I'm dabbling with creating an 'organization' for KT traders, a 'club' of sorts, for those trading the KT methodology full-time. The organization wouldn't have any dues, would not be anything I'd be trying to make a profit from, but would simply be a place for a very specific niche of traders to 'hang out'. Maybe it would have a forum, or whatever. I'm not sure, it's just a very early stage idea. It would be based on one concept. Unfortunately, I think I might get one or two members, but more likely zero.
Here's the idea. I have mentored people in the follow categories (as well as other categories):
hedge fund trader
floor trader
Wall St. analsyst
newsletter writer
small, private trader
Captain/Titan of industry/wealthy independent businessman, looking to move to full-time trading
retired looking to trade part/full time
young, financially well off, looking to trade part/full time
financial professor
looking to start private, hand selected prop firm
Of all these, the group that is lined up best with my interests is the small, private, independent trader, trading from home. Most people I work with have higher goals. They want to make huge money (or at least very big money), and want to manage other people's money (OPM). They want to start a hedge fund or work for one. They want to expand. They want to get something going and leverage their time and money, and create some businesses for themselves in some way (all the while still respecting the non-disclosure agreement they sign with me). That's all fine and good for them, but it isn't what I have any interest in.
As I've said in many posts and commentaries, I've been offered money to manage many, many times (sometimes, for me, very big money), or to join a hedge fund. I have less than zero interest in this. But when it comes to 'talking trading', the more I have in common, the more I can relate, the more I enjoy and benefit from the conversation. So, when I talk to a student, as an example, and they are talking about getting 20 mil under management, and how they are talking to all these wealthy people and trying to get them in to the hedge fund, and so on, it is of no interest to me.
Tell me about the four lot you hit in the mini's off that DT ABCD at a key line and .447, and how it went, to the tick, to the expected area, but you stuck with it to see what it would do and it exploded through after a small reaction and your trailing stop kept you in for another six points. That I can relate to. So, what about a core group of KT style traders who have the desire to make maybe $50K-$100K a year (maybe $200K), and that's it. No desire to do more, take more risk, expand, move up, and keep growing. Just a group of stay at home guys trying to make a decent middle-class living, and being happy with that.
Now, is there such a group? Personally, I doubt it. Most who make any money always want more. It's the American way. So, I thought I might start a little group, a place to hang out, for those in this small niche. Trading the KT methodology style full-time, making say $50K-$200K or so a year (you wouldn't be 'kicked out' if you had a good year and made $300K...), have no desire to expand or manage OPM, and whatever else I think of later. I am split between requiring seeing a yearly statement as an entry requirement for the club. I'm leaning towards I need to see it, but am willing to listen to input.
And what do we do in the 'club'? Have a forum, talk about setups and trades, and whatever else anything can think of. But mostly share the ups and downs and trials and tribulations of being a stay at home, KT methodology, want to stay small and earn a middle-class living and then live life when not trading lifestyle. A core group with a very common goal and set of interests. But, alas, it may not have any members... Thoughts?
JA
jarek
Rep: 94
Posts: 3,474
Very interesting idea Jim. I would definitely be interested, but if trading full time is a prerequisite then I simply do not qualify. At least for now.
AL
albert
Rep: 99
Posts: 3,094
As usual, you have amazing ideas. I am retired and an aspiring full-time commodities trader. I would love to be considered for admission into such a group. In my case, I feel I am not ready for real-time full-time trading yet, & am looking at Remote Support and Mentoring with Jim first, if I qualify, before trading with real money. OPM management does not interest me. Making 50K - 250K a year at home trading from my computer and discussing Kane Trading sounds like a delightful idea, to me
Al Kamego
Al Kamego
AL
albert
Rep: 99
Posts: 3,094
As usual, you have amazing ideas. I am retired and an aspiring full-time commodities trader. I would love to be considered for admission into such a group. In my case, I feel I am not ready for real-time full-time trading yet, & am looking at Remote Support and Mentoring with Jim first, if I qualify, before trading with real money. OPM management does not interest me. Making 50K - 250K a year at home trading from my computer and discussing Kane Trading sounds like a delightful idea, to me
Al Kamego
Al Kamego
MR
mreiserer
Rep: 110
Posts: 2,220
It's a great idea Jim.
As far as aiming to make a decent living (50-200k) to understand what kind of starting capital is required is of great importance. People think they can easily turn 10k into 100k in a year (or the first year). That's like me saying I am going to win Wimbledon this year...(and I do play tennis btw.)
As far as aiming to make a decent living (50-200k) to understand what kind of starting capital is required is of great importance. People think they can easily turn 10k into 100k in a year (or the first year). That's like me saying I am going to win Wimbledon this year...(and I do play tennis btw.)
MR
mreiserer
Rep: 110
Posts: 2,220
It's a great idea Jim.
As far as aiming to make a decent living (50-200k) to understand what kind of starting capital is required is of great importance. People think they can easily turn 10k into 100k in a year (or the first year). That's like me saying I am going to win Wimbledon this year...(and I do play tennis btw.)
As far as aiming to make a decent living (50-200k) to understand what kind of starting capital is required is of great importance. People think they can easily turn 10k into 100k in a year (or the first year). That's like me saying I am going to win Wimbledon this year...(and I do play tennis btw.)
AL
albert
Rep: 99
Posts: 3,094
Right you are, M.
My statement
"Making 50K - 250K a year at home trading from my computer and discussing Kane Trading sounds like a delightful idea, to me."
is definitely misleading.
The statement should be changed to something like:
"Trying to make 50K - 250K "etc. , or "Aiming to make 50K - 250K " etc., or "Working to make 50K - 250K " etc. or some other verbage instead of "Making 50K - 250K, " would be the truth. My original statement sounds like sales hype. I apologize. I got carried away by the prospect of earning such money.
Good Trading,
Al Kamego
My statement
"Making 50K - 250K a year at home trading from my computer and discussing Kane Trading sounds like a delightful idea, to me."
is definitely misleading.
The statement should be changed to something like:
"Trying to make 50K - 250K "etc. , or "Aiming to make 50K - 250K " etc., or "Working to make 50K - 250K " etc. or some other verbage instead of "Making 50K - 250K, " would be the truth. My original statement sounds like sales hype. I apologize. I got carried away by the prospect of earning such money.
Good Trading,
Al Kamego