Nah, this is not some subconscious shit. He's just lazy and simply wants to lotto his way out of work. Only that for all his arrogance he doesn't have the balls to tell his parents that he's going to put his money in lotto tickets so he has to pretend his gambling is a profession. Don't worry, he'll be ok.
Jinxu's Dow E-mini Journal 2010
- Thread starter jinxu
- Start date
Nah, this is not some subconscious shit. He's just lazy and simply wants to lotto his way out of work. Only that for all his arrogance he doesn't have the balls to tell his parents that he's going to put his money in lotto tickets so he has to pretend his gambling is a profession. Don't worry, he'll be ok.
Jinxu I have to say you are one persistant SOB.
Focus on keeping the losses small.
On any given trade you should not be risking more than 2% of your account.
On any given day you should never lose more than 10% of your account.
The fact that you won't even accept how much you have lost already tells me you have some major psychological problems to work through before you will ever be consistently profitable.
Account size matters some but it is mostly from a psychological perspective
From what you have posted, a larger account would just mean a larger loss in your case until you get your discipline in check.
Until you develop a strategy with a positive edge you are going to keep burning up money.
Focus on keeping the losses small.
On any given trade you should not be risking more than 2% of your account.
On any given day you should never lose more than 10% of your account.
The fact that you won't even accept how much you have lost already tells me you have some major psychological problems to work through before you will ever be consistently profitable.
Account size matters some but it is mostly from a psychological perspective
From what you have posted, a larger account would just mean a larger loss in your case until you get your discipline in check.
Until you develop a strategy with a positive edge you are going to keep burning up money.
A new month. A new beginning. Starting this account at $730.
Up $95 on five trades. Once again after commissions the account will be at an even $800. Of those five trades, two were significant as they were the big reward setups. The significance was that the setups work and the system was able to identify them. However, did not ride the resulting move all the way. This will be the main challenge. There were other setups that made good moves but did not take them. A draw back with having a small account in that you're unable to take too much risks.
Tomorrow is another day.
Up $95 on five trades. Once again after commissions the account will be at an even $800. Of those five trades, two were significant as they were the big reward setups. The significance was that the setups work and the system was able to identify them. However, did not ride the resulting move all the way. This will be the main challenge. There were other setups that made good moves but did not take them. A draw back with having a small account in that you're unable to take too much risks.
Tomorrow is another day.
You're intentionally trading with a small account because via your own admission you're refunding your account after every blow up. Simply, you're sabotaging your own trading potential via a dream you'll succeed via a small account only.
It's well known that no matter how good the method is...the psychology of trading via a small account for a discretionary trader is an enormous mountain to climb for your method.
Yet, your continuation down (not up) this road is an indication that trading is just a serious hobby to you. There's nothing wrong with that just as long as you understand why you keep doing what you're doing.
Mark
I understand the odds. I had a pm ready for you in response to your last post, but couldn't send it to you. In it, I explain more about my situation and the system. All you need to know is I understand the odds and I'm not afraid because from my pov the odds appear better than you might think.
small acct,big acct,its your head that wins,keep that in mind ,your acct is just that,YOURS,the big picture is your head and its ability to read the market, on the flipside the market doesn't know you exist,so don't trade your acct,trade only the risk and limit your losses not the upside potential
Good advice. Unfortunately, these kind of advices can only come from advance traders who knows what they are talking about but are among the minority. Most of the time you have to dig through hundreds of bad and cliche advices just to get to one or two really good ones that can be added to your collection. Thanks.
Okay day.
Lost -$65 on two trades. Made one decent trade. Missed one big reward setup. Took one high risk setup that ended up working but got stopped out. Couldn't risk any more loss. The rules were obey so I'm satisfied. There will always be more setups. Tomorrow is another day.
Last night was the first time I've been able to get a decent night sleep in a long time. I've been having sleeping problems for the last couple of months. I've wrote about it many times and even made a thread about it. See here. Poor sleep resulted in morning grogginess. It is difficult to think clearly when you're tired. And your emotional control and discipline goes down too. Those things contributed to many of my trading mistakes.
At first I tried to go to bed early so that I can wake up early. But my body doesn't want to sleep early. Then I've tried sleeping pills, but it still made you feel tired. I learned that you cannot forced yourself to fall asleep. Often time I would only be able to get 2 or 3 hrs of sleep per night. Other things I've tried included polyphasic sleep, binaural beats, and melatonin. Those worked a little bit but was not very effective.
The last thing I've tried seem to be working. What I'm doing is called exercising. I've found an article yesterday that said it can help with sleeping disorders. So I gave it a tried and ran for a few minutes. Later that night I didn't have any trouble sleeping. Right now I feel more alert than I have for the past couple of weeks. Poor quality of sleep was a major contributor to a lot of my trading mistakes. Now that it [might be] solved, my trading should start to improve.
Note that I was struggling with sleep during the first two weeks of August when my account tripled in a matter of days. It was amazing that could have been done despite the mental disadvantage. That's how well the system works.
Lost -$65 on two trades. Made one decent trade. Missed one big reward setup. Took one high risk setup that ended up working but got stopped out. Couldn't risk any more loss. The rules were obey so I'm satisfied. There will always be more setups. Tomorrow is another day.
Last night was the first time I've been able to get a decent night sleep in a long time. I've been having sleeping problems for the last couple of months. I've wrote about it many times and even made a thread about it. See here. Poor sleep resulted in morning grogginess. It is difficult to think clearly when you're tired. And your emotional control and discipline goes down too. Those things contributed to many of my trading mistakes.
At first I tried to go to bed early so that I can wake up early. But my body doesn't want to sleep early. Then I've tried sleeping pills, but it still made you feel tired. I learned that you cannot forced yourself to fall asleep. Often time I would only be able to get 2 or 3 hrs of sleep per night. Other things I've tried included polyphasic sleep, binaural beats, and melatonin. Those worked a little bit but was not very effective.
The last thing I've tried seem to be working. What I'm doing is called exercising. I've found an article yesterday that said it can help with sleeping disorders. So I gave it a tried and ran for a few minutes. Later that night I didn't have any trouble sleeping. Right now I feel more alert than I have for the past couple of weeks. Poor quality of sleep was a major contributor to a lot of my trading mistakes. Now that it [might be] solved, my trading should start to improve.
Note that I was struggling with sleep during the first two weeks of August when my account tripled in a matter of days. It was amazing that could have been done despite the mental disadvantage. That's how well the system works.
Bad day.
Lost $225 today on two trades. The last trade was a short and was right on the direction but was forced to exit before the move begin. A disadvantage with a small account in that you can't give yourself a wider margin of error for your trade to start working. However you just have to deal with it. The loss still doesn't fade me.
I got another check in the mail from workmen's compensation that was unexpected. The amt is enough to refund the account one more time. Otherwise, without it this blow out may have been the final one.
Last night, I did some more running and got some more quality sleep. Looks like the article was right, exercising may be helping after all.
I will post a chart of my last trade in a little bit.
Lost $225 today on two trades. The last trade was a short and was right on the direction but was forced to exit before the move begin. A disadvantage with a small account in that you can't give yourself a wider margin of error for your trade to start working. However you just have to deal with it. The loss still doesn't fade me.
I got another check in the mail from workmen's compensation that was unexpected. The amt is enough to refund the account one more time. Otherwise, without it this blow out may have been the final one.
Last night, I did some more running and got some more quality sleep. Looks like the article was right, exercising may be helping after all.
I will post a chart of my last trade in a little bit.