Making Money Trading

Which market do you want to learn to trade?

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trader_dante said:
A huge dream of mine has come true and I have been given the chance to work as a professional trader.
Click to expand...

TD, congratulations!:clap:
I hope you don't mind me asking, but what is the benefit of trading for a company when you can trade profitable for yourself? financial security?
I think i don't understand what a fully backed local means..
 
Thanks for your input TD, good luck with the new position and have a fantastic new year.




ps: I do like that bund - TA is fantastic - hope you caught some off 113 ;)
 
Congratulations on your dream coming true and many thanks for you efforts on this thread.

:clap: I however, am going to be cheeky and ask: will you have time between now and January to complete the learning you outlined at the outset of this thread?

Tafita
 
I knew you were up to something!

Best wishes with your new career TD !
(y)

I reckon we've got enough interest and material here to keep the thread ticking over whilst you're away.

It's exciting to think what progress we can make in 2008 if we work towards forming a professional, disciplined approach to trading as shown in your posts on this thread.

I plan to go through the entire thread again over Christmas.

Best Regards,
Neil
 
Reas said:
TD, congratulations!:clap:
I hope you don't mind me asking, but what is the benefit of trading for a company when you can trade profitable for yourself? financial security?
I think i don't understand what a fully backed local means..
Click to expand...

A fully backed local means that the house provides the equity and you trade for a profit share.

I suppose the most common benefit that people would cite is that you have all the reward and none of the risk that you do with trading your own account. Although to be honest with you I've always been a risk taker so this doesn't really bother me.

I would say the most important benefit for me is that I get a chance to experience the "other side". To see how professionals trade and work with others to improve my understanding of the markets.

At the same time, although I am making money, I am still relatively undercapitalised and in the back of my mind I still remember what happened to me the last time I tried to go it alone :)
 
smbtnt said:
Thanks for your input TD, good luck with the new position and have a fantastic new year.

ps: I do like that bund - TA is fantastic - hope you caught some off 113 ;)
Click to expand...

The bund seems to respond very well to price action trading.

I have been watching this like a hawk.

The S/R pivot is being tested as I write. (see chart)
 

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Reas said:
I hope you don't mind me asking, but what is the benefit of trading for a company when you can trade profitable for yourself? financial security?
I think i don't understand what a fully backed local means..
Click to expand...


all the reasons TD gave already, plus the addition of the potential to work with huge leverage.

The difference between putting on a 10 pound per point spread-bet on the bund with your own money, vs the scope to put on 100 contracts in the underlying worth €1000 per point using the houses money.
 
tafita said:
Congratulations on your dream coming true and many thanks for you efforts on this thread.

:clap: I however, am going to be cheeky and ask: will you have time between now and January to complete the learning you outlined at the outset of this thread?

Tafita
Click to expand...

Hi Tafita,

I think I've covered most of it. I've still got a few weeks though and would be very happy to write about anything that any of the readers of this thread are interested in.

I had a few PMs that have suggested different areas to cover including how I structure my day and what setup I have in terms of number of screens, software I use etc.

I normally answer these questions via PM but if there is anything that anyone wants me to cover here: just ask :)
 
Good luck.

Hello TraderD.

I haven't posted much as been away and busy at work etc. But just catching up now.
Congratulations on your new position, hope it goes really well for you.
In terms of the next few weeks and completing the thread's training points, I thought your post below might be a good checklist of what has been covered and what hasn't up to now.

I would be interested in your views on the following points:

- How to sometimes "cheat" your SB broker for an optimal entry into the market
- Other types of price action that can be even more profitable.
- How to understand the rhythmn of the market. The single BEST time to enter the market in my opinion. Much of the time the market is a chaotic mess. But I am going to show you a window of opportunity where the market moves cleanly and beautifully
- How I do or do not position myself when the market attempts new highs
- The two things that many traders love to look at that I ignore

If you have already covered the above, then apologies, and I'll look back thru the thread again.

Thanks


trader_dante said:
We are really scratching the surface here.

As more of a list to remind myself rather than hype this up, I am going to show you over the course of this thread:

- How to sometimes "cheat" your SB broker for an optimal entry into the market

- The discretionary element in pin bar trading: What makes a good pin?

- Other types of price action that can be even more profitable.

