New to Futures, but Hitting the Wall | Psychology and Money Management - futures trading strategies, market news, trading charts and platforms

Psychology and Money Management

This forum is where successful traders spend most of their time and where struggling traders never visit. The psychology and money management forum is where you learn to become a profitable day trader


New to Futures, but Hitting the Wall

  #33 (permalink)

Bellevue, WA/USA
Trading Experience: Advanced
Platform: NinjaTrader, TOS, TDAmeri
Broker/Data: ThinkOrSwim,, TDAmeritrade, Interactive Brokers (soon)
Favorite Futures: Index and Stock options, Stocks (seldom), Nadex (just starting), Forex
Posts: 28 since Oct 2012
Thanks: 37 given, 20 received

Wizard3ootz View Post
So, itís probably my third week trading futures (day trading) and sadly, Iím not doing so well. Iíve 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, itís perhaps overtrading, getting eaten up by commissions, and all of the tiny losses that are accumulating massively.

Iím 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 (Iím down about 1300)

Donít 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, Iím 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.

A couple questions for you.. 1. What futures are you trying to trade? (start with one and get good at it is my suggestion) 2. What timeframes are you using? (1 min , 5 min, 10min, tick, range or?? etc.) 3. what are you using for signals and have you backtested these signals for entry and exit before putting real money on the table? 4. How are you managing your risk? (max risk per trade?) 5. do you always have stops in case your platform or network or computer crashes during a trade? 6. What is your max loss in a day that stops your trading? 7. What is your max loss in a week that stops your trading and sends you back to your paper account for a week?

Visit my Facebook Reply With Quote
The following 3 users say Thank You to TheGaryGuy for this post: