Great stuff, Lucky.
Unfortunately, the people with £100 / £1000 accounts tend to have very loud voices :cheesy:
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Tell the truth.Who does/doesnt make consistent trading profits.R U even a net winner?
Great stuff, Lucky.
Unfortunately, the people with £100 / £1000 accounts tend to have very loud voices :cheesy:
shmeeko69
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Hi There
You've lost me a bit with some of the jargon, but good to hear your making a profit !!
I was losing money trading 1 & 4h timeframes, trading a few currency pairs (scalping not for me, hideous being so close to the market & getting chopped up).
I went back to using simple charts 30/90/200 MA's, RSI & MACD's.
Picked up a couple of good trading books & went back to basics & now have a journal of all my trades.
One of my rules for futures trading is, If I can't see a high probability trade within a minute or so, then It's a no no.
In conclusion, the main reason why I like & think futures trading is good, Is because it allows you to catch any big moves & that you are in the trade from the beginning of any new developing trend.
All the big players seem to have made their money from holding on to trades & that is good enough for me, afterall the trend if your friend.
If I can keep my emotions at bay & keep my discipline, then I'm sure i'll make some serious profit !!
Cheers
Mr. Charts
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"Ponce"
England and America are two countries separated by the same language
England and America are two countries separated by the same language
So far i'm a net loser.
When I paper trade or backtest pretty much any given system the road to riches should be a nice pleasant ride to the top... Nearly all strategies I have looked at make a profit in theory.
In practice.. not so. I am an idiot - This is what i've learned from my live trading sessions. Once I have learned not to be an idiot, I will succeed.
And JT - Sorry if this is a misjudgement because ultimately, i don't know you at all but it seems to me that you over-analyse things far too much... Maybe a slightly more relaxed approach would bear more fruits?
When I paper trade or backtest pretty much any given system the road to riches should be a nice pleasant ride to the top... Nearly all strategies I have looked at make a profit in theory.
In practice.. not so. I am an idiot - This is what i've learned from my live trading sessions. Once I have learned not to be an idiot, I will succeed.
And JT - Sorry if this is a misjudgement because ultimately, i don't know you at all but it seems to me that you over-analyse things far too much... Maybe a slightly more relaxed approach would bear more fruits?
ok.... here is my quid in the pot.....
Trading is all about time scale and respectable money management if you ask me (and STICKING with the way YOU want to trade and modifying it accordingly....... we aint all the same after all.... are we??)
I KNOW quite a few traders (they are paid v.well for doing it) and they go 2 years with negative p&l sometimes... they then either get canned or turn it around...... people on here seem to think that they can just start punting away with their "strategy" (usually a copy of someone else's who took years to get there) and expect the money to start rolling in (mates of mates do it all the time).... the old dogs tell them....... "it aint that easy, dont rush it, just be patient, learn/read/study/PERSEVERE"... "no, no, i am fking gifted mate... i am going to rinse it"..... what happens? a couple of winners or even a few months of winners, selling oil / ftse when it is falling daily and you hear this.... "mate, i've made a fortune, i knew i was special"..... a month later....... "mate, i blew it all, oil just couldnt go below 50dollars so i put on 200 quid a tick and dropped my mother down the ****ter".. sound familiar?
..... i reckon, that if you apply what you have read/been taught/worked at, you can make respectable money, but it takes PERSA-FUKING-VERANCE!!!! You might then be able to make 10% - 20%....... and dont come back saying, i turned 2grand into 4grand...... bla bla bla. Convert your 2grand into what it really traded for you, then do the math.
The markets really do kill those that are greedy. All the traders I know that make money (some not every year) just keep pluggin away. Chipping that block down. Trading is for the mature in mind and serious in nature. I have many examples. One of the best i know..... i was mentored by a guy... he was churning money on a daily basis trading forward interest rate swaps. One day, after 3yrs of returns, it stopped working (give or take a month or 2 to figure it out) ...... what did he do? He sat back, thought about it, (he beat kasparov at chess when young and is now in top 10 uk poker player) and started all over again, dropped the strategy that didnt work anymore and worked out a new one, just for him, put it in play, kept his job and is still makign money today. That is a TRADER.
Another guy i know, had guaranteeed bonuses fallign out of his a-hole. Came to a bank, punted the eurodollar curve (and everything else), made reasonable money, left, set up a hedge fund and dropped a massive bollok. But again, what has he done? started again, taking teh gains he had made and pocketed them.........
What else..... ow yeah,...... where i work now, there are 40 or so traders..... some are DOWN ON THE YEAR...... it is ok guys..... you can be down on the year..... next year, they will still be here and coz they persevere and are learning all the time, will probably rinse it. They are mature, long in the tooth, seen it all before types...... YOU DONT MAKE MONEY EVERY YEAR....... but just persevere...... manage what money you have and one day, it might pay off.... and when it does POCKET SOME OF IT, ....... SERIOUSLY....... POCKET A % OF YOUR GAINS..... IT'S FKING CRUCIAL..
so jt..... you love trading..... right? keep at it my man, just keep at it. It doesnt take months to become a trader, it takes years, lots of'em (talking to everyone when i say this). And if your "strategy" starts to fall apart..... re-evaluate, re-evaluate and tinker with.... ignore other peoples strategy, your mind will develop a strategy that suits you!!!! That is why the "trader_dantes's" and "options" and "hoggums" of t2w do ok..... IT IS THEIR STRATEGY. IT AINT YOURS, AND IT PROBABLY WONT WORK FOR YOU!! SERIOUSLY. YOU ARE NOT HIM. YOU DO NOT THINK THE SAME.
Make a strategy YOURS.
I dont know any traders that buy / sell at the same time. NOT ONE.
Big rant. Any questions welcome.
And to answer the question........ consistent profits? Sure, everyone can have a period of consistent profits....... but consistent profits into infinity??? Not likely.
PS. Got a question for you? Why do 90% (or whateva) need not apply?
It's like the marines...... they dont have the minerals.
Of those guys i speak of above.... they do the following.......
they are waiting for the markets at 6.30-7am.... EVERY DAY
they work til 9pm at night..... EVERY DAY
they dont look for the quick buck....
and they do that YEAR IN, YEAR OUT. How dedicated are you?
so.... if you have never been dedicated to something.. sport, womanising, man-ising and done well at it..... it is unlikely you have the correct attitude to make money trading. You do need to be obsessive/passsionate/facsinated....... coz the guys on the other side of the market are.
Trading is all about time scale and respectable money management if you ask me (and STICKING with the way YOU want to trade and modifying it accordingly....... we aint all the same after all.... are we??)
I KNOW quite a few traders (they are paid v.well for doing it) and they go 2 years with negative p&l sometimes... they then either get canned or turn it around...... people on here seem to think that they can just start punting away with their "strategy" (usually a copy of someone else's who took years to get there) and expect the money to start rolling in (mates of mates do it all the time).... the old dogs tell them....... "it aint that easy, dont rush it, just be patient, learn/read/study/PERSEVERE"... "no, no, i am fking gifted mate... i am going to rinse it"..... what happens? a couple of winners or even a few months of winners, selling oil / ftse when it is falling daily and you hear this.... "mate, i've made a fortune, i knew i was special"..... a month later....... "mate, i blew it all, oil just couldnt go below 50dollars so i put on 200 quid a tick and dropped my mother down the ****ter".. sound familiar?
..... i reckon, that if you apply what you have read/been taught/worked at, you can make respectable money, but it takes PERSA-FUKING-VERANCE!!!! You might then be able to make 10% - 20%....... and dont come back saying, i turned 2grand into 4grand...... bla bla bla. Convert your 2grand into what it really traded for you, then do the math.
The markets really do kill those that are greedy. All the traders I know that make money (some not every year) just keep pluggin away. Chipping that block down. Trading is for the mature in mind and serious in nature. I have many examples. One of the best i know..... i was mentored by a guy... he was churning money on a daily basis trading forward interest rate swaps. One day, after 3yrs of returns, it stopped working (give or take a month or 2 to figure it out) ...... what did he do? He sat back, thought about it, (he beat kasparov at chess when young and is now in top 10 uk poker player) and started all over again, dropped the strategy that didnt work anymore and worked out a new one, just for him, put it in play, kept his job and is still makign money today. That is a TRADER.
Another guy i know, had guaranteeed bonuses fallign out of his a-hole. Came to a bank, punted the eurodollar curve (and everything else), made reasonable money, left, set up a hedge fund and dropped a massive bollok. But again, what has he done? started again, taking teh gains he had made and pocketed them.........
What else..... ow yeah,...... where i work now, there are 40 or so traders..... some are DOWN ON THE YEAR...... it is ok guys..... you can be down on the year..... next year, they will still be here and coz they persevere and are learning all the time, will probably rinse it. They are mature, long in the tooth, seen it all before types...... YOU DONT MAKE MONEY EVERY YEAR....... but just persevere...... manage what money you have and one day, it might pay off.... and when it does POCKET SOME OF IT, ....... SERIOUSLY....... POCKET A % OF YOUR GAINS..... IT'S FKING CRUCIAL..
so jt..... you love trading..... right? keep at it my man, just keep at it. It doesnt take months to become a trader, it takes years, lots of'em (talking to everyone when i say this). And if your "strategy" starts to fall apart..... re-evaluate, re-evaluate and tinker with.... ignore other peoples strategy, your mind will develop a strategy that suits you!!!! That is why the "trader_dantes's" and "options" and "hoggums" of t2w do ok..... IT IS THEIR STRATEGY. IT AINT YOURS, AND IT PROBABLY WONT WORK FOR YOU!! SERIOUSLY. YOU ARE NOT HIM. YOU DO NOT THINK THE SAME.
Make a strategy YOURS.
