Jump to content

Welcome to the new Traders Laboratory! Please bear with us as we finish the migration over the next few days. If you find any issues, want to leave feedback, get in touch with us, or offer suggestions please post to the Support forum here.

  • Welcome Guests

    Welcome. You are currently viewing the forum as a guest which does not give you access to all the great features at Traders Laboratory such as interacting with members, access to all forums, downloading attachments, and eligibility to win free giveaways. Registration is fast, simple and absolutely free. Create a FREE Traders Laboratory account here.

eschirle

Making a Living Trading Futures

Recommended Posts

Is there anyone out there that makes a living from trading futures? Personally I've had a hard time transitioning from a part time profitable trader to a full time profitable trader. There is something about the way relying on it to feed your family changes things. If there are any profitable traders out there that are willing to share what you do I'm sure many others and myself included would appreciate it.

Share this post


Link to post
Share on other sites
Is there anyone out there that makes a living from trading futures? Personally I've had a hard time transitioning from a part time profitable trader to a full time profitable trader. There is something about the way relying on it to feed your family changes things. If there are any profitable traders out there that are willing to share what you do I'm sure many others and myself included would appreciate it.

 

What do you think you're doing wrong that has a big impact on your trading results and your ability to support your family that has nothing to trade method. ?

 

For example, did you save up a year or two worth of of income from your other job prior to trying to do trading full time to help remove a lot of the financial pressure to support your family when you tried to become a full time trader. Another example, you trading at home or in an environment that supports your trading instead of sabotaging your trading.

 

Explain how you tried to transition from part-time to full-time. Did you take a leave of absence from your other job, did you trade full time on your vacation or days off from your job to determine if you're suitable for trading while still employed at your other job.

 

My point with the above questions, there's more to profitable trading than a trade method and arguably those other things are more important than a trade method after taking a closer look of the individual situations of most traders.

 

Yeah, traders that are single have different problems than traders that have a family. I've been doing the family thing as a fulltime trader for about 10 years now. It ain't easy and the odds are high that if you're doing poorly...it's not trade method related although you may only be willing to tackle your problems through your trade method.

Share this post


Link to post
Share on other sites

You have chosen a very hard road to take. Unless your part-time trading produced enough savings to support your family lifestyle and fund your accounts for sufficient drawdown periods for at least 1.5 years before you had to give up, I can't relate to you putting their welfare above your immediate desires for trading success.

 

Get a real job (again) and keep the hobby trading money for vacations and long-term wealth building.

 

You are dangerous...and they have completely no idea why.

Share this post


Link to post
Share on other sites

Wow, so the guy puts his family at risk, without having a viable system in place to trade the markets.....At first glance thats what it looks like (to me)

 

I think the guy's choices are limited;

 

He can get up off his ass and find a system that he can execute profitably....it takes a bit of research....some testing and sufficient capital to trade and withstand the drawdowns

 

or

 

He can find someone to teach him how to do it...and HOPE that A.) he finds the right person, and B.) he can learn a system that he can execute in a disciplined way...(and of course he has the same issues to overcome as above)

 

or

 

He can go back to working at a regular day job

 

I think he ought to start by getting a new job and then (when he has time at night) try to do the research to find a systematic approach that works.

 

Depending on his funds, he will have to make a decision one way or the other in the near future.

 

Finally I wonder if a guy who displays this kind of judgement is going to have the capacity to make good trading decisions....?

Edited by steve46

Share this post


Link to post
Share on other sites

Thanks for the reply wrbtrader. You brought up some good points and I agree completely.

 

I have been trading for many years and as you can imagine I have made every stupid mistake possible. Some of the biggest were using indicators, the search of the holy grail, and not fully realizing the impact of the physcological aspect of trading . I was lucky enough to have a small company and home office that allows me to take part of my day and set it aside for trading. The business is in a dying industry so I have been trying to increase trading profits to supplement my income and gradually replace it.

 

Personally I feel that to be successful in trading there are many things that need to be mastered. If you have an issue with any one of them it can create problems in the other areas. For instance you have a method that is working just fine. You tested it in sim for months and things are working great. You start trading it live and everything is going well. All of a sudden things change and it doesn't work as well as it used to. You stay disciplined and stick to your setup and next thing you know you have sizable losses. What happened? The market changed and what was once working no longer does. You go back to the drawing boards and start over. You test, trade sim and find another edge for a trade and the process repeats. Now even though you thought that you had the mental aspect under control it rears its ugly head.

