I also started trading with $30K account back in 1990's. Had similar experience making money initially. Wound up losing all of it because of my inexperience, frustration, lack of game plan. If I were you, continue to study and play the markets being more conservative, controlling losses. It will take time. If you get a job with future prop firm, great. If not, don't worry about it. Best part of trading for me is working for myself.
You have to go where the n00bs are. Most futures n00bs are trading YM. Thats where I am. One day, they took $8,000 dollars out of my pocket. Plus, I heard its easier to keep track of it since the Dow is based on only 30 stocks while S&P and Russell has 1000's of stocks.
You are right, Ed did say this... but if you talk to him personally you will find out that he made the big money when he was risking 7% on entry with super tight stops. (in massive commodity bull markets) My personal theory is... It's better to be bolder when your account is smaller and more cautious when you have more to lose. If I was starting with $8K I would probably be risking somewhere between 3-4% of equity. If you are very new and don't have any background at all then stick to 1%. Truthseeker, if you manage your risk properly and learn to cut losses fast, you will improve quickly. Also, I'm not sure on your timeframe but you seem to be very short-term/day trading. I think you lose an edge when you trade short term. It's hard to scale your size up when your right because your trades are so short in time. One of the big edges in trading is being bigger in size when your right, this is hard to accomplish when day trading.
TruthSeeker247, You have two qualities many traders don't have. You are not scared to take risk despite taking big losses and you are persistent in trying to reach your goals, you are not a quitter. Listen to good advice you are getting on this forum, try to preserve your capital and don't give up. One day you will become a fine trader. Good luck in your trading
You sound like a swing trader who uses position sizing in his money management to hit the home runs when they setup. Question: What type of LEVERAGE do you use (margin per contract, in this case). I ask so that: a) I can learn b) He can get a good example of the type of margin he should be using (I don't trade that market, but something conservative like say $4,000 per contract should give him no stress ...) Best Regards, Jimmy
Actually, I very rarely trade right when the numbers come out. the number coming out usually creates a momentum day. I tend to trade like half an hour or more after the numbers come out
You are right. I should look at my situation as "starting new" I checked out the document you pointed me to. I do not feel as if I am an addictive trader. I answered no to nearly all of the questions. Thanks for the post.