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Psychology and Money Management

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New to Futures, but Hitting the Wall

  #26 (permalink)

Reno, Nevada
Trading Experience: Advanced
Platform: NinjaTrader
Favorite Futures: ZN, ZB, CL
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Posts: 233 since May 2011
Thanks: 54 given, 388 received

bobwest View Post
You'll get probably more than you can digest in the way of advice, but here's a little more. Take from it what you think makes sense, if any.

1. Become a part of this community. It will support you. One way is to start a trade journal and publicly record your trades and your reasons for taking them. Openly discuss your mistakes as well as your triumphs. You will get feedback from others who have done the same as you, and have been in the same predicaments as you.

2. And speaking of the community, read other people's trade journals, interact with them and learn from what others are doing.

3. Trade initially in simulation, so you don't lose your money instantly. It goes fast. But, when you think you have a better handle on how you want to trade, switch to the micro contracts, which are real-money but not much of it, so you have the experience of true trading -- winning and losing something real -- but you can limit your risk and survive the learning curve.

4. Speaking of limiting your risk, have very clear and totally strict loss-limiting rules in place, such as, "I will only lose x amount per trade" or "y amount per day," and bail out when your limits are hit. Don't hold on beyond your own pre-set risk limits. (They have to be pre-set, because in the heat of trading you will find that your brain doesn't quite function right sometimes. )

5. Have a clear strategy that you are willing to implement consistently. You should know that every strategy will let you down at some point, so be ready to learn from its failings and keep improving.

I could go on and on, but this is more than enough. Keep your risk in your control, take part in the forum and learn by doing, just to boil it down.

Good luck. Everyone has been up against the same wall you have found. You're not alone by any means. It can be gotten around, or over, or through.


I always thought it would be a good idea to have a "group think" forum where people upload their real time trades specifically for analysis. Then describe what it is you're trying to do and perhaps get some help. I think the problem is that people are embarrassed that they're making lousy trades. But we all know that even the best traders make bad trades.

Very few people share in this business. It's always the "deep, dark secret". My journal consists of replay videos, particularly on days when nothing goes well. The market is visual. I'd upload a sample here but they're too big.

Anyway, just a thought.

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