Weekly income from trading - is it possible?

[Plasmo]

There are easier ways of making $500 a week... most of them involve getting a job.

 

[MRC & Co]

There are easier ways of making $500 a week... most of them involve getting a job.

Depends how you define "easier".

But thanks for the insight!

 

[nizar]

Unless of course I can score a job at Propex which is my goal and will find out the result in June I beleive.

Propex??

 

[MRC & Co]

Propex??

Proprietary trading firm. Actually operates as one, unlike most of these "contribute your own capital" new age "prop shops".
TH would know a lot more about it than me should you have any questions.

Cheers

 

[Trembling Hand]

There are easier ways of making $500 a week... most of them involve getting a job.

Really. Like what. Getting a job? where you income, hours, holidays, sick leave, over time, 'career' development, earning capacity, recognition, environment, collegaues, profit and Life are all controlled by someone else.

I for one have never considered that easy.

 

[Andy_aus]

Shut down by TH

 

[dojara]

Really. Like what. Getting a job? where you income, hours, holidays, sick leave, over time, 'career' development, earning capacity, recognition, environment, collegaues, profit and Life are all controlled by someone else.

I for one have never considered that easy.

OH come on then Trembler please oh please let us in on how you do it atleast give us all some hope on where to start so we can be on our way to reproducing even a fraction of the amazing returns your generating from your scalping. All I've read from your posts and your blog is how your consistently nibbling at tiny profits but hundreds of them each day to make a sizable profit. I would do anything to learn this and I'm pretty sure most people here feel the same. Rather than tell us how horrible working for a job is which we already know how about telling us mere mortals just some of the setups you use I mean surely its not that proprietary. After all successful scalping is the one style that truely requires the strictest of disclipine so its not necessarily the setup that makes it a success but the disclipine so let us in on the setup so we can concentrate on becoming better at disclipine. That would be the greatest contribution you can give to us I believe if you really wanna help. Ok so I'm a struggling trader but is it because I have bad disclipine or just a bad system I have no way of knowing maybe you can give us your system so we can atleast know for sure we are off on the right foot and can become better at trading. I'm even willing to pay for your tuition let me know how much its worth I'm sure most people would consider taking it up also. After reading so much from here and ET I'm pretty convinced you got this style of trading down pat so I'm only interested in how your doing it since your private and not like some of the other bullsh*t posts in EliteTrader. Trust me I'm doing whatever I can to replace my 'easy to make 500$/wk job' just to learn this art so please spare some thought and give us some direction.

 

[zengin]

Well said Dojara , how about it T H .
I am also willing to pay for my education I am sure there will be others who will pay for a education which in return can make us earn some money and hopefully dont have to go back to work one day.

 

[Trembling Hand]

Gee!! I'm just a punter that has found a style that gels with me.

After all successful scalping is the one style that truely requires the strictest of disclipine so its not necessarily the setup that makes it a success but the disclipine so let us in on the setup so we can concentrate on becoming better at disclipine. Ok so I'm a struggling trader but is it because I have bad disclipine or just a bad system......

Actually I disagree with both points. First scalping is all about execution. You gotta know when to work the spread or when to hit the market. If you are always hitting the market for entry & exit you are going to be giving away 0.3 to 1 R per trade and that is going to kill you over 100 trades. BUT If you always work the spread you run the risk of missing the fast trades that are running hard and make the day a good one, the trades that turn into 10 R or more winners. As well if your always working the spread you will always get the bad trades as it goes through you & straight to your stop.

The second thing I disagree with is the discipline thing. If you are doing something that YOU know works AND fits with YOUR personality I just don't see you needing discipline to stick to it. I have said it somewhere else here...

Don't confuse a old market cliche with a problem. If your struggling and have kept decent data of your trades at a minimum you already have all the info you need to eliminate 75% of you trading mistakes. And if they come down to discipline your trading is equivalent to eating brussel sprouts. That is your mum has served you them, you know they are good for you but you just don't like them. And you are never going to be good at doing something you don't like.

Best Tip I have is find what you like. Get creative and then learn and practise it until your doing it in automatically, without any need for discipline. Find your chocolate ice-cream and stop forcing Brussels sprouts down your neck.

I might do a blog post about this in a day or two but thats my rank for now been starring at the DOM since 10:00 this morning (thats my choc ice-cream ) Maybe a follow up tomorrow after some sleep.

 

[prawn_86]

Dojara and Zengin,

I notice you are both relatively new members, so please take some advice.

TH has been kind enough to show his results publicly, without being asked.

If you could be kind enough to not ask for his specific method or "secret" then that would be appreciated. Posters like TH are valuable members of the ASF community, however if every lesser trader (myself included) started bugging him to know how he did it, it would be rather annoying as im sure you can appreciate.

Plus its quite rude to ask someone thier specific trading style. They will disclose it if they wish to, but it should not be asked/expected by other members.

Hope this clears things up.

Prawn

 

[barney]

Dojara and Zengin,

I notice you are both relatively new members, so please take some advice.

TH has been kind enough to show his results publicly, without being asked.

If you could be kind enough to not ask for his specific method or "secret" then that would be appreciated. Posters like TH are valuable members of the ASF community, however if every lesser trader (myself included) started bugging him to know how he did it, it would be rather annoying as im sure you can appreciate.

Plus its quite rude to ask someone thier specific trading style. They will disclose it if they wish to, but it should not be asked/expected by other members.

Hope this clears things up.

Prawn

Hi Prawn,

In laymans terms:

"If TH told you he'd have to kill you"


There was no ill intent meant by the boys I'm sure (I felt the same way). Most of us around here who are struggling for a working method have been impressed with TH's no nonsense approach.

 

[Trembling Hand]

Guys its all fine. The secret is......... there is no secret!

I will post what I think are the "secrets" to my trading later. But you are all going to be disappointed. Mostly it comes down to money management, niche finding & practise.

Oh also be warned you may not like what you are about to hear. And watch out for the men in black helicopters. They are coming to get you.

 

[brty]

Hi,

I agree with Prawn, There is no way in the world TH should be just giving out his method.

It has probably taken quite a deal of time, effort, and expense to get to the point where his method jells with his personality and tolerance for risk.

It's like saying to Leonardo da Vinci, now that you have perfected your painting, I'll have one thanks.

Imagine that 500 people read and tried to copy TH's method of scalping the SPI, exactly. The market is not thick enough for everyone to do this.


The positives of TH's posts are that it can be done. So, go and find your own methods that work for you.

bye

brty

 

[wayneL]

Best Tip I have is find what you like. Get creative and then learn and practise it until your doing it in automatically, without any need for discipline. Find your chocolate ice-cream and stop forcing Brussels sprouts down your neck.

Here's the real gem in the whole thread.

For instance, I totally suck at scalping... haven't got the concentration to stick to one chart and rip it up all day. But I'm pretty good at picking up intraday swings and can monitor 3 or 4 markets, plus my option trades.

TH's message is find your niche and develop that. Some probably shouldn't go anywhere near day trading and would be far more successful swing or trend trading. So be it.

FWIW

 

[brty]

zengin,

There are as many different styles of trading and results as you can possibly imagine. If one person is successful with one of them, it does not mean that others will be.

Take the example of the Turtles. They all learned the same method at the same time, yet some became fantastically successful, others said that it didn't work.

If you pay money to find out a good trading system, it does not mean you will be successful with it. You could end up spending a great deal of money on a lot of really good systems, but not make any money.

You are better off reading, studying, trying a few things on a very small scale, trying again when it all looks too hard, having a break, retrying, keep learning, keep studying....
Eventually you will come across something that works for you, that you are happy with, that you can trade confidently with. Just remember to always keep the ability to play.

bye

brty

 

[MRC & Co]

Take the example of the Turtles. They all learned the same method at the same time, yet some became fantastically successful, others said that it didn't work.

Actually, the ones that "said it didn't work", are the ones who did not follow the trading plan and set-ups.

They lacked DISCIPLINE, there is that word again that TH doesnt beleive in. Which I still think is of paramount importance. Perhaps not to some, but still to the masses. I think its inherent in human psychology to think you can always find a way to do it better. Make bigger returns. Hence, the importance of telling yourself to remain loyal to your trading plan. Of course, some will tinker to try and increase that expectancy.

Just my opinion.

 

[brty]

MRC,

Actually, the ones that "said it didn't work", are the ones who did not follow the trading plan and set-ups.

That was my point.

 

[MRC & Co]

MRC,



That was my point.

Yes, sorry, wasn't meant to sound like I was having a dig.

Just stating that even though they KNEW it would work (however, I beleive one thought he was not being told everything), they lacked the discipline to stick too it. Its just a word I think is important for many traders, perhaps not the seasoned veterans (TH, Wayne in this thread), but for most here who are starting out (starting out can last years or decades for some). Even once you know you have a positive expectancy and are happy/content with that, it can still take effort to ensure you are disciplined. Of course, applicable to a discretionary approach. Not so for a mechanical approach. Anyways I hate the semantics behind most of these arguements, this is my opinion from experience (my own and other traders I know) and from study of some seasoned professionals themselves.

Horses for courses.

 

[prawn_86]

I tend to agree with MRC here.

Even with the scalping method i am demoing, i sometimes struggle with the discipline.

I know the method can be succesfull, it is just up to me to pick the best entries and not overtrade...

 

[Trembling Hand]

They lacked DISCIPLINE, there is that word again that TH doesnt beleive in. Which I still think is of paramount importance. Perhaps not to some, but still to the masses.

MRC how are you going to get good at something that you don't like? that you need discipline to stick to.

Does an elite musician need discipline to practise? No they don't want to do anything else.
Or an elite sports person need discipline to train? No training in the cold rain is play.

If you need discipline to do something you are NEVER going to enter the FLOW state that is essential for expertise development. You are going to be in the same state of mind as a kid forced to do homework or an adult forcing himself to eat enough green vegs.

Discipline is not the difference between elite performance and the masses. Its the connection between person and the performance, the feed back loop.
Which creates a multiplier effect that is the difference between normal learning and enhanced development that makes expertise.

IMHO.