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zxcv64

My Seven Stages of being an SO Member

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This should be required reading for every new SO member.  My experience is almost identical.   

So many people just want to pay for trade alerts and not take the time to figure out why we are making a trade and where we think the "edge" is coming from.  I totally understand this as I was in the same spot a few years ago.  Learning takes time and effort and I know its hard for people to find that right now.   

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14 hours ago, zxcv64 said:

I’ve started doing something else – I’m now keeping a proper journal. Every trade is logged together with the rationale behind it. 

Hello @zxcv64, first of all thank you for sharing your story. It's really encouraging to go on.

 

The above quoted sentence jumped out for me, since I'm trying to setup a personal trading log for a while. I experimented with different methodes and tools. Varying for 'screen-shooting' everything, till only making short telegram style notes. I'm not doing very well on this area, by not sticking consistent to one methode, or never look at the made log notes and do some evaluating, etc, etc.

 

So I would appreciate if you would share your methode of trade logging. What and how do you register ? Perhaps you can share a sample log ? Any thought / tips / advise regarding maintaining a trade journaal you wish to share. Thanks in advance.

 

Edited by Hielke

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If I am not mistaken most of the success stories at SO come from full or almost full time traders. I wonder if there are people with similar success, who have full time job or for any other reason cant fully commit to trading.

Edited by Jevgeni

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Hi there - former member here.  I just wanted to chime in and say that this post really resonated with me as well.  I think SO is a great service, but I dropped out after a couple of years somewhere around step 4 or 5.  At that time, I came to realize that in order for my trading to be both profitable and enjoyable, I needed to move to step 6 and truly make the system my own.  I needed to quit simply following the official trade alerts (and getting frustrated when I couldn't get the same price, or couldn't get filled at all), build a deeper understanding of why the trades worked, and then make my own trades.  However, I also realized I didn't have time in my life to do that as a busy small business owner and a father of four young children.  I didn't have the bandwidth to move to step 6, and it didn't make sense to continue what I was doing, so I made the difficult decision to stop trading and focus on the other aspects of my life.  The time still isn't quite right for me personally, but I do hope to return to trading in general and SO in particular someday in the not-too-distant future.  I just wanted to share that perspective in case it helps someone else sort out their own situation.  Best wishes to all of you in the new year!

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This is a fascinating thread, I find that I'm interested in everybody's story of how they came to be here, now, in this conversation.  I don't know about how many others feel the same as I but I would really enjoy, just from a human curiosity point of view to hear the stories of any others that wanted to say how they got here.  Individual, retail traders get very little (trading) workplace input because most of us are alone at our computers, these kind of threads add some of the missing "coworker" input that one takes for granted in today's society.  It is also kind of a "sanity check".

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2 hours ago, Jevgeni said:

If I am not mistaken most of the success stories at SO come from full or almost full time traders. I wonder if there are people with similar success, who have full time job or for any other reason cant fully commit to trading.

Actually most SO members have full time jobs or small businesses, including most of the mentors. Of course different people have different levels of commitments in their daily jobs, so the comparison is not always apples to apples.

It's very important to create realistic expectations, and discussions like this one help to do it. I could tell potential members that it's enough to spend just few hours per month to succeed in trading. Many other services do it and tell you that you can turn $12,415 Into $4M in no time. This would be the easy path to gain thousands of subscribers (People like to believe In Fairy Tales). This is simply not true. Every profession requires time and effort, and trading is no different.

