>porkchop_001 I've only skimmed through the posts here so I might be missing the points, but from I see you've read just one book and now want to daytrade futures. The book you read will surely cause you to envy the success of those traders. However, IMO it's not what you need at this stage. If you are to be successful in trading, you must first have the basic knowledge of how to analyse markets, stocks, futures etc, and also have a trading plan that works based on your analysis. You won't develop those skills chewing the fat with guys on the street or on message boards. It takes years of study. I've been trading for 35 years, and just yesterday I discovered something new. My best advice is to read books that teach you how to analyse, as that is what you will eventually have to do. You should plan on reading 50 to 100 books. In them, find the type of analysis that you can handle. Master it. Develop a trading plan and test it on paper hundreds of times. If you can at least break even, start trading the minimum lots in an ETF. Then move slowly into stocks. If you make it that far, you might then be able to start trading futures 3 or 4 years from now. Sounds like work, doesn't it?
learner2007 Thanks for the reply. I only referenced that book because it helped me refocus my attention and eased my mind in that I am not alone in my shortcomings. We all seem to make some of the same mistakes at times and like a good knife need our mind re-honed every now and then. Some of those traders in that book had some good suggestions on how they dealt with some of the mental growth issues that arose during their day of struggle. I'm no stranger to working hard, and admittedly I may have jumped the gun on my market entry, but I was then and for my own stubborn detriment now so damned determined to make this work. I am now concentrating on capital preservation with building a better strategy that works for my personality. Most people love to talk about their winnings but I use this forum to find people willing to share losing experiences along with the mental aptitude to over come and redirect. Its like the old saying "misery loves company" but with the twist that I think we can learn more from our mistakes than some of our winnings. Those whom have shared with me help me gain some perspective from their loss experiences. Hopefully to avoid some of the same traps and mishaps.
Porkchop, there are many morons roaming this site. Some make posts just to get a rise out of someone. He knows his post was bullshit, but just wanted to see what reaction he could get. Don't take offense to it, just ignore the future BS.
If it hurts, stop. If I'm trading and I start to get whooped, I take a step back and watch. If you're getting spanked and you know you're getting spanked, the worst thing you can do is to continue trading. Get yourself on a simulator where the only blows are to your ego. Getting beat up on sim sucks but it's a cake walk compared to losing all your money. As for the learning process you can do several things. One, you can continue trading on simulator, keep a journal, read books, and teach yourself. Two, you can find a mentor. If you have any connections to one of the exchanges in town, use it and start working. You won't be making much, but you'll be learning, and they'll mentor you. It will suck to go from running a business to running for coffee, but hey, you have to be able to take body blows to your ego. The third option is to pay for mentoring. Find a reputable market professional who teaches, and pay to learn. Careful with this as some who can no longer make money will turn to teaching. I would guess that if you're blowing yourself out in 3 months, you're trading too heavily. If nothing else, cut your size as much as possible, and I'd recommend you move right to sim.
I'm not at wits end yet. Should I get to that point I would do whatever it takes to make this business work for me, I have no problem and would expect to have to start at the bottom with a mentor. My ego can handle anything with the big picture in hand. Thanks
I was on a simulator for a month before I started live. I use TT Trader, so the simulator was as realistic for me as possible. Plus I wanted to make sure I knew how to use the software with some instinct so that in real time I wouldn't make software mistakes. The problem with the sim for me was like using a blackjack game. Losing a dollar just doesn't do the same thing mentally in sim. The only way to prepare for that is to actually lose a dollar. I'm not discounting the use of a simulator it is very necessary. I guess you could say that I was too cock sure for my own good. I have made some money, and lost more, but most importantly is that I have learned a ton. Mostly about myself and my ability. I have greatly lessen my losses, just need to put it all together. Either way I'm here, struggling but here. I made sure to give myself no disadvantages. I have a great two computers, 6 monitor set up. This way my only lacking would be personally or mentally.
I would advice trading really small just to get your feet wet. If you can't make money with 1 contract or 10 shares of a cheap stock, I don't see how you could make money with 10 contracts ot 10,000 shares of something. Also, keeping a daily journal would be very helpful. This journal, preferably, would include what you did to make you lose/win, your worst trade of the day, your best trade of the day, and your emotional swings. You'll start to see a pattern and you can look back on days you were profitable and why you were profitable.
Thanks, I have very recently limited myself to 1 emini contact at a time. I have also started keeping records of time, entry, gain/loss, etc.. in hopes of seeing some patterns. Both of these have been helping me with ironing out my shortcomings while not paying too big a price for it.