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Trading for a Living - Cliff Notes

  • #61
  • Jun 29, 2009 11:57am Jun 29, 2009 11:57am
Perfect thread for every trader, whether they are beginners, intermediate or advanced. Good initiative you've taken acumen.
  • #62
  • Jun 29, 2009 12:01pm Jun 29, 2009 12:01pm
Quoting acumen
I need to start being nicer.

I'm not too far away from 50 and apparently that hasn't been a lucky number lately.


Fight it Mikey... fight it!!!

Nahhhh.... I got 50 well into the rear view mirror ((and not the passenger door mirror either that says "Caution - A$$holes Are Closer Than They Appear"))

Besides, when you got guys like eyevoltage and Islander ((not to even mention the girls...)) in the forum who have also redefined "nice" ((in addition to pivot trading)), who can compete with that??

Quoting Patience
Great thread.... I hope you don't mind if I link it to the womens' cave as a must read.
I already linked to it in my two threads and don't care if he minds or not...

((Besides, I got that whole forgiveness instead of permission thing goin on... ))
FUBAR...
  • #63
  • Jun 29, 2009 12:12pm Jun 29, 2009 12:12pm
good stuff !
Deprive a man of everything and you give him nothing to lose.
  • #64
  • Jun 29, 2009 12:32pm Jun 29, 2009 12:32pm
Quoting Ace284
Perfect thread for every trader, whether they are beginners, intermediate or advanced. Good initiative you've taken acumen.
Appreciate it.

m
  • #65
  • Jun 29, 2009 12:33pm Jun 29, 2009 12:33pm
Quoting ak4x


Fight it Mikey... fight it!!!

Nahhhh.... I got 50 well into the rear view mirror ((and not the passenger door mirror either that says "Caution - A$$holes Are Closer Than They Appear"))

Besides, when you got guys like eyevoltage and Islander ((not to even mention the girls...)) in the forum who have also redefined "nice" ((in addition to pivot trading)), who can compete with that??


I already linked to it...
ha

Love having you around man.

m
  • #66
  • Jun 29, 2009 12:48pm Jun 29, 2009 12:48pm
Hi Mike

I converted the lessons in a small ebook which I will update once a while.

Hey, and don't get too softy with the 50th (I didn't).
Attached File(s)
File Type: pdf Trading for a living - By Acumen.pdf   29 KB | 1,411 downloads
  • #67
  • Edited 1:13pm Jun 29, 2009 12:54pm | Edited 1:13pm
i.e. have someone else to support your living cost... that's an assumption so trading for the acc growth.

with 8% a month and in 10 yrs you can get (1+8%)^120 which will make your acc 10k time of what it is now.

in 50 yrs will get
10k*10k*10k*10k*10k times of what it is now.

total gold on earth is 30 million tons,

I think it's a matter of time before there is no more money you can earn coz rest of the market no longer lose as much as you can earn.

above may sound to have some logic conflict... so I guess it matters to discuss if 8% a month is a realistic goal.

from turtles hedge fund list,
the best are doing 15% a year average after deducing 1-2% a month manage fee,

so I guess more realistic for hoping 2% a month to be realistic for the best, and 1% a month to be realistic for the market average.

my goal is no more than beating the market average... so 12% a year is good...

(assume average inflation is 4% a year, so median goal is to beat inflation by 8%/yr, best goal is to beat inflation by 20%/yr,
the big majority of herd I see everyone is screaming that you've got to buy houses or you'll lose to inflation...
I don't agree with that, beating inflation alone should be always below our target. however it's arguable what is the realistic target)

Quoting acumen
Let's say the last six months of trading you averaged 8% a month.

If you have an account with 80K then your taking out around 6400/month gross.

Not bad.

m
  • #68
  • Jun 29, 2009 2:12pm Jun 29, 2009 2:12pm
Hi Acumen !

Nice comments on the trading stuff

Are your pivot lines based on GMT time zone ?

Greetings and happy pippin

Bernhard

P.S. I'm also not far away from the 50's and I need some extra time to
built my account
  • #69
  • Jun 29, 2009 3:28pm Jun 29, 2009 3:28pm
Quoting acumen
You have to admit 21 is close to 20 and in my world I don't deal in minutia.

