Why wont you sim trade and make it as real as you possibly can, treating stops, placing orders, reacting to changes like it was real money until you can at least be consistent there, THEN move over the real trading ? You just keep wasting $ like toilet paper.
Also, brah. Stop using 1 Minute charts. Learn on 5 min. I said it and many others have said the same. Lol you're trying to reinvent the wheel.
on number release days u can get 5-10 point moves in a flash,and they can zig-zag after,your acct can't take the hit, u shouldn't trade around the numbers ,let it settle then trade...if your right you win,wrong you die, it's like passing a car at the top of a hill,it's just not worth the risk...after that trade your confidence is shot also...something you need to build on not whittle away
Hi, Jinxu. I think you have potentials to finally make as a trader. For example: you are honest about your trades, you are smart and committed etc. It will be sad to see you left ET and lost your capital to trade. But in the meanwhile, you got to know that you are very oppinionated and don't admit you are wrong even at the very last minute. And you don't want to listen something you don't like to listen. The quality will set you to fail as a trader. If you can realize that now, you still can make as a great trader eventually. There shouldnt be any opnions while trading. You go with what market offers. You make yourself available when market offers you your monthly meal. Before you commit your last portion of the capital. Would you please SIM trading for only 2 weeks? In this 2 weeks, write down all your entries, exit, set ups, why. Then analyze it more thoroughly. Forget about the psychology part for a while, forget about hindsight trades for a while. Any one can trade after market closes. I bet you would find all the errors in your trading systems. Then you would not want to contribute any real money for now. The problem now is you don't have a sounding system to trade. Untill you refine your system and are confident with it. Then half of your anxiety will go away. Would you please do it for at least 2 weeks to find what the problem is? Only 2 weeks, doesn't hurt! I understand you don't like to discuss your setups here. You could PM to any experienced traders. Or you could PM me. I might be able to help just a little! M
Many of you guys are missing the point about Jinxu which is why he will continue doing it his way only. He has explained multiple times that there's nothing wrong with his method itself and I think he has said on one particular occasion he will not reveal the details of his trade methods. In addition, he has stated and explained that many of the losses were psychology related (e.g. insomnia, discipline, revenge trading, failure to follow the plan et cetera). Thus, if he is stating the truth, changing his method or charts will not resolve his problems especially when there's other problems he has via saying there's other issues going on without mentioning it's trading related. This is why I will continue saying that most discretionary traders will fail at trading via problems not associated with trading. Further, most traders aren't suitable for trading prior to their first trade due to unresolved issues in their personal lives. Simply, we can't fix things in our trading if we can't fix the cause that's related to something in our personal lives. Therefore, he doesn't need a different chart frame, doesn't need a different method nor needs more money. In contrast, he needs to resolve all that crap in his personal life that's sabotaging his trading. He won't make any changes until he hits rock bottom...the constant refunding of his trading account implies he hasn't hit rock bottom. Mark
My confidence isn't shot. The system was able to identify where the market was going which reinforces that it works. The error today was with timing. With a small account that needs tight stops, accurate timing is important. And timing is much more difficult then predicting market direction. Many traders make up for timing by using larger accounts with wider stops. Which isn't necessarily bad. However, I don't have that option. Sim trading gives you a false sense of security.
You do and still do have an option as spelled out for you earlier. Simply, instead of refunding your account with a "very small capital" after each blow up...let your money source accumulate in capital many times and then fund your account with a bigger chunk. For example, lets pretend you're refunding that small account with $700 dollars each month and you're then blowing up your account once per month. In one year you've refunded your account 12 times and each time the account was only $700 bucks. In contrast, had you accumulate (as in save) for 12 months and then you could have funded your account one time with $8,400. Seriously, trading with an $8,400 account is a lot more different than trading with a $700 account and 12 months of not trading to get the psychology of trading figure out is a good amount of time for such. Mark
I notice that you like to trade pre-market. It is often very volatile and it is easier to get stopped out before 10:00 for the E-mini. After 10:05, things are slow down and the direction is steady and clear comparatively.
New account starting at $760. Up $65 on two trades. First trade was a short but entry wasn't ideal, so exited with a small profit. Second trade was a long after the open. Was hoping for a strong rally that didn't materialize. Exited based on rules with a decent profit. Good thing as the market continued to crash afterward. Overall I am satisfied with the trading today. There will be other days when the big profits can be made. Until then the rules will be obeyed. Sleep quality is getting better. I'm starting to get regular 6-8 hrs per night. My mental alertness has vastly improved and my energy level through out the day is steady. Who knew something as simple as exercise could solve all your problems. Done for the day. Can't afford to risk too much with a small account right now. On a side note, I went and saw Avatar: The Last Airbender over the weekend. The movie wasn't as bad as many people said. The special effect was great. I was entertained. You just can't trust other people's opinion on things until you see it for yourself. Lesson is applicable to trading too.
Today was another tough lesson. Lost $400 today on three trades. I tried to trade right after waking up while still a little bit groggy. Was a little too impatient with entering. The first trade was a lost. The second trade was a small lost, but the expected direction begin immediately after the exit. That trade may have trigger some revenge emotion. The third trade would've been a small lost, but hesitated to pull the trigger at my stop. I probably still have some mental blocks with taking small losses that I'll need to deal with later. I'll refund this account and it will probably be the last one.