I am getting my butt handed to me on a daily basis!

J

jeredlbb

I am new to trading, but I am not at the same time. I got my start in hedging for a grain elevator that I owned back in the mid 1990's.

In all I have traded off and on for 20 years. I have had big runs of success and failure. I have consistently traded commodities. Lately only the ES.

Recently I came to a place in my life where I had the opportunity to trade full time. In the past, mostly, I was trading around other things in my life.

My first day to trade as a full time trader was March 27th, 2013. I am down 82% from where I started.

I work 8-15 hours a day 5-7 days a week trying to figure out what my edge may be. I obviously have not found one yet.

My confidence is unshaken. But, maybe that is a bad thing...

My fear is that with all of my work, reading and such that I am still not making forward progress.

I guess I already know that you probably can't give me any concrete answers. And, I guess, I am not really asking for any. Hell, I don't even know what to ask for.

I learn as I go from the mistakes I make; or at least I try to learn. I clearly see all the ways I started wrong. But, am I truly closer to being profitable?

I guess reading some of the posts by Jack Hershey and others I realize how far I have yet to go. I wonder if my early successes have hurt me rather than helped me.

My "system" is a technical one based on price action and volume. No indicators. Well, I use ATR to help place stops. I generally try to find term trends and or play reversals.

I am not looking for sympathy, but I sure don't need more ass kicking...the market has provided me with plenty of that.
 
Quote from jeredlbb:


Recently I came to a place in my life where I had the opportunity to trade full time. In the past, mostly, I was trading around other things in my life.
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I suggest you focus on that statement. It certainly applies to me. The harder I try to make it happen, the worse I do.
 
Quote from jeredlbb:



I work 8-15 hours a day 5-7 days a week trying to figure out what my edge may be. I obviously have not found one yet.

My confidence is unshaken.

But, am I truly closer to being profitable?
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NO you aren`t closer.No,your confidence is shaken.Once it`s shaken, it`s almost impossible to revert it.My advice that you should now spend 8-15 hours a day to outsource the whole trading stuff to someone else.I think it`s possible to find a money manager who performs.Find a young one, preferably.Give him a task to repair your account and see what happens,cause you`ll blow it entirely anyway.
 
Quote from jeredlbb:

[


My "system" is a technical one based on price action and volume. No indicators. Well, I use ATR to help place stops. I generally try to find term trends and or play reversals.
[/B]
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If your "system" is why your down 80% then dump it. Find one that
you get a feel for and works. If you are trading the ES there has only been one trend since last NOV...up so either your going against the flow and losing or getting shaken out of a potential winner.

Obviously lately its been more volatile which actually is a good thing and you can make money both ways...but the upside trend has not as yet been broken by almost ANY measure. Not to say it won't get soft this summer but as the economy does well...so will the market. (Remember statistically options expiration week is up and post op ex is down...but of course not always :)

gl:)
 
-82% in 3 months? Sounds like too much trading. Anyway, why are you trading? You said you haven't an edge?

Stop trading. Read Trading in the Zone, sort your mind out, Then start on money management. Something simple like only risk 0.25-0.5% of your account on any trade. Finally, the least important part, figure out an edge.
 
"I work 8-15 hours a day 5-7 days a week trying to figure out what my edge may be. I obviously have not found one yet."

Trading isn't about work. It's about making good bets, that over enough trades, will make you money.
 
Try out this program www.topsteptrader.com You can trade sim with them build a strategy and trade with their money once you are successful. You can also use it as a barometer as to when you can trade with your own money.

I am not affiliated with this company. There is a learning curve and you can either give money to the markets in this phase or trade sim and build your knowledge base.
 
Quote from Retief:

You should probably buy another grain elevator.
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That was funny.

Quote from SimpleTrades:

I suggest you focus on that statement. It certainly applies to me. The harder I try to make it happen, the worse I do.
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That certainly seems to be happening with me.

Quote from outsource100:

NO you aren`t closer.No,your confidence is shaken.Once it`s shaken, it`s almost impossible to revert it.My advice that you should now spend 8-15 hours a day to outsource the whole trading stuff to someone else.I think it`s possible to find a money manager who performs.Find a young one, preferably.Give him a task to repair your account and see what happens,cause you`ll blow it entirely anyway.
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I guess when I say "My confidence is not shaken" I mean I still 100% believe I can do this. Part of what I know is that my psychology is killing me and I know it is going to be a challenge to overcome. Frankly, there is a big chance that I won't overcome it. But, I think I can turn this ship.
 
Quote from RichardRimes:

If your "system" is why your down 80% then dump it. Find one that
you get a feel for and works. If you are trading the ES there has only been one trend since last NOV...up so either your going against the flow and losing or getting shaken out of a potential winner.

Obviously lately its been more volatile which actually is a good thing and you can make money both ways...but the upside trend has not as yet been broken by almost ANY measure. Not to say it won't get soft this summer but as the economy does well...so will the market. (Remember statistically options expiration week is up and post op ex is down...but of course not always :)

gl:)
More...

Almost without fail my initial trade it profitable. Sometimes only a point sometimes several points. I think back in the late 90's when I made big returns I had big winning trades. So, having been conditioned to those huge wins I expect to see them now and I let my profits slip by.

I had almost $4k made in CL trade a month ago and took $800.

The same week I tossed my whole system out and, without any sense what so ever, I started chasing losses. I broke every trading tenet I know. I chased losses. I ignored my system, I over traded, I had too large of a position size etc etc etc. I lost about 40% that week. But, worse than the money was the psychology of knowing how badly I had screwed up by going against everything I know because of one mistake that grew into a hurricane of mistakes.

That week I was the 'poster boy' for what NOT to do as a trader. I was actually slightly profitable in ES overall until that week.
 
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