- Where to place buy and sell stops when you enter the market

- The best way to trail an exit stop

- How to understand the rhythmn of the market. The single BEST time to enter the market in my opinion. Much of the time the market is a chaotic mess. But I am going to show you a window of opportunity where the market moves cleanly and beautifully

- How to find the optimal place to add to your positions so your risk decreases and your reward increases

- How I still frequently nearly come off the rails and how to avoid it

- What to do if the market gaps very badly against you

- How I do or do not position myself when the market attempts new highs

- The only time I look at an indicator

- The two things that many traders love to look at that I ignore

- Find out if your thought processes are stopping you making money OR more simply: Is there a difference between what you want to do and what you are good at doing?

Edit: haha just read this again - it reminds me of one of those cheap scams you get. Try this new system out - guaranteed to make you 18,000% in 3 months...rest assured - IT'S NOT :)
Click to expand...
 
jitasb said:
In terms of the next few weeks and completing the thread's training points, I thought your post below might be a good checklist of what has been covered and what hasn't up to now.

I would be interested in your views on the following points:

- How to sometimes "cheat" your SB broker for an optimal entry into the market
- Other types of price action that can be even more profitable.
- How to understand the rhythmn of the market. The single BEST time to enter the market in my opinion. Much of the time the market is a chaotic mess. But I am going to show you a window of opportunity where the market moves cleanly and beautifully
- How I do or do not position myself when the market attempts new highs
- The two things that many traders love to look at that I ignore

If you have already covered the above, then apologies, and I'll look back thru the thread again.

Thanks
Click to expand...

Hi Jitasb,

I will cover every single point on that list over the next few weeks.

Tom
 
Hi TD,

I for one, would be interested in how you structure your day. I cant remember how many markets you said that you watch but it was quite a lot, and you check them each hour.

I usually only trade daily's, sometimes 4hr, but I spend quite a long time looking at charts... it would take me say 5 -10 mins to look at one chart checking I haven't missed anything, but you must quickly zip over them.

I would like to trade more 4hr and possibly 1hr but can't seem to get into it properly. The mathematician in me makes me leave trades on too long - 3pip spread for 20pip gain is 15% and I can't have that much of an edge in the worlds biggest market, can I? - Then add to that I spend 5mins looking at chart and miss a few of those pips..............

Great news about your prop trading by the way, all the best in 2008 :)
 
trader_dante said:
A huge dream of mine has come true and I have been given the chance to work as a professional trader.
Click to expand...
Hi Trader_dante, I met you at Fibonelli's meeting in November. I recall our chat about the inverse relation between P&L and working F/T rather than P/T trading.
trader_dante said:
I took my trading records to a prop firm and they have accepted me to trade as a fully backed local providing I can continue with the success I have had.
Click to expand...
:clap: CONGRATULATIONS!!! :clap:
trader_dante said:
I have built my account by 2,811% in six months and as I have said before, although this percentage masks a relatively small CAPITAL increase, I am now consistently profitable and my equity is growing.
Click to expand...
Well done - However, I don't understand how your percentage figure masks a small capital increase. Am I missing something? (Apologies if you've explained, unfortunately there's a bug with the search tool for IE6.0 and I haven't found it in the 100+ pages of this thread!)
trader_dante said:
If you understand the price action setups and you are PATIENT and WAIT for the market to come to you and are DISCIPLINED to take only the setups that have everything going for them, there is no reason why anyone reading this cannot achieve the same result I have.
Click to expand...
I concur, it's too easy to trade out of frustration or boredom. I've found that I do the best when I just accept that anything could happen and be prepared to exit. It's a lot less stressful too!
trader_dante said:
For all those traders that have had a difficult year, take some time out as we come into the year end and look back at where you went wrong and where you can improve.

With the New Year just around the corner, I also think it would be an invaluable exercise for every single trader to write down their goals for 2008.

Think about what you want and focus on it. Whether it be a financial goal, a new skill you want to develop or something you want to learn, write it down and work towards it.

Get your goals straight in your mind. And go get them.

This is your year.
Click to expand...
Great advice, hope to see you next year at one of Fib's next meetings!!!
 
For newbies or traders who been learning the ropes for the past 24 months. Ignore post #1097 its not as easy as it sounds.
 
RichieE said:
I don't understand how your percentage figure masks a small capital increase. Am I missing something?
Click to expand...

Well, when I say 2,800% people expect me to have made a lot more money than I actually have.

If you start with £1 and increase it to just £28, you have the same percentage increase.

That is what I mean by the percentage increase masking the capital increase :)
 
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