Time to Give Up - Psychology and Money Management | futures io social day trading
futures io futures trading


Time to Give Up
Updated: Views / Replies:64,949 / 437
Created: by Big Mike Attachments:4

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 – 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 don’t 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
 4  
 
Thread Tools Search this Thread
 

Time to Give Up

  #121 (permalink)
Elite Member
Detroit, Michigan
 
Futures Experience: Beginner
Platform: Ninja Trader
Favorite Futures: Futures
 
Posts: 291 since Nov 2011
Thanks: 286 given, 280 received

I recommend watching this: The Captains (film) - Wikipedia, the free encyclopedia

Being a Star Trek enthusiast I thought that would be the focus of Shatner's documentary....but lo and behold it had a lot to do with the sacrifices all of these actors had to make to be a Star Trek Captain and how painful it was and is for many of them.



FXwulf View Post

In my very humble opinion making a career as a trader has much to do with sacrifice. I often sit out on my surfboard in the open ocean and reminisce about my journey to become a successful professional trader. Although I have "made it" , and achieved consistent financial independence over the past 6 years, the cost has proven extremely great.

Wulf


Reply With Quote
 
  #122 (permalink)
Banned: trolling
NYC + NY / USA
 
Futures Experience: Advanced
Platform: "I trade, therefore, I AM!"; Theme Song: "Atomic Dog!"
Favorite Futures: EMD, 6J, ZB
 
kronie's Avatar
 
Posts: 798 since Oct 2009
Thanks: 216 given, 497 received

traders, trading and surfing the web trading are all suffering from the gridlock and in-ability to agree and put the mass of millions of willing, able bodied work capable citizens to work, on infrastructure or other significant and substantive (national) projects...

this industry is suffering with artificial and gamed earnings reports with guidance numbers that keep lowering expectations...

there's a low level at which any economy still has life and performs transactions for services and goods but not one where it is robust, and it seems the mighty US is not the only economy in the western world on life support and easy monetary policy support...

its not surprising that things keep coming undone on these low tides,

so dear friends,
once more into breach...

cry havoc and let slip.....

oh, I'm not a poet?

Reply With Quote
 
  #123 (permalink)
Mate
Budapest, Hungary
 
Futures Experience: Intermediate
Platform: Ninjatrader
Broker/Data: TopstepTrader
Favorite Futures: NQ, TF, YM
 
matevisky's Avatar
 
Posts: 469 since May 2013
Thanks: 632 given, 1,542 received

Vica-versa


My situation is a little bit tricky. I have been tagged with trading 1 years ago. I have been started ofc with forex/webinars/bots/signals etc... Long story, if you would like to read my trading journal, you can get the shorter version. Anyway. Right now I have a clear vision about I want to trade. I am pretty confident in my self, but what I have been realized some weeks back my professional life=my work is discracting me from my purpose of trading. Really. I was stressed, I was not able to sleep, I was bad with my family etc...
So yesterday I've said enough, so I resign. Still have some issues, but I hope that I can start trading in a few weeks. I know that this is the biggest mistake in futures.io (formerly BMT) reading, and I dont have unlimited saving, but:
- I have family who support me
- I have good connections in my work, so I have some safty net scenario, if trading is not for me
- I have vision, and trading plan to follow
- I have other plans like: start sporting, loose weight etc...
- I have confident
- And I have a good mentor to learn from

And I dont have to worry about the money for the next 3-4 months, which is not too much I know I KNOW, but still doable

- And last and not for least. I dont want to make 100K in 1 year. I would like to make 30K in 1 year, which could be reasonable, and more than enough for my family. So I believe me expectation management is fine as well

So, we will see. I know that this is not the best start, but speaking frankly, if you are working in a business/management consulting business 10/12 hours a day, and you have a family to take care of, it is almost impossible to make a smooth fading period between trading and professional life.

Comments are welcome:P

Máté
Full time traderLive journal here
Reply With Quote
The following 2 users say Thank You to matevisky for this post:
 
  #124 (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, 519 received


matevisky View Post
My situation is a little bit tricky. I have been tagged with trading 1 years ago. I have been started ofc with forex/webinars/bots/signals etc... Long story, if you would like to read my trading journal, you can get the shorter version. Anyway. Right now I have a clear vision about I want to trade. I am pretty confident in my self, but what I have been realized some weeks back my professional life=my work is discracting me from my purpose of trading. Really. I was stressed, I was not able to sleep, I was bad with my family etc...
So yesterday I've said enough, so I resign. Still have some issues, but I hope that I can start trading in a few weeks. I know that this is the biggest mistake in futures.io (formerly BMT) reading, and I dont have unlimited saving, but:
- I have family who support me
- I have good connections in my work, so I have some safty net scenario, if trading is not for me
- I have vision, and trading plan to follow
- I have other plans like: start sporting, loose weight etc...
- I have confident
- And I have a good mentor to learn from

And I dont have to worry about the money for the next 3-4 months, which is not too much I know I KNOW, but still doable

- And last and not for least. I dont want to make 100K in 1 year. I would like to make 30K in 1 year, which could be reasonable, and more than enough for my family. So I believe me expectation management is fine as well

So, we will see. I know that this is not the best start, but speaking frankly, if you are working in a business/management consulting business 10/12 hours a day, and you have a family to take care of, it is almost impossible to make a smooth fading period between trading and professional life.

Comments are welcome:P

I read your post this morning and you popped into my head on my way home for dinner.
I don't think that as a coincidence so please consider what I am about to tell you.

I want you to post your trading results for the past 6 months.

If you can show that you consistently profited $2500 or more NET PROFIT every single month, for the past 6 months, than you have proven you can support your loving family with that $30,000/yr.

