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Where do I start???!!!
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Created: by birkmann3 Attachments:3

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Where do I start???!!!

  #11 (permalink)
Elite Member
Florida
 
Futures Experience: Advanced
Platform: NinjaTrader 8
Favorite Futures: YM, ES, NQ, CL, ZB
 
trendwaves's Avatar
 
Posts: 742 since Dec 2012
Thanks: 2,822 given, 2,433 received

I agree with everything above, Mike summarized your situation as well as possible.

I am going to ask a couple of practical questions:

1. Did you use a stop loss order on your trade(s) ?

2. If so, why did you risk 75% of your trading account on one trade outcome, or if multiple trades then you need a max loss threshold to protect your account ?

I am surprised your SIM practice trading did not bring out these issues sooner. Perhaps you let the Sim trades run around freely (with no stop) until they produced a profit ?

This sounds like you have too large of a gap between your Sim trading and Live trading. It takes baby steps for most people to move from Sim to Live. A 75% loss of your trading account balance is clearly not in the category of "baby steps". So one of the things you will have to do during this regrouping period is figure out a way to move from Sim to Live in much smaller incremental steps with a lot less risk per trade and trading day.

Be Patient and Trade Smart
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  #12 (permalink)
Trading Apprentice
Singapore
 
Futures Experience: None
Platform: mt5
Favorite Futures: Forex
 
Posts: 1 since Feb 2014
Thanks: 0 given, 0 received

I am not sure but if your account is failing so fast, I think there is an issue with your risk management. Don't you think so. I think you need to set stop loss on your account.

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  #13 (permalink)
Trading Apprentice
Sherman Oaks, CA / USA
 
Futures Experience: Intermediate
Platform: Rithmic / OEC
Broker/Data: Cannon Trading Company / Ninja Trader/Rithmic, E-Futures trading platform
Favorite Futures: Gold and Crude Oil
 
kpab702's Avatar
 
Posts: 46 since Dec 2013
Thanks: 17 given, 10 received


I fully agree. Stop losses are essential when trading futures. Learning how to take the bad with the good. You need to figure out your risk perimeters before you enter a trade. You can't enter in a trade blindly not knowing where the market is heading without a stop loss. It's pretty foolish.


profitsbuzz View Post
I am not sure but if your account is failing so fast, I think there is an issue with your risk management. Don't you think so. I think you need to set stop loss on your account.


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  #14 (permalink)
Trading Apprentice
Cork + cork/Ireland
 
Futures Experience: None
Platform: 24option
Favorite Futures: Forex
 
Posts: 5 since Feb 2014
Thanks: 2 given, 1 received


trendwaves View Post
I agree with everything above, Mike summarized your situation as well as possible.

I am going to ask a couple of practical questions:

1. Did you use a stop loss order on your trade(s) ?

2. If so, why did you risk 75% of your trading account on one trade outcome, or if multiple trades then you need a max loss threshold to protect your account ?

I am surprised your SIM practice trading did not bring out these issues sooner. Perhaps you let the Sim trades run around freely (with no stop) until they produced a profit ?

This sounds like you have too large of a gap between your Sim trading and Live trading. It takes baby steps for most people to move from Sim to Live. A 75% loss of your trading account balance is clearly not in the category of "baby steps". So one of the things you will have to do during this regrouping period is figure out a way to move from Sim to Live in much smaller incremental steps with a lot less risk per trade and trading day.

Hey guys,

thanks for the feedback. I kept practicing on my sim account until I felt I had the confidence to go live. My strategy was to wait until a candlestick was clear of the Bollinger band while at the same time the rsi broke the 70/30 mark. when this would happen I would go the other way on a 60 second forex option. If I lost the initial trade ($24) I would follow it in the same direction with $41, $70 etc. this was my money management strategy.....this is what cleaned me out I think.

I understand that a different level of emotion comes into it with real spondoolicks but I was pretty strict with strategy.....do you think its a bad strategy?

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  #15 (permalink)
Trading for Fun
Los Angeles
 
Futures Experience: Advanced
Platform: x_trader
Favorite Futures: Stocks
 
ReaM's Avatar
 
Posts: 127 since Mar 2011
Thanks: 96 given, 95 received

your strategy is probably a total bs. And don't trade forex, because all forex brokers are scam. That would be my advice.

