations and to gain an historical perspective and training purposes for noobs. But their main analysis would be current data, not charts and not from standing on a balcony looking at the sky.
Likewise, during each trading day I don't refer to charts other than a quick confimation squiz if I'm about to pounce. My laptop is looking at rows of math formula results, not charts.
After 30 years in this business do you think success comes from following the TA rut that millions are following?
A chart is maybe 2% of my analysis and its a 5 second peek - like a sideways glance.
I doubt they would spend too much time looking at historical charts, but if they did, it would be for confirmations and to gain an historical perspective and training purposes for noobs. But their main analysis would be current data, not charts and not from standing on a balcony looking at the sky.
Likewise, during each trading day I don't refer to charts other than a quick confimation squiz if I'm about to pounce. My laptop is looking at rows of math formula results, not charts.
After 30 years in this business do you think success comes from following the TA rut that millions are following?
A chart is maybe 2% of my analysis and its a 5 second peek - like a sideways glance.
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I want to sit on a beach somewhere in the Caribbean, or Cannes, or Monte Carlo, trade from my laptop, no need to work, just use the auto signals generated by my code, place a couple of trades a day and make enough to pay for everything I want. I tried, it didn't work.
So, I trade the only way I know how to eke out a living.
Actually it is not bad, I do research, I read, I trade, just me and my computers, no need to socialize with anyone, no employees, no boss.... Not a bad way to make a living!
@themickey, I get it, after 30 years you are at peace with yourself and want to leave well enough alone.
Me, I am not there yet.
Peace.
Yes sir. I am with you on that part buddy.I want to sit on a beach somewhere in the Caribbean, or Cannes, or Monte Carlo, trade from my laptop, no need to work, just use the auto signals generated by my code, place a couple of trades a day and make enough to pay for everything I want. I tried, it didn't work.
So, I trade the only way I know how to eke out a living.
Actually it is not bad, I do research, I read, I trade, just me and my computers, no need to socialize with anyone, no employees, no boss.... Not a bad way to make a living!
I want to sit on a beach somewhere in the Caribbean, or Cannes, or Monte Carlo, trade from my laptop, no need to work, just use the auto signals generated by my code, place a couple of trades a day and make enough to pay for everything I want. I tried, it didn't work...
Not sure where you're located but international border restrictions not likely for the remainder of 2020 but European countries will decide on June 15th when to reopen its borders.
Most likely you'll be stuck wherever you're currently located.
It's going to be a summer for exploration of our own neighbourhoods. That's ok unless you're living in a boring place.
wrbtrader
Yes, I am stuck in boring Southern California.