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Psychology and Money Management

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New to Futures, but Hitting the Wall

  #43 (permalink)

Brisbane Queensland Australia
Trading Experience: Advanced
Platform: Ninja Bullcharts
Favorite Futures: Stocks
Posts: 9 since Dec 2014
Thanks: 0 given, 13 received

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

I’m 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 (I’m down about 1300)

Don’t 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, I’m 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.

What I do not understand is that if you were successful trading stocks with your techniques, why not go back to trading stocks and stop trading futures, where your techniques do not seem to work?

Last edited by cmacdon; August 24th, 2019 at 03:18 AM. Reason: Clarification
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