Dear TKT, Just keep going. No one know which you have been through. For learning purpose, which is maximum loss you accept for your loss per trade? How do you know which trade is safe to leave no stop loss, which one need the stop loss? Or you divided your capital into multiple accounts so actually, you dont need a valid stoploss because you already manage your capital form beginning? Anyways, thanks for your thread.
Hi trader, Depends on what my average monthly profit objective is. When you have not much money and aim at $3000 a month, you cannot lose $3000 in a single trade. Currently I only enter 1 contract at the beginning for Nasdaq, max 2 for others, rarely add, if I do I only do it once same number of intial contract. With this on a good month I make $30,000, if I lose I lose up to -$10,000. So I'm ok with losing up to $2000-3000 in a really bad trade. The trades I enter without stop loss initially, usually I'm more confident of the long/short view, and prepared for a swing, possibily adding position once if price goes the other way. Doesn't mean that I wouldn't later cut it a loss. For example with oil yesterday I didn't expect that 200 ticks dive and if it went further down I would have cut it in the morning when I woke up. But they just scared people off to 69.50 then recovered 70.00 pretty quickly and pretty steeply. Perfect chance for an add but missed it so nevermind. p.s. if I had added 1 contract at 70.00 then the stop loss would have been the low 69.49
Target reached. Hopefully will give me a chance to re-enter long at a much better price. By the way it's been only 2 days and am not doing that good. And I feel like I'm getting punched left and right already, "go get a real job" etc... Wonder how many more punches if I started with a $3000 loss! Hopefully my +$3000 day will happen before my -$3000 day so I will be hated less lol. Also if you are somehow offended by my nick "top", my apologies, but in Korea I am at least top 1% for now, because 99% don't pay taxes on futures since they lose money! I've been paying taxes on my future profits for 2 years so that makes me at least top 1% so don't get me wrong.
Dear TKP, Thanks for your reply. Since I was a beginner and live in Asia area like you. I just want to ask about your daily trading schedule. For example, which time you will spent for trading? from 8:00 am to xx pm (just answer in Korean time, I will convert to my time ^.^) . How you arrange your trading life with your personal life? As you already know, the US session is late night in Asian, so, I currently face difficulties when find a right time for trading. It's a little personal so feel free if you don't want to answer. Wish you have a nice day and many successful trade.
And, don't know it's fate or not. I'm working for a Korean companies. I'm also 36 at the same age like you @.@
I see what you mean, I actually sleep at night. So US market opens, I trade 1-2 hours of that then most of the times I just go to sleep. You will notice that a lot of times Nasdaq is easier one-way pre-market than after market open. You need to sleep! So don't trade till 5am, chances of profitting by overtrading into the night are very low, at least for me. lol... please let's not get into fate and such... let's just not... And if you are just starting, trust me, it's the right time for you to forget about it all! Please just forget anything on futures and go back. Buy S&P index ETF and hold on to them like Warren Buffett suggests, at least that's what I would do if I went back...