How do you get over a big losing day?

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Quote from Bolimomo:

This is a good advice in general. But this OP has a $1000 account. Risking 2% = $20. Trading Dow e-mini, it is not even enough for the spread most of the time (disregarding the commission).

There is no way someone can start with a $1000 account to make it if he goes by the 2-3% risk.
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with that amount, u could trade the trend days ,maybe 3 a month, when the uvol/dvol ratio opens greater than 5 to 1 ,up or down,get long or short with a trailing stop,pick a tl line for a bounce ,cover ,now let your days winnings ,or a part of them, be your max loss for the day, if the up down ratio continues to increase,get back in with a trailing stop,trick here is ,do you have the patience to sit and watch the market for 20 days and only trade 3, flipside to the question is ,if you don't, you will surely eat that $1 k up through commish and tiny cuts
 
Quote from BCE:

Haven't seen any "Thanks everyone for your thoughtful posts trying to help me out. I realize a lot of you have spent years learning how to trade well. I'm new and just trying to learn all I can. Thanks for sharing what you've learned with me." What I hear is more, "Tell me how to make some easy money. I don't really have the time to learn. I'll just keep to my own strategies. Can you tell me how to make bigger profits each day? I really don't have time to learn. I just want to make lots of money from nothing. I don't really see the need to make any sacrifices. I'm looking for some easy money. Other people can work regular jobs or take the time to learn how to trade. I want the shortcuts. I want to make the money of a brain surgeon but don't really see the necessity of going through all that medical school stuff. I operated on someone this morning in the bathroom using an X-Acto knife and at least I didn't kill him. "

BTW, when you post in the P&L thread you should deduct your commissions. The images you show are from RCG which doesn't show commissions in that view. This is more honest as to the real profits or losses.
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I'm not bagging on you or ragging on you jinxu, although it may sound that way maybe. I'm just talking directly in an attempt to help you. You're not the first one to make the mistakes you're making. Most of us have made very similar if not identical mistakes when we started. And I've had a lot of people help me along the way and I really appreciate that and do all I can to help others. It's instinctual. I'm always learning. None of us knows everything and I always appreciate other people pointing out a dangerous precipice before I walk off it.

No one wants to work minimum wage jobs. And we're not saying that you absolutely must. Find some sort of self employment maybe. I always hated working for other people so taught myself to paint houses and became a painting contractor and later I sold software on eBay and became a Power Seller. And I made some decent money at both of these enterprises.

Everyone would like to make some easy money. You know? Who wouldn't want that? But as has been said before, trading may be the hardest way around to make easy money. You have to learn the realities of doing it. And you need to be properly funded at first as you will lose money. Not that you won't have some winning trades. You mentioned using the last of the money in your bank account to refund your account. Personally I'd highly recommend against that but obviously it's your call.

Good luck to you in your life.
 
And one last thought is - what about trading at a prop firm? Have you thought of that? That might work.
 
Quote from ammo:

with that amount, u could trade the trend days ,maybe 3 a month, when the uvol/dvol ratio opens greater than 5 to 1 ,up or down,get long or short with a trailing stop,pick a tl line for a bounce ,cover ,now let your days winnings ,or a part of them, be your max loss for the day, if the up down ratio continues to increase,get back in with a trailing stop,trick here is ,do you have the patience to sit and watch the market for 20 days and only trade 3, flipside to the question is ,if you don't, you will surely eat that $1 k up through commish and tiny cuts
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This is what the OP posted on Tuesday:

.....
jinxu
08-17-10 08:31 AM

Today was really frustrating.
.....
I don't like the idea of trying to riding a trend, so I think I'm gonna go back to scalping as I seem to do really well with that.
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http://www.elitetrader.com/vb/showthread.php?s=&postid=2926803#post2926803


Riding a trend? He said NO.



What I don't understand is why many of you kind-hearted seasoned traders posted many useful, but unthankful (from the OP) advices. The OP seems to be a man of few words. But did you also notice that it seems "appreciation" and "thank you" do not exist in his vocabulary?
 
Quote from BCE:

And one last thought is - what about trading at a prop firm? Have you thought of that? That might work.
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Which prop firm will accept a $1000 security deposit to let you trade?

Besides... judging from the OP's posts, I don't think he would have the patience to go through any learning path. He just wants to DO IT.
 
Quote from BCE:

Nice slogan. :) In keeping with the Beach Boys' Sail on Sailor and U2's Walk On. :)
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i have framed poster in my room. sometimes it does help to look at it..
 
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