trading paradoxes:newb to newbs

thanks for the feedback.
my target is 20/20 on the ym
unfortunately fear takes hold of me when i see a trend potentially reverse and i take the profit which is usually about $40-$50 per trade (1 contract). it was working great until friday i was ahead. i was 6/6 trades or about 50+ ticks up in the morning. then something happened in the afternoon session. i dont know if i got cocky or if i consistently misread the afternoon action and went 150 ticks in the hole. i caught myself shooting from the hip and even "doubled down" on a trade already 15 ticks in the hole. i wiped out my first weeks profit (a little over $500) in about 2.5 hours. maybe its time to focus more on reducing losses? from what ive read here it is not uncommon for newbs to get whacked like this. i will never trade friday afternoon again.
 
Quote from slowcpa:

thanks for the feedback.
my target is 20/20 on the ym
unfortunately fear takes hold of me when i see a trend potentially reverse and i take the profit which is usually about $40-$50 per trade (1 contract). it was working great until friday i was ahead. i was 6/6 trades or about 50+ ticks up in the morning. then something happened in the afternoon session. i dont know if i got cocky or if i consistently misread the afternoon action and went 150 ticks in the hole. i caught myself shooting from the hip and even "doubled down" on a trade already 15 ticks in the hole. i wiped out my first weeks profit (a little over $500) in about 2.5 hours. maybe its time to focus more on reducing losses? from what ive read here it is not uncommon for newbs to get whacked like this. i will never trade friday afternoon again.
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Trading Friday afternoon has nothing to do with it.......IM, do not get yourself wrapped up in "that" superstition.

There are as many ways to make money trading as there are grains of sand on the earth IMO - - find what works for you and stay with it till it don't work no mo then find something else that works till that don't work...etc. etc.

The thing is, as regards futures, you are trading against real pros - - they will skin you alive and you should have a plan as to what you are going to do when your money is all gone.

Plan on it because that is reality - - - -I speak from experience and am not trying to be mean, I am trying to help you!

You have 3 months in this and have zero clue what you are headed for.

Best of luck to you!
 
PRECISE ENTRY SHOULD NOT BE A FACTOR IN BEING PROFITABLE ..DO NOT BELIEVE THIS !!!! MKT ORDERS OR MKT IF TOUCHED ARE THE BEST IF YOU ARE NOT SCALPING TICKS....
PAYING THE SPREAD IS THE COST OF DOING BUSINESS.. EVERYONE PAYS THE SPREAD..SOMETIMES IT IS BETTER TO GET IN QUICK WITH A MKT ORDR RATHER THAN CHASE WITH A STUPID LIMIT ORDER... (FOR ENTRY)

IF YOU ARE CONVINCED OF YOUR TRADING ABILITY AND YOUR SIGNALS THEN GOING MKT PROVES THAT YOU TRULY BELIEVE YOUR SYSTEM HAS A POSITIVE OUTCOME... OTHER WISE YOU NICKEL AND DIME DUE TO FEAR AND BY THE TIME YOU ENTER ON YOUR CHASING LIMIT .. YOU WANT TO GET OUT AT A MINISCULE PROFIT.. GO MKT

THE MOST IMPORTANT PART OF TRADING IS THE EXIT!!
EXIT LOSS
EXIT PROFIT...

THESE ARE MUCH MORE IMPORTANT THAN PERFECT ENTRY
 
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