Mickey's Journal

[petera]

Hi Kiravon

I have to tell you that I really enjoy your journal. You have got quite the talent...not only with trading, but with words (ergo the "award"). I imagine you'll be writing a book some day. If you do, make it about some trader on Wall Street. Then hopefully it'll be turned into a movie. There isn't enough good Wall Street type movies out there (the original Wall Street is one of my favorite movies.....Gekko was great). Although I am pumped to see Star Wars this weekend.

Peter

[wiseambitions]

Why don't we become signal generators?
In my case the reasons include
1) Coping with the IT and other peoples' technical queries about getting the system to work
2) Coping with people contacting me mid-trade and asking "what the heck are you doing in this trade"? (Eg this morning so far I had 6% DD (Yikes) but closed 3% up after 3 hours. The questions from others, mid-trade could possibly have caused me to lose faith for a moment and abort open positions before they went the desired way.
3) The returns from "selling" signals might not compensate for the distractions.
4) I go days, sometimes weeks without trading. Most people would want a more regular supply of trade signals
5) Conflicts of interest. Seeing I am already in financial services (until I give up my last licences).
6) Losing friends if the system doesnt work for them
I said yesterday I'm responsible for my own success or failure. I can live with that realisation, but of course cannot put bread on the table if I don't make gains in the long run.

Oh, someone's now talking about Wall Street. One of my colleagues met the Wolf of Wall Street. Better not go there.

[kiravon]

Hi Peter

I was going to see Star Wars just to find out what
happened to Luke Skywalker

Yes I'm glad my trading has picked up lately as
the award would be a back handed compliment
otherwise. It's not the most financially prestigious
award on this site but hey, an award is an award!

[kiravon]

Thanks for that Ray

Of course one factor not mentioned by either of us is how
desperately we need money. If money is not actually that
much of a criteria then of course why bother, and I know
from Etoro which I think is more of an amateur social trading
site that people do get annoyed if you have a few days off

I certainly wouldn't want that pressure

but I think with PAMM accounts you don't have any contact with
investors as the broker does it all for you

but the performance tables are revealing!

Even though the brokers have been around for years, most
of the fund managers have only been operating for a few months
and very few can manage more than 30% profit per year

Of course if it involves any hassle at all I wouldn't be bothered.

One simple answer to the question is to simply try it but I would
need to be sure of consistency. Interestingly, of the hundreds
of thousands of traders who could open a manager's account if
they wished, only about 60 or 80 make any real profit, with
only about another 200 losing manager accounts

So I don't think its something most have any stomach for.

But then if 99.6% don't succeed that shouldn't be surprising

PS Ironically I just noticed my/your signature below which really
puts it into perspective - if you can make 1% per day there isn't
really so much of a financial incentive to get involved with other people's
money

[kiravon]

Not starting a new T20 before the new year but will
still trade with reduced Lot size

USDJPY -0.5% DS1 it lost with just 4 pip SL

16.jpg

[kiravon]

-0.5% DS 1

16b.jpg

[kiravon]

Going in again with 6R TP with TP
just above TZ1

I'm not staying up all night baby sitting it

That means some of you will know if I won before I do
Well at least it's all live and unplanned

But the QQE ADV look healthy on both TFs

16c.jpg

[kiravon]

-0.5% DS 1
Full synopsis of this trade is in 'Managing Reversals' thread

17.jpg

[kiravon]

+2% DS 1

17 chf.jpg

[kiravon]

+3% +BE DS 1

Went in again for BE as it started ranging