Red Cards and Life - Psychology and Money Management | futures io social day trading
futures io futures trading

Red Cards and Life
Updated: Views / Replies:567 / 1
Created: by Patrick S 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

Thread Tools Search this Thread

Red Cards and Life

  #1 (permalink)
Elite Member
Raleigh NC
Futures Experience: Beginner
Platform: Ninja
Broker/Data: Mirus/ZenFire
Favorite Futures: Oil
Patrick S's Avatar
Posts: 628 since May 2012
Thanks: 394 given, 518 received

Red Cards and Life

In our trading journey we develop a set a rules. Hopefully they are constantly evolving. A little tweak here and there is important because it shows you are learning. In the beginning you might be adjusting your plan on a weekly basis. As you begin to develop your rhythm the rules may not change for a couple of months however you must be diligent to review them frequently. All the while keeping a Journal to track yourself.
Trading is a two edged sword and just like any weapon this sword must be respected. It can cut you down to pieces, leave you for dead or it can open new paths to a whole new existence monetarily and most importantly psychologically. The respect I am speaking of is your rule book. Disobey it and I promise, you will get cut.
The problem is life happens. The markets donít care what your problems are. They donít know you had a bad day at work, your dog ate one of your favorite slippers,you dinged your car with the shopping cart, The air conditioning broke last night and you did not sleep well. The market does not care about your problems.
Did you notice I did not include the big stuff like marital issues or legal problems or situations with your kids? That was done purposefully because I would hope that if you have some monumental big stuff happening in your life that you are not trading at all.
When I say life happens I am speaking of the little stuff. The stuff that after a while, builds up and if you do not find a release you might hear a pop!
The Tricky part is, how do you know that the little stuff is starting to stack up? What exactly is the writing on the wall? Well my friend, Only you can answer that. You must know yourself like you know the instrument you are trading.
On more than one occasion I have just blown up the entire day. I over traded, doubled down, moved my stops, traded through the news. Man I broke every rule in the book. Disgusted with myself I would walk away from the computer wondering what the hell just happened? How did I break all of those rules. I cannot believe what I just did. I am down 89 tics!!. Holy Crap what a dummy I am. And then I start to beat myself up. Have you ever been there?
What happened on that dreadful day? What went wrong? How did I get so far off track. Why didnít I quit after the 2nd or 3rd major loss. It is because I put on my REVENGE hat. The market owed me, and I wanted my money back. ( if I knew how to spell the sound of one clearing his throat I would write that) ( So imagine that sound) I ask you Sir or Madam, does any of this sound familiar?
I have come up with a simple way to monitor myself in my trading. It is quite simple actually. There are two red playing cards on my desk that sit face down next to my mouse. If by chance I break a major rule I will pull one of those cards and stand it up next to my main monitor. It serves as a reminder that I better not screw up again, because if I do, I am done trading for the day.

Reply With Quote
  #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.


futures io > > > Red Cards and Life

Thread Tools Search this Thread
Search this Thread:

Advanced Search

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

Wyckoff Hunting for Great Risk/Reward Ratio w/Gary Fullett

Elite only

Digging into the Details of iSystems w/Stage 5 & iSystems

Jun 5

Similar Threads
Thread Thread Starter Forum Replies Last Post
Graphics cards c12345 Tech Support 24 April 30th, 2017 12:16 AM
Al Brooks Flash Cards??? RambleDog Emini Index Futures Trading 6 December 16th, 2011 02:47 PM
WTS: Nvidia Quadro NVS cards LordAlfa Off-Topic 2 November 17th, 2011 09:18 AM
As bank fees escalate, prepaid cards go mainstream kbit News and Current Events 0 June 15th, 2011 06:04 PM
Desktop specs / TradingPC, video cards Zoethecus Tech Support 45 December 14th, 2010 09:09 AM

All times are GMT -4. The time now is 03:24 AM.

Copyright © 2018 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432,
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 2018-05-25 in 0.10 seconds with 19 queries on phoenix via your IP