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Good Morning all

this old dog couldn’t agree more.  I do have a comment or suggestion.  It’s obvious that SO wants us to succeed, over the years I have tried different services.  This one is unique in the sense that everyone’s voice is heard.  Usually the staff or owners of these services aren’t as engaged.  
 

i have wondered however.  Why does SO have to remind new subscribers to”go read” to start.   Would a library of in-house videos be a better solution to start and depending on the topic an opportunity to review.  Also available on podcasts?  How about zoom seminar teaching us the philosophy and tricks.  I would like to hear from the monthly winner review their work, trick and spreadsheets for an additional fee? I’ve also suggested that a different winner should crowned to allow others to share learn and grow.  
 

thanks for listening

Troy

 

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22 minutes ago, Troy Mclure said:

Good Morning all

this old dog couldn’t agree more.  I do have a comment or suggestion.  It’s obvious that SO wants us to succeed, over the years I have tried different services.  This one is unique in the sense that everyone’s voice is heard.  Usually the staff or owners of these services aren’t as engaged.  
 

i have wondered however.  Why does SO have to remind new subscribers to”go read” to start.   Would a library of in-house videos be a better solution to start and depending on the topic an opportunity to review.  Also available on podcasts?  How about zoom seminar teaching us the philosophy and tricks.  I would like to hear from the monthly winner review their work, trick and spreadsheets for an additional fee? I’ve also suggested that a different winner should crowned to allow others to share learn and grow.  
 

thanks for listening

Troy

 

Those are some excellent suggestions, please let me address them.

First, I don't believe in "additional fees". Some services implement this strategy of milking their members for webinars and videos, I don't think it's fair.

We do have some Webinars and Videos, and also some videos on Youtube. Is it enough? Probably not. I still have to find the time to create new videos, but if someone wants to help, please contact me (I will gladly compensate those members for their time and effort). Also I know that some mentors are willing to provide one on one mentoring, if you are interested, please contact me or the mentors.

At the end of the day, it's matter of priorities and workload. At this point I prefer to contribute and be available on the forums, and I believe that our extensive library of topics and educational articles provides an excellent starting point, but obviously there is always more than can be done.

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This is a great post that illustrates both the journey one goes through with SteadyOptions and why that journey may not be for everyone. I was an SO member for a year-plus. Learned a ton, had some winners, had some losers, but ultimately decided that the style of trading was just not for me. As you can see here, it's really a second job. It never made sense for me to put in that much time for something that would be 10-20% of my overall investment portfolio. But, it made me a better investor. As you can see by the fact that I'm posting, here, I still like reading Kim's emails.

Dan

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12 minutes ago, Dan27 said:

This is a great post that illustrates both the journey one goes through with SteadyOptions and why that journey may not be for everyone. I was an SO member for a year-plus. Learned a ton, had some winners, had some losers, but ultimately decided that the style of trading was just not for me. As you can see here, it's really a second job. It never made sense for me to put in that much time for something that would be 10-20% of my overall investment portfolio. But, it made me a better investor. As you can see by the fact that I'm posting, here, I still like reading Kim's emails.

Dan

I completely agree.

And obviously different people have different goals, different perspectives and different priorities. If someone spends some time learnings the strategies, becomes proficient and makes 50-80% on a $100k portfolio (which is completely doable, many veteran members make more), that's an extra $50-80k a year. For some people it might not be worth the effort, for others it can be a second salary (many people in the US don't make that much as a first salary, not to mention many developing countries). 

btw, many trading ideas shared by members are scalable far beyond the $100k limit we recommend, and this is where treating it as a trading community and not an alert service can be really useful. Many members told me that a single trading idea shared by another member covered their subscription fee for 5-10 years..

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20 hours ago, zxcv64 said:

I open my own calendar trade on PANW for 0.89. The very next day, Kim opens the same Put calendar for 1.05

😁 That feeling when.....

 

Its like a Promethean spark that changes everything.....you suddenly get the confidence to progress to stage 6: doing your own trades => which gets you out of the mugs game of trying to chase alerts => which -after a few more missteps- eventually gets you onto the path to consistency.

 

NB. Alerts are great for learning exactly as you've laid out; by serving as material to understand why did Kim/Yowster do X now and why did they take profit now and....but they're not copy+paste=Learjet

 

Thanks for sharing @zxcv64

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10 hours ago, Hielke said:

So I would appreciate if you would share your methode of trade logging. What and how do you register ? Perhaps you can share a sample log ? Any thought / tips / advise regarding maintaining a trade journaal you wish to share.