I must admit math is one of my weak areas.

I do appreciate the award... I don't get many... and have never been knighted let alone the king of something.

I'm glad you read through the thread.

Surely you learned something... and if you didn't... that's cool... I'll end up taking your money too.
That's the way to reply.....nice
  • #70
  • Jun 29, 2009 4:57pm Jun 29, 2009 4:57pm
Great advice guys. I demo'd for about a year before actually firing up a micro account. You never realize how much this screws with your head until you start using real money. I'm currently trying to condition myself for the day I can start trading full lots, not there yet, but working on it thanks to you guys.

Mike, do you ever trade longer term TFs with smaller lots? Weekly pivots?

McD
  • #71
  • Jun 29, 2009 5:25pm Jun 29, 2009 5:25pm
Thank you for this thread!
  • #72
  • Jun 29, 2009 6:03pm Jun 29, 2009 6:03pm
Quoting billye
i.e. have someone else to support your living cost... that's an assumption so trading for the acc growth.

with 8% a month and in 10 yrs you can get (1+8%)^120 which will make your acc 10k time of what it is now.

in 50 yrs will get
10k*10k*10k*10k*10k times of what it is now.

total gold on earth is 30 million tons,

I think it's a matter of time before there is no more money you can earn coz rest of the market no longer lose as much as you can earn.

above may sound to have some logic conflict... so I guess it matters to discuss if...
I don't know what a turtle is but I know of several hedge fund managers that are trading very large capital and they are doing better than 8% month.

One in particular - Centaurus Advisors, LLC doubled their coin.

I know of another hedge fund manager that's up more than 8% month over month this year... he looks a lot like that Acumen tool.

m
  • #73
  • Jun 29, 2009 6:05pm Jun 29, 2009 6:05pm
Quoting DrMcDDC
...
Mike, do you ever trade longer term TFs with smaller lots? Weekly pivots?
...
Mike, I am trading H4 charts and also wonder if you have any experience or thoughts on that time frame as well.
  • #74
  • Jun 29, 2009 6:07pm Jun 29, 2009 6:07pm
Quoting cobraforex
Hi Mike

I converted the lessons in a small ebook which I will update once a while.

Hey, and don't get too softy with the 50th (I didn't).
You rock.

m
  • #75
  • Jun 29, 2009 6:11pm Jun 29, 2009 6:11pm
Quoting TradeWell
Mike, I am trading H4 charts and also wonder if you have any experience or thoughts on that time frame as well.
I've never traded anything long term but I'm sure there traders using weekly and monthly pivots to trade.

I've just never been exposed to it.

m
  • #76
  • Jun 29, 2009 6:12pm Jun 29, 2009 6:12pm
Quoting DarkDays
Thank you for this thread!
m
  • #77
  • Jun 29, 2009 7:02pm Jun 29, 2009 7:02pm
When the hell do you sleep? I see you on here all day while I'm at work, and you trade the london session.
  • #78
  • Jun 29, 2009 7:09pm Jun 29, 2009 7:09pm
Quoting DrMcDDC
When the hell do you sleep? I see you on here all day while I'm at work, and you trade the london session.
I don't trade the EURO session.

My computers may be on but I'm off.

m
  • #79
  • Jun 29, 2009 7:10pm Jun 29, 2009 7:10pm
Quoting behof
Hi Acumen !

Nice comments on the trading stuff

Are your pivot lines based on GMT time zone ?

Greetings and happy pippin

Bernhard

P.S. I'm also not far away from the 50's and I need some extra time to
built my account
Based on the NY close.

m
  • #80
  • Edited 8:02pm Jun 29, 2009 7:14pm | Edited 8:02pm
Quoting DrMcDDC
Great advice guys. I demo'd for about a year before actually firing up a micro account. You never realize how much this screws with your head until you start using real money. I'm currently trying to condition myself for the day I can start trading full lots, not there yet, but working on it thanks to you guys.

Mike, do you ever trade longer term TFs with smaller lots? Weekly pivots?

McD
I've tried longer time frames back in the DEMO days.

I couldn't sleep.

I found myself waking up to take a piss and head to the office to check the market.

I love what I do and I'm pretty hardcore... but that was too much.

m
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