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Psychology and Money Management

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New to Futures, but Hitting the Wall

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Legendary Market Wizard
Columbus OHIO
Trading Experience: Intermediate
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Wizard3ootz View Post
So, it’s probably my third week trading futures (day trading) and sadly, I’m not doing so well. I’ve gotten trapped a lot, with a great deal of false breakouts, making bad decisions, like chasing a breakout, and then putting in a limit order in way too high on the move, and then watching it pull back and getting f******. Mostly, though, it’s perhaps overtrading, getting eaten up by commissions, and all of the tiny losses that are accumulating massively.

I’m feeling pretty defeated. I know I need to lower my position sizes. At this point, I had considered walking away, and taking my money off the table (I’m down about 1300)

Don’t get me wrong. I have made some beautiful trades. I caught two gorgeous second entries this morning.

That being said, I really need to find some better direction. I was pretty damn successful in my stock trading, and I have never allowed myself to lose this much money in my life. However, I’m getting to the point where something has to change, otherwise, this is clearly a poor investment.

From you experienced/profitable traders out there, if you have any solid advice you might give, please feel free to pass it my way. I study/read about the market probably 25 hours a week, so I am in no way lacking dedication/motivation.

1) lower size
2) start a journal,start a daily goal list, every 15 minutes write down in your journal what the market is doing/how your feeling & be honest with your self
3) whats your daily routine, this is the big leagues. MJ wouldn't walk out on to the court with out some routine you should treat trading the same, you need to get into the correct mindset before every session.
4) Stick to one commodity
5) look at the micros
6) do you know why your trading breakouts? - do you have a record of winning breakouts?
7) what is your go to trade
8) what is your ideal market are you a high volatility guy or do you like slower markets. Also you need to identify what we are currently in and fit your trading around that.. you move around the market the market doesn't move around you

small losses are a good thing

it seems you are very attached to winning, I'd suggest you do some reading up on how to handle this.. my go to book is the chimp paradox

some guys and gals spend 10 years of figuring things out, it takes time ( idk how long you've been doing this )


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