From the chart you posted it appears that if you sold at the close of the first red bar and covered at the close of the first green bar as the arrows indicate, you would have made your $200. Did you not make these trades?
Alright listen closely. Firstly, no reason to be cash. You must first prove yourself in sim than you can move onto cash. Secondly, go read the AHG thread from beginning to end before you place another trade. Than apply those concepts to the ES or ER2 or whatever your trading using a normal chart (i.e. 1 min, 5 min, 15 min). This should set you on the right path. For a good simulator check out ninja trader with zen fire. Once you are consistent and I mean 1-2 months consistent profits in sim, go live. Best of luck to you.
There's always a chance he could get it. Sure. But, would you tell your kid to quit school and just play basketball 'cause you know,1 out of 50,000 kids end up being in the NBA anyways. I give advice based on the probability that he can make it or not. There's always the chance he'd get it and make a gazillion dollars. But at this point, I'd say he won't.
THE previous poster , youngone, gave some great advice, do not do not trade anymore with real money until you can be profitable for at least one month on a simulator......I hope you heed his good advice..
As an ex-floor trader, I've seen failed traders go on to become richer than the traders they used to work with. You obviously like the markets. Become a broker. The money and the safety are better than most traders experience. You get young 20-somethings to clear their trades through a clearing firm where you are the introducing broker, and you take a cut of the commissions. Get 50 guys trading. And don't forget to absolutely disregard any negative opinions psychiatrists or girlfriends may have of you. Have you ever totally forgot something that happened 10 minutes ago? That's the objective here.
First let me say you are one hell of a unique and tenacious individual, very few people could stick it out for 8 tough losing years AND against the advice of everyone around them. Respect. If I were in your position I would stop trading immediately. I would get a job ASAP, something that pays as much as you can get right now with some potential for advancement and with health insurance given your age. This is not to be some BS job but a real one that you will take seriously and put your best effort in to. I would start to volunteer doing something that I enjoyed. Again, a long term commitment. I would work toward a fitness goal. In short you need to build your confidence back up and broaden your perspective and get some balance back in your life, after 8 years focused on trading and not making money your confidence has to be shot. If you don't have it already pick up Elders book Trading for a living and follow the steps, putting together the business plan etc. The get Trading in the Zone if you don't have it already. These books will give you the frame work you need and then you have to come up with an edge and after 8 years you probably have several that will work if applied with proper trade and money management. Come up with 10 good strategies, whittle them down to 3 that look the most promising and that are somewhat uncorrelated. Back test if that is feasible but either way get on C2 and put them to work. Double your money, tweaking as needed, double again. Then go live and if possible while still working (i.e. focus on swing or EOD strategies) How long that will all take will depend on how much work you put in to it and how good your strategies are but meanwhile you will be living a balanced healthy and most importantly fulfilling life, putting in place a back up plan, and increasing your trading capitol. Best of luck.
I'm late to the discussion ... I saw you mention that you use 1 point stops - for me, that would spell death by a thousand cuts. I would get some steady income coming in from another source and work on longer time frames and a much higher level of selectivity in your trade selections. What works for me is high selectivity (patience), slowly scaling in to indexes on weakness and then scaling out into strength - no shorting and no leverage (unless the smoke has cleared after the nuke has gone off).
I for one almost quit trading on more than one occasion and was even told by a trader friend to take a "stop loss" and get on with my life somehow I pulled it together again and this yr is my best yr yet and I have not had a losing week in 08 unfortunately outside of financial gains I have had to deal with ( or ignore ) issues that need to be addressed perhaps this has given me even more discipline in my trading but at what cost ? my point ... even successfull traders need to be able to look at the big picture ... not only those who seem to not be able to make a living at this