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Created: by Zachary Standley Attachments:0

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Me

  #1 (permalink)
Maine, USA
 
Trading Experience: Beginner
Platform: NinjaTrader 8
Favorite Futures: MES
 
Zachary Standley's Avatar
 
Posts: 392 since Sep 2018
Thanks: 1,259 given, 1,479 received

Me

I'm a brand new futures trader. I started trading real "capital" (if you wanna call $1500 capital) on the third of this month. I was paper trading for a month and a half beforehand, just to get familiar with the NinjaTrader 8 platform and to establish my strategy. I ended up breakeven- I'm aware that the time frame of testing wasn't long enough. With that being said, the move from paper trading to live trading stemmed from impatience and excitement- I was/am obsessed with trading. So far I've lost $600, and I'm not even devastated because I expected this to happen. I imagine scalp trading with an account the size of mine, even to an experienced trader would be quite difficult. I'm basically lost right now, but I have all of this information. I do have a systematic approach I wouldn't mind sharing, it's really simple but my poor psychology/fear makes it hard to implement.

I've done countless hours of research, watched tons of Anton Kreil, Ross Cameron, Patrick Wieland, have bought The Complete Guide To The Futures Market, Second Edition by Jack Schwager and read that. I've listened to the Chat With Traders podcast. I've attended webinars. It's interesting, every trader says the same thing, or very similar things, their process is highly personalized and simple. Trading in and of itself is simple, but mentally it's difficult. I'm questioning my strategy. I'm on shakey legs pre-entry (right before I get in). I'm losing almost every trade. Any advice or inquiries would be more than welcome, I don't know anyone personally that trades and would love to get involved in the futures trading community. I'm committed to this. Is there any supreme, in-depth wisdom (that isn't cliche) any of you consistently profitable traders can share?

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  #2 (permalink)
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  #3 (permalink)
the coin hunter
virginia
 
Trading Experience: Intermediate
Platform: ninja
Favorite Futures: NQ
 
cory's Avatar
 
Posts: 5,955 since Jun 2009
Thanks: 823 given, 7,727 received


literally there are 3 thread that asks the very same question, small capital trying to make it, what to do/look for, any advice?. And yes, there are many ideas from many contributors. All you have to do is to follow the one you like.

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  #4 (permalink)
Legendary Market Wizard
Portland, OR
 
Trading Experience: None
 
Massive l's Avatar
 
Posts: 1,881 since Mar 2011
Thanks: 1,483 given, 3,557 received

It's the toughest thing you'll ever attempt when it comes to making money. Keep learning and saving.

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  #5 (permalink)
SF Bay Area + CA/US
 
Trading Experience: None
Platform: TS, TOS, Ninja(Analytics)
Favorite Futures: NQ CL, ES when volatile mrkts
 
paps's Avatar
 
Posts: 1,704 since Oct 2011
Thanks: 2,168 given, 1,697 received

there is no good answer. its easy to blow up a 1000 or 10000 account. similarly it is also possible to grow both.

think of it this way....1000 u can multiply"compund" 2x 3x easy. 10000 u cannot do that easy.

hence the answer to big accounts....ofcourse comfort level to bungle up and be in the game exists. However in many of these threads.....one thing is not answered (multiplication factor....). so if u grow a accout 20%....u should be able to do that irrespective small or big.

hence concentrate on becoming good....once that is achieved...and one can do that in SIM....one can trade any account big or small. btw this is not advice....but i have learnt it the hard way..

cheers and goodluck

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  #6 (permalink)
Legendary Market Wizard
Cleveland Ohio/United States
 
Trading Experience: Advanced
Platform: Tradestation
Broker/Data: Tradestation, DeCarley, others
Favorite Futures: futures
 
Posts: 2,677 since Jul 2012
Thanks: 1,372 given, 5,129 received


Zachary Standley View Post
I'm a brand new futures trader. I started trading real "capital" (if you wanna call $1500 capital) on the third of this month. I was paper trading for a month and a half beforehand, just to get familiar with the NinjaTrader 8 platform and to establish my strategy. I ended up breakeven- I'm aware that the time frame of testing wasn't long enough. With that being said, the move from paper trading to live trading stemmed from impatience and excitement- I was/am obsessed with trading. So far I've lost $600, and I'm not even devastated because I expected this to happen. I imagine scalp trading with an account the size of mine, even to an experienced trader would be quite difficult. I'm basically lost right now, but I have all of this information. I do have a systematic approach I wouldn't mind sharing, it's really simple but my poor psychology/fear makes it hard to implement.

