Before I started, I told myself the emotions wouldn't get to me. Then, when I'm in a position like ES and it starts going against me, my stomach wraps up, my heart starts pounding and I feel like screaming like a little French girl. I obviously underestimated the psychological ramifications of trading with real money by a factor of 100x. 10% of my account in two days. WOW.
playing a mkt maker in the YM is fun but can be really deadly if all the bids disapear under you. then watch out:eek: if you want, you could try to swing trade the dow using the YJ i think thats the $2 multiplier. that might not be that rough, but dont do it this week, its crazy! wait till things calm down a bit, but even then a 50 point swing in the dow and you might get nervous. Just do 100 shares of something intra day and pick your shots carefully, you'll have 3 days a week - thats it!
Today I learned something new. An advanced trader may be able to use mental stops. However, a new trader better have hard stops to protect against the very thing that happened to me. I would have probably lost $100 less had I had a hard stop in place. In fact, the thing was moving so fast that I was probably losing $10 a second. Lessons Learned: 1) Don't be in the market before one of the largest US companies announces earnings afterhours. 2) If you are learning how to trade, don't pretend you're a market maker. 3) Use hard stops.
That's nothing, just wait til you "try out" currencies! (kidding, don't even put them on ur screen). Seriously though, catman is right -- unless you're just trading as a hobby to pass the time, there's really nothing to be gained in posting every trade here. If anything, use this forum to just blow off some steam at the end of the day and we can all sympathize with you -- we've all been there before. Or use it to keep a record of your thoughts and resolutions so you can go back over them and learn from mistakes.
Be really careful with this, it will make you to do everything wrong and I mean everything. You gotta have a plan and stick to it no matter what. If you don't have one do not trade.
Alphie, The mini's are not as "mini" and "cute" as most brokers pawn them off as. They can turn evil real fast, and bite u in the a$$.
What happened to: "I am done trading for the day." "I have one "daytrade" remaining (Thank you SEC)." You're like a coke fiend who knocks off for the night with one gram left. In any event, be glad the education curve wasn't on the order of $10K. Make a dozen or so more ET posts before jammy time and you'll feel better. If you can meet with Triumph and Disaster And treat those two impostors just the same;