First month trading; some thoughts - Psychology and Money Management | futures io social day trading
futures io futures trading


First month trading; some thoughts
Updated: Views / Replies:1,334 / 5
Created: by Jameson Attachments:0

Welcome to futures io.

(If you already have an account, login at the top of the page)

futures io is the largest futures trading community on the planet, with over 90,000 members. At futures io, our goal has always been and always will be to create a friendly, positive, forward-thinking community where members can openly share and discuss everything the world of trading has to offer. The community is one of the friendliest you will find on any subject, with members going out of their way to help others. Some of the primary differences between futures io and other trading sites revolve around the standards of our community. Those standards include a code of conduct for our members, as well as extremely high standards that govern which partners we do business with, and which products or services we recommend to our members.

At futures io, our focus is on quality education. No hype, gimmicks, or secret sauce. The truth is: trading is hard. To succeed, you need to surround yourself with the right support system, educational content, and trading mentors Ė all of which you can find on futures io, utilizing our social trading environment.

With futures io, you can find honest trading reviews on brokers, trading rooms, indicator packages, trading strategies, and much more. Our trading review process is highly moderated to ensure that only genuine users are allowed, so you donít need to worry about fake reviews.

We are fundamentally different than most other trading sites:
  • We are here to help. Just let us know what you need.
  • We work extremely hard to keep things positive in our community.
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts.
  • We firmly believe in and encourage sharing. The holy grail is within you, we can help you find it.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

Reply
 
Thread Tools Search this Thread
 

First month trading; some thoughts

  #1 (permalink)
Trading for Fun
Memphis, USA
 
Futures Experience: Beginner
Platform: MBT
Favorite Futures: Futures
 
Posts: 84 since Jun 2011
Thanks: 1 given, 23 received

First month trading; some thoughts

I've been trading with real money for about a month now and wanted to share my thoughts and experiences. I won't go into a whole lot of detail about my past, except to say that the first time I traded for real was 18 months ago and that ended in the obligatory blow-out. Of my original $15,000 I lost about $13,000 in two months. I retreated, regrouped, learned, adapted, practiced, and learned more.

This time it's going much more swimmingly, probably because now I actually have a clue, and I feel confident I can one day build my account to where I can make a living trading. Here's what has struck me the most my first month trading with real money: the biggest mistakes I've made weren't my losing trades. The losing trades were all good decisions, taken at the signal given, and the risk was well-managed. My biggest mistakes have been the trades I did not take that would have been winners. The signal was there, the market was telling me do it, but I demurred. I think, "Well, let me wait," or "I've just lost two in a row and I'm scared." Next thing you know the market starts a beautiful trend and I'm left in the dust. It hasn't happened alot but it's happened a few times.

In these four weeks I know for a fact that I've forgone about $3,000 in profits on trades I did not take. For perspective, my account size starting out was $15,000 (it's appreciated some, thank you) and I risk $500 per trade. So $3,000 in a month's time can really make a difference. For instance, this week my system was telling me to sell the September Swiss Franc at 1.188. I didn't, and the next day it's as low as 1.17. I kicked myself.

Take your signals when they come, let your profits run, manage risk. Everyone knows this, but when you trade for real you truly see the importance of these three rules. I'm real good with the last two, it's that first one I need to work on.

The psychology aspect is definitely the most important part of trading. Forget what I feel, think, hope or want. All that matters is what the market's telling me. Take the signal, place the stop, the rest is out of my hands.

Reply With Quote
The following 7 users say Thank You to Jameson for this post:
 
  #2 (permalink)
Quick Summary
Quick Summary Post

Quick Summary is created and edited by users like you... Add FAQ's, Links and other Relevant Information by clicking the edit button in the lower right hand corner of this message.

 
  #3 (permalink)
Elite Member
Buffalo NY
 
Futures Experience: Intermediate
Platform: Ninja, Tradestation
Broker/Data: Glocapmarkets
Favorite Futures: FDAX,FOREX,GOLD,NQ,CL
 
Posts: 35 since Dec 2009
Thanks: 8 given, 10 received


good stuff. always remember that your edge ( your risk to reward ) will give you the confidence to continue to pull the trigger. no matter how many losers you may have you know in the end your ratios will bail you out.

Reply With Quote
 
  #4 (permalink)
Trading Apprentice
Bay Area, CA
 
Futures Experience: Beginner
Platform: NinjaTrader
 
Posts: 6 since Nov 2010
Thanks: 1 given, 6 received

I noticed that if I pass on two (profitable) signals in a row, and trade on the third signal, it is usually a loser. Why? Because I was mad at myself for the lost opportunities and was eager to "make money". So when I jump on the third signal, it is usually a less than ideal signal and is a little late in the trend. So now I have to tell myself not to let past trades or skipped trades influence me.

Reply With Quote
 
  #5 (permalink)
Elite Member
Aurora, Il USA
 
Futures Experience: Advanced
Platform: TradeStation
Favorite Futures: futures
 
kbit's Avatar
 
Posts: 5,872 since Nov 2010
Thanks: 3,301 given, 3,332 received

Sounds like your on the right path. Don't waste time worrying about what you missed, it happens to everyone. Just stayed focused on taking the best trades and even if you do leave some on the table remember there's nothing wrong with taking a profit. What you want is to be consistant and be happy with whatever the market gives you ..they can't all be homeruns. Regards, Kbit

Reply With Quote
 
  #6 (permalink)
 Vendor: www.thestrategylab.com 
Quebec, Canada
 
Futures Experience: Advanced
Platform: X-Trader, InfinityAT, Saxotrader
Favorite Futures: Emini ES, Emini RTY (TF), Crude CL, Eurex DAX, EuroFX 6E, Forex EurUsd and Hang Seng HSI
 
Posts: 32 since Mar 2011
Thanks: 40 given, 36 received


Jameson View Post
...My biggest mistakes have been the trades I did not take that would have been winners. The signal was there, the market was telling me do it, but I demurred. I think, "Well, let me wait," or "I've just lost two in a row and I'm scared." Next thing you know the market starts a beautiful trend and I'm left in the dust. It hasn't happened alot but it's happened a few times...

Hi,

This is not uncommon but you need to find out the reason to why you take some trades versus when you don't take valid setups that appear. Simply, I wouldn't be surprise if there's a commonality or specific types of precursors showing up that spooks you from taking particular types of trades.

Therefore, if you can identity those precursors, you can then develop a trading plan to reduce the number of missed trade opportunities. For example, do they tend to occur after a trade loss? Do they tend to occur in increasing volatility or decreasing volatility trading conditions? Do they tend to occur during particular times of the trading day?

My point is if you can identify why such tends to occur, you'll be better prepare to trade when you recognize those precursors showing their face again.

Mark

Reply With Quote
The following user says Thank You to wrbtrader for this post:

Reply



futures io > > > First month trading; some thoughts

Thread Tools Search this Thread
Search this Thread:

Advanced Search



Upcoming Webinars and Events (4:30PM ET unless noted)

Jigsaw Trading: TBA

Elite only

FuturesTrader71: TBA

Elite only

NinjaTrader: TBA

Jan 18

RandBots: TBA

Jan 23

GFF Brokers & CME Group: Futures & Bitcoin

Elite only

Adam Grimes: TBA

Elite only

Ran Aroussi: TBA

Elite only
     

Similar Threads
Thread Thread Starter Forum Replies Last Post
Thoughts on Ehlers indicators quasar NinjaTrader 16 April 8th, 2017 02:27 PM
Thoughts on Back To School Zondor Off-Topic 0 August 14th, 2011 03:01 PM
Random Thoughts.... AynRandFan Traders Hideout 7 July 24th, 2011 06:52 AM
Some thoughts and musings on trading with probabilities. liquidcci Psychology and Money Management 9 July 7th, 2011 10:23 AM
Some thoughts on trading baruchs Traders Hideout 8 August 5th, 2009 03:49 AM


All times are GMT -4. The time now is 02:12 PM.

Copyright © 2017 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432, info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts
Page generated 2017-12-15 in 0.11 seconds with 19 queries on phoenix via your IP 54.82.56.95