What
?Consistency is what I was stressing. Glad to hear you think that is most important as well.
Otherrrrrs (especially a certain someone who liked this post I am replying to) were harping on compounding.
$286 left
- Thread starter hurricane_sh
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?Consistency is what I was stressing. Glad to hear you think that is most important as well.
Otherrrrrs (especially a certain someone who liked this post I am replying to) were harping on compounding.My point exactly! I rather have a ATM spitting out cash flow all the time which will adds up and has constant and fixed risk than try to compound it to infinity.
After a while, I will have an excellent track record than I can scale it up 100X using OPM with no risk to my capital.
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You may want to read postings made by a user named 'hilmy83'. https://www.elitetrader.com/et/threads/joining-the-cme-gang.334231/page-15
I don't think I can avoid this post.
Here is how I blew up several $26K accounts and didn't get better at trading,:
1. I'm the worst trader in the world. This is obviously the most important reason. I have zero patience, I lack self-discipline. I'm still making very basic trading mistakes until last week: adding to losers, removing stop loss, etc.
2. Every time I funded a new account, I had a good reason, at least to me: I'm going to do something different.
2nd account: I read something about Fibonacci levels, thought I I found the holy grail.
3rd account: I discovered options, wow!
...
Final account: I have no choice but to continue trading, if I can control my maximum daily loss, I can make it..
3. Disclaimer: I'm not trying to find excuses, here is just my honest thought.
I should have changed my broker and trading platform long time ago. It really hurts to do the math: if I lose $100 a day, I need to lose 260 days in a row to blow up a $26K account.
I had many $1000 ~ $3000 losing days, my biggest loss was $9xxx. I believe I posted about this giant loss here several years ago. Just last month I lost $1018 a day by trading only one mes contract.
If I could setup a daily loss limit on the broker side, I can't imagine burning a 2nd account.
4. Some trading software encourages you to do average down, when you do that, the average cost drops significantly, which is reflected on your chart, it feels good. Again, I'm not blaming others for my mistakes, it's just the way it is. With a different software, it feels awkward to add to losers.
5. Some software is not meant for day trading and scalping, hard to define strategies, hard to setup stop loss, etc. I'm very impatient, I like scalping, I should choose a software that fits my style.
We are all working very hard to find an edge, and I was at a huge disadvantage at the broker and software level, how could I make it? I know everyone is different, my disadvantage may have no impact on your trading at all, so, no point arguing about this.
Here is how I blew up several $26K accounts and didn't get better at trading,:
1. I'm the worst trader in the world. This is obviously the most important reason. I have zero patience, I lack self-discipline. I'm still making very basic trading mistakes until last week: adding to losers, removing stop loss, etc.
2. Every time I funded a new account, I had a good reason, at least to me: I'm going to do something different.
2nd account: I read something about Fibonacci levels, thought I I found the holy grail.
3rd account: I discovered options, wow!
...
Final account: I have no choice but to continue trading, if I can control my maximum daily loss, I can make it..
3. Disclaimer: I'm not trying to find excuses, here is just my honest thought.
I should have changed my broker and trading platform long time ago. It really hurts to do the math: if I lose $100 a day, I need to lose 260 days in a row to blow up a $26K account.
I had many $1000 ~ $3000 losing days, my biggest loss was $9xxx. I believe I posted about this giant loss here several years ago. Just last month I lost $1018 a day by trading only one mes contract.
If I could setup a daily loss limit on the broker side, I can't imagine burning a 2nd account.
4. Some trading software encourages you to do average down, when you do that, the average cost drops significantly, which is reflected on your chart, it feels good. Again, I'm not blaming others for my mistakes, it's just the way it is. With a different software, it feels awkward to add to losers.
5. Some software is not meant for day trading and scalping, hard to define strategies, hard to setup stop loss, etc. I'm very impatient, I like scalping, I should choose a software that fits my style.
We are all working very hard to find an edge, and I was at a huge disadvantage at the broker and software level, how could I make it? I know everyone is different, my disadvantage may have no impact on your trading at all, so, no point arguing about this.
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Also, why don't you try /NG or /CL instead of /ES. I find /NG is easier. See this : https://www.elitetrader.com/et/thre...-7-million-in-record-spoofing-penalty.337633/
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I am worse than you, because I made even simpler mistakes, on swings. Don't bogart it, dude.
He is using AMP and didn't setup a daily loss limit? This must be his first account, I believe he knows better now.
* Edit: I was wrong, he was a veteran.
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AMP's /NG day trading margin: https://www.ampfutures.com/trading-info/margins/
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A lot of posters here are 95% loser and like to respond to posts that convey failure because they want to think they are a winner. I would just ignore them because the vast majority of them just do not know what they are talking about.
If i was you I would just stop. You don't have the skills or knowledge.