I've done countless hours of research, watched tons of Anton Kreil, Ross Cameron, Patrick Wieland, have bought The Complete Guide To The Futures Market, Second Edition by Jack Schwager and read that. I've listened to the Chat With Traders podcast. I've attended webinars. It's interesting, every trader says the same thing, or very similar things, their process is highly personalized and simple. Trading in and of itself is simple, but mentally it's difficult. I'm questioning my strategy. I'm on shakey legs pre-entry (right before I get in). I'm losing almost every trade. Any advice or inquiries would be more than welcome, I don't know anyone personally that trades and would love to get involved in the futures trading community. I'm committed to this. Is there any supreme, in-depth wisdom (that isn't cliche) any of you consistently profitable traders can share?


You need confidence to trade. One way to get some is to properly test your approach (backtest and/or live test) before you commit real money to it.

You also need enough capital. Even with good strategies, bad runs happens. You have to be able to endure those, financially and mentally.

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  #7 (permalink)
Distrito Federal/Brazil
 
Trading Experience: Intermediate
Platform: Thinkorswim
Broker/Data: TDAmeritrade
Favorite Futures: CL
 
brunobt's Avatar
 
Posts: 75 since Apr 2014
Thanks: 73 given, 114 received


Zachary Standley View Post
I'm a brand new futures trader. I started trading real "capital" (if you wanna call $1500 capital) on the third of this month. I was paper trading for a month and a half beforehand, just to get familiar with the NinjaTrader 8 platform and to establish my strategy. I ended up breakeven- I'm aware that the time frame of testing wasn't long enough. With that being said, the move from paper trading to live trading stemmed from impatience and excitement- I was/am obsessed with trading. So far I've lost $600, and I'm not even devastated because I expected this to happen. I imagine scalp trading with an account the size of mine, even to an experienced trader would be quite difficult. I'm basically lost right now, but I have all of this information. I do have a systematic approach I wouldn't mind sharing, it's really simple but my poor psychology/fear makes it hard to implement.



I've done countless hours of research, watched tons of Anton Kreil, Ross Cameron, Patrick Wieland, have bought The Complete Guide To The Futures Market, Second Edition by Jack Schwager and read that. I've listened to the Chat With Traders podcast. I've attended webinars. It's interesting, every trader says the same thing, or very similar things, their process is highly personalized and simple. Trading in and of itself is simple, but mentally it's difficult. I'm questioning my strategy. I'm on shakey legs pre-entry (right before I get in). I'm losing almost every trade. Any advice or inquiries would be more than welcome, I don't know anyone personally that trades and would love to get involved in the futures trading community. I'm committed to this. Is there any supreme, in-depth wisdom (that isn't cliche) any of you consistently profitable traders can share?



I’d suggest “Trading in the Zone” Mark Douglas book/audiobook. I usually listen to it whenever I can. Good luck!


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  #8 (permalink)
Legendary Market Wizard
Cleveland Ohio/United States
 
Trading Experience: Advanced
Platform: Tradestation
Broker/Data: Tradestation, DeCarley, others
Favorite Futures: futures
 
Posts: 2,677 since Jul 2012
Thanks: 1,372 given, 5,129 received


Zachary Standley View Post
but I'm seriously managing my losses by cutting them fast. I think that's my edge, or could be my edge, I can seem to tell when the market is going to go against me.

I'll play Devil's Advocate here: How did you know cutting your losses was the right thing to do in these cases? Maybe you exited too early. Or maybe instead of just exiting, you should have reversed.

My point: unless you follow up with some kind of analysis to tell you what is best/worst course of action, you are just guessing. And that is almost never a good way to go...

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  #9 (permalink)
SF Bay Area + CA/US
 
Trading Experience: None
Platform: TS, TOS, Ninja(Analytics)
Favorite Futures: NQ CL, ES when volatile mrkts
 
paps's Avatar
 
Posts: 1,704 since Oct 2011
Thanks: 2,168 given, 1,697 received

edges happen....and when there is edge.....know this. You will know and wont post.

one way to eval this...if the cut loss fast is the edge.....is letting the runner or pos run an edge also?

am not negating you.....just wanting you to see the light.....edge is an edge and once you have it....will only refine it....not 2nd guess it

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  #10 (permalink)
Maine, USA
 
Trading Experience: Beginner
Platform: NinjaTrader 8
Favorite Futures: MES
 
Zachary Standley's Avatar
 
Posts: 392 since Sep 2018
Thanks: 1,259 given, 1,479 received



kevinkdog View Post
I'll play Devil's Advocate here: How did you know cutting your losses was the right thing to do in these cases? Maybe you exited too early. Or maybe instead of just exiting, you should have reversed.

My point: unless you follow up with some kind of analysis to tell you what is best/worst course of action, you are just guessing. And that is almost never a good way to go...

I appreciate that. In one case, I was right to exit. In the other trade, I was wrong. How does anyone truly know when to exit? No one does. It certainly shouldn't be based on your PnL, it should be based on the behavior of the market and it's interaction with your strategy. You can have conditions to exit, and that's what I have.

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