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Account been approved! Going to have my first day of tradingthis week LA
You asked, so--I think this is a terrible, horrible rule. Decrease your size when you're trading poorly, yes. Go back to demo after two consecutive losing trades? You are putting way too much pressure to be perfect with a rule like that. Two losing trades in a row is no biggie. Going back to demo just means you will trade with no consequence, with no emotion, with no fear of loss, and then you'll feel good and go back live, and repeat the cycle again.
This seems like an easy "out" -- you basically avoid responsibility if it's a losing trade by not being there. People have pretty different opinions on this one, but you really lose the opportunity to feel the market, and to use your own feelings to determine whether the trade is likely to work or not. Often the first few minutes are the most important because you get a good read on it, because real emotion is introduced for the first time. Learning to harness that intuition can be very powerful. If you run away from that instead, then you never give yourself the chance.
Boo hoo--if you are complaining about waking up early, it's no wonder the market is kicking the shit out of you.
I doubt it bud--you need to trade for YOU, and to make money. Screw people on this board. Learn from what others say, but nobody else gives a shit about your profit or loss, so figure out why you're trading. Is it for fun, entertainment, socialization, self-worth, or to fucking make money?
Ok thanks , this is actually I useful post, when should I go back to demo? three consecutive trades?
OK this is a good point, what do you suggest I look for during the first few minutes?
You'r right I gotta man up (just in university all my classes were at night, so i was asleep whole day>> need to change my sleep schedule)
Listen, I am inexperiecend in trading, I come here to seek mentorship, I never give anyone advice....all my posts are in the spirit of improving as a trader.
The point that was being made by others is that the magnitude of winners and losers is ultimately more important than the number of them. If you have nine winners and make $1000, and then you blow up and lose $1000 in one trade, you can claim a 90% win rate but have made no money.
That all depends on factors related to how you trade--I would guess it would be something related to how you got into the trade in the first place.
@josh: the problem is the majority of new and existing bmt members, continue to enter the business with very little to no knowledge of the markets and then go on to make important decisions, that will inevitably determine their success, in an arbitrary or illogical manner. it’s like performing surgery without a knowledge of anatomy, or starting a business without a business plan. how do you expect do understand the market’s effects if you don’t understand the causes. how do you approach any market in a vacuum. there’s no concept or consideration of the themes or inter-market relationships that drive price. even in the markets’ most rudimentary sense, there’s equity (ownership), debt (credit), and cash(money) - es, zb, $/euro and gold. they’re like the earth, moon, and sun. you cannot ignore the relationships nor the flows of capital between them and expect to have an adequate understanding of how to trade the market. nor can you ignore the distortions caused by central bank policy, i.e. prolonged /qe-zirp and the trickle down effect it has on market metrics and benchmarks.
Day trading is like driving a car. You must be quick to react to the developing conditions and know where the main intersections are. You don't need to understand what's going on under the hood to develop your driving skills.
which is fine if you drive like an old lady- on her way to church-on sunday mornings, but if you want to drive formula one cars at the grand prix in monte carlo, you better know what you are doing. there's a huge difference between putting on few trades here and there, or breaking even, or simply being profitable, and being able to scale your trading and support yourself and your family. the problem with most new traders is they never come to grips with what it takes to be a consistently profitable trader or one that can grow his account on a compounded basis. they are too busy looking for shortcuts and excuses not-to-trade, or removing themselves from stressful events, rather than looking for or creating opportunities to make money. trading has evolved into much more than what you describe. it more of a thinking man's game - what do i have to do differently from the crowd, that will enable me to profit - what markets afford me the best opportunities to profit and how should i approach them. a one dimensional approach is not relevant to today's market because the market is distorted, manipulated, and constantly changing shape. however, you choose to trade it must be relevant, scalable and adaptable. but, you must first build a foundation of knowledge and understanding of how the markets REALLY function, not how they appear to work. this must be an integral part of your overall plan to accomplish your end game.
Nevertheless, mfbreakout just posted something which i believe is so true:
If you are pounding you table and trying to rationalize as to why CL got sold right at the open yesterday and today right from 8.30 am got bought and pushed to 97.70- you may be trading something but it's not order flow.
Like Josh said, that is a horrible idea. The best idea right now, is to stop trading live. Period. You are destroying your mental capital.
And dude, get up early. This business is all about self-control and discipline, and waking up early should be an easy one. If you can't do that, you might as well quit now.
If you are still doing this a year 6-12 months from now, you are going to look back at this thread and laugh about things like "topping off my account with $50", and worrying about your win ratio.
You've got a ways to go. Perseverance and persistence will pay off, just keep at it. Again, quit trading live. Ever heard of TopStepTrader? Check them out.
Feel free to drop me a private message if you have any questions. I have been in your shoes, we all have.
Peace,
Chris
Yeah I have heard of topstep, I read their website everyday and am a huge Danny Riley fan. However, I am not near the level ready to try out. It would be like a 12 year old who plays football in the park trying out for the Broncos. When I get better I will.
Feel so frustrated.....I understand ACD method, and the basics of tech analysis...not sure what is holding me back. Maybe I need to read more Mind over markets.
Would working at a prop firm help? (getting free training)
