I'm starting this thread in hopes to gain some discipline. If I have to post and hear the rants and raves of the ET locals, it may help my biggest issue in trading. DISCIPLINE. I've been learning how the trade the ES for about 2 years. I've had great times and alot of terrible times. Mostly terrible. When I was doing well, I've made over 20K in a month, but unfortunately I've have more bad months than good. History in short- I've blown out 2 accounts of decent size- 20K on first and 50K on second. I didn't respect my capital. So, the blowouts. I like to play too much as if I was in a casino playing blackjack. My major issue- DISCIPLINE. I took a couple of months off and began trading on sim, like I should've when I started. What I realized was I had a great edge, but no discipline. After regaining confidence in my edge, I am now starting to trade my real account again, but I'm only trading with 5K this time, so if I blow it out again, it won't hurt as much. I am trading 2 contracts, going for 1 pt and 2 pts as my exit strategy. when I get 3 pts per contract down or 2 pts per contract up, I'm done for the day. I will add 2 more cars at 10K and then 2 cars every 10K after that. As I increase size, I will allow runners on my last contracts after I scale out at +1 and +2. My stop is 1.5 pts with a +/- 2 tick allowance if there is large size around my stop. I am trying to be very strict with my money management. I will try to post my statement everyday, but I'm extremely busy. I own a business and make a good living with it, but I hate the work I do. My lifelong goal has been to make a good living in the markets as a trader or money manager, but I failed to get a job in those fields. So I'm using profits from my business to fund my trading so I can quit the business and pursue my dream. So here goes. My first post has 8 days of trading since the first day I refunded my accounts. Let's see how this experiment goes, I'll either blow up again or reach my goal of accumulating enough capital to get to trading 30 cars so I can retire. Goals- Maintain Discipline and remain consistent. I hope everyone enjoys.
Here is another day. Made my goal, but it was hard fought. Started the day down, then made back my money and hit my goal. So far so good, this has been one of the more consistent streaks I've had since I began trading.
Our stories seem to be similar in some ways. Just want to wish you good luck and hope you do well - one day at a time.
Here's todays trades. Again, started the day down with a couple bad trades. Came back and ended the day at my goal. I hate starting in the hole, makes for a rough day.
A true seeker of the Truth will find the Master. When the disciple is ready, the Master will appear. Om mani padme hum.
Yep, you're screwed. Too bad his business deal with BnB fell through as a result of his blow up. It sounds crazy, but hey it's true. All kinds of nutjobs like Allen/Barry/Sammy out there.
I got the inspiration for the thread, nothing else. Just thought it would be a good excercise for me to have to answer to people when I screw up or blow up. Or, who knows, I may actually get my goal. Wouldn't that be nice? And what business deal?
jyidpi00.....flipping thru your statements, you definitely got an edge. There's some real consistency in there. The two biggest challenges traders face is patience and discipline. Like you, I had to learn these the hard way. I think everyone does. Good luck with the trading. You're def on the right track here.