I'm starting this thread in hopes to gain some discipline. If I have to post and hear the rants and raves of the ET locals, it may help my biggest issue in trading. DISCIPLINE.
I've been learning how the trade the ES for about 2 years. I've had great times and alot of terrible times. Mostly terrible. When I was doing well, I've made over 20K in a month, but unfortunately I've have more bad months than good.
History in short- I've blown out 2 accounts of decent size- 20K on first and 50K on second. I didn't respect my capital. So, the blowouts. I like to play too much as if I was in a casino playing blackjack.
My major issue- DISCIPLINE.
I took a couple of months off and began trading on sim, like I should've when I started. What I realized was I had a great edge, but no discipline. After regaining confidence in my edge, I am now starting to trade my real account again, but I'm only trading with 5K this time, so if I blow it out again, it won't hurt as much.
I am trading 2 contracts, going for 1 pt and 2 pts as my exit strategy. when I get 3 pts per contract down or 2 pts per contract up, I'm done for the day. I will add 2 more cars at 10K and then 2 cars every 10K after that. As I increase size, I will allow runners on my last contracts after I scale out at +1 and +2. My stop is 1.5 pts with a +/- 2 tick allowance if there is large size around my stop. I am trying to be very strict with my money management.
I will try to post my statement everyday, but I'm extremely busy. I own a business and make a good living with it, but I hate the work I do. My lifelong goal has been to make a good living in the markets as a trader or money manager, but I failed to get a job in those fields. So I'm using profits from my business to fund my trading so I can quit the business and pursue my dream.
So here goes. My first post has 8 days of trading since the first day I refunded my accounts.
Let's see how this experiment goes, I'll either blow up again or reach my goal of accumulating enough capital to get to trading 30 cars so I can retire.
Goals- Maintain Discipline and remain consistent.
I hope everyone enjoys.
I've been learning how the trade the ES for about 2 years. I've had great times and alot of terrible times. Mostly terrible. When I was doing well, I've made over 20K in a month, but unfortunately I've have more bad months than good.
History in short- I've blown out 2 accounts of decent size- 20K on first and 50K on second. I didn't respect my capital. So, the blowouts. I like to play too much as if I was in a casino playing blackjack.
My major issue- DISCIPLINE.
I took a couple of months off and began trading on sim, like I should've when I started. What I realized was I had a great edge, but no discipline. After regaining confidence in my edge, I am now starting to trade my real account again, but I'm only trading with 5K this time, so if I blow it out again, it won't hurt as much.
I am trading 2 contracts, going for 1 pt and 2 pts as my exit strategy. when I get 3 pts per contract down or 2 pts per contract up, I'm done for the day. I will add 2 more cars at 10K and then 2 cars every 10K after that. As I increase size, I will allow runners on my last contracts after I scale out at +1 and +2. My stop is 1.5 pts with a +/- 2 tick allowance if there is large size around my stop. I am trying to be very strict with my money management.
I will try to post my statement everyday, but I'm extremely busy. I own a business and make a good living with it, but I hate the work I do. My lifelong goal has been to make a good living in the markets as a trader or money manager, but I failed to get a job in those fields. So I'm using profits from my business to fund my trading so I can quit the business and pursue my dream.
So here goes. My first post has 8 days of trading since the first day I refunded my accounts.
Let's see how this experiment goes, I'll either blow up again or reach my goal of accumulating enough capital to get to trading 30 cars so I can retire.
Goals- Maintain Discipline and remain consistent.
I hope everyone enjoys.