I have had a few people ask me questions about trading so I figure I would share some thoughts and my journey to where I am today.....
I started working at the CBOT as a runner in the grains when I was 18 years old. Made 175 per week. As soon as I walked on the floor I was mesmerized and knew this is what I wanted to do. At the end of my 1st summer before I was going to college I was offered a job.....
As an arb clerk in the Corn pit. 750 a week working 930-115. He was a terrible broker. Learned so many horrible habits in my time with him. From throwing trades into locals to cover his errors to riding a 1k error into a 25k error. He had a retail deck it absolutely sucked....
Putting that deck together every morning& changing throughout the day because he was such a hack. But what I did learn was to be successful you have to take your job seriously. Not come in hungover etc....
I lived at home and saved 70% of every paycheck. In 97 I wanted to trade but I wasn’t enthralled with the Ag’s. So I took a job as an arb clerk in the 30 yr. hard to get since I am not 6’+. While my broker sucked I was around GNO, ANI and 2 big locals YAV& MID....
In 99 I applied for membership and started leasing an AM. I was an average pit trader. Grinded out 4K per week after expenses. Didn’t have big winning or losing days. Did that for 2 years when my life changed. I had a screen in the pit and was getting really good at it....
... then 1 day the biggest local in the pit lost his screen guy to BAL... I knew his trade checker really well and she asked me if I wanted to work for him for a day. He would give me 1k cash. Figured worst case was I would get some bones tossed my way after...
The day I worked for him everything I did was gold. He told me to buy 100 at 27 and I got 25s, no skill just what the market gave. He had a great day and asked me to walk off the floor with him. Said think about it over the weekend but I will pay you this...
And you will have 2 weeks off in Feb, Mar, July and 3 weeks in Jan. And you can trade when you don’t work for me. I took it. Worked for him for 4 years until he retired. Bought my seat in that time. Everyday I learned something new. How to manage trades, not to show emotion...
Made a quick pit stop at Gelber working under 2 of the biggest screen traders. Met a trader named Woody was could scalp anything and he started showing me a few things... then came my big break..
Met @IndianaGrainCo who told me in casual conversation what was all that mattered trading. The only 2 boxes that matter are the current bid and the current offer. That’s it. Don’t overthink it. Can never repay him for how that conversation changed my life.
This is how I still trade to this day. Yes I have adapted to what I watch, when to get in and exit but this is my philosophy as a trader...
I have been fortunate for everyone I worked for in the industry. I have learned from everyone of them....
Here’s my advice for locals. Live below your means when you start, I still do to this day. Be accountable. Build an excel worksheet with expenses, daily RT and P&L. Know how much you need to live life. If you aren’t making it get out....
I trade my own money. But I don’t work for myself. I work for my family. They are my bosses. My job is to provide for them. This is why I keep an excel sheet.
Still to this day I grind. I love scalping. My goal everyday is to walk out with X anything on top of that is gravy. I don’t swing for the fences, I hit singles and doubles every day. Then when the opportunity presents itself I am not gun shy. I have a set of stones...
Why do I scalp? It suits my personality, I have never said charts don’t help traders they just don’t help me for how I trade. If I could buy a 10 lot in the ultras and hold for 1 handle everyday I couldn’t do it. I can’t hold trades that long. I might end....
With the same result but instead of 10/10 for 10k I would be 1800/1800 for 10k. Neither way is right or wrong.
If I were smart enough to work at a HFT shop I would but I am not. I don’t know how to code. But I am fascinated when I talk to @Wallacesnoop1.
I trade fixed income bc I have rates. I am extremely competitive, I want to win the money is the reward. My secret is I pay attention to every minor detail. I have a memory like an elephant. I would tell traders to pick a market they are passionate about.
Always willing to answer questions if I am free during the day. But I have never traded anyone’s money and I will never back anyone. The only people I would back aren’t old enough to trade yet
You can follow @2yrflipper.
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