A 10 step framework I would use if I had to restart my trading journey from 0 with the knowledge I acquired as a trading millionaire over the last decade in the trading business.
Another great article! I recommend Polygon for Python programmers, very intuitive, great data and cheap. Been using it for a few months and built useful tools. People can even try for free with yfinance library or openBB 👍 can’t succeed without data.
How do you juggle everything on your plate? Automated strategies, discretionary trades based on macro/small cap patterns, and long term investments. All the while learning new skills. Are you doing all this at once or focusing on one thing at a time?
Amazing post, thank you so much. I run fully automated (also execution) systematic short strategies and am looking to get into pyramiding. Have you ever been able to quantify pyramiding? Because you mentioned automating your strategy. It seems very discretionary to me.
No because pyramiding works off of the intraday structure. You can have multiple different opens followed by multiple different next ranges/continuation patterns. trying to quamtify it would take an immense amount of combination.
At just 10 opening patterns and 10 continuation moves you find yourself confronted with 100 different combinations with different outcomes.
Work off of support and resistance areas (areas not likely to be broken) and go from level to level adding in order for the average to align with the liquidity you need to exit as well as a level that is unlikely to be tested .
Very thorough & well written article Lukas! I'm curious if you can shed some light on your Python learning process. What were your top resources when going thru the beginning phase? Thank you so much for all the value you provide the community :D
Is there any reason not to code execution? You can still reflect on weekends, only scale better.
I can not for the life of me imagine that there is a single trader out of those 30 who haven't automated what more profitably can be automated, but I'm always wrong.
If I'm wrong, why? I don't buy that you're losing touch more than when automating scanning.
However I do see how not automating better relates to the audience, and that's reasonable enough of course.
Sorry for the passive-aggressive questioning, very nice blog post.
I automate everything, but have the privilege of being able to code at that level.
Phenomenal roadmap for anyone starting out. Also a great iterative process that can be used for setup improvement or a repeatable process for expanding to new setups. Thanks Lukas!
Great write up Lukas. Can you expand on step #1 network? I think many realize finding a mentor is a critical step in the journey, but since trading is a very antisocial profession by nature (you + computer), can you add ideas/steps on how you expanded your network?
You haev to start somewhere, good place for that are twitter, stocktwits or maybe reddit. The best by far is twitter though. You can start by following the 'trading stars' and looking below their posts. After some time you will see some individuals with great comments and ideas. You can message them about something you are working on and it just snowballs.
They tell you about someone else, you start a discord group or similar and you expand from there.
To get in contact with the best its about giving value. These people are very busy and they get hundreds of messages... How can you stand out, how is it worth it for them to interact.
Either you provide value or you slowly walk up the ladder to become a fellow great trader and part of the pod.
I work closely with individuals that messaged me and helped me code, help me gather data, helped me expand my reach... Figure out what the star struggles with. (quote on quote star)
Great content Lucas! Very much appreciated! I don't want to be another "hi, help me understand trading message"! Am a bit further in the process and wondering if there's a way to reach you other than the twitter inbox?
I see no daily reviews. Do you mean "daily report cards" are mostly useless? I am saving every trade chart, even if I shouldn't even trade it and thinking about adding DRC, do you think this would be mostly useless? I want to do more effective work, not just working so I feel busy.
Thanks, you and Lance inspired me to get my shit back together after having my 1st red year in 2022... I got lazy.... love your posts and work ethic even after so big success.
Amazing, thanks for all the information📝
my pleasure Mark!
Another great article! I recommend Polygon for Python programmers, very intuitive, great data and cheap. Been using it for a few months and built useful tools. People can even try for free with yfinance library or openBB 👍 can’t succeed without data.
I started programming 2y ago and I am using polygon too nowadays.
It allowed me to build a database listing all stocks and their data for as long as I could pull it for.
It allowed me to backtest edges, to refine and automate my current strategy...
