Why Is The Obvious Not So Obvious?
- Thread starter nysestocks
- Start date
DR, it is like this, whenever I apply myself, meaning I take the time to look at the charts before I place the trades, it usually works out good.
Example, this week, I have done several trades on ES and CL options, all long trades, no selling options, but no trade taken without first checking charts, and most done on mobile phone. Off the top of my head, I had no losers, although one trade was down $800 at one stage due to me not watching market at the time, and having no profit taker order in - and profit for the week is approx $1,750.
Some would consider this small money, others very good money, but seeing as it was made when mostly not watching the markets, but keeping an eye now and then, and acting if the price says it is best to act now, I am very happy with it, and will try and repeat it every week, or even better, but some weeks may be less, and no week should be a loser, once I keep focused, keep doing the same thing, and don't overtrade.
If i had the time to sit in front of the screen all day, then I know I could do much better, but I also know I could also screw up, as there are key times to trade, and times it is best to keep away.
I screwed up, not trading related, and it is your personal fuk ups that will screw up your trading, and it takes a long time to get back into the right frame of mind, but when you are there you will know it, as it will be reflected in your profits.
Timeframes, yes, I believe if you do not use MTFA then you drastically reduce your odds, even for short term trades, for, you must be aware of key S&R levels, as they are the levels at which price will either continue or reverse, which is what makes money trading. This applies to any market, so in that respect, a chart is a chart, and correct chart reading is the key to success when used with proper risk management - everything else is the traders problem!
J_S
I have also discovered that different markets are best traded at different times, and some offer even better opportunities at specific times, so, in that respect, you must know the best times to trade for the markets you chose - one way round this is to use options, as you can cap your risk without getting stopped out continuously, which is the big killer for most who try.
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Nice to hear considering you were on mobile app. and your points are worth noting.
Hopefully everyone that goes through the process of overcoming self becomes overall profitable in the end. I don't have much more to add except I've gone from making alot of money to fuk all then back again and so on. It piss's me off.
+27k one month -37k the next then like I said in another post when I trade small everything is fine but I'm not in it for 2000.00 a month. I know much more can be made.
Yes I know I have issues ... lol
Hopefully everyone that goes through the process of overcoming self becomes overall profitable in the end. I don't have much more to add except I've gone from making alot of money to fuk all then back again and so on. It piss's me off.
+27k one month -37k the next then like I said in another post when I trade small everything is fine but I'm not in it for 2000.00 a month. I know much more can be made.
Yes I know I have issues ... lol
Oh yes, as I think it is very important, and that is, you must ignore the idiots who come along trying to sell you something, for, they will do nothing for you but cause you to waste lots of time and money, but as most have no experience with losing and winning trades, they are easily led astray.
The only person you need to make you money, is yourself, and you should never ever give your hard earned money to any other person, no matter what they will tell you, and this goes for your pension also, as you can now trade any market direction with a pension account, with the use of options and inverse etf's.
J_S
The only person you need to make you money, is yourself, and you should never ever give your hard earned money to any other person, no matter what they will tell you, and this goes for your pension also, as you can now trade any market direction with a pension account, with the use of options and inverse etf's.
J_S
Right away I can tell you that you are overtrading, and making the big mistake of not taking profits out, which you must do to keep the money you make.
Greed will keep fukin you up, and I know, to the tune of 17K sterling one morning, but that changed my way of thinking forever, and let's just say I saw common sense after that, well, to be truthful, it took 2 more after thats, but not as near as the 17k, but when you get to the 3rd time, it must stop, otherwise you will never be able to make money and keep it, which is the whole purpose of trading.
J_S
I know once my testosterone drops another notch I'll be much closer to the change that's required. Seriously most everyone's posts are helpful but especially lately yours and RN's.
Wish I could buy you guys dinner sometime and have a chat about the markets.
It is such a burning desire and most likely an obsession to become a top trader. Defined by 300K / year.
YES I know focusing on the money only, is the worse thing to do but what I'm sharing is just the focus that I have... it will come later and most surely if i get the A&M right as RN put it.
So, when NY says the "obvious" is the holy grail of trading, capable of delivering 500-1000% p.a., it's not about a particular method?
Of course 300K a year is possible, but might not be probable, as that is roughly 6.5k a week profit, which means an even higher amount when you take losses into consideration.
You must set realistic targets based on your available cash, with no margin, as margin should only be used for daytrading, to allow you trade highly priced stocks. If you start using margin for buy and hold, I think that is a very foolish road to take.
Say you have $100k cash account, then a very realistic target is 2% per week, but this will require strict trading regime, doing the same boring think over and over - if you can do this, and take the money out, you can easily make close to $100k a year, which I think should be fine for most normal people to live comfortably on
If you want millions, then you will have to join the big firms who trade hundrerds of ES contracts per trade, but, as this is not their own money, and they get well paid regardless of the outcome, you will either need to be a top notch software person, or be in the little circle of those with the power, which is a very tight closed shop.
J_S
So, when NY says the "obvious" is the holy grail of trading, capable of delivering 500-1000% p.a., it's not about a particular method?
Yes, and No
J_S
JS, I totally agree with you.
DDR: you need to start by making 2K a month consistently, then you can scale up, if you try to make lots of money too soon you will inevitably lose as you will be risking too much.
I know from experience after I lost 5 digit sums 3 times last year. Now I am paper trading as if I was trading real money and will keep doing so until I am consistent and in CONTROL for a good time (months) then I will move back to live trading, starting small and scaling up. I am not in a hurry to make a fortune and especially I am not in a hurry to lose the rest of my money!!!
DDR: you need to start by making 2K a month consistently, then you can scale up, if you try to make lots of money too soon you will inevitably lose as you will be risking too much.
I know from experience after I lost 5 digit sums 3 times last year. Now I am paper trading as if I was trading real money and will keep doing so until I am consistent and in CONTROL for a good time (months) then I will move back to live trading, starting small and scaling up. I am not in a hurry to make a fortune and especially I am not in a hurry to lose the rest of my money!!!