I dont know any traders that buy / sell at the same time. NOT ONE.
Big rant. Any questions welcome.
And to answer the question........ consistent profits? Sure, everyone can have a period of consistent profits....... but consistent profits into infinity??? Not likely.
PS. Got a question for you? Why do 90% (or whateva) need not apply?
It's like the marines...... they dont have the minerals.
Of those guys i speak of above.... they do the following.......
they are waiting for the markets at 6.30-7am.... EVERY DAY
they work til 9pm at night..... EVERY DAY
they dont look for the quick buck....
and they do that YEAR IN, YEAR OUT. How dedicated are you?
so.... if you have never been dedicated to something.. sport, womanising, man-ising and done well at it..... it is unlikely you have the correct attitude to make money trading. You do need to be obsessive/passsionate/facsinated....... coz the guys on the other side of the market are.
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"Ponce"
England and America are two countries separated by the same language
Greetings,
Where did I lose you the first or second post?
cordially Ponce
rols
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"Ponce"
England and America are two countries separated by the same language
Not so in this case. A ponce is a ponce on both sides of the pond.
Unusual choice of a nik, must say...
Urban Dictionary: Ponce
Mr. Charts
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Mr. Charts
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Hey, rols, man. You sure opened my eyes with urbandictionary.
Never got those sort of laughs from the O.E.D.
Richard
Hey, rols, man. You sure opened my eyes with urbandictionary.
Never got those sort of laughs from the O.E.D.
Richard
LOL,
Should have kept the de,Leon'! The name came to me when my daughter was doing history homework.Fountain o youth stuff.
cordially ,
Ponce de Leon'
rols
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N Rothschild
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donaldduke
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I will admit to being net profitable. I make a living by trading. I have to make 40K a year just to cover living expenses. And i have made much more than that these last two years of being a full time trader.
As for being consistent... i can have multi month drawdowns that eat upto 30% of my account.
My monthly probability of being profitable is about 85%.
As for being consistent... i can have multi month drawdowns that eat upto 30% of my account.
My monthly probability of being profitable is about 85%.
Newtron Bomb
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Ive always wondered what the relationship between traders who "Do it" and O.C.D was.
And to answer the question yes... I do it live in real time and I have statements to back up my claim
Skill Leverage
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Please tell me this was a joke.
OK missing obvious part (sorry for assuming that people would know what i mean b/c a bad trader will not do well no matter the trend) : any decent trader with the usual rules that apply: discpline, money management, etc... SHOUlD have been consistently profitable. There were like maybe 5-6 decent sized retractions and one huge one. This is a trend where u could let your profits run for a few days or a week at most.
I dont see why its a joke, it has been strongly trending for a very long time. UNless, people r trying to reverse on retraction (thats kinda risky) and/or missing out on the general rules of a decent trader.
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Gumping
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First off, an apology: I haven't read all of the posts in this thread. osting without reading is something I almost never do. But.... the title is a question and here is my answer:
I started trading with equities in 2005, and ran up an £8000 account to £9000 in one year trading EOD by actually buying the stocks themselves - no leverage. (I have a full time job.). I couldn't get the system working on leveraged platforms because most of my signals were from mid-cap firms that SB's etc. don't cover.
I got married, had a baby and used that cash to put down a deposit on a house and started looking for a system on which I could use leverage to make up for a low starting balance. I went completely back to basics and also had the best part of a year not trading (baby etc.).
I've been trading forex since February of this year. I'm up in pips terms, but upped my exposure in the markets and promptly hit a drawdown, which means I'm down in £ terms.
So down about £100 - £150 on my current account, up £1000 from my equities days makes me ~ £8-900 up from ~3 years of part-time trading.
But I do, and always have worked full time for a living so there's no pressure on me to make cash trading.
I started trading with equities in 2005, and ran up an £8000 account to £9000 in one year trading EOD by actually buying the stocks themselves - no leverage. (I have a full time job.). I couldn't get the system working on leveraged platforms because most of my signals were from mid-cap firms that SB's etc. don't cover.
I got married, had a baby and used that cash to put down a deposit on a house and started looking for a system on which I could use leverage to make up for a low starting balance. I went completely back to basics and also had the best part of a year not trading (baby etc.).
I've been trading forex since February of this year. I'm up in pips terms, but upped my exposure in the markets and promptly hit a drawdown, which means I'm down in £ terms.
So down about £100 - £150 on my current account, up £1000 from my equities days makes me ~ £8-900 up from ~3 years of part-time trading.
But I do, and always have worked full time for a living so there's no pressure on me to make cash trading.
JTrader
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Probably true in some ways. I.E. analysis paralysis. Need an empty formless mind in the trade.
But i would argue that trading is one complex son of a bich, and one really does need to look into things VERY deeply in terms of understanding how it all works and fits together. developing a plan that you know will work, making sure you are following the plan in terms of waiting for strong signals etc.
with the odds of success so firmly stacked against us, looking into things deeply is a necessity for the most part.