If you always do what you have always done you will always get what you have always gotten.
Celebrate because you executed your edge. Not because you won.
Reply With Quote
The following 2 users say Thank You to Patrick S for this post:
 
  #125 (permalink)
Mate
Budapest, Hungary
 
Futures Experience: Intermediate
Platform: Ninjatrader
Broker/Data: TopstepTrader
Favorite Futures: NQ, TF, YM
 
matevisky's Avatar
 
Posts: 469 since May 2013
Thanks: 632 given, 1,542 received


Patrick S View Post
I read your post this morning and you popped into my head on my way home for dinner.
I don't think that as a coincidence so please consider what I am about to tell you.

I want you to post your trading results for the past 6 months.

If you can show that you consistently profited $2500 or more NET PROFIT every single month, for the past 6 months, than you have proven you can support your loving family with that $30,000/yr.

Thank you and I agree with you fully! In the ideal world you can collect as many safty check point as you can before you start trading. I am not saying that i will be successful. I hope I will and my original plan was to start trading in december. But it is not an ideal situation, and i know that I could fail and I also know that if I fail that will be because of lack of pratice and proven record history on papertrade.
Thus my plan is still the same. The trades what i will take morr like will be around news releases and post news trading methodes. I used to do it in the past but I didnt like it cause it was like cheating I have proven record for this for the last 6 months and my calculation was based on this history. But still it is risky i know and my family also knows that!

Máté
Full time traderLive journal here
Reply With Quote
The following 2 users say Thank You to matevisky for this post:
 
  #126 (permalink)
Trading for Profit
Munich, Germany
 
Futures Experience: Advanced
Platform: TradeStation
Favorite Futures: Equity Index Futures
 
Posts: 285 since Apr 2012
Thanks: 121 given, 116 received


matevisky View Post
Thank you and I agree with you fully! In the ideal world you can collect as many safty check point as you can before you start trading. I am not saying that i will be successful. I hope I will and my original plan was to start trading in december. But it is not an ideal situation, and i know that I could fail and I also know that if I fail that will be because of lack of pratice and proven record history on papertrade.
Thus my plan is still the same. The trades what i will take morr like will be around news releases and post news trading methodes. I used to do it in the past but I didnt like it cause it was like cheating I have proven record for this for the last 6 months and my calculation was based on this history. But still it is risky i know and my family also knows that!

6 months of results might not be enough in order to draw any conclusions. Or at least, you should provide for some leeway in your estimates regarding trading income. Maybe you just had a good run in those 6 months.

I do not know how many trades you have done in those 6 months. If it was several hundred trades, then you can feel safer regarding your results as compared to it being, for instance, only 20 trades.

Also, how much percent of your initial trading capital is $30,000? I mean what percentage increase in your account equity do you expect to have per year? That can provide also some guideline about how realistic your expectations are. If you only have $10,000 it's something totally different than having $200,000 as starting capital.

You mention also a news event based strategy and paper trading. If your 6 months results were on paper and you traded news events, you should consider slippage in your calculation. In live trading you might not get the fills you had in paper trading.

All the best!

k

Reply With Quote
 
  #127 (permalink)
Mate
Budapest, Hungary
 
Futures Experience: Intermediate
Platform: Ninjatrader
Broker/Data: TopstepTrader
Favorite Futures: NQ, TF, YM
 
matevisky's Avatar
 
Posts: 469 since May 2013
Thanks: 632 given, 1,542 received


karoshiman View Post
6 months of results might not be enough in order to draw any conclusions. Or at least, you should provide for some leeway in your estimates regarding trading income. Maybe you just had a good run in those 6 months.

I do not know how many trades you have done in those 6 months. If it was several hundred trades, then you can feel safer regarding your results as compared to it being, for instance, only 20 trades.

Also, how much percent of your initial trading capital is $30,000? I mean what percentage increase in your account equity do you expect to have per year? That can provide also some guideline about how realistic your expectations are. If you only have $10,000 it's something totally different than having $200,000 as starting capital.

You mention also a news event based strategy and paper trading. If your 6 months results were on paper and you traded news events, you should consider slippage in your calculation. In live trading you might not get the fills you had in paper trading.

All the best!

k

I do agree every point of your saying.
The initial capital is doesnt matter. The question is that what I am ready to loose, and it is different. Also very important the statistic, about the trades. If it is over 70-80% than you can risk more.
Slipage can also play, but it is not really happening postnews trade. That is the issue around spike trading. I am not spiketrading. I take 2-3 trades per a week, based on analysis, and based on fundamental overview as well. So it is different.
I am mesuring the gain in tick/pips, which is between 100-200 consinstansly in the last 6 month.

But once again this is not a justification, and every challanging comments are welcome, because I would like to analyse every trap before and not after. So thank you for your comment(s)

Máté
Full time traderLive journal here
Reply With Quote
 
  #128 (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, 519 received


matevisky View Post
Thank you and I agree with you fully! In the ideal world you can collect as many safty check point as you can before you start trading. I am not saying that i will be successful. I hope I will and my original plan was to start trading in december. But it is not an ideal situation, and i know that I could fail and I also know that if I fail that will be because of lack of pratice and proven record history on papertrade.
Thus my plan is still the same. The trades what i will take morr like will be around news releases and post news trading methodes. I used to do it in the past but I didnt like it cause it was like cheating I have proven record for this for the last 6 months and my calculation was based on this history. But still it is risky i know and my family also knows that!

We need to see 7 screen shots.
One for each month of the 6 and the 7th should be the grand finale

If you always do what you have always done you will always get what you have always gotten.
Celebrate because you executed your edge. Not because you won.
Reply With Quote
The following user says Thank You to Patrick S for this post:
 
  #129 (permalink)
Elite Member
Pompano Beach, