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How to be a trader for a company?

  • #261
  • Sep 5, 2007 8:05am Sep 5, 2007 8:05am
Quoting Trader888
Purely from HABIT I would sell this chart with a stop and reverse halfway between where you are now and the previous intermediate top....target previous top, adding all the way going there...

ahem - I have only lately started looking at charts so I guess I am doing TA on this stupid thing hahahahaha...



Did you mean you'd sell it and target the previous LOW? Not top?

Just checking since it appears confusing the way you wrote it.

And to disclose what this is and the purpose of the post - it's the GBPUSD, just turned upside down. I have this suspicion our minds much prefer drawing things UPWARDS and I was trying to get a grip on this last fall down, so I flipped the chart...so a new low would really be a new high...

Still trying to get a feel for this as well. Was curious whether you'd still feel this was going up (= real world down since you said it felt "very negative") if you saw it this way around
Trust price. Know yourself.
  • #262
  • Sep 5, 2007 8:32am Sep 5, 2007 8:32am
Yes on the initial sell target the previous low. On the stop-and-reverse target intermediate top.

hope this clarifies...bastardo!
  • #263
  • Sep 5, 2007 9:03am Sep 5, 2007 9:03am
Our traders are feeling negative on GBP - not me. as my response to the chart should have shown - I am still aiming at the previous top (real world) which is the same as aiming for the previous bottom in your thought provoking upside down chart. I have before switched charts from right to left and left to right so in a certain sense surely an upside down chart, but decided that just looking at it normally is hard enough why complicate it with an upside down wrong way around view as well hehehe.

If you believe the market is random then it should make no diffirence as to how you look at the chart.

All the best
  • #264
  • Sep 5, 2007 9:58am Sep 5, 2007 9:58am
Quoting Trader888
Our traders are feeling negative on GBP - not me. as my response to the chart should have shown - I am still aiming at the previous top (real world) which is the same as aiming for the previous bottom in your thought provoking upside down chart. I have before switched charts from right to left and left to right so in a certain sense surely an upside down chart, but decided that just looking at it normally is hard enough why complicate it with an upside down wrong way around view as well hehehe.

If you believe the market is random then it should make no diffirence as to how you look at the chart.

All the best
Coolies. Well thanks for your thoughts, it fits in with one of my own scenarios (possible wave 5 up coming / in progress at the moment).

As for the randomness, well, yes and no.
It's random as in hm well it really isn't, else I couldn't trade it (and it wouldn't obey them trendlines and other thingamajiggas so very well).

I believe it should make no difference as to how I look at the chart, but I have a suspicion our subconsciousness usually has a different idea about this, hence me trying that. I tried it on myself first, too. Turns out I do view it a bit different than the other way around.
Trust price. Know yourself.
  • #265
  • Sep 7, 2007 9:53am Sep 7, 2007 9:53am
Well well well EUR has moved up more than GBP, relatively. So I ask myself why previously have the GBP been the one moving up say 100 and EUR only 80 while today GBP is lagging EUR? Is this telling us something about a possible shift in leading market? I will, going forward, pay special attention to EUR and GBP fundamentals. The reaction was interesting and at last my first trade during this Bull campaign on GBP (2.0295) has gone into the money...took a while but nothing happens overnight. My guys were really sweating out this recent pullback, really doubting the strength of the trend. But experience helps and now at least for once they have experienced a full-on trade. Not closed yet (I know the hardest thing is to see a 3-400 pip loser get all the way back to breakeven and not closing it but we have to now have something on the line should the market continue up - it doesn't help just ending the "agony" we now need to get paid for our risk we took). WE were adding on the way back up and closing some on the way here but at least we have some left on to see if we can get pay from this new Bull attempt.

Hope you all well and enjoy your weekends!
  • #266
  • Oct 10, 2007 7:41pm Oct 10, 2007 7:41pm
I would really enjoy reading more (of anything) from your Trader888. Still around?
  • #267
  • Oct 11, 2007 3:23am Oct 11, 2007 3:23am
Still around but seems like the only time I can get to surf is when I get a new post on this thread and get reminded to look in here.

I will see if I can make some time this weekend to comment on the EURGBP movement of late...
  • #268
  • Oct 11, 2007 4:40am Oct 11, 2007 4:40am
Quoting Trader888
Still around but seems like the only time I can get to surf is when I get a new post on this thread and get reminded to look in here.

