i think hes doing a n amazing job trading, keep up the good work tfeelow trader. On your way to being a bgidawg man!
Most newbie traders start in the summer when school is not in session which is why we see a large number of these types of traders showing up at discussion forums in the summer in comparison to other months when school is in session. However, the summer is one of the worst durations for a newbie trader to begin trading. I've seen more traders call it quits (e.g. they can't take it any more, blown accounts) during the summer than any other months...it's almost painful to watch so many summer road kills. Yet, the other side of the coin is that the market needs these types of traders to help with liquidity in the summer. Mark
Good call, that explains the "urgency" you see in this type of trader: they have to "make it" in two months so they can afford/justify not going back to school or getting a job.
I'm starting this new account at $725. Up $190 on two trades. 26% profit. 1 winner and 1 loser. Loser lost only $30. Good day.
I'd be interested if you could talk about your trades, entries and stops, show some charts of what you're looking at. Part of this journal is for you to track your progress and part of it is for us (others) guide you in your progress. I think at this point you should see what others have to say about what you're doing and hopefully you pick up a little bit of advice here and there that may light the lightbulb. I have a feeling that 99.9% of what everyone has said so far in every other thread is being disregarded as fluff. It's a mental switch. Instead of looking at it as, "all I see is a short here," you have to flip it so that you're looking objectively and seeing trades in both directions. Right now I believe you're in a period where you think you know everything you need to know when in reality you should be sitting back thinking you don't know everything you need to know and open your mind to suggestions. You don't have to take the advice, but don't not take the advice because then people will shut down and not help you. I will give an effort to everyone until they show me that my time is not worth the effort. I have friends who I've tried to help out, but when they keep resisting or don't follow what I have to say then I just write them off and let them figure out life on their own.
+1. The opposite attitude needed to succeed. Somewhat convinced this person is faking this or is absolutely unrelatistic about career/trading/life
Up only $15 on two trades. Managed to scalp $50 on the first trade with a short. Second trade was a short also. Set a tight stop on it and it got hit then reversed immediately. The high was exactly where my stop was placed. I'm fully convinced now that the bots will try to hit your stop if they are within range (even if it's just one contract). If the stop didn't get hit, the move would have given over $100 in profit. That's the dilemma with having a small account. You need those tight stops to lower your risk. But if you place them you risk those bots trying to hit them before the move starts. And if you try using mental stops, you risk the possibility that you may not hit the trigger at the stop due to psychological issue. Anyways, today I mostly wanted to test out the revised trading strategy on sim. There were a couple other setups that was extremely successful but didn't take them on the live account. Tomorrow is another day.
At this point while I'm still building up my account I do not want to reveal any details on how I trades. That's the funny thing I see on ET. Is that I haven't given much details, yet I see some comments about my trading system as if people are psychics. I am listening to advice and I really do appreciate some of yours as you give some good ones. But I don't believe in blinding following advice without thinking how it relates to me. I will take advice if I think it is good. As to the percent of advice I don't take, I'm not keeping track but it's not 99.9%. Right now the type of advice I'm interested in listening to are on trader psychology, emotional control, risk management, and general strategies. I don't need any advice on how to build a trading system as I already done that and I'm satisfied with what I have. The closest I'd like to hear would be just general trading strategies. RCG doesn't have a yearly P/L statement and I prefer not to know.
They have a monthly that indicates profit or loss ytd and it is emailed nightly as an equity report. Just curious if you are net positive ?