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TimRacette
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Posts posted by TimRacette
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emg,
I find trading successfully, above all else is dependent on your ability to fully accept the risks associated with placing each trade. If you can learn to detach yourself from the money and trade with size small enough that does not instill fear of loss, then you stand the greatest chance to succeed as a trader.
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Thanks for all the killer insight Rande.
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johnw- it's amazing how childhood experiences stay with us long into our adulthood and shape our subconscious actions.
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Steven, imo it's much more difficult to trade nowadays as apposed to 20 years ago, and I think it will continue to become more difficult as the markets become more efficient. The meat of the move is in the larger time frame. It's hard to compete as a few tick scalper with so many HFT systems hitting the tape all day long.
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Logic does make a great point, most recently the flash crash, there were technical short setups before the crash even took place.
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TheDude, do you trade out of Chicago then? I agree with a lot of your points.
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Nice book to read, once, after you are consistently profitable.Have you ever met and had a lengthy conversation with Nassim?
Something you ought to do, if you haven't . . . one time as well.
Wow, that's cool you got to speak with Nassim. I've heard some interviews he's done on EconTalk, quite the eccentric character, but there is a lot of weight to his arguments. Pretty deep stuff.
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Technical in the sense that they adhere to the same technical setups each day. When the trend fails you can have confidence trading in the new direction because the setups are reliable. (A 15-min chart is my preference).
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Technical analysis is really just a way to identify the trend. The edge emerges when you combine your strategy for entry with cutting your losses when the trade goes against you therefore resulting in manipulating the odds in your favor.
HOWEVER, if you do want some interesting theory and empirical evidence to support that the markets are random Nassim Talebs' book's the Black Swan and Fooled by Randomness will do just that, I recommend the audio versions.
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From a technical standpoint there is no market like the ES. Except of course...the Euro. Between ES and 6E I've found that there are quality setups every trading day.
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Limiting yourself to two full stop outs on the day allows you to keep the gains you have accumulated and limits your risk if you start off the day with a losing trade. Trade small when you are losing, trade big when you are winning.
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Thanks Negotiator I'll check that out.
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Same here. I trade to compliment my income, but it is not my sole source. I've contemplated upping size and trying full time, but it makes me nervous. Keeping the 9-5 helps me stay relaxed while trading.There's a lot of benefits of having supplemental income or a passive income stream, especially when making the switch or trying out full time trading. Timothy Ferris's book the 4-hr Work Week is a great attest to that.
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Trading is one of the most difficult professions around. No one can argue to that.
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I have to agree with iwshares, if anything the death of Osama puts military back on high alert. The fundamentals of the US economy are still unchanged.
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Hey folks, I am getting into options and not sure if this is the right forum. Looking for a broker with Optionsxpress vs Optionhouse. Any thoughts pro or con or is this a whole nother ball game? Thanks, just doing a lot of learning with the fact I have to know where to set my stops and my targets as that has knocked me out a bunch on simulated trade. Thanks diggerOh yeah, I build engines for Hot Rods, race cars, boats and boggers here in Hotlanta.
Thinkorswim is the way to go, imo DiggerDon. They're the Apple of options brokerage platforms.
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mslk - I use thinkorswim and Finviz is a good tool for creating watchlists.
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I agree with MM there are better options out there for the shorter time frame trader. While the ES may be extremely technical, the ranges make for slow trade at times. I look to the Euro (6E) for technical + large range trade.
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Hey Choubix, I know thinkorswim's Prodigio platform is pretty robust when it comes to setting up your automated strategy, that would be one to check out. There's also another firm out of Chicago called Tickit, they have a pretty solid platform as well.
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I would argue that the ES is the most technical instrument there is, that being said, you are competing against the best traders in the world. My second point would be that most hedge funds use the ES as a hedge for their long stock positions, to put it simply.
First published in the Brady report It's the consensus among many traders that the October 1987 crash was caused in large part due to this hedging known as portfolio insurance, selling large amounts of futures contracts against their long positions.
Will all that, I still love the ES, 2010 was a fantastic year for trading it. 2011, not so much. The Euro is a much wider instrument to trade in that the moves are still technical and it moves in price swings equivalent to 25 ES points a day. If I had one instrument to trade right now, it'd be the Euro Futures.
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...but it seems as though many of the baby boomer age folks spent their lives working in a job that they really didn't feel a strong passion for...MM,
Might wanna stop and read a little closer next time.
-Tim
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i retired at 55 and began a very active lifestyle...surrounding myself with great friends i love.. couple that with no financial worries due to income from stock trading.....
it doesn't get much better than that!
peter.
I can't speak for you or anyone else Peter, but it seems as though many of the baby boomer age folks spent their lives working in a job that they really didn't feel a strong passion for. Now that they are retiring and have built up a small fortune over the years, they have the time, and the money to do the things that they really enjoy and feel strongly about.
College grads these days value living life for today and taking "mini retirements" along the way, not saving everything till when we're 65, social security, medicare, and medicare are not something to depend on for the 20 somethings of today.
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Master the principles and your methodology on a small account first become increasing your size. If you trade too big to quick, you just end up throwing money down the toilet. As Trump and other millionaires/billionaires of the world always say, you're first million is the hardest.
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As human's we are fascinated with the unpredictable, Black Swan theory.
Why the S&P E-Mini Stinks
in E-mini Futures
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mslk- most of the benefits on that list encompass futures as a whole not just the /YM. Multi-item futures offer superior tax treatment and accounting benefits for sure. I also find those markets to adhere to technical systems better than some individual stocks.