Retail Trading for a Living Milestone - "Feed my ego"/Thought sharing

[minwa]

Hello everyone I just achieved a big target of mine and felt like posting it for bragging/encouragement seeking, but in return I will share some of my experiences so I feel like it's a fair trade . I admit my weakness in ego and I desire some validation for my achievement, and I rather get it from "strangers" on the net than letting my real life friends know(for obvious reasons).

My milestone was a 6 figure month from trading, Jan 2016, I have 2 separate accounts:



The volatility created great opportunities and big daily moves up & down were just goldmines.

A quick biography on how I got started..started in ASX stock market when I was in high school, got sucked into seminars, wasted money & time studying those crap, or so I thought at that time..looking back now, knowing this useless stuff is actually useful - because this is how most retail suckers trade. That is an insight, learned at a premium.

I was playing World of Warcraft back then, and found success in trading it's commodities. They had auction houses where you can list items for sale and people can bid stuff. I actually ended up spending more time trading in game than killing monsters. There were "commodity" items, consumables that were widely used to craft armor for example, like copper bars. I watched prices and bought and sold it regularly. It basically paralleled real life markets as the psychology are the same. I learnt many lessons such as certain times of days would be high liquidity and how being patient can make money off the impatient.

Few years forward, after blowing up 2 accounts finally found proper mentors & resources. I was so engrossed in trading this is what happened to my finance uni grades:



Perseverance was key..After finding some success, kept honing at it and then it compounds really fast..I also think you need total confidence, I never felt like giving up, my questioning of whether I will make it in trading or not were very short lived. I'll write some random thoughts next few days, any questions fire away..just be warned if it's trading specifics and its not of my belief I will rip it apart without mercy..just keep in mind it's my opinion only and I'm sure there are others with opposing belief that are successful with them.

 

[avion]

Awesome Minwa! Congrats...!

 

[captain black]

Perseverance was key..After finding some success, kept honing at it and then it compounds really fast..I also think you need total confidence, I never felt like giving up, my questioning of whether I will make it in trading or not were very short lived.

I think at some point you reach the mindset where you know that this is what you want to do and failure isn't an option. I mentioned in another thread that this is the best job in the world when you get it right.

Well done, anyone else who does this for a living knows how much work goes into getting to the point you've got to.

 

[VSntchr]

My milestone was a 6 figure month from trading

Good stuff Minwa!
Great to see ASFers succeeding.

 

[JJZ]

Congratulations! You didnt just get there, you smashed it.

The timing with your post is perfect.

I was feeling little down with my newbie progress, your post has shown me what can be achieved. It has given me the incentive to continue.

PS PM me your techniques/system lol.

JJZ

 

[systematic]

Congrats and enjoy, minwa. The thing I love the most is just seeing someone pursue the thing they are most passionate about.

 

[DaveDaGr8]

Just out of curiosity, what universe are you trading in ???

 

[CanOz]

Really stunning results Minwa, well done!

I especially like that fact that you were able to capitalize on the volatility, which is a regime change that one has to make use of when it comes along. I have done ok through this, but my regrets are not being in a position to capitalize on it to the potential i should have, where you clearly have done that. I guess the good news is that it could be here to stay for a while yet...

Making use of special conditions like this to the extent that you have gives you a cushion as well, to adapt or work through another change in market regimes.

Of course I'm not going to ask about your specific strategies but I'm interested in knowing how your experience is with finding new opportunities and how long you find some 'edges' (for lack of a better word) work for before you need new ideas....I'm quite interested in this topic myself, as i know that things just don't work forever.

I'm also very interested in the self improvement process you used, did you improve some of your performance by rigorously examining your trades to find the gems that are repeatable etc...?

Finally I'm also curious how your risk aversion profile has changed over this period as well. For me, at nearly 50 i find I've become extremely risk averse, yet becoming more confident with the stuff that works well, allows me certain comfort in putting on the trade ideas.

Anyway, you are in the top 1% in my view, possessing an uncanny ability to synthesize ideas into executed actions to achieve a rate of return that is the envy of all us. Well done, congratulations on finally and truly 'getting there'....You're an inspiration mate

 

[skc]

Congrats Minwa. Thanks for sharing and a great story re trading on Warcraft. I've never heard that before. I wish you continued success and look forward to your post when you have a 7 figure month (measured in local currency).

Few years forward, after blowing up 2 accounts finally found proper mentors & resources.

For the aspiring traders out there... any more stories on this aspect?

 

[ThingyMajiggy]

Very nice, congrats minwa

I am interested to know how old you are? Am I seeing that right in that you have two accounts with north of 300K in both? As having a decent sized account to begin with is my biggest issue, not my trading, can you explain any more on how you were initially funded/how you started? You seem young'ish from your posts/RMIT emails etc. but may not be so. What's your background, as far as are you some kind of math god?

Also what are you actually trading(stocks, futs, fx etc) and over what time frame?

Again very nicely done!

 

[minwa]

Big thanks everyone who have celebrated with me so far, and going forward. To not flood the thread I'll be replying to questions and interesting comments only, but I know I appreciate it all !

Just out of curiosity, what universe are you trading in ???

Do you mean what markets ? Started out in ASX stocks/options moved onto US stocks/options now US futures and occasionally options. Forex too but that is in another account, which I will bring up later.

I think at some point you reach the mindset where you know that this is what you want to do and failure isn't an option. I mentioned in another thread that this is the best job in the world when you get it right.

Well done, anyone else who does this for a living knows how much work goes into getting to the point you've got to.

Amen to that !

For the aspiring traders out there... any more stories on this aspect?

Yes, I cut the story short a bit felt tired and went to sleep..it will be continued thorughout.

