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Newbie on the block...
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Newbie on the block...

  #1 (permalink)
Elite Member
GA/USA
 
Futures Experience: Beginner
Platform: MC
Favorite Futures: Gold GC, Currency Futures
 
Posts: 3 since Apr 2016
Thanks: 5 given, 4 received

Newbie on the block...

Hi! Everyone, hope all is well...
I'm new to the futures and forex trading market so any help would be highly appreciated...
I have lost a good some of money and no longer wish to loose any...
So where do I start?


Thanks
Deepak

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  #2 (permalink)
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  #3 (permalink)
Market Wizard
London UK
 
Futures Experience: Beginner
Platform: CQG
Favorite Futures: Futures
 
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Posts: 3,053 since Sep 2015
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Deepak View Post
Hi! Everyone, hope all is well...
I'm new to the futures and forex trading market so any help would be highly appreciated...
I have lost a good some of money and no longer wish to loose any...
So where do I start?


Thanks
Deepak

Hi Deepak - If you are not prepared to lose any money at all, the majority of people in this business would agree that perhaps trading is not for you.

If, on the other hand, over the long term you are prepared to lose money with the aim to making more than you lose, my suggestion is this forum can be helpful in the process.

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  #4 (permalink)
Elite Member
GA/USA
 
Futures Experience: Beginner
Platform: MC
Favorite Futures: Gold GC, Currency Futures
 
Posts: 3 since Apr 2016
Thanks: 5 given, 4 received


xplorer View Post
Hi Deepak - If you are not prepared to lose any money at all, the majority of people in this business would agree that perhaps trading is not for you.

If, on the other hand, over the long term you are prepared to lose money with the aim to making more than you lose, my suggestion is this forum can be helpful in the process.

Well you cannot win without loosing, so yes I am prepared to loose but in the long run would definitely like to win.
I think I started to fast without the rite guidance...

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  #5 (permalink)
Market Wizard
London UK
 
Futures Experience: Beginner
Platform: CQG
Favorite Futures: Futures
 
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Posts: 3,053 since Sep 2015
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Deepak View Post
Well you cannot win without loosing, so yes I am prepared to loose but in the long run would definitely like to win.
I think I started to fast without the rite guidance...

Happens to everyone I think... but I also think that the initial trauma of losing money can be a sobering and valuable experience, if one is able to draw the right conclusion from it.

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  #6 (permalink)
Elite Member
Canada
 
Futures Experience: Beginner
Platform: NinjaTrader
Broker/Data: InteractiveBrokers
Favorite Futures: NQ
 
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Posts: 594 since Aug 2015
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I think that the question you need to ask yourself is 'why are you losing'?

I'm not sure if you have a spreadsheet and/or a journal that can help you get to the root cause of this question. If you don't have that, then start one immediately. Some people post their journals on this forum and good spreadsheets can be found all over the place. I use Trading Journal Spreadsheet | Trade tracking, for: Stock, Options, Futures, Forex traders as for $100 bucks it gives me most of what I need in case you want to take a look.

General advice will be helpful, but if you truly want something that will help you succeed, then you need to know why your method is failing.

Once you are able to diagnose your problem into something more specific, then some of the folks here can help you out.

Some of the top reasons I've seen people lose money
-Bad risk management
-BAd emotional management
-Lack of understanding of the market
-Gambling
-A methodology that doesn't provide an edge

But I'm sure there are 100s if not 1,000s of reasons why you could be losing money

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  #7 (permalink)
Elite Member
GA/USA
 
Futures Experience: Beginner
Platform: MC
Favorite Futures: Gold GC, Currency Futures
 
Posts: 3 since Apr 2016
Thanks: 5 given, 4 received


SoftSoap View Post
I think that the question you need to ask yourself is 'why are you losing'?

I'm not sure if you have a spreadsheet and/or a journal that can help you get to the root cause of this question. If you don't have that, then start one immediately. Some people post their journals on this forum and good spreadsheets can be found all over the place. I use Trading Journal Spreadsheet | Trade tracking, for: Stock, Options, Futures, Forex traders as for $100 bucks it gives me most of what I need in case you want to take a look.

