Often times I come off as a dick when I write posts but that's not my intention- I just don't have time to sugar coat things so here goes a quick one.
Stop trading biotech immediately. Past couple years my two year old could make money in that sector. You happened along the right sector at the right time. RS buy signal on FBT provided 200%+ returns with zero effort.
ES (all trades) require intense work. If you cannot commit to putting in the effort, those who do will take your money ( as they should, it was earned). This is a zero sum game- one winner for every looser; the best trader wins and you will not be that person " in your free time"
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Much worse than that. Finding profitable strategies excluding commission and slippage is incredibly easy, anyone could do it with a few minutes of work.
Commission and slippage make this more of a negative sum game for most, because each time you play the game it costs money on top of whatever you win or lose.
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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i agree with RG @rahulgopi. I also think you have taken up responsibility to get better and wish you only the best @Lonely path
Pls dont treat this as advice....as it is for one to figure out. Its your money and yr life. Structure it the way you want. my only point to write here is as I dont like looking at large losses now and wish you dont see that also. hence sorry for making this long.
I dont however agree on the SIM part...but thats okay. I think like people said SIM can only get you that much or not even that from a learning perspective
However for me while was on SIM and the way I trade in Live is not different. If it deviates SIM to Live then I wont get jack having been on SIM. However if it is exactly same psyco wise you will see where you made mistakes. I went to SIM for a year as i could not dedicate time to trades and had a very bad habbit of no stops and size. Have put on very large size and walked away on a extremely profitable day...to see the market eat up -50pts or so. I was not aware of myself and the bad habbit then...i thought i was always right foolishly. This is however overcome by me(lol i hope so)....but i dont stay too long in a trade though am following some stuff which says stay longer. But its a personal choice. Many days now also if i cannot devote atleast 2 hrs to a trade day I keep systems running on SIM only to look at it EOD.
I wish was lucky like RG to be fulltime....but that needs to wait for a atleast a few years. But check him out he gave up a lucrative career for his passion. Passion is what drives.
The play field is equal for the large fund house as it is to the smaller player in today's technological times with an edge to the smaller player. I think with passion and thirst for knowledge anything is overcome. That passion will lead one to what they need to know. I guess that's what happened in the field we are in. Similarly it has to be replicated weather in Investing or Trading.
the whole trick is to keep size small....and not large losses if one is not aware of whats market doing or not aware of oneself and maybe not do futures but dabble with equities.
cheers and only good luck
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