So Jmowery, when does you live trading begin ?
YM Traders
- Thread starter volente_00
- Start date
Funds were mailed in this Saturday. However long it takes for the check to arive at Greenstreet, and however long it takes for them to clear, is exactly how long it'll take me to begin live trading. I will not jump right in to make trades, again, I'd like to limit myself to 1 trade, 2 at the very max since I am only going to trade the last hour of the market.
I will take a few days off of school to trade the whole day. If my account gets opened soon, it could be next week or the week after, but one day I will certainly do this, as I'd like to see what I can do, and I will undoubtably be able to take my time the whole day and look for better trades instead of being limited to a certain timeframe.
So I look forward to it.
Under my mentor, the other guy who really is emotional during his trading and really doesn't follow his instructions, he is only slightly below his opening account balance. Now considering I am going to be follow close instructions and be executing very few trades, instead of scalping, If I take any losses, it will be minimal, and I'll have to be wrong quite a few times to lose money throughout a day, because one good entry point could easily make up for 1 or 2 bad trades.
So, I'm not being cocky, I'm not claiming I'm better than other novices, but to see a statistic that 95% of new traders fail, i'm here to try and break into that 95% anyway I can. I have talked to a lot of traders that I completely understand why they will fail at trading, and I try to learn from that, and have set rules for myself and have been unemotional during simulated trading. I have said it will be a very good test of my emotions to switch to live trading, and I said that when I first switch it will take time.
So I'm not expecting to make money the first few days, maybe even weeks, but I'm going to say right now, that I will not blow out my account unless I really am not a trader. I'm telling everyone right now, if I blow out my account with the things I know now, compared to what I knew when I first started, and under the advice and mentoring from a professional... then I'm not even deserving to be here.
So that is that, end of story... once again.
I'm looking forward to live trading, there is so much I'm looking forward, so much excitement, and emotion stored up. I don't have this emotion during trading, but on weekends... and any time I can not view a live market, it just makes me excited to see what happens the next day.
All of the rest of the stuff is directed to Porgie... because beyond being a good trader, I'm going to be out to prove him that I can be a good trader... because he just pisses me off, and really motivates me to learn more.
So Volente, I am really excited to post some results and charts once I start trading. Albeit the last hour... but for me, it's what I have to work with and I'll take advantage of the fact that probably 99.9% of all 18 year olds in the world are worried about other things than trading.
I talk to my mentor every day about this. He sees potential in me, I see potential in myself... but not that much to say that I will not fail, there is always that possibility and I'm open to all posibilities.
The only thing that will really stop me from being a good trader is emotions. I have survived 5 months now of trading. I have taken my losses in learning, sacrificing money and a whole summer, while others were out partying and enjoying life, I was at home almost every day studying, reading books, and trading with what I had *which wasn't enough for Equities, and Forex is just an area where I will admit I'm not ready for* and Futures is the first area where I FINALLY feel I'm on the same level with the pros. Money is not a factor that limits my trading ability. A pip-spread isn't taking away my money. A 25k limit doesn't limit me to trading as much as I want. And I pay 3.40 round turn in commissions with greenstreet because my mentor was able to help me get that deal from the broker.
So this is it, next week, or maybe even this week, there is no excuses. I must say trading with one 15 inch monitor is really a challenge, but that will not stop me... and the first thing I intend to do once I earn enough money from trading is to invest in a mult-monitor set-up so I can eliminate that problem, and then I will be ready.
So the only disadvantages on my side. School, 1 - 15inch monitor, and... well that is it. I'm happy to say I feel like I can finally play with the big boys, and this is like the final exam coming up.
So I look forward to doing well, and once that happens, I look forward to trading full time, and then after I do that well enough, I want to be able to help mentor other traders just like me determined to do well.
Now I'm done typing, and must get some rest to go to school.... so as usual, I hope everyone has a good trading day tomorrow, and soon I hope to be able to trade along side the members of elitetrader.
He doesn't trade anymore. (At least as long as I've been being tought by him)
I don't ask him how much money he is making, because it is beyond obvious that he has made more than enough to own a Porsche and a very nice house. All I needed to do was talk to him to know he was serious.
He is not charging me.
Jmowery,
I am giving you 2 pieces of advice before you start live trading.
You need to read this book
http://search.barnesandnoble.com/booksearch/isbnInquiry.asp?userid=EK6b5E8CB3&isbn=0132157578&itm=1
And you need to turn of the P/L window on your dom and just focus on making good trades and not on the money aspect.
I would like to know what you mentor thinks about this advice.
I am giving you 2 pieces of advice before you start live trading.
You need to read this book
http://search.barnesandnoble.com/booksearch/isbnInquiry.asp?userid=EK6b5E8CB3&isbn=0132157578&itm=1
And you need to turn of the P/L window on your dom and just focus on making good trades and not on the money aspect.
I would like to know what you mentor thinks about this advice.
Quote from SethArb:
dude ... just curious ... if you had to trade as newbie on your own without his help
how do you think you would be doing after
6 months using " real money" ?
First off, without his help... i would have never touched Futures. After all that I have heard from other traders, that futures are the most risky things and such. I never would have been introduced into futures.
Secnd, about using real money. Again, I wouldn't have touched futures, so I couldn't answer. So again, I am very greatful to have a mentor, that is why I offer help to those on this forum because most people don't get an opprotunity like I did.
Yes.
Some people get satisfaction out of helping people.... is it that hard to believe?
I didn't say he is no longer trading, I just said that he has taken out his time to help me and others.
I'm also done answering your questions... you act as if I'm lying, I don't benefit anything from lying about this.
thanks for the link to the book, i'll pick it up in the future.
I don't look at the P&L window.... I don't even look at the trading platform at all very much to tell you the truth except to execute trades.
I'm always looking at the chart. That is why I think it is a disadvantage for me to have such a small screen and have to flip flop between screens.
So no trouble there, I also believe you PM'ed me that advice before, so no need to worry.
it would be cool if eSignal had a feature where you could trade directly from the chart though, I know a few forex platforms offer this capability.
I have developed a thing for trading 2 contracts. Taking profit on the first one when it hits the next area of support or resistance, and just let the other one ride for a possible breakout, that way if it does breakout, I had no risk at all on catching on to it. Once I can afford to move up to three contracts. I'll take profit on the first area of S&R, and let the other two ride, until I reach the next area, and then take profit on another contract, and then let that last one ride. Might cost a lot of money in the end, but it is a good way to catch the breakouts if understanding who is in control, and my mentor is excellent with understanding this, and that is something I can appreciate greatly, as this is where I need help in.