YM Traders

Quote from NihabaAshi:

Hi JMowery1987,

Where was your mentor ???

Your mentor should have been closely working with you as you traversed into real money trading.

In fact, he/she should have been sitting right next to you for your first day or first week of real money trading.

At the minimum...your mentor should be providing realtime guidance (in person or private chat room).

NihabaAshi
More...

He did... every single time he does it right. Yesterday he was right on, on a trade that as soon as he told me, I didn't execute because I had fear. and then it dropped 35 points, which would have made up for the loss I took the day before.

It was just fear...

I recieved a few good pm's though. I mean, I execute the trades right on, but once I'm in the trade, I get filled at a bad spot, and then I'm already at a 5 point loss once it actually fills sometimes, and then if I make a bad trade, it could possibly cost me 10 points when if I was filled right where I wanted to be, I might have lost 3 or 4 points.

So, it is my fault. On monday my mentor had other things he had to do, and I wanted to trade on my own, and that was the end of that story.

So today, after school, i'm going to trade one contract, and see what happens.
 
Quote from Stalker:

Why don´t you papertrade for a while Movery? Might take of some pressure, you´re not in a hurry.
I think everybody loose in the beginning - months or years - no matter what strategy you use. When you look at charts in hindsight it always looks good, but when you sit there live it looks like chaos :) .

Everybody talks about the difference between simulator and real money. For me there´s not a significant difference, it all depends on your approach. I think about trading as a job I´m trying to learn. Since i really want this job I´m almost as nervous in the simulator as with real money, cause i don´t wanna fail.
If you approach the simulator thinking "if i don´t make it I´m gonna have to work at mcdonalds for the rest of mu life" - then you will be nervous for sure.

If i were you´re age and really passionate about trading i´d get a night job when i quitted school. They usually pay good and you have time to follow markets during daytime. If it takes you 2 months or 4 years to get a hang of it doesn´t matter. You have plenty of time to get rich...

good luck,
Stalker
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Thing is, papertrading was easy for me... I executed my trades.... I didn't worry about getting filled because it was instant, and the trade went in my favor. Now, it's just getting complicated, with stops getting hit left and right, and then I miss out on the direction it was intended to go anyways. That is what got me frustrated. Because with two contracts, one bad trade in a bad fill position, it can cost me 50... 75 dollars, and then I'm already having a horrible day. So it was just way to easy to get down quickly. So one contract trading today, and I'll see if I have what it takes.

My mentor is right on, on the trades he calls, I just have to get used to this.

But again... that was only the third day I have ever traded live in this type of trading... before hand, it was swing trading.

So I will see today. If I don't do well... perhaps I will go back to paper-trading.
 
JM.


Buy the book
"The disciplined Trader" and read it before trading anymore real money.


When trading real money turn the p/l off on your dome. I treat trading as a game. If you can get to the point where you can disassociate emotion from money then it will all come together. The above book helped me greatly with this aspect of trading.


When you trade only do 1 contract and always have a fixed stopping point for the day. For me it is 20 points. If I am ever down 20 points for the day, I stop trading for the day. The market will be there tomorrow and you will be in a better state of mind instead of trying to revenge trade to make up for the loss.
 
Quote from volente_00:

JM.


Buy the book
"The disciplined Trader" and read it before trading anymore real money.


When trading real money turn the p/l off on your dome. I treat trading as a game. If you can get to the point where you can disassociate emotion from money then it will all come together. The above book helped me greatly with this aspect of trading.


When you trade only do 1 contract and always have a fixed stopping point for the day. For me it is 20 points. If I am ever down 20 points for the day, I stop trading for the day. The market will be there tomorrow and you will be in a better state of mind instead of trying to revenge trade to make up for the loss.
More...

I got it, just started reading it... that is how I know fear is a big part
 
Quote from volente_00:

JM.


Buy the book
"The disciplined Trader" and read it before trading anymore real money.


When trading real money turn the p/l off on your dome. I treat trading as a game. If you can get to the point where you can disassociate emotion from money then it will all come together. The above book helped me greatly with this aspect of trading.


When you trade only do 1 contract and always have a fixed stopping point for the day. For me it is 20 points. If I am ever down 20 points for the day, I stop trading for the day. The market will be there tomorrow and you will be in a better state of mind instead of trying to revenge trade to make up for the loss.
More...

I got it, just started reading it... that is how I know fear is a big part.

I'll see what I can do today... maybe better results... hopefully more fun, no pressure.
 
Quote from JMowery1987:

Thing is, papertrading was easy for me... I executed my trades.... I didn't worry about getting filled because it was instant, and the trade went in my favor. Now, it's just getting complicated, with stops getting hit left and right, and then I miss out on the direction it was intended to go anyways. That is what got me frustrated. Because with two contracts, one bad trade in a bad fill position, it can cost me 50... 75 dollars, and then I'm already having a horrible day. So it was just way to easy to get down quickly. So one contract trading today, and I'll see if I have what it takes.

My mentor is right on, on the trades he calls, I just have to get used to this.

But again... that was only the third day I have ever traded live in this type of trading... before hand, it was swing trading.

So I will see today. If I don't do well... perhaps I will go back to paper-trading.
More...

I have never been a proponent of paper trading. You will never experience the emotions involved when paper trading. In my opinion, If you can afford to lose the money, the best trading education live trading with the smallest amount of contracts or shares.
 
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