Full time trading

[SSI]

is where im heading....... ill be around the forum a couple more weeks but when i begin to trade with real money...... my daytime hours will be devoted 100% to the markets...

Its long been my dream to be a full time trader....... now,, ill still own my convenience store but i can both trade and run the store at same time, i have some good employees.......

Ill be starting some time in Feb, with a $25,000 account......

Ill try and still come on here in the evenings and answer any ??? or discuss the markets but my days of posting trades (Live) will probably be over..

Im going head first into this endeavor and its probably my last, best, shot to do this.....

I was hoping we could get some traders in here but i really doubt that happens.......

My best to all and if i can be of any assistance, just ask......

 

[heart222]

Hi SSI has aked me to come help answer questions. I have been doing this for 27 years for a full service firm. Due to exchange rules I cannot offer suggestions about what to buy or what to sell. I can talk about technical ideas or trading techniques. I am around in the evenings and early mornings. email address is elbokas@aol.com just put SSi in the subject line so i dont miss you. As my firm is full service we are exspensive so this is not being done to look fore business but just trying to help people out. when i started first trades 1960,s there was no internet made life much more difficult. so thats the story.
everybody has a differant tradingtechnique and time frame. the first thing for most people is to decide what fits your personality do you want to day trade and go home with no position everynight? do you want to be whatthey call a swing trader 2-4 days stops may put you in and take you out so you can miss much of the interday noise? do you want to be a long term trader weeks and months for big hits also using stops.
some of the above may be determined by your pocket size. so amy questions im here and if i can help someone great. regards ssi good luck heart222

 

[WharfRat+]

Heart, thanks for checking in. SSI has been giving out a lot of great info and has gotten a few (including myself) interested in learning more about futures. Appreciate you giving your time here as well.

 

[TheCooler]

hey good luck. Do you or anyone else suggest a good website/forum about commodities?...kinda like the RX of commodities
Thanks

 

[SSI]

Commodity Traders Forum

it used to be great, back in the late 90's

but it seems a lot of the older posters have left........

check it out......

 

[PercocetThreat]

Good luck man, I don't just mean good luck with your trades, I mean good luck maintaining your sanity. I cannot imagine a career that is more gut wrenching and just completely draining then being a full time trader. Just take it easy and try not to burn yourself out.

 

[SSI]

thx man, i know all about the mental aspects of trading....

i was almost at the full time level in late 90's.......... then things changed both in trading and out for me....

this time im coming back, more funded and in a much better mental place...

more posistion trading, less day trading......... this wont be my sole income but ill use the profits to help in paying for extra help at my store business..

things are a lot different for me this go around.....

i want to do a little daytrading, on set up trades....... maybe one per day or 2-3 per week........ kind of like making a layup......

i also will be getting back into options........ i like to sell but not naked sells.....

ill straddle the markets, or sell covered calls and puts...........

also spread trade some.......

many things to do in the markets........ but whatever i do............ the entire trade will be mapped out ahead of time......

you must have a game plan and stick to it............. you cant deviate during the trading hours, when the adreniline may be churning.........

just have your worksheet in front of you and stick to it........ knee jerk reactions can kill you..

ill be around mostly nights and weekends now to discuss things........... and update trades......

i must back off of being on here during market hours......... i dont want any influences by this forum, in my decision making.........

ill talk with anyone, after hours, or weekends....... no problem...... be glad to........

tomorrow afternoon (sat) will be a good time to discuss any ?????? that you may have.........

i may invite BobK to join us (broker for 27yrs).......

 

[WorldNumberOne]

question for ssi or heart222 :

this is a hypothetical.

i have $ 2000 and it is 8 am. on any given day

i think the s&p is going to go higher today.

you are my broker . i call you and say i want to invest the 2 grand on a play that the index will rise just for today.

lets say its at 1425 .

i want out if it drops to 1421 and i want profits if it hits 1431 .

what happens next if you are my broker ?

thanks.

i retired from posting here until i saw people like you guys willing to pass along excellent info . dont ever stop.

