OP, ignore the serpents of hell that seek nothing but to bring you down to their burning inferno.
Om mani padme hum.
Trade $5K to a new career
- Thread starter jyidpi00
- Start date
Om mani padme hum.
If you can learn to dig yourself out of any holes you get yourself into, you'll be well on your way to success.
Train yourself to not let being down cash skew your objectivity....do not put on desperation trades. Also, do not let being down make you afraid to take the good setups you know you need to take.
Good luck.
-T
No sooner do I write this, I have an incredibly undiscipline and stupid day. Lost a ton today, didn't follow my rules, had no patience and didn't wait for my set-ups. Oh well. Guess I haven't shaken the idiot bug yet. This set me back 2 weeks of hard earned profits. I guess lesson learned. I'll try to refocus tomorrow. One good thing, I was down almost double the amount shown and made it back through being disciplined and having a little patience.
Tomorrow is important for me, I have a history of following a terrible day with another terrible day. This will be a good test for me.
To anyone having trouble trading, take a look at this statement. This is not what you want to do!
Good luck tomorrow everyone.
wow thats alot of RTs.
I wish you luck. but luck has nothing to do with it, its all up to you to make or break this business of trading.
I wish you luck. but luck has nothing to do with it, its all up to you to make or break this business of trading.
<i>"Lost a ton today, didn't follow my rules, had no patience and didn't wait for my set-ups..."</i>
Monday and Tuesday were congested, drifty, directionless sessions. That tends to build frustration in traders... they worked hard for two straight days and couldn't catch anything directional to speak of.
This morning we have an active, buzzing tape. Price action sells off early (ES and ER, not NQ) and catches a majority of traders on the short side. Signs of an upside reversal are growing, if a trader knows what to look for. Those that don't keep shorting into the wedge.
Price action blows upward and goes vertical in a hurry. Shorts are toast, longs were missed in the process. Price action stalls at layers of resistance and rolls over.
Traders who missed the ramp are now buying pullbacks to all levels of "support" to catch the next leg higher. There isn't one... longs get pounded while tapes pull a U-turn back from whence they came.
*
By now a majority of traders are frustrated. Got juked on the upside while early short. Got duped on the v-turn while buying a meltdown.
After that, price action chopped & channeled in a narrow range from 1pm to 3pm est. The final hour saw price action whipsaw in a widened sideways range until the closing bell. That was the last of frustrated traders trying to make something of a negative $$$ day.
**
That is the fundamental behavior of what we all saw in the index charts today. Fear & greed manifested in different ways for the same old reasons. Two opposing straightline swings following two days of nothingness draws out the chase phase in all of us. Knowing when to bridle that back on manual override is a critical step in successful trading.
116 contracts turned is a pretty frenetic pace. Take a deep breath tomorrow if/when that compulsion grips you again. Slap a post-it note on your screen reminding yourself to wait patiently for whatever a key setup is for you. Sound like a dumb idea? Many of the richest traders in the world overcame inner faults with a 1-cent posted note reminding them to stay focused. I'd say that's pretty cheap therapy, all things considered.
Talk yourself thru the demons and fears tomorrow. Consider stopping "too soon" once you are reasonably profitable. You'll be fine... this time will be different, because you have decided to make a difference
Monday and Tuesday were congested, drifty, directionless sessions. That tends to build frustration in traders... they worked hard for two straight days and couldn't catch anything directional to speak of.
This morning we have an active, buzzing tape. Price action sells off early (ES and ER, not NQ) and catches a majority of traders on the short side. Signs of an upside reversal are growing, if a trader knows what to look for. Those that don't keep shorting into the wedge.
Price action blows upward and goes vertical in a hurry. Shorts are toast, longs were missed in the process. Price action stalls at layers of resistance and rolls over.
Traders who missed the ramp are now buying pullbacks to all levels of "support" to catch the next leg higher. There isn't one... longs get pounded while tapes pull a U-turn back from whence they came.
*
By now a majority of traders are frustrated. Got juked on the upside while early short. Got duped on the v-turn while buying a meltdown.
After that, price action chopped & channeled in a narrow range from 1pm to 3pm est. The final hour saw price action whipsaw in a widened sideways range until the closing bell. That was the last of frustrated traders trying to make something of a negative $$$ day.
**
That is the fundamental behavior of what we all saw in the index charts today. Fear & greed manifested in different ways for the same old reasons. Two opposing straightline swings following two days of nothingness draws out the chase phase in all of us. Knowing when to bridle that back on manual override is a critical step in successful trading.
116 contracts turned is a pretty frenetic pace. Take a deep breath tomorrow if/when that compulsion grips you again. Slap a post-it note on your screen reminding yourself to wait patiently for whatever a key setup is for you. Sound like a dumb idea? Many of the richest traders in the world overcame inner faults with a 1-cent posted note reminding them to stay focused. I'd say that's pretty cheap therapy, all things considered.
Talk yourself thru the demons and fears tomorrow. Consider stopping "too soon" once you are reasonably profitable. You'll be fine... this time will be different, because you have decided to make a difference
Slow it down bro'......
If after that many RT's you are down that much, then something may be broken with your methodology.....you are simply churning commissions for your broker.......you should be profitable every 10 or 20 trades.....if not, then you may be using a negative expectancy method...
find out what went wrong...where is the problem...
consider taking fewer but more quality setups.....
consider adding more markets (ex., er2, nq, gold, euro) to make up for the lack of trades that you will surely get....
If after that many RT's you are down that much, then something may be broken with your methodology.....you are simply churning commissions for your broker.......you should be profitable every 10 or 20 trades.....if not, then you may be using a negative expectancy method...
find out what went wrong...where is the problem...
consider taking fewer but more quality setups.....
consider adding more markets (ex., er2, nq, gold, euro) to make up for the lack of trades that you will surely get....
how about posting a chart with your entries and exits? The statement you included doesnt have timestamps, hard to tell when you opened/closed the position.
IMHO it makes no sense to focus on discipline, or psych issues, or money management if your trading method isn't working. Sure you can set a 3pt stop loss on ES, but if you go long during a mudslide day, when AD is at -2000 and trin at1.5 this stop will be executed, and there are no bounces... you get the picture. You have to have a reason to enter the trade.
Don't trade on adrenaline!
my 0.02. Good luck
J
IMHO it makes no sense to focus on discipline, or psych issues, or money management if your trading method isn't working. Sure you can set a 3pt stop loss on ES, but if you go long during a mudslide day, when AD is at -2000 and trin at1.5 this stop will be executed, and there are no bounces... you get the picture. You have to have a reason to enter the trade.
Don't trade on adrenaline!
my 0.02. Good luck
J