This will be my final thread on this forum. This will be 100% focused on trading (unlike my previous journal). I will document my journey towards acquiring the Chicago Mercantile Exchange leasing membership (B3 level)
The reason for acquiring this membership is for significant cost advantage when trading futures. This also provides an end goal for this journal.
Membership types
https://www.cmegroup.com/company/mem...idual/cme.html
Buyout and Leasing prices
https://www.cmegroup.com/company/mem...e.html#pricing
Steps to become a member
https://www.cmegroup.com/company/mem...#becomeAMember
Forms
https://www.cmegroup.com/company/mem...cme.html#forms
Equity index roll dates for trading contracts
https://www.cmegroup.com/trading/equ...rolldates.html
The Format
I will post daily trading session results (mainly asian and US) beginning June 2019
Weekly posting of daily results
https://www.forexfactory.com/showthr...6#post12298046
Will post either sierra or trading view charts with executions
Will post weekly PnL/commission with occasional livestream trading
The youtube channel is here
https://www.forexfactory.com/showthr...5#post12331185
Please limit your posting on this thread. As much as I enjoy reading the suggested articles/videos/comments, I want to keep the thread clean for easier reference/quoting later on. If I notice my posts are getting drowned, I'll have to start blocking.
The Goal
So to acquire the membership, I want to make sure the goal account size and the planned contract size would be worth the savings in commissions. Based on my plan, the account size has to be around $150,000 with size of 6-12 contracts to make the membership worthwhile.
The How
The market that I will be trading is CME's Nasdaq 100 futures (NQ)
Strategy wise, I use volume weighted average price (vwap) as my foundation for setups. I also use high/low and Open price as reference levels. Size wise, I am going at it pretty conservatively. I learned the hard way that you have to keep the trade size under control because when volatility picks up on NQ; it will kill you if you're not careful.
I started trading futures late 2017. I was able to withdraw my deposit within a few months. The rest of the time I've had good and bad runs. Add to that withdrawals I had to make, what I have left of the house money is around $5000.
What I refuse to do is add back my original deposit because I do not want to get into the cycle of deposit/withdrawal anymore.
Trading is a very difficult endeavor. I've had limited success with forex. I stopped forex when I found futures and also at the time when my profits from forex was dwindling. I'll do the same in futures as well. If things don't work out in futures, I want to say that I walked away profitable or breakeven.
I just don't want to waste any more of my efforts and endless deposits on this speculation game. I dont' want to neglect my solid career to have the very off chance of becoming the top % who makes it (although I have never personally seen this group of people posting their results consistently).
I just turned 36, and I don't want to look back at this at 40,50, or 60 years of age and still struggling and having regrets.
The journey is tough..but I can see the destination
I plan to not trade this week so I can reset mentally and move forward next month.
See you in June
Current tally of pnl and account size
The reason for acquiring this membership is for significant cost advantage when trading futures. This also provides an end goal for this journal.
Membership types
https://www.cmegroup.com/company/mem...idual/cme.html
Buyout and Leasing prices
https://www.cmegroup.com/company/mem...e.html#pricing
Steps to become a member
https://www.cmegroup.com/company/mem...#becomeAMember
Forms
https://www.cmegroup.com/company/mem...cme.html#forms
Equity index roll dates for trading contracts
https://www.cmegroup.com/trading/equ...rolldates.html
The Format
Weekly posting of daily results
https://www.forexfactory.com/showthr...6#post12298046
Will post weekly PnL/commission with occasional livestream trading
The youtube channel is here
https://www.forexfactory.com/showthr...5#post12331185
Please limit your posting on this thread. As much as I enjoy reading the suggested articles/videos/comments, I want to keep the thread clean for easier reference/quoting later on. If I notice my posts are getting drowned, I'll have to start blocking.
The Goal
So to acquire the membership, I want to make sure the goal account size and the planned contract size would be worth the savings in commissions. Based on my plan, the account size has to be around $150,000 with size of 6-12 contracts to make the membership worthwhile.
The How
The market that I will be trading is CME's Nasdaq 100 futures (NQ)
Strategy wise, I use volume weighted average price (vwap) as my foundation for setups. I also use high/low and Open price as reference levels. Size wise, I am going at it pretty conservatively. I learned the hard way that you have to keep the trade size under control because when volatility picks up on NQ; it will kill you if you're not careful.
I started trading futures late 2017. I was able to withdraw my deposit within a few months. The rest of the time I've had good and bad runs. Add to that withdrawals I had to make, what I have left of the house money is around $5000.
What I refuse to do is add back my original deposit because I do not want to get into the cycle of deposit/withdrawal anymore.
Trading is a very difficult endeavor. I've had limited success with forex. I stopped forex when I found futures and also at the time when my profits from forex was dwindling. I'll do the same in futures as well. If things don't work out in futures, I want to say that I walked away profitable or breakeven.
I just don't want to waste any more of my efforts and endless deposits on this speculation game. I dont' want to neglect my solid career to have the very off chance of becoming the top % who makes it (although I have never personally seen this group of people posting their results consistently).
I just turned 36, and I don't want to look back at this at 40,50, or 60 years of age and still struggling and having regrets.
The journey is tough..but I can see the destination
Inserted Video
I plan to not trade this week so I can reset mentally and move forward next month.
See you in June
Current tally of pnl and account size
Attached Image
Working towards CME membership