Mr Galt. Ur giving me the creeps, making me remember when I was doing that! Stop trading and start learning. You will only build baggage if you continue to trade. Paper trade but no actual money. Make it as real as you can, but no actual trades. Once you have built confidence with paper trading, showing a positive track record, trade only 1 contract for a while. If you account does not grow using 1 emini contract, then back off. Otherwise, you will become one more of the guys that come, drop their whole account into the market and leave..disgusted!
I live in Chicago, IL. Well, I picked futures as a vehicle from what I have read in different forums. Also, I started reading Market Wizard series and heard that most of the traders in Stock Market Wizard has gone bust. Also, the surviving wizards are still trading futures. I did study a lot about Money Management and diversification starting from Van Tharp's book, also. Futures products are relatively lowly correlated compared to economically driven equities, and did do some tests about it. I felt as a system trader, at the time, that would give me an advantage, obviously.
I am relieved that profitable traders have felt what I am struggling right now. Thank you. I actually have paper traded, actually forward tested the system I developed for a month and worked. So I went ahead and started trading it. I started getting more % drawdown and I was just feeling the pain with number of consecutive losses, that was beyond the scope of the tests. Reading through Van Tharp and other system trader's comments, it is obvious that system trader has to go through immense amount of drawdowns. But I feel that I do not have the nerve to do so. I cannot think of a trading system that makes money consistantly, but is done by a lot of profitable discretionary trader.
MrJohnGalt, "I stuck to my system but I am worried and honestly fear the anxiety affecting my discretionary trades. The problems maybe something beyond the scope of asking for a mentor." Maybe you should read Trading In The Zone by Mark Douglas again. Do you completely accept the risk associated with a trade? The result of any trade will be either in a gain, loss or breakeven. If you have accepted that fact then what is there to worry about? Find a trading system that suites your personality. 60-70% Win Ratio, 1:1 Risk/Reward Follow your system exactly and trade a small size that you won't worry if you lose 10 trades in a row. Increase size when you build up your confidence. If you're losing money with your system, it's probably one of two reasons 1. You're not following the signals 2. Your system doesn't really have an edge Good Luck!
Are there any good chatting service to join? I wouldn't mind paying a fee for it. Also, would Gann Analysis help me trade better. Marketsurfer and WDGann, who is a successful trader uses them. I think both traders have a strong psychology as a trader. How is the learning curve with the analysis? Is it good starting point for a newbie to develop discretionary skills? Another question is who is the best scalper or daytrader in this site? As a matter of fact, who is the best trader? Anyone in Chicago area? I have checked past posts of others in ET who I feel is a good trader but most seems to be inconsistant with their comments.
Gann analysis don't work in this market, because it's complicate stuff. Look for something more simple that majority look at it, same goes for market maker because they react on what public are looking at. No one here will teach you how to trade, spend time here and try to learn on your own. Psychology doesn't work unless combined with proven method. You can't cut your loss even you have toughest brain, you simply won't get out of losing position, because you are not sure you are wrong and need to stay in postion to confirm you are wrong and that's when loses become snow balls. Why all these happens because lake of knowledge in TA, and you are not sure when your trade isn't more valid and don't know your exit point. My biggest advice: Try to look at charts more and paper trade somtimes , you have had enough reading books. P.s Van k. tharp books are not much helpfull to teach you how to trade
ditto to what Nana said This ain't no get rich quick profession. You have a lot to learn before you should put any money on the table. My background is IT as well. When I picked up Petzhold's book on programming in C 10+ years ago, there was a six month's slot of time required to learn the 3000 some odd api's and what they did. It's the same deal here. Constant learning. Always working on your edge to make it better. Point is: I assume you have closed that Tradestation Order Bar and locked it. Now, read books, check out CBOT's education web pages, etc and learn. Also, there are things to learn at this website. A few of these guys are accurately predicting minor swings in the market and putting it up on a thread for everybody to critique. Now that is somebody with cajones! Find out how they do that.
It would be really tough to find somebody on a public site like ET who would be willing to teach you how to trade. The ones who are truly profitable usually keep a low profile. The best way is to go check out a prop firm like Assent, Echo or Bright (all of whom have offices in Chicago), talk to the office manager and see if there is anyone in these offices who would be willing to take you under his/her wing. Just spending a week with a successful trader is going to have a tremendous effect on your trading, and a lot of times these guys won't even charge you for it. You have to be persistent but at the same time not be a pest (don't expect to be spoonfed) since these guys don't really owe you anything, but it is definitely worth a shot. If you're looking for a quality chat site, try realitytrader.
From REG: ............................................................................................... It would be really tough to find somebody on a public site like ET who would be willing to teach you how to trade. The ones who are truly profitable usually keep a low profile. The best way is to go check out a prop firm like Assent, Echo or Bright (all of whom have offices in Chicago), talk to the office manager and see if there is anyone in these offices who would be willing to take you under his/her wing. Just spending a week with a successful trader is going to have a tremendous effect on your trading, and a lot of times these guys won't even charge you for it. You have to be persistent but at the same time not be a pest (don't expect to be spoonfed) since these guys don't really owe you anything, but it is definitely worth a shot. ................................................................................................ Excellent Post.. Very valid approach....Why? because you eliminate all other "marketing noise" when you are able to see it done live with consistent profitability...If the style's performance is not diluted by your participation it should be worth it to pay the leader a % of profits...the potential rub here is that you are taught successfully and you go it alone...the leader suffers..you need a respectable agreement with regards to this issue...which in my mind is not easy...