I will see if I can make some time this weekend to comment on the EURGBP movement of late...
I'm still watching for updates, too =)

Always some interesting tidbits here =)


I'll try my own contribution with an EURGBP update I did a while ago, even though we've strayed a few clicks off topic, but I feel it's always nice to contrast techs with what Trader888 has to say since I get two perspectives on the same thing that way =)


Charts are a few weeks old now, but we're essentially still at these levels ;p
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurgbp_190907_chart_1_weekly_overview.gif Size: 24 KB
Click to Enlarge Name: eurgbp_190907_chart_2_monthly.gif Size: 20 KB
Trust price. Know yourself.
  • #269
  • Oct 11, 2007 5:12am Oct 11, 2007 5:12am

no company wouled ever trust someone to trade its own money unless they have track record and use a well defined trading system

Trading for a living!
  • #270
  • Oct 11, 2007 5:46am Oct 11, 2007 5:46am
SeekingLight i can`t pm you
Are u working at a Bank? What would be ur choice if u were a student(maybe at the university of cologne^^) and wanted to get into an internship related to trading?
I appreciate every answer i can get.

Sorry for hijacking this thread and Trader888 your posts are awesome(as well as Jacko`s and SL`s), i think i m gonna reread them

Lars
  • #271
  • Oct 30, 2007 9:53am Oct 30, 2007 9:53am
since Trader888 no longer accepting new padawans for coaching, maybe when those students have become jedi masters.....they can offer their individual coaching groups ?

in this way , more people can benefit........likewise for Jacko's coaching group too.........of course, if the new breed of experts choose not to spread the gospel, i can understand.............
  • #272
  • Nov 30, 2007 10:33pm Nov 30, 2007 10:33pm
Quoting the_wizard
Trade your own account, produce a very good, consistent return over six months.

Go over to a forum like T2W and start boasting about it.

I got several interviews with huge firms by doing this - the recruitment scouts will usually PM you.

Easy!
Really? Did you get the job
  • #273
  • Edited 3:38am Dec 1, 2007 2:10am | Edited 3:38am
I don't read past threads but I can tell you this about getting a "job" as a trader with a broker or IB etc... Trade as much as you can, ask for money from friends and family, demo trade, mini trade, and work your way up to a real account. Whichever house you decide to clear with will keep a record of all your trades. Then when its time, call your clearing house and ask if they are hiring traders and they will look at your track record. Remember this when going to an interview though.......Track records mean NOTHING to good traders/brokers. ATTITUDE is everything!!! Always be honest

I don't have a degree, and it doesn't matter. Just work hard, stay motivated/positive. If your demo trading and doing well, then put together $250 and start mini trading. Turn that into $1k using smart money management (need to always set stop losses) and post your results EVERYWHERE. Fund managers look at your money management. I'm 26 years old and have been trading for over 3 years. Started demo while working a job in the car sales business. I quit my job 4 months ago to trade full time and am now working with some big $$$$. You will have to overcome a few things when you first start trading a real fund though: #1 GREED #2 FEAR. <----these 2 things cause death to a trader

DONT EVER GIVE UP
  • #274
  • Dec 1, 2007 9:24am Dec 1, 2007 9:24am
Quoting sleep1Iopen
I don't read past threads but I can tell you this about getting a "job" as a trader with a broker or IB etc... Trade as much as you can, ask for money from friends and family, demo trade, mini trade, and work your way up to a real account. Whichever house you decide to clear with will keep a record of all your trades. Then when its time, call your clearing house and ask if they are hiring traders and they will look at your track record. Remember this when going to an interview though.......Track records mean NOTHING to good traders/brokers. ATTITUDE is everything!!! Always be honest

I don't have a degree, and it doesn't matter. Just work hard, stay motivated/positive. If your demo trading and doing well, then put together $250 and start mini trading. Turn that into $1k using smart money management (need to always set stop losses) and post your results EVERYWHERE. Fund managers look at your money management. I'm 26 years old and have been trading for over 3 years. Started demo while working a job in the car sales business. I quit my job 4 months ago to trade full time and am now working with some big $$$$. You will have to overcome a few things when you first start trading a real fund though: #1 GREED #2 FEAR. <----these 2 things cause death to a trader

DONT EVER GIVE UP
Thanks for the informative post.

