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

  #40 (permalink)

Trading Experience: Intermediate
Platform: thinkorswim
Broker/Data: TD
Favorite Futures: futures
lsubeano's Avatar
Posts: 213 since Jun 2010
Thanks: 65 given, 162 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.

3rd week!!!!!

whoa whoa....slooooooow down.

a) stop trading with live money

b) do you know what you're doing?

c) slow down...if you're feeling defeated after 5 years----then its ok to feel that way a little

d)imo---with no idea what/how you're trading---in general-----trade less, trade small and larger time (volume?) frames

...nothing wrong with trading off daily or weekly or even 1hr, 2hr, 4hr...ect and trade 1contract.....20 i dont care size

Have a plan BEFORE you enter

then FOLLOW plan. No impromtu trades. no plan no trade~

everyday week and month review trades.

its not you need to learn more----its more of learn more about you and your personal statistics

just my 2c

Follow me on Twitter Reply With Quote
The following user says Thank You to lsubeano for this post: