I need your help!

Equanimity · Feb 24, 2011

I have whittled down my $60,000 account to $7000 in 18 months trading full time. I've never had a winning week just a few winning days.

For the first 15 months I am convinced I had no idea what I was doing although I thought I did. Its just that in the last 3 months I have developed an edge and have been able to win small here and there. And I've also had a small breakthrough in my personal psychology in that I'm not afraid to enter a trade, although I'm confused as hell when I should exit. I've also discovered that I'm responsible for every trade and I need to control myself and not try and control the market.

My downfall has been classic newbie faults like over-leveraging and trading without a method or an edge. But I feel like I may have turned the corner but I cannot for the life of me put on a trade that makes me either win or lose $100 only per trade. I want to become a better trader and want to be able to make back a chunk of what I've given away.

Could you please assist me with your experiences?

Thank you.

Crude Man · Feb 24, 2011

You need to trade small for a while practicing your methodology and gaining confidence and slowly increase size.

You can do this!

mcgene4xpro · Feb 24, 2011

STOP trading and start develop your edge and automate it.. It might take one day to 10 years to develop a real edge.

my 2c. however, i am expecting you will not listen to me

No worry..

Have fun

Quote from Equanimity:

I have whittled down my $60,000 account to $7000 in 18 months trading full time. I've never had a winning week just a few winning days.

For the first 15 months I am convinced I had no idea what I was doing although I thought I did. Its just that in the last 3 months I have developed an edge and have been able to win small here and there. And I've also had a small breakthrough in my personal psychology in that I'm not afraid to enter a trade, although I'm confused as hell when I should exit. I've also discovered that I'm responsible for every trade and I need to control myself and not try and control the market.

My downfall has been classic newbie faults like over-leveraging and trading without a method or an edge. But I feel like I may have turned the corner but I cannot for the life of me put on a trade that makes me either win or lose $100 only per trade. I want to become a better trader and want to be able to make back a chunk of what I've given away.

Could you please assist me with your experiences?

Thank you.

Equanimity · Feb 25, 2011

Quote from mcgene4xpro:

STOP trading and start develop your edge and automate it.. It might take one day to 10 years to develop a real edge.

my 2c. however, i am expecting you will not listen to me

No worry..

Have fun

i guess asking a trader for some sympathy is the wrong way to go since its such a cut-throat business.

jokepie · Feb 25, 2011

Hey bud,

Facts:
- It will take time to get there....it varies for everyone. Its just like a career. Becoming a doctor needs about 10 yrs....!!
- trading is easier, however still needs alot of screen time.
- Experience reduces your response time and and gets your entries and exits timed better.
- Witnessing a trend and anticipating are two different things.

MIND
- Since this trade unlike any other JOB where loss results in loss of MONEY. causing more pain and shame than anything else. However it is Immaterial ???
- A higher degree costs about the same as one trader spends to learn the business. However this can be reduced by being in a better environment - prop firm, etc.
- focus on the result of the trade/ expectation hinder execution
- too many indicators, news, watchlist, index, etc cause overload on the brain that is processing info. realtime ... loose them Keep it simple.

If you feel that 8 hrs feel like 2 hrs when you are trading, you are loving it, its not just an addiction, its satifying and only then you wiil succeed.

Do not took for success but focus on excellence.

Handle123 · Feb 26, 2011

Quote from Equanimity:

I have whittled down my $60,000 account to $7000 in 18 months trading full time. I've never had a winning week just a few winning days.

For the first 15 months I am convinced I had no idea what I was doing although I thought I did. Its just that in the last 3 months I have developed an edge and have been able to win small here and there. And I've also had a small breakthrough in my personal psychology in that I'm not afraid to enter a trade, although I'm confused as hell when I should exit. I've also discovered that I'm responsible for every trade and I need to control myself and not try and control the market.

My downfall has been classic newbie faults like over-leveraging and trading without a method or an edge. But I feel like I may have turned the corner but I cannot for the life of me put on a trade that makes me either win or lose $100 only per trade. I want to become a better trader and want to be able to make back a chunk of what I've given away.

Could you please assist me with your experiences?

Thank you.

i guess asking a trader for some sympathy is the wrong way to go since its such a cut-throat business.