Share this post


Link to post
Share on other sites

On a more serious vein if the gentleman wants help...there are a number of threads on this site that provide help and direction to struggling traders....some of those threads even have the words "struggling traders" in the title.....

 

If as the gentleman suggests, this isn't an "emergency" he should be able to take a few months to read the threads and study the resources that are already in place here on the site...

Share this post


Link to post
Share on other sites

It is extremely difficult to make money trading. About 30 years ago I decided that I wanted to become a full time trader and quit my "day job". Turns out, it's much, much more difficult to achieve that goal than I originally imagined.

 

The problem with trading is that a trader goes through stretches when their methods or systems fail - it's called drawdown. If one is relying on the trading to pay the bills, this is very, very stressful.

 

Most traders can't take the pressure, and stop trading at this point. They paper trade, or just take a vacation from the markets, until, at some later point, they believe they can make money again, then they may start up trading again, usually on a smaller scale. This is a rational thing to do.

 

I have a couple of friends who spent a lot of money last year taking courses on how to trade, and they were off and running to get rich. Yipeeeee!! It didn't work. Back to the drawing boards.

 

My best advice to you - don't quit your day job.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


  • Topics

  • Posts

    • This should really be very easy, but I can't find an article or video to walk me through it. I picked 20 ticker symbols where the stocks are in a tight trading range. I got them all into one list I call "Channel". I'd like to add several indicators that apply to all, such as MACD, volume, 3 moving averages. Then I'd like to scroll through the list, adding trendlines, or horizontal lines to mark the top & bottom of the price channel for each. Then set an alarm for a breakout in each direction that indicates a breakout. Could you point me to an article or video that walks me through how to do this? ...or give me the steps? Thank you, RichardV2, Experienced stock trader back before the Internet was invented.😁
    • The Economic Proscription of U.S. Farmers by China Maybe Forever   Similar to a black eye on the face, it’s placing an indelible imprint. The retaliatory levies by China over U.S. commodity producers, such as soybeans, which seem to be forever. The moment such happens for the market it becomes irreversible.   It’s a dread numerous farmers from North Dakota to Mississippi have recognized for as far back as last year. They worry that they’ve put millions in soybean development on account of China. Since Chinese focus is now transferred towards Brazil rather, that market might be gone forever.   Once the confidence merchants have in the U.S. declines as a steady provider because of the trade dispute, the more vital its important for them to support and further broaden other avenues.   The developing danger for American agribusiness presently is that a great part of the piece of the overall industry lost throughout the year will be hard or difficult to win back at any point shortly, the Boston Consulting Group said in a detailed analysis discharged on Wednesday.   This is for the most part because of long term contracts that are regularly recorded among purchasers and sellers, contingent upon the item. The lesson from the analysis shows that U.S. farmers need to turn out to be less reliant on China, and simply trust in the best concerning those customers organizing a rebound sooner or later.   For the time being, China is going to Australia, Brazil, New Zealand, Russia, and also for its domestic producers as an option in contrast to American developed crops and animal proteins.   From the detailed analysis: “The risk that U.S. agribusinesses may for all time lose foreign market share of the overall industry isn’t only hypothetical. In past trade disputes, for example, one with China including beef, the US has not recaptured its lost share. As a result of the increase of U.S. crops and food materials more costly than other choices, high duties bring down the price to merchants who plan to expand. Also, the fewer confidence merchants have in the US as a steady provider, in perspective on the potential for future trade disputes, the more important it progresses toward becoming for them to support and further expand. After some time, merchants could loosen up complex associations with suppliers from the U.S.”   China Receives Blames for the Pressure And this is so because China is important to American farmers. China purchased $19.5 billion in U.S. agricultural items as of 2017, representing 14% of exports of farm produce, in light of BCS analysis. In July 2018, China slammed a 25% levy on U.S. agricultural items.   Exports at that point declined by an incredible 53% for the year. While exports to China have declined also for this year, over past years free fall.   There is another motivation behind why some China customers may not come back to the U.S. China is extending its very own crop acreage, particularly for soybeans. After some time, China will turn out to be progressively independent. Except if request increases generously, China will purchase its very own soybeans, regulating export development and under control in any case.   “Individuals in the business were in a condition of cheerfulness, believing that a bargain would soon be reached,” says Michael McAdoo, associate, and related executive for BCS in Montreal. “Our analysis demonstrates that regardless of whether there is a bargain, there is worry that a similar volume won’t return. They need to try different markets,” he declared.   Source: https://learn2.trade 