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  #16 (permalink)
Elite Member
Florida
 
Futures Experience: Advanced
Platform: NinjaTrader 8
Favorite Futures: YM, ES, NQ, CL, ZB
 
trendwaves's Avatar
 
Posts: 742 since Dec 2012
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birkmann3 View Post
Hey guys,

thanks for the feedback. I kept practicing on my sim account until I felt I had the confidence to go live. My strategy was to wait until a candlestick was clear of the Bollinger band while at the same time the rsi broke the 70/30 mark. when this would happen I would go the other way on a 60 second forex option. If I lost the initial trade ($24) I would follow it in the same direction with $41, $70 etc. this was my money management strategy.....this is what cleaned me out I think.

I understand that a different level of emotion comes into it with real spondoolicks but I was pretty strict with strategy.....do you think its a bad strategy?

I think the outcome speaks for itself.

Where did you come up with that strategy ?

Be Patient and Trade Smart
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  #17 (permalink)
Elite Member
Birmingham UK
 
Futures Experience: Intermediate
Platform: NinjaTrader
Broker/Data: IG/eSignal
Favorite Futures: Dax
 
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Posts: 3,340 since Dec 2012
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birkmann3 View Post
.....do you think its a bad strategy?

Yep. Unless 'certain' of being in a range day with band size set usefully for that ATR then it's just as likely to be a strong breakout and the bands will just expand with price, i.e. they don't ring bells at tops and bottoms. John Bollinger himself would agree. You need new h/l's that don't push outside the bands in these sort of cases for the bands to add any useful information.

Travel Well
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  #18 (permalink)
Elite Member
Nashville, Tennessee
 
Futures Experience: Intermediate
Platform: Ninja / Jigsaw / 9G
Broker/Data: AMP / CQG
Favorite Futures: NQ, YM and ES
 
tderrick's Avatar
 
Posts: 1,589 since Sep 2010
Thanks: 4,260 given, 2,527 received

I will add my .02 over the weekend


AJ
Nashville, Tennessee


"Life On The Edge of SR"
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  #19 (permalink)
Elite Member
Hong Kong
 
Futures Experience: Intermediate
Platform: NinjaTrader, TWS
Broker/Data: IB/Kinetick
Favorite Futures: ES
 
Posts: 233 since Jan 2012
Thanks: 130 given, 306 received


birkmann3 View Post
Hi guys and girls,
Im a complete newbie and managed to watch my account go from €2000 to €300 in minutes. I was using a platform called 24option, 1 minute candlesticks combined with rsi and Bollinger bands. I realize now I have a lot to learn but I was wondering if anybody could advise me as to whether or not im going in the complete wrong direction or what?
Any advice at all would be great, thanks.
Muiris

Hi Muiris,

Stay on sim until you have many hours of experience and consistent winning before going live. While on sim and learning, take the excellent free trading course (below) that includes psychology trance work to help you overcome the inevitable difference between sim and live.

And suggest to use 5 minute bars as minimum. One minute has far too much market noise to derail you/us.

Check out 'Al Brooks' and 'PATS Trading' price action offerings too. Lots of good journals here on futures.io (formerly BMT). Whatever you do, keep it simple and don't get lulled into adding indicators.

Here is the link to free course:

Adam Grimes - The Art & Science of Trading

Good luck.

Richard
Hong Kong
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  #20 (permalink)
Trading for Fun
New York, USA
 
Futures Experience: Master
Platform: NinjaTrader
Broker/Data: Mirus/Continuum//FuturePath/Rithmic
Favorite Futures: Currency Futures, Treasury Futures
 
jaytrades's Avatar
 
Posts: 80 since Jun 2011
Thanks: 22 given, 78 received


Isn't it all new and fun and fuzzy? So exciting....

Do you feel like you caught the bug?

Can you divide your forex lots up into smaller trade sizes?

I can with IBFX, but I can't with FXCM, but they are both small $100 and $1,000 lots are the lowest for each.

I ask because in the beginning risk is everything. Why is risk everything? Because you are risking real money but you are a beginning trader, right? If one is not a seasoned, educated, consistently profitable "real" trader then should that trader be using the tools of the trader who is all of these things? (real big money) I'm not saying sim only, but that is good if you can do it, I just can't because of the different psychology, but if you feel that you are a beginner, then why not use beginning money? I'm only pressing on this first issue of many because I didn't do it, do I wish I did? YES! Hear that foot kicking me? ...it's mine....

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