You are kidding, right? You figured you just read some little paperback over the weekend and compete against the likes of me who have been trading for over 30 years? When I trade, my mentality is to stick it hard and often against those who are inexperienced by sticking to my well backtested/traded methods.

You want sympathy, go to your better half and tell them how you didn't come to the game well prepared and lost 88% of your funds cause you don't understand the game.

You might think I am a mean s.o.b., but I am trying to save your last 7 grand. You don't have a clue of all the mistakes you have made. What breakthough? You can hit the mouse cause you lost site of what $60k was? You are years away from grasping that one, you have displine problems and probably do trades based on sight/emotion and not on well tested ideas.

You have no edge, you have no method, cause if you did, you would know where to get out. A monkey can hit the mouse to get into a trade, what you do after the mouse is hit is where one makes the money, not so much the getting in.

#1 How far does price have to go for me to know it is not working out.
#2 How much time must go by for me to know it is not working out.
3# Will I use targets to take profit or will I trail protective stops.
4# How can price action tell me to get out early.
5# How does time of the day help me trade?
6# What does the other markets tell me on trading this market?
7# Do markets do reocurring patterns based on closing of bond market or crude oil.
8# What does trade the rumor, sell the fact mean to my trading.
9# How can I take advantage of reports?
10# When is it impractical to trade the markets?

You make a method and sim trade it for 15 days, it you can't make money 13 of 15 days in sim, you be losing the rest of your dough in real time.

Notes123 · Feb 26, 2011

Quote from Equanimity:

I'm not afraid to enter a trade,.......

.........but I cannot for the life of me put on a trade that makes me either win or lose $100 only per trade.

Could you please assist me with your experiences?

can u, or can u not put on a trade?

Zr1Trader · Feb 26, 2011

Focus on one market , know this market better than you know your own Johnson. Measure the swings, note the durations, times of day ect. Compile a database and study the numbers, norms, and outliers. Know your weaknesses and use protective measures against your own weaknesses. Above all, for god sake don't trade live until you can trade consistent in sim . Otherwise your 7k isn't worth the powder to blow it to hell.

Best wishes

forsalenyc · Feb 26, 2011

forget about the 'edge'. just get used to winning...... it took me a while, but once you get used to winning, you'll make money no matter what you do. and when you do, you'll understand that's all that matters. think risk management.

killingtheta · Feb 26, 2011

Quote from Handle123:

You are kidding, right? You figured you just read some little paperback over the weekend and compete against the likes of me who have been trading for over 30 years? When I trade, my mentality is to stick it hard and often against those who are inexperienced by sticking to my well backtested/traded methods.

You want sympathy, go to your better half and tell them how you didn't come to the game well prepared and lost 88% of your funds cause you don't understand the game.

You might think I am a mean s.o.b., but I am trying to save your last 7 grand. You don't have a clue of all the mistakes you have made. What breakthough? You can hit the mouse cause you lost site of what $60k was? You are years away from grasping that one, you have displine problems and probably do trades based on sight/emotion and not on well tested ideas.

You have no edge, you have no method, cause if you did, you would know where to get out. A monkey can hit the mouse to get into a trade, what you do after the mouse is hit is where one makes the money, not so much the getting in.

#1 How far does price have to go for me to know it is not working out.
#2 How much time must go by for me to know it is not working out.
3# Will I use targets to take profit or will I trail protective stops.
4# How can price action tell me to get out early.
5# How does time of the day help me trade?
6# What does the other markets tell me on trading this market?
7# Do markets do reocurring patterns based on closing of bond market or crude oil.
8# What does trade the rumor, sell the fact mean to my trading.
9# How can I take advantage of reports?
10# When is it impractical to trade the markets?

You make a method and sim trade it for 15 days, it you can't make money 13 of 15 days in sim, you be losing the rest of your dough in real time.

Note to the OP...
Read and reread. This advice, if taken, is about as good as it gets. I know several guys that can predict price like nobody's business, but they can't trade for sh#t because they either get out too soon with too small of a profit, or too late with too big of a loss. Sounds easy right? Master your exit. It may take a while, but don't stick your money out there for others to take from you until you get a handle on your money management.
May I ask what markets you trade?
T..