    • Trade Dispute Responsible for China’s Overwhelming Gold Purchase Rate   China has included more than 100 tons of gold to its stores since it continued purchasing in December, fortifying its position as one of the significant authority collectors as national banks load up on the valuable metal.   The People’s Bank of China grabbed progressively gold a month ago, raising reserves to 62.64 million ounces in September from 62.45 million in August, as per information on its site. In tonnage terms, the most recent inflow sums 5.9 tons and comes in as an expansion of about 99.8 tons over the earlier nine months.   Bullion hit the most noteworthy in over six years in September as more slow development, the trade dispute and rate reductions prodded financial specialist request. National banks have been significant purchasers as well, particularly in developing markets. Administrative demands will probably proceed as protectionist strategies and geopolitical concerns add to the request, as forecasted by Suki Cooper, the valuable metals investigator at Standard Chartered Bank.   “With the stressed partnerships with the U.S., China requires support against its enormous possessions of the dollar, and gold serves that capacity,” said Howie Lee, a financial specialist at Singapore-based Oversea-Chinese Banking Corp. “As China turns into a superpower in its very own right, I anticipate progressively gold-purchases.”   China’s High Gold Appetite The PBOC’s continuos running of bullion-purchasing has come against the difficult setting of the trade dispute with the U.S. furthermore, a stamped lull in development at home. While high-level discussions are set to continue in Washington this week, Chinese authorities are flagging they’re progressively hesitant to consent to an expansive bargain.   Spot gold spiked to as much as 0.4% to $1,511.31 an ounce on Monday and exchanged at $1,505.84 in early London exchange. While the value declined 3.2% in September, they remain high at 17% this year. The PBOC information was discharged at the end of the week. Alongside China, Russia has additionally been including generous amounts of bullion. In the initial half-year, national banks overall got 374.1 tons, supporting the overall gold request to a three-year high, the World Gold Council declared.   While a tenth straight month of amassing, shows an unfaltering purchasing trend for the PBOC, China has in the past gone for significant stretches without uncovering moves for its gold possessions. At the point the national bank declared a 57% bounce in savings to 53.3 million ounces in mid-2015, that was the first update in quite a while.   Source: https://learn2.trade   
    • GBPJPY Reverses Its Sell-Off Around the Level at 130.75  OCTOBER 9, 2019  Azeez Mustapha  No Comments   GBPJPY Price Analysis – October 9 In the prior session, the pair closed lower for the second day in a row, but currently, the GBPJPY displays a weakness further downside of the pair while retaining its wider medium-term outlook by temporal reversal on the level at 130.75.   Key Levels Resistance Levels: 148.66, 137.80, 135.774 Support Levels: 130.75, 128.68, 126.54   GBPJPY Long term Trend: Bearish In the bigger picture, the GBPJPY consolidation structure is still forming from the technical support zone on the level at 126.54 low.   A further upward move may be recorded towards the level at 146.57 and 148.66 in an extension where its resistance is glaring before completing the structure. However, the overall trend remains bearish while displaying an intact downtrend in the medium and long-term.   GBPJPY Short term Trend: Bearish On the 4-hour time frame, its price is trading narrowly between the moving average 5 and 13 close to the key technical support level at 130.44.   As it is presently, the intraday bias in GBPJPY remains on the downside at this point where a corrective rebound from the level at 126.54 low should have completed. Meanwhile, its 4-hour RSI is bearish and pointing lower suggesting further weakness.   Source: https://learn2.trade 
    • USDCHF Breaks Below Its near Term Support Zone on the Level at 0.9926 but Recovers Abruptly USDCHF Price Analysis – October 8 The FX pair breaks below the horizontal zone on the level at 0.9926 but reverses again after recovering from its early selling pressure. The USDCHF was able to find buyers again around the level at 0.9908.   Key Levels   Resistance Levels: 1.0231, 1.0126, 1.0015   Support Levels: 0.9897, 0.9870, 0.9843   USDCHF Long term Trend: Ranging The price of the pair has moved back towards the moving average of 5 and 13 areas on the level at 0.9950. This area requires to be broken to give buyers more upside potential to move higher.   However, the decisive break of the level at 1.0231 is required to indicate bullish resumption. Meanwhile, the medium and longer-term may remain neutral first.   USDCHF Short term Trend: Bearish After trending downwards to about 50 pips lower after the open, the forex pair managed to reverse during the session as bulls took control and may exit the day above its opening price.   The USDCHF’s pull back from the level at 1.0015 extends lower today but stays well above the lower horizontal zone on the level at 0.9843 support. While still in a long-term uptrend, the short trends have turned bearish already.   Source: https://learn2.trade   
×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.