i agree 100% with your post, and love addressing the idea that you need to make sure you are a profitable trader through techniques such as virtual trading before you actually engage in real trading. anyways, i think one of the best techniques though is learning the concept of cutting your losses quick. if you learn that valuable strategy, you can ensure that you always keep your account
What is also hard to know if you're ability to trade or be successful from it can take a lot of blown accounts etc.
Let me ask you guys this: how many traders became successful after blowing up several accounts by keeping at it? And how many did it once and blew up and said it's not for them and that's it?
It's so hard to say if trading is meant to be for someone depending on that. How many times do they try it. Do they see ANY improvements. Are there any successful trades. What exactly took you out of the game to blow up?
For me - I've made many successful trades, months, years etc. My biggest things come down to one word DISCIPLINE. The lack of it. The last attempt I was trading from home and would bored trade that would kill me. Or. I would not take my loss when I knew I should have and kept the losers running. Had I not did these two things. I would have been in extremely better shape. After trading for a year my first year. I would make $1500,$2000 on some trades here and there. I mean good amount even being fairly new to trading. My issue was - oh I made $2k on a trade yesterday so I can risk that much today or even a little more since most would be just for that last trade and a bit from my initial capital. That was what killed me. Had I still kept my parameters in place. I would be good. But No, I kept going. Didn't know when to fold them without giving it all back. Almost as if I used that positive trade as my cushion on keeping losers.
But besides from that. My point is that sometimes you need to be realistic as to why you're not meant to trade. I realized I was good at spotting chart patterns etc but terrible at risk management. I took time off to find a good common ground and decided to make a comeback with Eminis.
Stocks are too sophisticated and require a lot more capital to make good money from. Eminis is where I'm going to start.
I've debated on taking the EMINITUTOR course. I've read the old journal done by Horst. I was/am skeptical still from that thread. But was also a few years ago. Can anyone shed some light on it for me? I've seen his videos on YouTube and he definitely knows his stuff. No doubt about that.
What do you guys think? Anyone ever go through the course and seen positive results from it?
10 years full time trading breaks down to this:
4 years losing (a lot).
2 years stable and slowly recovering - making small steady money.
3 years of huge leaps forward trading and profits.
1 year of fantastic returns and solid consistent growing winning.
Things that have mattered most and made the difference for me in the order of importance.
1- Lucky to find a great mentor.
2- Lucky to land a moderating job trading live in front of others.
3- Lucky to have the funds to survive long enough.
4- Lucky to have support from family and friends.
Things that I think others need:
1- A good mentor.
2- A situation where you trade in front of your mentor and others. Holding yourself accountable by meeting some kind of qualifying level of performance.
3- Proper funding. $15k per contract traded BUT ONLY if you have met items 1 and 2.
4- You really need a support group.
Things that are a waste of time:
Buying trade room subscriptions.
The only real information in the market that is reliable enough to use: Price action, volume, order flow, support and resistance, time of day.
Price charts (not time or tick based)
Past history of your trading performance.
Instruments that are good to learn with:
CL, 6E, FDAX, TF, NQ, YM - anything that moves often and wide ranging.
Instruments not good to learn with:
ES - anything that takes too long at one price point with narrow range, and does not move.
You cannot buy a fix. To solve your trading woes, you need to get serious. Methodical, progressive learning with qualifiers at every level technically. Then, the real learning begins with live cash trading. The time it takes to learn the technical is under 6 months with structured training from whoever. The real learning can take 4 years.
The only fix to your trading is work. Study, practice, training, practice, practice, practice. Did I mention 10,000 hours in front of the same charts. Yes, the SAME CHARTS just watching and practicing for 10,000 hours. Keep a mental and emotional journal. Keep a separate journal of your statistics.
KISS the market. Trade what you see, but make sure you are seeing through the smoke and mirrors.
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ES is good for learning order flow and market profile. I would even go sa far as to say it is the best instrument for this type of trading. On the other hand, if you're a momentum trader then it is another story. I suppose you have started to trade using indicators and most probably you have been influenced by these indicators that trigger when momentum kicks in. In a way, you need to see movement before taking action that's why in your world you believe you need to trade instruments that move a lot. But in reality it is not exactly true for all.