Cubs18 trek from $8,000 to $25,000 (CURRENT $25,300) - Trade Journal of a 20 year old trader - Page 15

Quote:

Originally Posted by Cubs18 

I understand the risks inherent here guys.  I am aware this will not be easy, nothing worth doing is.  I understand that managing friends/family money could potentially put stress on relationships.  I am not going to be trading options with fund capital.  Very conservative approach with a focus on success I have had trading big board stocks in the past.  Thanks for the advice.  Anyways...I am done posting here, going to focus on this goal.  

 

How many 20 year olds start their own fund?  I want to do big things, more important than this thread.  

 

See ya guys and good luck with your future endeavors.  

 

PS)  I know you guys think I am crazy ;)

That's because it is crazy, from what we know of you thru your various journals on here.

I say this with all sincerity ..... nobody here is trying to stop you from doing things bigger than posting in some benign stock journal.  It's great to have goals.  What we're all curious about goes further than just how you'd like to manage peoples' money for a living.  The question is, what results have you compiled to even begin to think about putting your personal relationships at risk?  What trades or history of trades did you show them to get them to agree to terms?

I don't know about anyone else, but I've noticed you have a propensity to jump around a lot.  That became apparent once you hit your big winnings with the options, as you were quick to branch into binaries and futures.  Really do think you need to pump the brakes here man.  I think the little taste you got has caused you to skip quite a few steps in the journey and you're putting yourself at great risk by involving friends/family.  At least when it's only your money on the line, that's all you can lose.

Well Rock, like I said before, he's a 20 year old finance major. As long as he isn't speculating with his fund, this will teach him a hell of a lot more than that twenty thousand a year degree will. It's his responsibility to manage the money and make his decisions. I know we've both seen a good amount of people come and go in the market, but in the end all of our experience doesn't translate over to him so he has to experience this himself to decide if it's what he wants to do.

But cubs, at the same time you have to consider that 1) you are 20 years old 2) you are (still?) in school and 3) school > a few quick bucks in the long run. you can be the best trader in the world one year and then be homeless the next if you are a trader with no backup plan

But as always, I wish you the best of luck. I hope that you can check back in with us every now and then as it's always nice to know how a fellow trader is doing. We might yell at each other every now and then but at the end of the day it's all about putting food on the table and I really do wish you the best.

Don't buy software. 

Thinkorswim is free if you have a TDAmeritrade account.

Thinkorswim (TOS) > than anything you can pay for cause it's free

Quote:

Originally Posted by Lieutenant2006 

Open question for anybody to respond to.... Rookie question but what is a good software to buy to get started in trading options? Thanks in advance

Chhansen answered your question.

lol

cubs ur 20 years old.

enough said.

you know why the military targets ur age group to recruit? b/c 20 year olds are dumbass, impulsive & think they're invincible. LOL!!

you're competing vs. the whole world.. w/ traders having experience longer than u've been alive.

don't worry. though b/c after you lose 10k on a trade, you'll realize ur not the next wall street hot shot & you'll be humbled like everyone else.

GLT your family for future losses b/c of you.

ed: selling calls on cubs succeeding in this endeavor. 9.99 per trade but only .15/contract. let me know if you wanna be part of this action.

Calls bid/ask .15 x .25  at the moment

yes i'm trying to be a broker

Originally Posted by Lieutenant2006 

Do any of you experienced traders incorporate Tape Reading into you all daily trading?

Used to. I have a little bit of skill with order flow and time and sales.

IMO, with the bots, you have no chance these days. Too many tricks, they're too quick,

and you're always behind. 

Better to trade on larger time frames and not worry about all of that noise. 

I just look for patterns and huge blocks, thats all i do now if im targeting a shortened move.

Tape reading for pennies is more applicable than big board jmo.

Quote:

Originally Posted by Lieutenant2006 

Do any of you experienced traders incorporate Tape Reading into you all daily trading?

Quote:

Originally Posted by Lieutenant2006 

Do any of you experienced traders incorporate Tape Reading into you all daily trading?

I think watching market ladder or level 2 quotes is  helpful regarding futures, but not time and sales. My trading revolves around market ladder. Time and sales is a waste of time, unless its in the after hours. I think of time and space as limitations, so during the day when you are trading, if you spend some of that time (which is a limited resource when trading a setup or market) watching time and sales, and then processing that information, it's less you can spend doing other things. Every strategy is going to be different, but I just don't think many proficient traders have systems based on T&S parameters, that is, disregarding bxa hits as a parameter from T&S.

Id like to hear his strategy for doing this instead of just cutting everyone off.  A little immature not to listen to the experienced guys here like rock, hansen, ichi,joke. etc.

What kind of fund strategy?  long/short, managed futures...  Id guess hes doing just a straight long fund.  I wonder if hes considered bonds or keeping cash in reserve.. 

He needs to be careful with liquidity as well.  Not as easy as he might think. 
GOod luck cubs!

I hope you can pass the Series 65.

Amazing how easy and cheap it is to set up a hedge fund.

Oh yeah, I completely forgot about that. Series 65 is harder than it sounds. lol

Lol at starting a fund after having three or so good trades.

Quote:

Originally Posted by Venom08 

Lol at starting a fund after having three or so good trades.

You're only one week late to the party, relax and grab some popcorn