 

[SSI]

if i were your broker and you told me that, id buy you one at the market (an atm order),,,,,, this is ok in SP, there is tons of volume.......... you would then be long from 1425..........

your stoploss would be placed at 1421,,,,, if it touches that, you are automatically taken out of market...........

your profit target would be placed at 1431, if it passes thru that, you are cashed out automatically....

once all this happens, your job is over, you sit and wait for one or the other to be hit........ when one is hit, the other order needs to be cancelled......

if neither is hit,,,,,,, you must choose to get out sometime that day, if your not staying in overnight.........

 

[WorldNumberOne]

and i either make or lose 50 bucks per point ?

is this correct .

minus commission ofcourse .

with 2 grand to play with , i could tell him to buy more than 1 contract , right ?

thanks

 

[SSI]

WNO,,,,,,,, you need to be trading the emini sp.......... but yes you would make or lose $50 per pt, that it moved......

with only 2k, you should only trade one.....

not joking you now........ the emini is the big leagues.....its not easy, i can assure you......

 

[WorldNumberOne]

the emini is the s&p 500 which is trading around 1430 right now ?

or is it something else ?

can you also play the nasdaq and the dow in this manner ?

what is per pt. breakdown with those ?

thanks for your time .

 

[SSI]

WNO, let me explain....

first off yes, you can trade dow or nasdaq futures as well....... $10 pet pt..

turn your television on CNBC,,,,,,,,,, you will notice the SP, Dow and Nasdaq prices rolling, over and over.....

the price for SP that you see, is the cash price....... we are trading the futures, its close but not the same........... now follow along and dont let me lose you........... we are trading the march sp,,,,,,,, the closer we get to the march exp date, the closer the price of the future will be to the cash price you see on cnbc.......

the sp cash (that you see) is around 1430........ the market we are trading is the sp futures, its at 1439........... there is around 9pts difference, in a few weeks, these will get closer and closer together......... but yes you can look at that cash price on TV and know where your trade is at..... so essentially you can have live quotes.....

the SP and the Emini are different...... the SP trades at $250 per pt and is not played by small traders...... its more for the funds and the bigger traders......... i could trade it with 25k but id rather trade the emini, which trades at 1/5 the size or $50 per pt......... but they essentially move the same.....

hope you understood that.......

 

[WorldNumberOne]

thanks.

is their a place online where you can watch the emini like the other indexes ?

 

[SSI]

you can keep up on cnbc..........

or go to "commodity traders forum"........ click on the box on the left that says....... Intra day Quotes........................

once you click this,,,,,,,,,,,, click on the word Index............. then scroll down and find.................SP 500 Emini GBX

this will give you exact quotes, 10 min delayed........

 

[WorldNumberOne]

with the issues going on in the offshore gaming industry , this site would be smart to hire you and a few others with a working knowledge of the markets to come in here and educate .

 

[desrat]

with the issues going on in the offshore gaming industry , this site would be smart to hire you and a few others with a working knowledge of the markets to come in here and educate .

Amen.

I know I am looking for something else that could potential fill my time profitably.

 

[SSI]

it would be nice to see a lot of you guys learn to trade, we could then help each other.....


eventually ill be trading 6-8 markets,,,,,,,, as soybeans, has bean oil and bean meal that trade also.........

opportunities arise all the time..........

 

[WorldNumberOne]

my new favorite show , actually since the summer is Fast Money .

its on every night now at 8 on cnbc.

4 traders and a very intelligent host.

its fast paced , funny and very educational.

in fact, when i started watching , i jumped into aol finance and set up a dummy portfolio.

i bought stocks based on what they said and cherry picked ones i liked . i didnt do everything they said.

i would jump in and buy 500 shares of this and 1000 shares of that.

well , i wish had the money. its up over 10 % in 4 months .

my big buy was goldman sachs. got it for 152 and its over 213 now.

nyx was another . got it for 76 and its over 106 now.

dream world stuff...

 

[SSI]

i watch that and cramer all the time......... my TV's at my store, stay on cnbc most of the time........

they have a commodity guy on there............

WNO,,,,,,,,, you can get into commodities for a lot less money........

with 10k in the stock market, thats nothing.................... with 10k in commodities, you could realistically make it big.........

ill try and prove that, here on this forum..........

i just showed you a soybean trade that will make a ton of money........