 

Hi @Hielke, yourself and another member has asked for this. I'm a little embarrassed to admit that my trading journal is nothing fancy or unique - it's just some Excel and Word documents. But they have been extremely vital to my development. What I think we can do in a few days is to start a new thread dedicated to journalling - where everyone can chip in with what sort of information they like to maintain, what they find useful, etc etc. We don't have such a thread on SO, and I think it would be useful.

 

1 hour ago, Kim said:

If someone spends some time learnings the strategies, becomes proficient and makes 50-80% on a $100k portfolio (which is completely doable, many veteran members make more), that's an extra $50-80k a year.

Totally agreed. For me personally, once Covid goes away, I will be doing a lot of travelling so will not be able to do this full-time, but this is exactly the sort of returns I would be looking for. I am not in any way implying that one should give up their day jobs, but it's very possible to make a decent full-time living from trading these strategies given a $100K portfolio.

 

Just to re-iterate that the transformation and growth occurs when we create our own trades. When we just follow someone else's trade, then physiologically, we are not as emotionally invested in it. If it goes wrong, we're upset at losing money of course, but we have the convenience of mentally blaming someone else for it. When we enter our own trade, then we hold ourselves more accountable and we have to look internally to explain why it didn't work out. Similarly, a successful outcome is even more sweeter.

 

 

 

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9 hours ago, Jevgeni said:

If I am not mistaken most of the success stories at SO come from full or almost full time traders. I wonder if there are people with similar success, who have full time job or for any other reason cant fully commit to trading.

I have a more than full time job and a business to run - I do take the trading as a form of relaxation -i.e. not doing the day job. Not watching television tends to free up enough time to do it on the side. However - to be perfectly fair - when I am too busy professionally I do scale down trading to reduce the error rate.

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10 hours ago, Jevgeni said:

If I am not mistaken most of the success stories at SO come from full or almost full time traders. I wonder if there are people with similar success, who have full time job or for any other reason cant fully commit to trading.

I work a full time job (office job) plus a side business I started plus have three elementary aged kids at home with me (home schooling during COVID).  Time is really tight right now which is why I like these earnings trades. 

I can fire up VOLHQ in the morning and take a look at a handful of stocks that may be good entries.  The trades I am already in I use limit orders to manage them.   If I really tried I could probably get buy with 20-30 minutes per day of earnings type trades.

I am lucky though because I have a quiet office and several computers and screens to work from.   I don't think you could do this well on your own if you worked outside or were in a car all day.

 

 

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I must admit how inspirational your individual commitment and dedication is.   As a Junior 60’s retired guy.  I’ve decided to treat SO as my part time job starting 01 Jan.  What that looks like, I’m not sure.  But as I’ve sat here for the past 5 months (w/o a trade) truly learning about the spirit, tricks and theories from kind individuals who cheer their successes and share their mistakes.  
 

What a wonderful motivating discussion to leave 2020

Merry Christmas, Happy Holidays. Keep yourself and family safe 😷 

Troy

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19 hours ago, Troy Mclure said:

I must admit how inspirational your individual commitment and dedication is.   As a Junior 60’s retired guy.  I’ve decided to treat SO as my part time job starting 01 Jan.  What that looks like, I’m not sure.  But as I’ve sat here for the past 5 months (w/o a trade) truly learning about the spirit, tricks and theories from kind individuals who cheer their successes and share their mistakes.  
 

What a wonderful motivating discussion to leave 2020

Merry Christmas, Happy Holidays. Keep yourself and family safe 😷 

Troy

Always loved your account name.  

Edited by FrankTheTank

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@elistn. There is always a link to the strategy been used see below. The Ratio(nal) Trade(r) . Also it is important to read the Must Read Topics. https://steadyoptions.com/forums/

 

Edit. I am deleting the STZ trade as I have just realized this is probably a public forum. Just to say there is a link to the Strategy used for each trade that is posted. 

 

 

 

 

Edited by mccoyb53
correction

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