Why Is The Obvious Not So Obvious?
- Thread starter nysestocks
- Start date
Appreciate your post and it is good advice, very true that being consistent is more important that the big wins. They will come later. I was doing that then went too big too soon. Must remember kids want to run at their early stages but when they run too fast too soon they fall.
No different in this game, have been thinking and would love to be trained by a seasoned trader all because it will shave years off trying to do it yourself. Just don't know who to go to or who to trust. For the record the two I approached gave me every excuse in the book to NOT give me their last years PnL results. All about "propriety this and that" what a load of shite ! No Deal
Yes VO, but the key word is realistic, as we must not let the usual hype and idiotic way of thinking ruin our opportunities.
As per discussion with DR, I am now not going to trade today, I have 2 ES option trades open since last night, but they are a little experiment with long call and long put at same time, and will be closed before market finishes today, for what will more than likely be a very small loss, but that is the whole point of the experiment, see how much the combo loses in a day.
My target is now set at $1k per week, and anything over that is a bonus, with max drawdown at $1.5k, and max loss per week, at $500, as it will happen some weeks, but very few if I keep doing what I am doing, and not allow myself to get sucked in and start overtrading with the notion of big easy money.
I can tell you now, that if I place a trade, without checking the charts first, then that trade will have a 90% chance of losing, so that is my main focus, after that trade management is crucial, as profits can quickly disappear, especially when trading ES and CL, which are my current focus due to time constraints.
J_S
I like the fact that you think 300K is "possible"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
That gives me hope BUT I am also well aware of the mindset and patience among other things that one must adopt. The question is can disciplined be learned and how. Or is it a case of you either have it or you don't. I need to say I have a form of discipline in every day life but it seems trading requires a different type of. For some me included it has been the core of the struggle..
You do not need anyone else, for the main person you need to talk to, is yourself.
As for RN and I, well, RN is a redneck, by his own obvious statement
, and I am just a thick Irish Paddy, who knows that, the only thing I know, is that I really know nothing
What RN has shown, and what I have said, contains everything that any person requires to become profitable, and, what determines the outcome for each person, is how serious they take the information, and what they actually do with it - action is the key word here, same as when trading, as doing nothing will achieve nothing.
Forget about mentors, you do not need them, especially the ones who charge money, as it is very obvious what their main focus is on
J_S
Ok DR, let's see how serious you really are, and you know this is not a smart question.
Show me, in a very simple overview, how you plan to make $2K every day?
Start with a box on the left, call it Box A, and finish with a box on the right, call it Box B.
Fill in between Box A and Box B, how you are going to make $2k per day trading.
It does not get much simpler than this, but I bet you will be amazed at how many things you have overlooked, so let's see what you come up with?
J_S
Actually, lets make it very realistic, and change the $2k to $500 dollars.
So I should have wished you a happy St Patricks day back in March my apologies... : )You do not need anyone else, for the main person you need to talk to, is yourself.
As for RN and I, well, RN is a redneck, by his own obvious statement
What RN has shown, and what I have said, contains everything that any person requires to become profitable, and, what determines the outcome for each person, is how serious they take the information, and what they actually do with it - action is the key word here, same as when trading, as doing nothing will achieve nothing.
Forget about mentors, you do not need them, especially the ones who charge money, as it is very obvious what their main focus is on
J_S
I do understand and I do appreciate it, in fact another trader who is profitable told me similar things you two have mentioned it was recent mind you. Getting trained would be nice, but deep down I know it's not going to happen and not really MY style.
So now that I've heard it yet again it is starting to sink in. I have tasted success at least I can say that. The few other traders I personally know have said, "at least you tasted it". So 2016 is when the rubber needs to hit the road.
DR, I think that figuring out where to place low risk trades helps a lot with the discipline issue as based on that you can build a plan to trade specific set ups and then set your bets and wait for the results.
in my personal experience the issue with discipline comes form not having a clear trading plan and trading setup, once you have that it will be easier to do what you must do.
in my personal experience the issue with discipline comes form not having a clear trading plan and trading setup, once you have that it will be easier to do what you must do.
Great challenge and I will oblidge, but it's not that simple. It can't be told in one sentence how to do this. Right now a few things are racing through my mind on how to reply. I feel to be fair and so that my answer really reflects on where I really am in trading right now I need to add annotated charts as well. So I will need some time to reply. I can give a sentence but it will be more like explaining my trading plan.
I guess:
H = Hold
W = Wait
B = Buy
So to know when to hold a position (when it goes against you or how long to hold on to a winner);
when to stay out the market;
and when to take action.