General advice will be helpful, but if you truly want something that will help you succeed, then you need to know why your method is failing.

Once you are able to diagnose your problem into something more specific, then some of the folks here can help you out.

Some of the top reasons I've seen people lose money
-Bad risk management
-BAd emotional management
-Lack of understanding of the market
-Gambling
-A methodology that doesn't provide an edge

But I'm sure there are 100s if not 1,000s of reasons why you could be losing money

Thanks I really appreciate that....

I think my problem is the following....
No journal or spreadsheet
Bad risk management
Lack of understanding of the market

I will try the spreadsheet and journal....

Thanks

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  #8 (permalink)
Market Wizard
London UK
 
Futures Experience: Beginner
Platform: CQG
Favorite Futures: Futures
 
xplorer's Avatar
 
Posts: 3,053 since Sep 2015
Thanks: 6,571 given, 4,824 received
Forum Reputation: Legendary


Deepak View Post
Thanks I really appreciate that....

I think my problem is the following....
No journal or spreadsheet
Bad risk management
Lack of understanding of the market

I will try the spreadsheet and journal....

Thanks

Well, it sounds your own answers could be a good starting point to work on...

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  #9 (permalink)
Elite Member
Chicago, IL
 
Futures Experience: None
Platform: NT8,NT7,TWS,FOREX.COM app
Broker/Data: InteractiveBrokers, NinjaTrader Brokerage FOREX.COM, IQFeed
Favorite Futures: The one I'm creating in the present....ES, ZF, ZN, ZB, FX pairs
 
Blash's Avatar
 
Posts: 1,560 since Nov 2011
Thanks: 4,527 given, 2,340 received
Forum Reputation: Legendary


SoftSoap View Post
I think that the question you need to ask yourself is 'why are you losing'?

I'm not sure if you have a spreadsheet and/or a journal that can help you get to the root cause of this question. If you don't have that, then start one immediately. Some people post their journals on this forum and good spreadsheets can be found all over the place. I use Trading Journal Spreadsheet | Trade tracking, for: Stock, Options, Futures, Forex traders as for $100 bucks it gives me most of what I need in case you want to take a look.

General advice will be helpful, but if you truly want something that will help you succeed, then you need to know why your method is failing.

Once you are able to diagnose your problem into something more specific, then some of the folks here can help you out.

Some of the top reasons I've seen people lose money
-Bad risk management
-BAd emotional management
-Lack of understanding of the market
-Gambling
-A methodology that doesn't provide an edge

But I'm sure there are 100s if not 1,000s of reasons why you could be losing money


Deepak View Post
Thanks I really appreciate that....

I think my problem is the following....
No journal or spreadsheet
Bad risk management
Lack of understanding of the market

I will try the spreadsheet and journal....

Thanks

I also use Trading Journal Spreadsheet | Trade tracking, for: Stock, Options, Futures, Forex traders a great tool! Love that it's a one time payment. I try very hard, within reason, to do away with fees ongoing in nature and this fits well into that line of thought.

I would say the number one thing you need to do in this business is understand yourself. Journaling will be key for this process IMHO. This entails a vast amount of intricacies written off by many as mumbo jumbo.

Mark Douglas tells a story about the first time he presented a talk at a trade conference. The room was pack with traders. Long story short, this first time out he did not really cover his main material. Later as he did the attendance fell off a huge amount.....

Quoting 

Know Thyself

Socrates says, as he did in Phaedrus, that people make themselves appear ridiculous when they are trying to know obscure things (i.e. the market) before they know themselves. Plato also alluded to the fact that understanding 'thyself,' would have a greater yielded factor of understanding the nature of a human being.


As I see it.....The better you know yourself the better you can know human beings in general and the better you will be at trading because you are trading with other human beings. Even if it's an algo, a machine, because the machine did not create itself, now did it.....lol

Ron

It is an axiomatic fact that while you meditate you are speaking with your own spirit. In that state of mind you put certain questions to your spirit and the spirit answers: the light breaks forth and the reality is revealed.
The steed of this Valley is pain; and if there be no pain this journey will never end.
Buy Low And Sell High (read left to right or right to left....lol)
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