I really think you should stop trading. You've traded for 8 years and have not had a profitable year, you simple aren't cut out for trading. It is nothing to be ashamed of, this is a very specific career which is great for some but not meant for everyone. Someone suggested not to stop because you're right around the corner, or something to that affect. That is total nonsense, success in trading just doesn't come at you one day like you wake up one morning and you're suddenly a great trader. It's a journey, success is measured through personal learning and analysis. You develop little skills/techniques based around an edge/methodology and gradually continue to tweak that edge as you adapt to new conditions or variables that you hadn't yet encountered. These skills are little revelations, have you ever felt enlightened or seen the forest through the trees? If not, you're lost...you probably should have came here after 3 years of trading looking for help on a methodology...after 5 years seek out a mentor...but at this point whatever barriers you have buried in your subconscious are probably too strong to overcome. You'll always be thinking about lost time and money. Just one last thing, when you started did you set out a specific target or goal to be achieved within a time-line?
Jasper, I think deep down inside every traders don't really want to see you quit. Even those who suggested for you to quit are trying to help you right now. You should be able to get some good advices from GGSAE. Enjoy the journey! Pension_Admin
what is the setting for constant range bars in eSignal? I know that 45s = 45second bars 89t = 89 tick bars 3 = 3 minute bars 2100v = 2100 contract per bar, almost similar to tick bars what is the setting for crb?
Oh, that is sad! So, how do we win in trading? What we need? Money, luck, good system, control emotions, or guidance or anything?
It might be worth while for the OP to post their methodology/system here along with money management rules. I for one would be willing to offer an explanation (if there is one) of why it is not working.
The idea was to trade the ER2 using 1 point constant range bars with a Volatility Stop (15,1.5). Both short and long trades are taken between the hours of 9:30-11:30 EST when the market has more conviction. A stop of 1 point is used for each entry. On good trades, that stop is rarely tapped. In chop or failed trades, it is. I trade 1 lot for every $7500 in account equity. Currently I am under $15000 in account equity and have not moved up to two contracts. My daily goal has been to net one point from the ER2. After watching the screen for hundreds of hours, this looks like it should be more than do-able. I need to be making one net point on two contracts to break even on my living expenses. It has been my overall goal to eventually increase my size to 10 lots as the account equity allows to make a comfortable living. That's my methodology. All comments welcome.
Buy1Sell2, I have watched your swing trades with admiration in the ES Journal. Perhaps you could give me a synopsis of your general methodology or point me to the pages where it is listed. Thanks
Hi Jasper, Avoiding too many chop entries is a million dollar question. You might have a very good strategy, but taking 3 chop losses in a raw of ER 1 point with definitely screw with your mind, you start second guess yourself, revenge trade and so on. Read the thread below, it might help you to filter your trades better. It describes how to use Time&Sales along with Market Depth to improve your entries. http://elitetrader.com/vb/showthread.php?s=&threadid=103293 Regards, redduke
Only buy in an up market. Only sell in a downmarket. Use chart analysis and indicators to determine when. Place stops outside of the noise. Use risk management so as to never ever risk more than 2 percent of Total Liquid Net Worth (TLNW) on any one trade/idea. That is pretty much it.