Reaver

I have a thick Martian accent, so I hope it doesn't confuse anyone.

I don't know of many pro traders that will tell you how much they make, frankly. Maybe in France, where you claim to be from, asking that sort of question is apropos, but where I am from, it's not really a polite question...and in response to your assuming someone is rich based on appearances...from my experience in the mortgage and lending industry..you'd be surprised how many people in big ass houses driving Lexus's and BMW's don't have much money.... Turning $10K into $100K is not that big of a deal (relatively speaking) if you trade right based on probabilities. Grinding it out, that is. You make it sound like unless you're already rich, then you're some sort of fool to be trading with goals of ever becoming wealthy. LOL Please. I've never met ONE person who started out trading with a large bankroll (ie $20-50K) that ever ended up even remotely profitable. Either they are already rich from having a high paying job or have inherited money...either way, they don't generally respect money the same way someone who started saving every nickel and dime they had. Sort of the same way it is said that those with MBA's and PhD's, etc are handicapped in the trading world due to their biases and generally linear way of thinking and solving problems.

My statement still stands.

Not to mention I think it's fairly disrespectful to discuss other people's income. It's a highly personal thing. It doesn't directly offend me, but it's not polite to put other people on the spot like that. Maybe it's because I'm Southern or something. But to me that's just bad manners.

I see your point, but it really depends on many different variables. Trading full time only requires you to be able to pay your bills....that is often not a very high threshold to cross if you are financially responsible.... I don't think that the majority of pro traders make more than $100K unless they work for a prop firm, or have been trading for a long time, etc...I am referring to self-directed traders of course...OPM, etc is a whole different rodeo. Eventually a good trader will make that much, but I think your income for the first few years especially, will be highly correlated to your inital account size. ie if you start with $10K which is probably what most traders that aren't already rich will start with...it isn't wise to expect to make $50,000 a year off the bat, much less $100,000....eventually, with proper money management and compounding, yes of course, you would expect a much higher income.... So unless you get lucky as all get out and hit a boom or bubble or something...you aren't reasonably going to expect to make that kind of money unless you start with a bunch in the first place.

One doesn't need $100K/year to make a living solely from trading...

James, Just to confirm, yes I remember reading that Chris Ferguson and apparently a few other WSOP bracelet winners trade with Bright Trading....not sure if they still do, but Don Bright, the owner of Bright Trading made that claim a little while back.

Good post Brownsfan. I agree, it is going to come down to accountability. I would want to work it out as to what is expected of each member, etc...I am mostly focusing on futures for now, and would like to get involved with stocks on a more active basis just not at this exact moment....so I wouldn't want to be responsible for tracking stocks, as it's not my forte' if that makes sense... I like your idea for the weekly review/preview as well.... I think with a little work, something like this could really take off...at least for us. I think it could greatly improve trading for those who participate.

Ever heard that joke about how to keep a blond busy for hours?

James, When you say backtesting are you referring to setting up systematic parameters and replaying the data to see what would happen, like datamining...or are you referring to being able to go back into historic data and trade with a replay feature?

I do dumb things too when I get hammered. Don't feel bad.

Ahh, I see your point..yeah good idea... Hotcomm was just a generalization..I imagine there are comparable and maybe even better ideas out there.

I agree there...you're right, it is a pain typing out complex ideas, etc... That's a good idea....now...what would be a resolution to the problem? First guess would be some sort of hotcomm chat room, etc..but I don't think it would be that good if it's only live, as I for one am predisposed by my job for the time being.... But more importantly, to be able to save and reference the ideas at a later time would be crucial....always good to be able to save things for later review in case you miss something first time around. Hmmm...Not sure. You seem to be more tech oriented than me..are you familiar with anything that would be viable?

Hey everyone, I just started learning No Limit Texas Hold Em poker the other day and was wondering what people's opinion of online poker rooms were... So far I like Full Tilt and Pokerstars, but was wondering if anyone had any suggestions. My ultimate goal is to play for money (small stakes)....nothing major...but extra income..... Excellent cross training for trading in my opinion..... I think it would be great if we had a separate dedicated forum for poker discussion..it is so similar to trading, and I believe the information is relevant for traders....seems as if we have quite a few poker enthusiasts here.... Just my suggestion....

It definitely sounds intriguing....for now I am focusing on swinging futs.....but stocks may not be a bad idea either....I am open minded brutha. Let's hear more about it man.

heh heh..thanks for the hint

hahaha I didn't even notice that! haha

:D:D:D:D:D:D:D:D:D

While the practice you mention is illegal, and not condoned at Trader's Lab, if one were to conduct a google search, they could probably see links for downloading those ebooks.

As much as your posts in the politics section made me want to fistfight you :boxing:...I'd have to say that's one of the most motivating statements I've read.

Nice post. Worth reading for anyone.

I am not scared of poker bots, for the same reason I am not worried about automated trading systems..sure, they will win some money, and blow a lot of players right out of the water...but they are ultimately predictable..no machine has dynamic thought, and no machine can use discretion. No matter how sophisticated it's programming is, it is still a machine and has to follow systematic rules. You will find a way to exploit a system with enough work.

HAHAHAHAAA That was hilarious!! Especially the one with the two teenagers in the car!!! I definitely won't be messing with The Chimp! Take care Walter. Thanks for the video!

Yeah Walter we're watching you! haha But yeah I am with OAC in that we are here to give everyone a fair chance. Because that is the point of the forum here..sharing ideas, etc....we just have to be vigilant when someone shows up out of the blue talking about an offsite chat room they are teaching trading techniques....

My wife said she is going to pick it up this weekend, so I look forward to checking it out.