1Reason-- Yes, idiotic mistakes like those are VERY aggravating at the time. Strangely enough, I didn't realize what I did until my P/L started going south in a hurry. Come to think about it, eyeballing my P/L seriously saved my ass today. I usually don't have it activated so I can only imagine how bad it could have been before I caught it. Phew, from now on that puppy stays on. Thanks for your post, it made me think about it again in a different way. Toronto-- Thanks for helping me look at the glass half-full. Unfortunately, time is not on my side. Unless something substantial breaks on the home front, I will be taking on more risk for greater profits. Hopefully it'll pan out. Stay tuned though, it could be a wild ride. <G> hardcash-- I think my defense is too defensive (huh?) so I'm looking to stretch the field a little. (Sheesh, it must be late when I start spewing crappy analogies) Anyway, cheers all 'till tomorrow.
bronks, I agree it is hard to make money without taking risks, but you can also lose money very quickly when you are undercapitalized. I started trading the same time as you and I have blown out twice on 4k accounts. Yesterday I had an NQ position go 10 points against me in the blink of an eye. I held on for it to retrace but it never did. Liquidated on margin by IB. I haven't reached the limit I was willing to lose to learn but is's going south a lot faster than I had hoped. I use a similar style to you with very wide stops, but I can be right about the overall market direction and still lose beause of volitility and going flat too early before the close. I'm not trying to give you advice since you are much better at this than I am, but I thought I would add a word of caution while you reconsider your stops. People may make money scalping small accounts, but I'm starting to think it may be best to try one or two trades a day and just monitor the markets the rest fo the time. When I have a good day it's usually just one trade that makes the difference, so maybe things would be better if I just eliminated a lot of trades and focused on looking for an ideal entry point with a 5 or 6 point stop on the NQ, which is really pretty tight.
nljones5-- I appreciate your candor. I hope you stick with it because eventually you'll "get it" at some point. As for being better than you, I've probably been getting the better bounce, until today. So no, we are more equals than anything else. I scalp because it's easier (for me) to control risk. And for some reason, more comfortable. I hope you succeed.
Late session trades have been busting me in the nose and making me cry. Once again gains (small) were wiped out in the last half hour and for a substantial loss. Two things: 1. Dicking around in the middle of a range in which I had no business. Lately been pretty good at staying away but today, she bit me. Well, it has my full attention again. 2. Last half hour of trading has really hurt my P/L this week. Unto itself, trading that time period isn't bad, IMHO, I just stink at it. Bumpy week it was. - $376.00 / 20 RT's / acct. $4976.40
Next week, I'll be a trial member in a chatroom. Maybe it'll help to smooth some of the edges and put things in a different perspective. I signed up for it yesterday after I got an offer with no strings, so no, I'm not basing it on my loss today. I will begin Monday. In my usual commentary I will remark about the room but without specifics and no names. Since it will be MY personal opinions, please take it for what it's worth,if any. At the end of the trial, my decision will let known whether I stay or go and who ever wants to know the identity of the chatroom can e-mail me only. No PM's (for identity) either. "I am not a shill." <------ use your best Nixon impersonation
Itâs a tough game, guys. It is tougher for the under funded because you canât afford to get the trade wrong â so you nibble at your trades â you go for a point, half a point, anything to start the ball rolling and give you some breathing space. I think that starting with $5000 will give you at least a chance to get some education before you lose the lot â the longer you last more you will learn â the more you learn less you lose â once the bleeding stops the less you fear â the less you fear better trades are made â you are made. We are all in the same boat â I wish somebody gave me the sea legs. Wish you a lot of luck (itâs easier to come by than a trading skill)!
I think I have made haste in trying to do too much too soon. Miki, I hope to eventually get to the point of your quote above. But forcing it is definitely NOT the way to go about it. A few thoughts: When learning a musical instrument, or surfing or whatever; you get to points along the way where your vision is ahead of your reaction. You see in your head exactly what's shaping up, but like a puppy rounding the corner on a clean kitchen floor, you just can't get your legs to do what your head wants them to and you eat shit. You stand back up, pick your ass and wonder what the hell just happened. I think I'm gonna start taking that corner a little slower till my execution catches up. It IS a very tough game. Having just a wee bit of apprehension about the trading room. Mostly because I'm actually starting to recognize certain set-ups and situations (not consistently) which I never saw before. When I did trial a couple chatrooms in the past, I ended up not trusting their call because I didn't see it OR not trusting my set-up because their "no-call" didn't "confirm" mine. I ended up even more confused. Which doesn't take much. Hopefully I won't blow a circuit somewhere and come out of it (the chatroom) more dyslectic than ever.
Most of us had our backs against the wall, bronks, at one time or the other. Wanting to be a successful trader and at the same time staring the defeat in the face and having that sick feeling in your stomach is not something you ever forget. The worst is the doubt itself. Is this all I can be? Have I really reached my limitation? And the sleepless nights, going through your bad trades trying to understand what went wrong and swearing to yourself that you will never ever make stupid decisions like thatâ¦only to find that the next day you made a different variation of the same stupidity. It is a heartbreaker! Yet at the depth of you soul you find just enough grit and determination to have another go, and another, and another⦠Until one day something clicks - you donât know why but suddenly you feel strangely calm and you are looking at the price with a different pair of glasses. You realise that you have seen it all before, but now there is recognition of the familiar patterns. You smileâ¦
hey bronks, listen to miki, he is right better then to go to a chat room is to step back one week, come down, try to get rid of that "overmotivation"...dont get me wrong...you need a break trading
Of all days for my Roadrunner service to crap out. At 11:21 (eastern) I was out of the game and out of the chatroom until a few minutes ago. How frustrating, I wasn't even able to follow the market because the whole cable system was down including the TV. What a day it was I gather. While in the room I'll be following the calls to the letter, so as not to confuse myself mostly. Two calls made today while I was there, the first for a -6.5 point loss and the second for a +10 point gain. It wouldn't be fair to give an opinion yet since I have only 2hrs in the room. I will say that the moderators' calls are clear and concise. And good so far. The first trade actually had a profit of around 5 points before reversing. The stops are wide (for me) so I'll have to get used to it. The room is small which I REALLY like and everyone seems a lot more professional than other sites. I wonder how they did today. I'm gonna start posting my statement again for the duration of this trial. + $60.40 (net) / 2 RT's