Hi all I'm a long term member but been gone for awhile. Not that I'm anyone important that matters. I'm just here to give up update. I've been a long term losing trader. I can make money sometimes but then I get heavy losses and blow up accounts. Looking back I would say I'm a really bad trader with poor discipline and risk management. So recently something happened to me. I got the flesh eating bacteria and my leg had to be amputated. I am now handicapped and spends my time in a wheelchair. It sucks. But something happened during my recovery. I had an epiphany and realized what I've been doing wrong in the stock market and it completely changed my system. What changed is the discovery I had gave me the ability to predict and time. Where as before looking back I thought I was a trader but was really just guessing and that was why I kept losing. So today is my first day back Live trading. I'm starting small with the micro YM. Today my starting balance is $70. Profit is $20. You can do the math and estimate the percent profit that is but it's about25% I think. I'm still a bad trader with poor discipline and risk management so my profit today could have been better. But I'm trying to fix that. However I think I have a pretty good trading system to make up for it. I'm just making this thread to get feedback. And here's a blotto so you all know it's not bs.
Props for you honesty! Welcome back! Best Advice: Either don't trade or trade from tiny accounts as a hobby with money you truly will not miss too badly if you lose Your largest problem is that you have a negative expectation on your trades. If you went to Vegas and played roulette every day and played around with systems and thoughts of better emotional control, you would still lose because you have negative expectation on your bets. Looking over your past well meaning posts: There is zero reason to think you will triumph over the stiff, savvy, fast competition you are up against. Truly... nothing wrong with micro accounts for fun with money you truly can afford to lose, like on a trip to Vegas. Nothing wrong with quiting trading. Wishing you the very best
It is hard to give you any feedback if you don't share your system. So far all I can see is that you have made a very small positive pnl. Would you care to expand with more information on the next entry?
Here is the bad news: Even the best trading system won’t make up for poor discipline and risk management. It’s like saying that your car’s brakes don’t work sometimes, but you have a good engine to make up for it. It’s just a matter of time before you crash (blow up your account). Secondly, good traders are very consistent and that consistency then turns into a confidence (i.e. into trusting yourself) so they don’t fear the market. You cannot create consistency by being sloppy. You need to understand that you’re trading against yourself, and not against the market. The market is neutral, it is just a process of selling/buying that lets people play their own psychological games. If you want to keep on trading, then you must make risk management an absolute priority because you simply won’t survive long term with sloppy risk management. If you’re trading leveraged futures and you decide to give the trade a bit more wiggle room hoping it will come back, then you know what happens when it doesn’t come back. The good news: The good news is that risk management and success is totally within your control, you need to commit yourself to the proper process. Good luck, I hope that things work out for you.
Yes you're right. But I think the reason is that each trade I make is stressful and if the stress is too much then I start losing discipline and break my rules. What would be your solution to stress? I just broke my rules and lost my profit for today. I didn't get out at my stop level. Was having a good profit at $50 and wanted to see if it'll go higher. I think I made this thread too soon. I still need to work on the discipline and risk management. But not really sure how I think if I knew I would have figure that out by now but I'm really lost there.
It really doesn't matter. The stress is still the same even when I started with a higher amount. The patterns I've had is first 1-2 trades are good or okay. Then trades 3+ after that is when losses start to happen.
Jinxu needs an edge or all the other stuff will not make him win, and he probably can't get one. Or he needs to act as a serious hobbyist with a tiny account which he seems to be correctly doing! The great majority of ET posters offering well meaning advice also are losing day traders. It is rare to have a big winner like the old @lescor posting regularly and chatting with other members.