I dont think there are many FT traders here at all or on twitter most work and trade part time trade even tho there creating the illusion that there killing it... Also think most just trade there super funds and are retired ... If a trader investor is killing you dont work for the man you are the man.. Makes me angry when i read all the junk on social media when most are paying 50% tax on there trades + working 40hrs a week and paying higher tax yet again
... I mean if you were doing well why not work the hours you choose pay 28% tax and kept the money in your family.... Have the wife work for you etc
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Ft money management is simple is not hard and its about the individual + market sediment...
Happy market with liquidity you can up risk level as you can get out on a bad event ...Atm im 65% in market 35% cash highest i have been for awhile but also ready to decrease size fast if need be and have a plan...
Angry market/unstable market = i dont hold positions i basically trade events and manage a couple small positions that maybe acting well and trending but my capital protection is high and i wont risk much as when the liquidity drys up its very dangerous for a FT trader... Normally less than 10% capital in market and parcel size is often less than 5% of total cash position ...
Most imortant thing is this...
Have 2 years of money saved up = bills, unplanned events, family trips, lifestyle etc workout your total expenses... Always think ahead most fail because they dont plan there future just think they can do it well Mr Market is not only cruel but uncanny on what he likes to do and atm alot of traders will not be around come correction time as this market is pure gambling and even myself and a colleague have agreed this market is just mental and its seriously scary the amount of fomo going around not for our accounts but for whats going to happen soon.... I mean for example today i just scoped the specs for big walls and hit them 3DP prime example little wall created at 4.3c wham take em price now 6c... Hit plenty of others as well and they all ran what this means is way too much easy money being made and confidence levels are too high but hey when the sun is shinning you dont sit indoors and watch TV u make the most of it...
@TraderNin if you have $100k man i would not be putting $50 k into a few positions in the first year of FT trading.... Reason why the first year trading for your sole income is hard and expectations are high + bills and family to take care of creates some stress knowing others depend on you succeeding ... 1 big hit early in a FT trading career will not only damage your mindset but will hurt you financially and with the added stress you mindset will be wrong and you end up struggling to take on buys etc... From my experience be it right or wrong when i became FT i never outlaid more than 20% of total capital into a ST position + would never go into a trading position over 15% total capital ....
My point is start off small establish yourself understand what it takes to make it FT not try for big baggers etc but make consistent cash.. Gain confidence in your ability to provide for your family and grow. Remember success doe not happen overnight it takes time and sometimes the longer it takes the better and the more appreciative you become of money etc....
Most important factor for a FT trader is get rid of noise block it out the reason noise is created is for people/groups to pump up there stocks... Once you have a feel for the market and start getting into the rhythm of the FT lifestyle you will be unstoppable...
Im no way a perfect FT trader but what i have established is trust in myself and belief and now live a life which i never thought a drop out from school could live... But it has taken nearly 8 years to get to waking up and knowing i can make money in any market and thats the skill.... Everyone atm is on happy pills and are the greatest traders ever but this is bad and chasing the trade market we are witnessing creates more pain than good for the inexperienced as when the market drys up they wont know what to do and there habit will be all wrong... Basically know when to go hard and after this take time off relax and dont let Mr Market trick you into giving it back...
This week i only spent 2 days behind the screens and spent the other 3 days bluewater gamefishing off byron bay and rainbow beach/ fraser island the reason why even tho the market is unbelievable i needed to switch off and enjoy life as it can end quickly and my theory is a good run can come to a end fast with greed + the weather and gamefish finally turned up so that was another factor...
If anyone is serious about FT trading take your time i mean if you want to make a lifetime job out of this there is no rush to do so.... + use screens for charts etc not social as this is a big problem as all these traders in these groups and egos getting around is ridiculous ... Successful people dont care about there status there too busy living the real life in the real world.....
Enjoy
TS
