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Psychology and Money Management

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New to Futures, but Hitting the Wall

  #21 (permalink)

phx AZ US
Trading Experience: Beginner
Platform: Esignal
Broker/Data: Infinity
Favorite Futures: es
tradersam's Avatar
Posts: 198 since Feb 2010
Thanks: 415 given, 250 received

MaxV89 View Post
You shouldn't be trading real money. Are you crazy? 3 weeks! Bro, you are going against PROFESSIONAL TRADERS, that have thousands and thousands of hours of screen time and experience.

Trade only the ES, use two contracts, scalp out at 1 point on the first, and breakeven on the second for a runner of 2-5 points or a Measured move once you get better. Once you can successfully do that, and double a sim account from 5k to 10k, you might be ready to DIP your toes in the water with real money. And double a sim account the right way, not doubling down, and letting losing trades turn into winning trades. This takes years and years of experience.

Also, Trading breakouts is ultimately a failing strategy, stay away from that.

Adding to the above,
Losing trades are best learning experience....observe how you feel..other losing tradrs are feeling same way...their emotions lead to price spikes in one way or another ( many times)....try to take other side of the trades where traders are trapped....learn about time compression, trapped traders,tull traps , bear traps.. just like real estate,,,location ( price level) is critical...also critical is timing and instinct to preseve capital.
my 2 c..

Good Luck

You can practise your skills all day long, but it's comparatively easy to get better at playing. The hard thing is to get better at winning--anonymous
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