Wouldn't be the first time - but this time ain't it You would have him blow what little capital has has left - and according to his last response to me = he wants to Rock On RN
hurricane, your posts sound very panicky. You should not be panicking if your following your trading plan, your trading plan will/should reveal how much your allowed to lose per trade? The only other advice is to look at your entry parameters and only enter if you can tick them prior to entering. You should never feel overly anxious if your trading an amount that does not effect you emotionally. Don't be a greedy fuck.
I wasn't firm on the maximum loss per trade, and didn't follow my rules strictly either. Thanks, this is very helpful. Previously I invested $10K per trade because of the $6.95 commision per trade, now I'm with IB, I don't have to trade that much which did make me nervous. I didn't think of this.
If this is a flash in the plan idea of yours to start trading then so be it but if your serious then, "it's not about the next trade it's about the next 1000". Get "your" or the approach that works or looks to have an edge and get it down pat ... the sooner you get this under your belt the sooner you will make it to the first level of success which is consistency. Making money initially does make you successful in trading, there's keeping it then adapting to changing market condition so that you can remain consistent. Easier said than done. PS Real trading is not glamorous in any way it's serious hard work day after 12 hr day for years, constantly reading and learning. Don't be surprised if the REAL learning is mostly about yourself
Ask you why last Friday was a "bad" day ? Because you are long in a bear market. Probabilities to make money for the coming months: close to zero. Sure, you will have nice rallies and other dead cat bounce. But how many money would you make : zero, zero and zero. Why? Because these are multiple traps to let you believe you can make money. For me, Friday was a really "good" day. Trend was down, zero risk when you were short. Stop losses were easy to place. Yeah, a "good" day for me, and a lot of people. Last rebound was a classic dead cat bounce, no surprise. Hear RedNeck's advice. Just get out and come back to the game when you will understand what is a bear market. When you will understand how the other side make money, you won't go long on Monday. Oh no. Because if you think you can find some good long opportunities next week, you would have a ton of good ones next quarter. CM
Thanks, Chris, I realized the main reason of my failure was that I was going long in a bearish day. I haven't got to used to short trading, my brain was trained only for long positions.
By combining thousands of hours of trading-oriented education from reliable sources with thousands of hours of screen-time study, without entering trades. (I spent four years - part-time, but often 25-30 hours per week and sometimes more - doing that before trading for cash. The easy mistake is to imagine that only real, live trading is a valuable source of education. It isn't. And for most people it's actually of very limited value without having done those other things first. That's a big part of why overall trading success-rates are so low.)
I've apparently left it too late to edit my post above, but I wanted to add ... In my opinion, the typical difference between someone who genuinely has 5 years' trading experience and someone who thinks s/he has but actually has only the same couple of months' trading experience repeated 30 times over is that the first person started real-money live trading after putting in all the hours of education and non-trading screen-time, while the second one unwisely decided that real trading experience would be more worthwhile and productive even before s/he understood what s/he was really looking for. Most "traders" think the opposite; but most "people making a living through trading" (a strikingly different and incomparably smaller group of opinions) think what I've said above.