I can picture that. Even if it's just a very modest number of shares in an ETF or equity name. Whatever it takes to get that element of accountability and personal engagement. I think your idea of "as small as possible" is critical - capital losses during learning shouldn't be traumatic. I am in complete agreement about consistency being the focus for noobs.
I side with @Overnight here based on his response to your identical post in another thread. Just 1 contract alone and a mere 200 dollar daily risk limit should necessitate a starting balance of around 20,000 in order to not exceed a 1% loss per day. I get your motivation in that your business targets bloody beginners with little in their accounts. But any approach that risks more than 1% per day is reckless and irresponsible to teach. It is much better to learn and study and test ideas while building up a solid account balance before even putting on the first trade. I disagree with your approach of "coaching"
Cheers "Bone". I believe we've crossed paths over the years, maybe not. What's your real name? CRD# if you have one? Begnign questions. They can be very "malignant" if you want to take that road. I'd love to spar there, if you choose. Respectfully RAMOUTAR (not a moniker, a real face and person here) I await your response, with bells! Peace... RAMOUTAR...Jai Ramoutar Who am I? Google me... Thanks in advance!
Sounds like you knock it out of the park. Hats off. We went had a similar journey. But the important thing is to trade small, but stay active. Trading, like you say, is as much learning by doing (sports memory), as it is numbers and math. For us to sit and watch on the sidelines was a mistake. The jedi mastery your talking about comes from a large part of rote observation, being in the market, as a studied participant, recognizing patterns in different environments, and reading technical setups/patterns as they come and go. It's not possible to book learn that. It's like book learning football, soccer, or tennis. It's both an intellectual and kinetic activity. Much like video games. None of us could learn to play a video game by reading a book. Its interactive. A sword to one man is nothing but a plow share. A sword to another is a devastating weapon. The difference is knowledge and sports memory. Need that sports memory to trade well. Hence trade real, trade early, trade small. Start with forex or penny stocks, low cost broker etc.
Thanks man. I am still on this goal of consistency. I was having a long streak of "consistent wins" trading for the past 2 months, and then this week...I got complacent on the "average range" of the market and tossed it all out the window....even though my analysis has been giving out warning signs for a while. With higher volatility from Tuesday, I expected bigger girations but instead tore myself apart as the market chopped most of Wednesday which I also did not expect. My question is at what point do you call yourself "consistent"? What is the "expected period of time" that you mention. Because vividly to myself, I was thinking I am finally getting to the level of consistency that I wanted for myself...then threw that out all the way as the market enviornment changed. Also, when would you advise going from 1 contract to 2?
Your point is just spot on when it comes to a noob trying out swing trading. I've noticed a razors thin edge between engagement and dissassociation - and it comes down to participation. I struggle with it quite frankly.
I haven't traveled the waters of ET for a few years and was away for many. I must say that lawrence-lugar is by far one of the most transparent, humble and eager traders I've come across here. S/he is a testament of why I came back to ET. Lawrence, brace for impact from the trolls. You and I know the trolls await and lurk in the recesses, and they're on their way, I bumped into a few already upon my return. I kid you not, in spite of this post, they will reply. Don't let them shake you. I've been doing this for a bit, but it's people like you that made me come back. I "love" the positive energy of traders like you. Keep sharing! Thank you!
It sounds like you're taking frequent trades (my guess) so I'll share with you how I personally managed my trading in a prop futures setting. I hope its helpful and feel free to follow up if I miss the mark. 1. The first bump is the hardest - 1 to 2 lots. For me, I waited until I was several thousand dollars positive and a couple draw checks in the bank first so that first bump was purely about building up a few thousand dollars in positive equity. 2. Subsequent bumps were strictly on a personal reward basis. My own rule was: 3 Green Day's in a row and I took a bump up. 2 Red Days in a row and I took a bump back to the previous sizing level. 3. I kept a trading journal. I know it's cliche and corny but it works. I kept my sizing bumps in my journal. I also tried to be as brutally honest with myself as I could in the journal. I reviewed my entry, my exit, my analytics, my reasoning, and my emotions. Sincerely that journal was responsible for the consistency increases. It was also a great position management reinforcer. Keep in mind that I am using a mouse, a TT screen, CQG, and later a Bloomberg in this setting. No algos - occasionally an Autospreader. 4. In terms of losses I would usually give up a day but NEVER more than a week. What drove that was that a few years into this adventure I was supporting a family with my trading. You gain perspective when you are paying a mortgage, insurance, tuition, cars, kids, vacations, 401K, etc. etc. out of your trading. In a twisted way the fact that it was no longer just about me really throttled my loss threshold.
I get where you're coming from ramatour, call everyone a troll who objects to your self promotion on ET. You NEED to be a sponsor! So you've been away for a while? What happened? Did you come up with a new business idea and decided to try market it on ET suckers? Mate, time for you to bugger off again or become a sponsor.