The transition to Futures trading

pavilion103 · 28 May 2014

beachlife said:
How can someone that supplements his trading with income from his business teach you about trading for a living without the safety net of a second income to cover losses? It a totally different pressure. Just the pressure of a trading comp with Can turned him to mush.

Don't take this the wrong way, but this thread is over 12 months old, you are still working, and barely comfortable with trading more than 1 contract. If you are happy with that fine, but if you aspire to become a full time trader maybe you should reconsider who you listen to. Please take as a friendly

The first step in teaching someone is to actually provide practical content rather than psychological theories and posting a few arrows on a chart saying I entered here.
Tech provide practical trading techniques that were applied in real time and covered a range of areas from entry, risk management, position sizing etc.

Michael may or may not actually trade a live account and he provided philosophical thoughts that are good, but have zero practical application on their own.

Wow. You really have no idea.
I started trading futures less than 12 months ago.
In that time I am making a consistent return.
I am making as much trading as I am in my 4 day a week job (and this is with just one contract!).
I have recently stepped up to 2 in which case I may begin to make double what I am in my 4 -day a week job.
In 12 months I would say that is bloody impressive and well ahead of schedule.

In 12-18 months I could be trading 4 contracts making over $200,000 p.a. and you'll still be trying to sink in the boots.

I find this so hilarious.
I am succeeding in my first year of futures trading. Will be able to leave work within 18 months. And still people stick in the boots.
Imagine if I was losing money

pavilion103 · 28 May 2014

Beachlife, until you actually start contributing something of value to this forum as I am (countless successful trade examples and open and honest discussion about my success and failures), I suggest you either shut up entirely or tone down your criticisms.

Look at the threads I have started, conversations I have generated and my input.

Look at yours.

I am not one to have a go at people, however when people start getting personal for no reason (despite my success for all to see), then I am not going to just let comments pass by.

Do yourself a favour. Go have a shower, freshen up and come back with a new attitude mate.

VSntchr · 28 May 2014

beachlife said:
Don't take this the wrong way, but this thread is over 12 months old, you are still working, and barely comfortable with trading more than 1 contract. If you are happy with that fine, but if you aspire to become a full time trader maybe you should reconsider who you listen to. Please take as a friendly

Plenty of profits can be made with 1 or 2 contracts...PAV has shown that in this thread.
Making 50 points a week on the FTSE is $900AUD...pretty good if you can do it sustainably and will only be sizing up from there....
Do not need to make $1m+ in the first year...

pavilion103 · 28 May 2014

VSntchr said:
Plenty of profits can be made with 1 or 2 contracts...PAV has shown that in this thread.
Making 50 points a week on the FTSE is $900AUD...pretty good if you can do it sustainably and will only be sizing up from there....
Do not need to make $1m+ in the first year...

Exactly.
But if there is someone who is then show me and I'll take some notes :

Being a dick to people really doesn't suit my personality.
I'm not particularly good at it

It is a little silly though that I cop crap on here after:
1) I'm so open and honest about my losses. I don't know too many who are on here.
2) I openly admit I'm on a learning journey and am far from an expert.
3) I go out of my way to post my own private analysis that I've invested hours in because of a few who say they enjoy it and benefit from it.
4) I'm clearly succeeding in my first year.
5) I've openly encouraged the facilitation of ideas.

I don't mind critique of my ideas (as there has been all along).
To be attacked personally is just not acceptable.
It is a minority who ruin it for everyone.

But sooner or later the results speak for themselves (they already are) and then there is no defense for the haters

For those who want to talk trading and benefit from this thread, let's proceed........

VSntchr · 28 May 2014

pavilion103 said:
let's proceed........

Looks like the SPI is hitting that resistance level suggested earlier in the thread...has had a pretty good run up to it since the open...

pavilion103 · 28 May 2014

VSntchr said:
Looks like the SPI is hitting that resistance level suggested earlier in the thread...has had a pretty good run up to it since the open...

I've only had the data for a week but the price action looks a lot choppier than the FTSE. Is this the case?

I also notice some really low volume days on the daily. Are they due to anything?

I have a lot to learn about the SPI.

LinRegSlope · 28 May 2014

MichaelD said:
Last post. It's been fun.

Some of my "guerrilla" rules of survival.

1. Never risk gapping a profit into a loss.

2. Never let a handsome profit evaporate.

3. If everyone else is zigging, zag.

Happy trading all.

I'm joining Michael, being a full time trader I have better things to do.

VSntchr · 28 May 2014

pavilion103 said:
I've only had the data for a week but the price action looks a lot choppier than the FTSE. Is this the case?

I also notice some really low volume days on the daily. Are they due to anything?

I have a lot to learn about the SPI.

To be completely honest, I don't know much about it...I don't trade it..I just watch the price action - although I have been watching a bit more lately as my trading strategy is quiet in times of low volatility such as now.

My observations are that we generally get a lead when the Hang Seng opens at 11:15am and when it comes out of lunch at 3pm (happening right now)..

Also, my data for asx is only through a CFD so there is no volume hence I cannot comment on that...

cynic · 28 May 2014

pavilion103 said:
For those who want to talk trading and benefit from this thread, let's proceed........

+1
Further to the overall discussion, I'd just like to opine that anyone actively trading the futures markets will likely have gained some perspective from their experience. Whether they're flushing away their hard earned, or deriving an income (be it primary, secondary or perhaps even tertiary) doesn't detract from the fact that they will have definitely acquired some knowledge in the process. As such any active trader is likely to have something worthwhile to offer to the discussion.

