[Journey] Going all-in with trading - Index Futures + Crypto + Prop Firms

[SOCOM]

Some of my huge losses came from UKOIL as I was trying to position myself between a ceasefire and continuation and ended up on the wrong side, thinking it was a quick cash grab lol.

Gotta add some additional social media code to your trading bots LOL.

 

[INCC]

Gotta add some additional social media code to your trading bots LOL.

I don't trade with bots, but I know there are tons of them built just to monitor and act on Trump's ramblings.

 

[destroi]

Trade only the S&P 500 and ignore everything else.

 

[Peter Ngo]

Maybe you can try selling options? I have been selling options since 2020, pretty consistent if you keep your sizing small.

 

[INCC]

Maybe you can try selling options? I have been selling options since 2020, pretty consistent if you keep your sizing small.

Not possible.

I am a prop trader, meaning I use funded accounts provided by proprietary trading firms, and they don't offer options trading (to my knowledge). There are only futures and CFD firms.

There are definitely certain aspects of it that I must master, like options expiring, among other things, as that can directly impact my trading, but I will always be a day trader. Options flow is too complicated to add on top of my order flow learning stack right now.

 

[Rufai]

My current stack (I have a couple of more books, and I will be adding some later; one of the hardest things is to weed out all the snake oil in this industry):

Edit: I'll also add The Candlestick Bible. A must have for every trader.

Still making some rookie mistakes, cutting winners short and letting losers run (as you can see June 15th was a $2200 loss due to moving stop losses around).

Many traders fail not because of their setup, but because of their trading psychology. I see that you have many books on technical analysis, but not many on trading psychology. One book I highly recommend is Trading in the Zone by Mark Douglas.

I also suggest that you stick to one or two trading pairs or instruments, do a lot of backtesting, master those instruments, set a maximum number of trades per day, and, more importantly, stick to your plan, as this is very important in trading.

Good luck with your journey, and I wish you all the best.

 

[INCC]

One book I highly recommend is Trading in the Zone by Mark Douglas.

I do have it and some other books from him.

The thing with these books is that you need to read them many times, once a month or so, because you keep forgetting. Some things you need to experience first before you understand what he is talking about.

Good luck with your journey, and I wish you all the best.

Thanks mate!

 

[destroi]

you stick to one or two trading pairs

I agree, trying to trade everything at once is the best way to lose quickly.

 

[Venusaur]

wish you the best, man
my only investment is a ETH 4X short position, all-in like a degen

 

[INCC]

wish you the best, man
my only investment is a ETH 4X short position, all-in like a degen

Thanks!

I don't think you have much time holding that short, to be honest.

Going into September will be dangerous, but August is usually a poor-performing month for crypto, so you likely have another couple of weeks of safe sailing.