I am interested to know how old you are? Am I seeing that right in that you have two accounts with north of 300K in both? As having a decent sized account to begin with is my biggest issue, not my trading, can you explain any more on how you were initially funded/how you started? You seem young'ish from your posts/RMIT emails etc. but may not be so. What's your background, as far as are you some kind of math god?

Also what are you actually trading(stocks, futs, fx etc) and over what time frame?

I will be 25 this year. Started when I was 16. I am luckier than most, my parents have average household income but have saved well. They initially founded me twice which I blew out first 2 or 3 years. Capital funding and along with seminar BS they probably invested $15k initially in me. Then after a very bad first year in Uni I took a year break from uni, worked full time in a crappy job (13/hr cash laborious job). Saved $10k myself and all while refining my trading, this is when I started seeing success. My brother also joined in and learned a bit on trading and after about another year of results parents were convinced and funded me $150k(relatives also added about another $100k few months later). My brother certainly helped convincing as I tend to be the more emotional greedy one while he is the conservative patient one, so a second opinion that I could "do it" and not delusional certainly helped. I worked in my job for almost another year while trading. Compound really is magic..I surprise myself everyday as every 1% I make is a few % of my initial capital.

I'd work all day, get home and sleep all evening and trade for a few hours then sleep a bit before going to work. Sounds tough but I didn't think it was because I loved it, it was like playing video games which I'd be doing anyway if I wasn't trading. Being more of an introvert certainly helped. Don't enjoy partying/clubbing, I don't drink either. Only liked chilling with a few close friends most of time. Didn't have a GF those few years.

Don't have any background ! Finished year 12, dropped outta uni. Maths background is very average..I got like 34 for Further Maths and 25 for Maths Methods for ENTER/ATAR. Beyond general arithmetic, I only find basic statistics useful for trading.

See above for what I trade. I've done most styles but now I day trade futures (mostly ES), sometimes hold them overnight if move is strong. Options I will hold for few more days but rarely more than a week. I used to believe day trades should stay day trades but have found that having a small portion left and being ambitious on that have paid off well overall, especially with the recent few months volatility.

 

[minwa]

but I'm interested in knowing how your experience is with finding new opportunities and how long you find some 'edges' (for lack of a better word) work for before you need new ideas....I'm quite interested in this topic myself, as i know that things just don't work forever.

My belief is my price action is based on manipulation by big boys. I believe they will work forever, as long as markets are freely traded and liquid enough. Price engineering (pulling suckers in) to seek liquidity/orders will always be the same, I don't see how it can change. For example, look at a daily bar chart of any liquid market, in most range expansion bars you will see Open, with a small wick below forming low, upswing making a high, then retrace off a bit into the close with a small upper wick. Rarely is the open the low and the close the high. Those wicks are where manipulation is happening to me. Now look back at the charts 30 years ago in any liquid market, the bars still look same. Same manipulation, I don't see how it will change and stop working without major changes/interference in the laws of trading.

I'm also very interested in the self improvement process you used, did you improve some of your performance by rigorously examining your trades to find the gems that are repeatable etc...?

For my core setup, I started out taking the intradays price action that had my setups, snapshorting them. Over a few months and with many examples, after studying them, you will see your setup as they unfold in real time. Time of day they reacted, day of week, higher time frame levels they keyed off etc. Once I see it consistently over time, I can't unsee it. It was building discipline and trusting the setup over time. Discipline before action. Most don't have it nor ever develop it. Seeing the setups & not taking them is hard early on. It passes over time.

But also the setup is not the most important. It's not how you trade patterns. It's how you manage your equity on that pattern, one setup at a time. The math takes care of itself. One setup, one trade at a time.

Finally I'm also curious how your risk aversion profile has changed over this period as well. For me, at nearly 50 i find I've become extremely risk averse, yet becoming more confident with the stuff that works well, allows me certain comfort in putting on the trade ideas.

Agree, I have also gotten more risk averse over time. Lowering draw down is much more important to me than making a higher return. Once or twice a year I get overly cocky (always coincides with times where I am counting money etc/projecting how much I will make etc.) and experience double digit drawdown. This is something I am working on, I don't like any total equity draw downs of higher than 10%. Will see if I can achieve it this year. Sounds like you are almost getting there, more confidence while risk adverse.

 

[Trembling Hand]

I will be 25 this year. Started when I was 16.

Nice work, 10 years of work and refining skill . Aint there a rule about that somewhere?

Compound really is magic..I surprise myself everyday as every 1% I make is a few % of my initial capital.


Didn't have a GF those few years.

Bet you do now..... they can smell compound returns......

 

[Modest]

Congratulation mate that is awesome. And thanks for posting it is very encouraging.

I expect no less than 2 bottles of Dom Perignon this weekend for your celebration.

 

[darkhorse70]

Congrats man, inspiring stuff.

 

[Gringotts Bank]

Well done, and thanks for the insights mw.

 

[Modest]

Legit just heard this song and thought of you minwa:

 

[fiftyeight]

Awesome work, great to see someone having success. Feed the ego all you need

Few years forward, after blowing up 2 accounts finally found proper mentors & resources

Finding good mentors seems to be a common theme when reading about successful traders, how did you find yours?

 

[skyQuake]

Gratz mate!

I'd work all day, get home and sleep all evening and trade for a few hours then sleep a bit before going to work. Sounds tough but I didn't think it was because I loved it, it was like playing video games which I'd be doing anyway if I wasn't trading. Being more of an introvert certainly helped. Don't enjoy partying/clubbing, I don't drink either. Only liked chilling with a few close friends most of time. Didn't have a GF those few years.

Living the life! Once you get into trading nothing else compares!

 

[Trendnomics]

"There are old traders, there are bold traders, but there are no old, bold traders" - Ed Seykota

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"The markets are the best ego regulator" - Unknown​