Hi admin man,
I have been trading part time for ten years with little ongoing success. Blown up my account at least 3 times. I know beyond a shred of doubt that I will become a consitently profitable trader and have made huge moves towards this in the last 6 months of near full time trading - now day trading.
The following user says Thank You to tauatrader for this post:
You can find many threads on futures.io (formerly BMT) how and why many of us burnt our accounts
Moreover, there are threads about the problem of undercapitalization or small account growing. Eg. TopStepTrader can be an option to overcome that.
Mentally.. for me Rich and his course at MindMuscles.com helped a lot. The online materials and exercises are very practical, in my opinion.
Last edited by lezzlee; January 21st, 2015 at 04:15 AM.
Reason: welcome and some notes
Dear Member .
have been also trading part time for almost two years and have already blown up two accounts,and about to lose hope with trading .
any hint you can share how you managed to turned it around ?
This thread is for introductions only. Anything other than an introduction is off-topic for this thread.
Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.
Need help? 1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first. 2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses. 3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make. 4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance. 5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers. 6) Help using the forum? Watch this video to learn general tips on using the site.
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The following user says Thank You to Big Mike for this post:
Beginning level wanna-be trader lurking in the background...looking, learning, and absorbing what I can from as many sources as I can find. I have successfully managed not to blow out any accounts yet, but I also have lost "some" money...but gained a LOT of very interesting and useful education/information in the mean time. Still a great deal to understand, research, practice, discard, etc. I am not in a hurry to trade more, but it is something I am working towards in a "I would rather do this sooner than later" approach. Still, I also recognize many of the reasons for failure include a lack of proper understanding, poor money management, poor discipline, and not giving nearly enough respect to the psychological considerations. Realizing those, and finding ways to not have the same thing happen are two different things, but I also realize that I will only have so many chances in my life to make any dream of trading full time a reality. Cautious optimism and a willingness to absorb are my driving engine currently. It's ok I think to have a hopeful dream.
I have been reading through many of the forum posts, and want to say thanks to everyone for sharing their ideas, criticisms, support, and wisdom with those of us who are still trying to figure out this big, complicated mess!
The following user says Thank You to phobian for this post:
Hey everybody. I've been coming around Big Mikes since Dec, 2013 but until recently I haven't contributed or posted a single thing. To this point most of my time spent here has been learning, reading, and trying to internalize the info located within the forum. Many thanks to Big Mike and all of the other veteran traders and posters that have made this site possible. Their time and energy spent here is invaluable to a beginner like myself. When I first started researching trading I didn't think I would be able to make it with the all the negativity I found on other sites. The pessimism and negativity almost made it seem I had a better chance of becoming an astronaut than pursuing trading. So again, thank you everybody that has made this site possible.
My immediate goal is to start a futures.io (formerly BMT) trading journal consisting of the EUR/USD. I actively trade on a SIM account and am looking to go live within the next 6 weeks. I plan on opening a $500 forex micro account. This will allow to me get some skin in the game without risking my rent money. With this account I want to focus not on profit but on risk management, trade management, and emotional and psychological balance. I plan on creating my journal tomorrow, at least creating a single page and laying out my rules and trading strategy.
On a side note, I'm a newly wed (married last May), born and raised in Las Vegas but currently living in Dallas, TX. I'm a history fanatic with a Bachelors in History and minor in Education. I'm a diehard football fan and root for Notre Dame and the 49ers.
-"How can people get to that carefree frame of mind that you talk about?"
-"By changing the way that they think. They have to eliminate the potential to think that the market is going to disappoint them. And the way they eliminate that potential is by understanding that trading is not about being right or wrong. Itís a probability game."