My high school summer job: trading the NQ

Quote from Surdo:

You are in the wrong business if you are "afraid to trade".
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No, I'm in the very right business. You mean to tell me that when you were starting out you NEVER EVER EVER had these nervous thoughts? I mean, there will be other opportunities today I hope where I will enter
 
Quote from Surdo:

You are in the wrong business if you are "afraid to trade".
More...

Are you kidding? Gimme a break.

At least the kid is honest about it (maybe) - and not some BS internet tough guy.
 
I shit my pants all the time after 10 + years of trading!
I have read this journal, and you can not expect to trade one day a week, and be comfortable. You are either in or you are out.

Good luck to the OP, successful trading for the first few year(s) requires undivided attention 5 days a week.

Perhaps longer term "investing" is more your style.

el surdo
 
Well, for now, here's what I figure what I will do to make it easier for me psychologically. Now, I will still monitor the market each morning, but just as an insurance policy of a sort, I am now waiting for a CLEAR down or up rally day, like the one we had on friday, and then I will enter and 90% chance that I will make some $. Until then, with all this choppiness, the market can be really unclear, and for someone like my, it's ruining my mental state for the summer. So, what do you guys think ? Is it a good idea to wait for such a day and THEN enter the market? Because on days like that if you hold, there is a great potential to be making 10-20 points on single trades...
 
Zdawg:

It sounds to me you have a "passion" to trade. Why not trade small lots of QQQQ? Unfortunately you either need to be capitalized with $25K, or do under the allowed 4 trades or so/5 days. Pattern day trading rules do suck.

It seams NQ is too volatile/large for you to learn with, QQQQ trades in pennies and smaller lots will allow you to "scale in/out" using a similar strategy as you employ in NQ. 1NQ = 814 QQQQ....that is a large trade, play with 200 lots and scale, trust me it is easier to overcome the fear of losing with smaller trades.

I understand the need to trade live vs. a sim, but you need to work on the pyschological aspect of trading and overcome the fear of losing.

good trading!

el surdo
 
Quote from zdawg164:

Well, for now, here's what I figure what I will do to make it easier for me psychologically. Now, I will still monitor the market each morning, but just as an insurance policy of a sort, I am now waiting for a CLEAR down or up rally day, like the one we had on friday, and then I will enter and 90% chance that I will make some $. Until then, with all this choppiness, the market can be really unclear, and for someone like my, it's ruining my mental state for the summer. So, what do you guys think ? Is it a good idea to wait for such a day and THEN enter the market? Because on days like that if you hold, there is a great potential to be making 10-20 points on single trades...
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you can never be sure it will be a 100% pure trending day (it could suddenly drop for whatever reason). I am assuming you live in the states so you cannot day trade stocks. Try out swing trading stocks holding them for 1 day-a few weeks, i'm 1 year older than you and it's been working for me only advantage i have is i'm located in canada so i can day trade stocks even with less than 25k like with airlines the last 4 days god i love those things.

good luck, experience is your friend, don't assume this is easy or think you are better than all your peers because at age 17 you trade because likewise with that "invincible" state of mind you will get killed as well.
 
Quote from Surdo:

Zdawg:

It sounds to me you have a "passion" to trade. Why not trade small lots of QQQQ? Unfortunately you either need to be capitalized with $25K, or do under the allowed 4 trades or so/5 days. Pattern day trading rules do suck.

It seams NQ is too volatile/large for you to learn with, QQQQ trades in pennies and smaller lots will allow you to "scale in/out" using a similar strategy as you employ in NQ. 1NQ = 814 QQQQ....that is a large trade, play with 200 lots and scale, trust me it is easier to overcome the fear of losing with smaller trades.

I understand the need to trade live vs. a sim, but you need to work on the pyschological aspect of trading and overcome the fear of losing.

good trading!

el surdo
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plus, those commissions are pretty steep.
 
Quote from zdawg164:

Well, about the stop, I have had situations where price would actually go AGAINST me for 3 points, then reverse for a great trade.

Today is turning out to be bittersweet, seeing as I haven't made any trades yet and lost $0, but the only two opportunities where my system told me BUY BUY BUY I had this stupid psychological nervousness shit and I never entered, missing out on about 13 points for those two trades. I really need to get a grip...
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I know what you mean. Like I said you could be in an entirely different situation, but in my trading the same thing would happen. I would be down 2.25 points right next to my stop and then it would come back for a profit. If you cut your losses like I do all the time you WILL miss out on some profit. However I did the math and the losses you take from hitting your full stop over a couple times are far greater than the profits that you make on couple times it turns around. The futures markets have so much money floating around them in my opinion, cutting your losses is very important. Thats just me though.

One more thing. If you want to get a grip on yourself psychologically, read the book "The Disciplined Trader", and then "Trading in the Zone".

Trading is 80% mental, so it makes sense to have your A game up there.
 
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