What about starting your own fund? What are some of steps to open your own fund? Is it worth the hassle?
  • #275
  • Dec 1, 2007 9:35am Dec 1, 2007 9:35am
Quoting sleep1Iopen
I don't read past threads but I can tell you this about getting a "job" as a trader with a broker or IB etc... Trade as much as you can, ask for money from friends and family, demo trade, mini trade, and work your way up to a real account. Whichever house you decide to clear with will keep a record of all your trades. Then when its time, call your clearing house and ask if they are hiring traders and they will look at your track record. Remember this when going to an interview though.......Track records mean NOTHING to good traders/brokers. ATTITUDE is everything!!! Always be honest

I don't have a degree, and it doesn't matter. Just work hard, stay motivated/positive. If your demo trading and doing well, then put together $250 and start mini trading. Turn that into $1k using smart money management (need to always set stop losses) and post your results EVERYWHERE. Fund managers look at your money management. I'm 26 years old and have been trading for over 3 years. Started demo while working a job in the car sales business. I quit my job 4 months ago to trade full time and am now working with some big $$$$. You will have to overcome a few things when you first start trading a real fund though: #1 GREED #2 FEAR. <----these 2 things cause death to a trader

DONT EVER GIVE UP


sir,

is it possible to share your secret with me, ..all of us here. meaning indicator that you use, time frame, ma and others.

thank you.
  • #276
  • Edited 3:16am Dec 2, 2007 3:04am | Edited 3:16am
The only indicator I use is my gut. My gut is right about 90% of the time. Just look at the screen and watch economic news till your eyes bleed. Become what this market is, "a heartbeat", and respect it because it can make you mad. I had what I like to call the "Neo" effect. Thats when a trader sees "The Matrix" for what it is. Sorry for all the quotes and the cheesy reference to the matrix. HA HA. Just have fun with it and you'll get it.

As far as a secret. HMMMMM, I have always thought there was a way to predict what was going to happen next. eg. Finding tops, bottoms, and correlating every time frame to find the perfect entry position to never lose. It's not a secret anymore. Just work hard. I will never give away what I use to trade. Thats for the real traders to find themselves.
  • #277
  • Dec 2, 2007 3:07am Dec 2, 2007 3:07am
As far as starting your own fund...... You have to start small if this is what you want to do. Most of the people on here are in an infancy stage with trading. Just find a system that works for you and stick with it. Then ask friends, family, etc... for a start up fund to trade. Start with $25k and work your way up. $100k is easy after you show you can do it with 25. Good luck

Its worth the hassle only if you make it worth it.
  • #278
  • Dec 2, 2007 3:27am Dec 2, 2007 3:27am
Thank you Trader888 for your valued insights and for sharing your expertise.

Question: Is it not plausible that price action has already been factored in the futures options? Agreed, reading the fundies is important, but that opens another whole can of proverbial worms....(I use Bloomberg, some IBD). I have observed recently negative comments on the dollar by the media (somewhat hysterical) when it appears to be finding a base on the weekly charts. (I don't trade dollar pairs at this time; Euros much more stable).

Very much agree with using the long term trading techniques; got my own forex edumucation on the short term burnout as rite of passage also. (Perhaps this is first stage training as requirement to commitment & discipline).

Now I can proudly hitch up my girdle and yak with fellow traders (yes, Mrs. Trader888, we're out there!) but I can and do value my male colleagues insight & feedback for 40plus years in business--without violating their personal relationships/values. It's called integrity, and the rules one chooses to live by.
  • #279
  • Dec 2, 2007 5:36am Dec 2, 2007 5:36am
Quoting sleep1Iopen
As far as starting your own fund...... You have to start small if this is what you want to do. Most of the people on here are in an infancy stage with trading. Just find a system that works for you and stick with it. Then ask friends, family, etc... for a start up fund to trade. Start with $25k and work your way up. $100k is easy after you show you can do it with 25. Good luck

Its worth the hassle only if you make it worth it.
Me too

I have also my own Fund. This Fund is only for my family and friends so far.
My Fund has an asset of $19,000.
Trainee at UBS Investment Banking
  • #280
  • Dec 9, 2007 1:43pm Dec 9, 2007 1:43pm
Quoting The Jedi
Trader888, you wouldn't happen to be Chinese would you? The only reason I ask is the 888 attached to your name.

Anyways, to the real meat of my post: I think your posts are the stuff of legend and I wish your story was in one of the Market Wizard books by Jack Schwager. To anyone else who has no idea what I'm talking about, GO READ THOSE BOOKS, they are simply phenomenal reading and I think they should be required reading for any new trader.

If you have any more anecdotes or stories, please post them as I eagerly enjoy reading them. You should get into the coaching business, you're really good at it whether you realise it or not.

If I had a million dollars, "I would invest half of it in low-risk mutual funds and then go to my friend Samir in securities with the rest and..." Ten points to the person who knows what I'm talking about. But if I really had a million dollars, I would trade with about 200k of it, and spend the rest on my house in Bora Bora and live like we should all live, free and easy.
Bora Bora - awesome - i love it too!
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