Even classic examples of trading mistakes pursuant to inexperience may be worthy of examination. (One can reduce the trading education bill considerably by learning from the mistakes of others!)

So to those participants of this thread that only want to hear from winners - okay, I get it! You want to know what to do and you want to hear it from those that already know it!

Just be aware that one can also benefit from hearing about what not to do from those unfortunate enough to have already done so!

pavilion103 · 28 May 2014

cynic said:
+1 Further to the overall discussion, I'd just like to opine that anyone actively trading the futures markets will likely have gained some perspective from their experience. Whether they're flushing away their hard earned, or deriving an income (be it primary, secondary or perhaps even tertiary) doesn't detract from the fact that they will have definitely acquired some knowledge in the process. As such any active trader is likely to have something worthwhile to offer to the discussion. Even classic examples of trading mistakes pursuant to inexperience may be worthy of examination. (One can reduce the trading education bill considerably by learning from the mistakes of others!) So to those participants of this thread that only want to hear from winners - okay, I get it! You want to know what to do and you want to hear it from those that already know it! Just be aware that one can also benefit from hearing about what not to do from those unfortunate enough to have already done so!

And that is EXACTLY why I post the good and bad.

The thread is about he journey of transitioning to futures trading.

Good thoughts Cynic.

VSntchr · 28 May 2014

Down, up, sideways.....dancing on the spot tonight for the FOOTS!

pavilion103 · 28 May 2014

VSntchr said:
Down, up, sideways.....dancing on the spot tonight for the FOOTS!

Boring

cynic · 28 May 2014

There was a time when I used to compare the FTSE to soporific sloths.

I now believe that I was doing those activity challenged sloths an injustice!

They are definitely much more lively - even when they're asleep!

5oclock · 28 May 2014

pavilion103 said:
And that is EXACTLY why I post the good and bad.

The thread is about he journey of transitioning to futures trading.

Good thoughts Cynic.

Keep posting Pav, this is a really worth while thread and its great that you are sharing the transition with us!

pavilion103 · 28 May 2014

Thanks mate. If there are interested posters I'll continue.

beachlife · 29 May 2014

kid hustlr said:
Beachlife care to explain your trading history and where you are currently at in the development process?

My history is too long to go into detail, but after lots of books, lots of courses, a few blown up accounts I am now trading without the saftey net of other regular income, and once that safety net went, its a whole new set of mind games to battle. I have traded warrants, options, futures and now prefer cfd's for superior position sizing, which allows for faster compounding. I mainly trade end of day but have been playing with the German index intraday for a few weeks to see if my daily system will work on a smaller time frame. So far its consistantly inconsistant and reinforcing the view of the people that I listen to, which is that intra day trading is a dumb idea. I see you want to be a prop trader, hope it goes well for you.

pavilion103 said:
I don't mind critique of my ideas (as there has been all along).
To be attacked personally is just not acceptable.

Yes you do. All Michael did was suggest that you protect your open profits and you tell him to duck off.

Michael didnt attack you, I didnt attack you, you however rude, condescending and abusive.

I have nothing to learn from you so I will take your shut up option.

kid hustlr · 29 May 2014

beachlife said:
My history is too long to go into detail, but after lots of books, lots of courses, a few blown up accounts I am now trading without the saftey net of other regular income, and once that safety net went, its a whole new set of mind games to battle. I have traded warrants, options, futures and now prefer cfd's for superior position sizing, which allows for faster compounding. I mainly trade end of day but have been playing with the German index intraday for a few weeks to see if my daily system will work on a smaller time frame. So far its consistantly inconsistant and reinforcing the view of the people that I listen to, which is that intra day trading is a dumb idea. I see you want to be a prop trader, hope it goes well for you.

So after a number of failed attempts you now trade CFD stocks end of day. Hardly inspiring. And you have the spine to have a dig at Pav who has had ridiculously good success for someone in there first year trading futures. He also beats a game you cant 12 months in.

Pav constantly provides charts, analysis and discussion points within this thread where you provide nothing, all you do is criticize AND YOU HAVE NOTHING TO BACK IT UP WITH.

Yes you do. All Michael did was suggest that you protect your open profits and you tell him to duck off.

Michael didnt attack you, I didnt attack you, you however rude, condescending and abusive.

I have nothing to learn from you so I will take your shut up option.

Outside of a sentiment indicator Micheal provided little analysis, Pav shows his trades, shows why he took them and opens up discussion. I assume because Michael traded CFD's you felt a connection with him because 'OMG if he can trade for a living using CFD's, so can I!' but the fact is no one learnt anything from what he wrote. Him going on about position sizing and risk management is one thing but without detailed information he's just another voice.

RED

pavilion103 · 29 May 2014

Well even if some people don't think the analysis in this thread is worth it, the laughs are.

pavilion103 · 29 May 2014

Is anyone able to enlighten me as to the volume action on the SPI?

On the daily chart, why are there (what appears to be) regularly (and spaced out) days where the volume is a tiny fraction of the other days?

This is nothing like I've seen before. I'm surious as to the reason.

kid hustlr · 29 May 2014

pavilion103 said:
Is anyone able to enlighten me as to the volume action on the SPI?

On the daily chart, why are there (what appears to be) regularly (and spaced out) days where the volume is a tiny fraction of the other days?

This is nothing like I've seen before. I'm surious as to the reason.

Are you looking @ the SPI through IB?

I think I remember when i first got IB like 18 months ago I had a look @ the SPI and the volume was all off, I remember posting or starting a thread about it around here somewhere or something and then emailed IB asking them, got some dodgy reply about them 'working on it' Cam to the conclusion to not trust IB for SPI volume data.

The transition to Futures trading

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