It is a game changer and it my goal with starting to code back then. It goes back to what this post is about. Long term, game changing decisions.
How do you juggle everything on your plate? Automated strategies, discretionary trades based on macro/small cap patterns, and long term investments. All the while learning new skills. Are you doing all this at once or focusing on one thing at a time?
Amazing post, thank you so much. I run fully automated (also execution) systematic short strategies and am looking to get into pyramiding. Have you ever been able to quantify pyramiding? Because you mentioned automating your strategy. It seems very discretionary to me.
No because pyramiding works off of the intraday structure. You can have multiple different opens followed by multiple different next ranges/continuation patterns. trying to quamtify it would take an immense amount of combination.
At just 10 opening patterns and 10 continuation moves you find yourself confronted with 100 different combinations with different outcomes.
Work off of support and resistance areas (areas not likely to be broken) and go from level to level adding in order for the average to align with the liquidity you need to exit as well as a level that is unlikely to be tested .
Thanks 🙏
You've got it
Very thorough & well written article Lukas! I'm curious if you can shed some light on your Python learning process. What were your top resources when going thru the beginning phase? Thank you so much for all the value you provide the community :D
Datacamp. the 88h course on data analysis and data scientist.
Thanks SB!
Hi 🐻,
Is there any reason not to code execution? You can still reflect on weekends, only scale better.
I can not for the life of me imagine that there is a single trader out of those 30 who haven't automated what more profitably can be automated, but I'm always wrong.
If I'm wrong, why? I don't buy that you're losing touch more than when automating scanning.
However I do see how not automating better relates to the audience, and that's reasonable enough of course.
Sorry for the passive-aggressive questioning, very nice blog post.
I automate everything, but have the privilege of being able to code at that level.
W
Because a lot about trading is about nuances and through sequential data + filings.
It is that adaptability that is needed to trade at the highest level.
Will you be able to share any pointers to get started on automating with fidelity and tools needed? I do have coding background so I can give a try.
Thanks pal
Thanks pal
My pleasure!
Phenomenal roadmap for anyone starting out. Also a great iterative process that can be used for setup improvement or a repeatable process for expanding to new setups. Thanks Lukas!
Great write up Lukas. Can you expand on step #1 network? I think many realize finding a mentor is a critical step in the journey, but since trading is a very antisocial profession by nature (you + computer), can you add ideas/steps on how you expanded your network?
You haev to start somewhere, good place for that are twitter, stocktwits or maybe reddit. The best by far is twitter though. You can start by following the 'trading stars' and looking below their posts. After some time you will see some individuals with great comments and ideas. You can message them about something you are working on and it just snowballs.
They tell you about someone else, you start a discord group or similar and you expand from there.
To get in contact with the best its about giving value. These people are very busy and they get hundreds of messages... How can you stand out, how is it worth it for them to interact.
Either you provide value or you slowly walk up the ladder to become a fellow great trader and part of the pod.
I work closely with individuals that messaged me and helped me code, help me gather data, helped me expand my reach... Figure out what the star struggles with. (quote on quote star)
From my experience, everything you've suggested is absolutely true. Thanks for the extra confirmation
Great content Lucas! Very much appreciated! I don't want to be another "hi, help me understand trading message"! Am a bit further in the process and wondering if there's a way to reach you other than the twitter inbox?
Thank you for sharing this! Your journey and insights into the process of reaching profitability are incredibly valuable.
good stuff!
I see no daily reviews. Do you mean "daily report cards" are mostly useless? I am saving every trade chart, even if I shouldn't even trade it and thinking about adding DRC, do you think this would be mostly useless? I want to do more effective work, not just working so I feel busy.
Nr 7 as review. Very important.
Thanks, you and Lance inspired me to get my shit back together after having my 1st red year in 2022... I got lazy.... love your posts and work ethic even after so big success.
Great article, thx for sharing !!
My pleasure!
Can you send me your tickers, setup, and let me in your inner circle?
I had to try !