**Almost in Tears** Need Mentor for Futures Market.

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Quote from Bullz n Bearz:

Today, a -1,114 loss. I was long the mini S&P 500 at around noon and there was a huge selloff a little after 2. Another sad day indeed. Only down to $497 in my account. I don't know what I am going to do. I won't quit trading , but I may just need to take a long break..
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The question you have to ask yourself is why you let the market move 7 points against you before you even bothered to cut your losses.

Admitting you are wrong and taking the loss quickly and waiting for the next opportunity is a hard skill to develop and it takes time.

Ask yourself where your stop was. The market moved 6 points in 15 MINUTES. This was not a sudden out of nowhere drop.
 
Quote from makloda:

Don't dispair, here's a free motivational video, no need to dish out $50 an hour, just watch this:

http://www.youtube.com/watch?v=TROhlThs9qY

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gee,

is this the american culture?

it sucks~
 
Quote from optioncoach:

The question you have to ask yourself is why you let the market move 7 points against you before you even bothered to cut your losses.

Admitting you are wrong and taking the loss quickly and waiting for the next opportunity is a hard skill to develop and it takes time.

Ask yourself where your stop was. The market moved 6 points in 15 MINUTES. This was not a sudden out of nowhere drop.
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I was about to type the same thing coach. Taking a 7 point loss is just reckless. You took a risk bnb and it did not work this time. That's the problem with taking huge gambles - doesn't take much for you to be down to 0.
 
Quote from Bullz n Bearz:

.. I was long the mini S&P 500 at around noon and there was a huge selloff a little after 2. Another sad day indeed. ...
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I guess you take a d/top b/o but market cont. giving you clue that the trade is wrong.
 

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Quote from Bullz n Bearz:

Today, a -1,114 loss. I was long the mini S&P 500 at around noon and there was a huge selloff a little after 2. Another sad day indeed. Only down to $497 in my account. I don't know what I am going to do. I won't quit trading , but I may just need to take a long break..
More...
I'm really glad you'll be taking a break and looking to find a job or something. The markets are not for you, at least not just yet. You are years away from becoming a competent trader and for your info this won't happen before driving several more accounts to zero. We've all been there so don't take it personal. Just leak your wounds and move on.
good luck
 
Quote from Bullz n Bearz:

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What were you thinking ??? 3 lots with 1500 $....How long did you survive doing this? I think it is quite a good performance if you lasted more than 2 weeks.
 
For a while I felt like yourself.

Sometime 5-6 months ago I realized I was a gambler. I knew some very basic things that I learned from several books, but I thought that simply because I had some knowledge, I would be successful because "I can overcome the market", "im smart", "I deserve to earn money after working so much", etc.

Furthermore, I was focused on a desire to acquire money as fast as possible. This obstructed me from learning as in reality, I needed to focus on learning to trade well.

At about that time I had a good wakeup call from a trader that mentors me online and from my own account numbers. At this time, I commenced paper trading and reduced any size that I would take on my real account by 1/4 just so that I could still take a position every now and then when I felt really confident.

Then... I got even more consistent. Started trading paper every day no matter treating it as if I was making real money.

Since then I have realized that I needed to create a trading plan. The last 2 months I have been constantly working on my trading plan, revising it everyday for observations I make in the market as well as what I read. Every "light bulb" moment I have, I write it down. I leave notes all over my room, jot down every single time I have an idea that strikes me as logical/sound in probability.

I want to say that after I stopped trying to make money, my returns have been way more than I expected to make when I was focused on making money.

It's said many times but it bears repeating... discipline. Have a plan, use money management, and trade your plan without deviation. You never know if something works unless you are consistent with it.

I am in college and on summer break, so your situation may be different in terms of free time. Don't rush things, though, that's the worst you can do. Work hard, but enjoy what you are doing and don't make goals you can't realistically achieve at your current skill level.

I do hope that you can believe me though when I tell you that if you focus on money, you will only lose it.
 
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