Is there a reason you just didn't sit and think about what went wrong and avoid it next time? Yes, it sucks to lose a mill, but at the end of the day, it's just a video game that lets you buy cars and hookers.
anyone here making 7 figures a year doing this?
- Thread starter cole_
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Is there a reason you just didn't sit and think about what went wrong and avoid it next time? Yes, it sucks to lose a mill, but at the end of the day, it's just a video game that lets you buy cars and hookers.
Hello th0masq,
Thanks for your taking the time, effort, and courage of sharing your story. I believe we all have been there regardless of size of account. Very interesting story.
What are some of the trading lessons you learned rather winning or losing? You made alot of money and lost alot, i am sure you can share some of the mindset it takes to trade big size accounts.
Looking back.. I thought I got into the stocks in my long term account at a good price. I remember Warren Buffet was telling everyone to buy at this time bc it’s cheap. I got in much better prices than Buffet. He made 10x his return and I lost it all. It comes down to how long can you hold onto it. I was too heavily margined and had to get out.
Anyway, Lessons I’ve learned when trading are so many thru the years. It’s the same things you read about. Risk/Money management are the most important. Next is Position sizing and going w the trend.
I think what traders need to know are themselves. You need to know what type of person you are. You cannot learn diff trader’s styles or methods. Trading is like a sport. You gotta be the best at what you do. Not what you are good at. Good isn’t enough. Most traders fail bc they don’t know what they are or what they want to do. Besides making money of course.
It’s like asking a professional athlete... Hey Tom
Brady.. can you play WR? since you are so good at QB?
Don’t trade setups that you are good at. Trade what you are great at and no one is better than you. Find that niche and you will do fine in trading.
Plus, when you are trading well and you get that feeling “in the zone.” Go big !!! When things don’t go your way ... get out or cut back down immediately.. You will make all your money during 2-3 months of the year. Rest is break even or chop around. Recognize it and save yourself money.
Hope that helps
Anyway, Lessons I’ve learned when trading are so many thru the years. It’s the same things you read about. Risk/Money management are the most important. Next is Position sizing and going w the trend.
I think what traders need to know are themselves. You need to know what type of person you are. You cannot learn diff trader’s styles or methods. Trading is like a sport. You gotta be the best at what you do. Not what you are good at. Good isn’t enough. Most traders fail bc they don’t know what they are or what they want to do. Besides making money of course.
It’s like asking a professional athlete... Hey Tom
Brady.. can you play WR? since you are so good at QB?
Don’t trade setups that you are good at. Trade what you are great at and no one is better than you. Find that niche and you will do fine in trading.
Plus, when you are trading well and you get that feeling “in the zone.” Go big !!! When things don’t go your way ... get out or cut back down immediately.. You will make all your money during 2-3 months of the year. Rest is break even or chop around. Recognize it and save yourself money.
Hope that helps
I liked your story Thomas, but...
...I have to disagree with this. First, the market doesn't go down anymore for any extended period of time. (half joke) Second, there is stop loss. Third, there is averaging up. Fourth, take only short positions with the big size if you are afraid of quick down movements.(dangerous in this environment) Fifth, you gradually increase size as profits accumulate.
The point is that there are solutions to that problem....
...I have to disagree with this. First, the market doesn't go down anymore for any extended period of time. (half joke) Second, there is stop loss. Third, there is averaging up. Fourth, take only short positions with the big size if you are afraid of quick down movements.(dangerous in this environment) Fifth, you gradually increase size as profits accumulate.
The point is that there are solutions to that problem....
I liked your story Thomas, but...
Pekelo. Yes, you are right. this mkt doesn’t go down lol.
In theory your solutions are correct but it’s easier said than done. If I follow your rules and adhere to it I would have another story to write. How I lost millions trading stocks and made it back trading futures.
This is why I don’t trade futures as much anymore. If you can tell me you follow the rules you just mentioned and make a good living... please PM me.. teach me...
I think you can make money trading futures but you can’t make a lot like in stocks. That’s why I’m looking to open a futures trading prop overseas and have them make 2k a month. 2k a month after a 50% split is 1k. 1k a month in asia is a good income vs here. If I make 2k or even 5k a month I might as well get another job lol.
...I have to disagree with this. First, the market doesn't go down anymore for any extended period of time. (half joke) Second, there is stop loss. Third, there is averaging up. Fourth, take only short positions with the big size if you are afraid of quick down movements.(dangerous in this environment) Fifth, you gradually increase size as profits accumulate.
The point is that there are solutions to that problem....
don’t forget the profitable (if one knows how) technique of averaging down.
Wasn't the official SPX low of that dip 666?
Traders are a total superstitious bunch!
Its all psychological supports and resistances for them. My hedges for NDX@7000 were all punctured through today! So much for my take on trader sentiments. Preparing for my next set of hedges for NDX @ 10000
Its all psychological supports and resistances for them. My hedges for NDX@7000 were all punctured through today! So much for my take on trader sentiments. Preparing for my next set of hedges for NDX @ 10000