This challenge was identified as "Futures" for specific reasons. - You reverted back to options. You stated you would advise of all executions, entry, stop, exit. - You did not. You are surprised by the response received? - You shouldn't be.
Considering practically all of the responses came before I posted the details of the day, I would say yes? Either way, to stick to the $10k starting capital, the only way to proceed is if I transfer the funds to an options account. I am not able to trade a single dime with the remaining capital in a futures account. To also add, since you are reading my threads in other forums, I did reply to a member that I would look towards doing options a bit later down the line. So I was already open to that idea. Is it the ideal scenario? Not so much, I would rather stick to futures for this, but if I want to continue this challenge then this is the only way without adding additional funds. I feel I would violate the rules of the challenge moreso by depositing additional funds rather than trading derivatives.
I would also like to point out that it is a bit difficult to come back to this thread right away when the very first post after posting my entry is: I was down about 7-8 points at that moment but the hate just started to come in rolling. There is obviously a personal vendetta against me here but that is perfectly fine. I'll continue updating you guys when I take my trades.
"Options are my bread and butter and what I have been trading religiously for the past few years on my main account. " Question - if it's working for you, why change.................?
This challenge was specifically done to replicate a reasonable starting balance for a new trader. To trade options back and forth, they would need at least $25k in their account, which many would not have. I've stuck to trading futures mainly during off peak hours whenever the market is looking to gap up or down. I stick to options when regular market hours are open. Second of all, to challenge myself. I threw completely risk capital into a new account and want to see what I can make out of it if I am overly aggressive. Why not also change my main instrument if I am doing an experimental run. Similar to how in sports during practice you try all different moves, but when in a real game you cut all the fluff away and stick to your roots. Now that I have to trade options with a balance <$25k, I will have to thoroughly cherry pick my trades so I do not violate the PDT rules.
I have now wired the remaining balance of $3,880 to a new TOS account. It will clear today but they likely wouldn't post it to my account until Thursday.
I find this whole scenario very interesting. On one side of the fence you have traders saying that to make large gains you need to assume more risk, add to losers, no stops. But I would hope that what happened is not considered more risk. The trader decided to ignore his stop loss and add to a losing position. That's not trading that's gambling. On the other side of the fence is those that say ok if you want to make large gains, yes you need to put on larger positions, which can be accomplished either by going all in or adding to a smaller winning initial position, which can all be managed with strict discipline in regards to stops. At some point it appears he went into "deer in headlights" mode. I wonder if in a parallel universe that if he went short if he would have come close to a similar gain, or if he would have cut his winners short. Can anybody in all honesty say that stops are for losers?
There wasn't a personal vendetta against you, you said that your stop was 3580.00. Since 3580 was breached and you didn't post your exit then of course the comments are going to start. Not sure if you had already added to your position at 3582ish by that time. It seemed like you were winging it. At Et the unspoken motto is "live by the sword and die by the sword" Your account took a massive hit, you need to re-evaluate what really took place, your thoughts and decisions that allowed the loss. I suppose it would be nice to end this with a positive such as "I wish you the best of luck" or "you can make it back" or blah, blah, blah. But what I really wish is that what you experienced is so painful and disheartening that it shakes you to your core, and you sincerely examine why you allowed this to happen, and to put beliefs and convictions in place so this never happens again.
Good post, Tonkadad. In my opinion its all gambling, but you can gamble with discipline and bet only when you have an edge, or you can be a degenerate, letting your emotions and ego completely take over, which is the behavior that was exhibited here yesterday.
Hey man, good job coming back to this thread. I thought you were gonna bail to be honest. Keep your head up. Don't be bothered by the comments. You brought it on yourself with the Mr Big Swinging D*ck comments at the start to then knock it out of the park with the amateur style risk management. I know you wanna be a trader so freakin bad. And I admire your ambition. So keep it going man. Hope you reach your dreams. Just try to stay level headed, if you can. And keep things real. I hope you are holding off on trying to get subs and deposits. Wow you sucked on your first day <- Haha, hey why hide it right . Pls don't mind me saying, just stating the obvious. Cheers