I finally know what I am doing wrong. I take a position, and as the price moves away, I stand firm and wait for prices to come back to my position rather than moving along with prices. I wish I noticed that a bit early on today. I need to chase prices. I need to bend and mold along with prices. I also wish I took AAA's advice to quit trading at 11:30AM. Till 10:30 or so: +$365 (I trade impressive when my backs against the wall, and poorly when I have a little bit of breathing room. After that: -$370 (I held onto a -$1000 loss. Long 2 contracts from 179, and I finally got out of that one with a only a -$400 loss.) That was really a scary situation. While holding onto the huge loser, it gave me a chance to think about what I would do if I could get out of this without blowing my account. I promised myself that I would quit trading. Only luck alone saved me today and while looking at the screen all day with glaring losses, I decided I need to catch up with a lot of loved ones. Wow, I didn't know how much I loved them till I started getting hurt. That is a good thing. They are so much better than e-mini dow. asta la vista baby, me out
LOL, the word "impressive" can not in any conceivable way, shape, or form be associated with your trading
I am right where I want to be: I know of a few multimillionaires who started trading with inherited wealth. In each case, they lost it all because they didn't feel the pain when they were losing. In those formative first few years of trading, they felt they could afford to lose. You're much better off going into the market on a shoestring, feeling that you can't afford to lose. I'd rather bet on somebody starting out with a few thousand dollars than on somebody who came in with millions. (Mr. Eckhardt). The good thing about all of this is, I don't have to feel that I cannot lose this money, I just can't lose it. I am fighting my human tendencies: The evidently instinctive human tendencies spell doom for the trader-take your profits, but play with your losses. This attitude is also culturally reinforced, as exemplified by the advice: Seize opportunities, but hold your ground in adversity. Better advice to the trader would be: Watch idly while profit-taking opportunies arise, but in adversity run like a jackrabbit. (Mr. Eckhardt). My goal for Monday is to run away like a jackrabbit from adversity. Total Account Value: $1,100 (right around where I started off with. And I traded it through when I was down to $700 with it. Thus, I have no reason to be afraid.) My entries are horrible. I must be patient with it and try to take better trades Monday. This is what I did Friday:
Matthew 15:14 don't get why those of you who actually are professional traders (maybe 2 or 3 of the posters on this thread qualify) would even bother to respond to such stupidity?
Ripley, Have you noticed that the majority of your major losses have come from long positions ? You are fighting the trend instead of trading with it. Read this article and if you follow the simple MA crossover method it will keep you on the right side of the daily trend. http://www.cbot.com/cbot/pub/cont_detail/0,3206,1560+17731,00.html