New to Futures, but Hitting the Wall | Psychology and Money Management


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Psychology and Money Management


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New to Futures, but Hitting the Wall

  #40 (permalink)

hollywood
 
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 shares....an 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

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