Dude, I'm sorry. I've watched with great interest your progression as I was in the same spot. Same account balance, starting to trade the futures about the time you did and I was rooting for ya'. My progression has not been as fast as yours, and in the very least I hope it has been a learning experience. Good luck.
baggerlord, Make sure to review each one of your trades and how you were feeling and thinking before each trade. If possible, can you post a chart of today with your trades marked on it. Maybe we can learn something from the trades too. Good luck!
Thanks guys. I'd rather not post any charts, just not in the mood. There isn't really anything to be learned from them anyways. They are completely stupid trades and no one in their right mind would trade the way I did. The bad part is that I really didn't learn anything, because I already knew not to do this. I guess it does reinforce certain rules...lol.
Got my statement, and after commissions I am under 1k, so I am paper trading for a few weeks, and going back to 50 hr weeks. I'm going to post trades in the chat room so it is as close to real as possible. Damn I'm an idiot.
Well, you are at a fork in the road, which way to go? You can (after your mind has calmed down a bit) objectively examine why you did what you did. Saying I screwed up isn't deep enough. Get a pad of paper out, sincerely ask your self the question "why I did what I did" and then proceed to write down everything that comes to mind, don't filter anything write it all down. What you have written down is what is going on inside of your mind. Are some of the things you wrote down something you would pass along as advise to another trader? Every action you took today was preceded by a thought, if you are not completely clear what those thoughts were and eliminate them, you will repeat this again. Beating yourself up will only delay the process. I am not saying to pretend this isn't painful, just don't compound the situation. Your ability to post your day's outcome tells me that you have integrity, thats something you can't buy, you also have my respect. Take it one day at a time. regards, Bruce Hawkins
well, i guess you're not the trading wizard you thought you were. Instead you've got a serious mental problem. You think you're damned smart and can catch every move in the market using 4 setups. Until you fix this attitude the market will humble over and over again. As a rookie you should concentrate on trading one setup and develop the required perseverence, confidence (instead of arrogance) and determination to stick with it and execute it flawlessly. That's more than hard enough. Like you demonstrated yourself having a valid setup is only a small part of the game, the mental side of trading is hugely overlooked by most whiners on this board, only because they don't even progress far enough to gain that experience. Also focus on the trading process itself, instead of making $, no matter how much you may be in need of that. paper trading isn't a punishment, it's a way to learn without burning money. And cut the real time posting crap. you've got enough to work on. You're obviously looking for recognition and appreciation, however nothing will boost your ego like real trading profits. No back petting by losers and cry babies can match that. Good luck.
Well said Ditch. I certainly have been humbled. I am taking this very seriously and plan to spend the next two weeks in intensive study and practice. Thanks for the advice.
Can I also suggest that, as well as study and practice, that you try and get a serious handle on your discipline problem. I have similar problems, so I'm not saying this lightly. Even although you only lost $3G, it was 75% of your account. If you can lose 75% of a $4G account during an afternoon session then you can just as easily lose 75% of a $20G/$50G/$100G account. The same problem will crop up no matter the size of your account. Better to address it now, while your account is small, than later when you have more to lose.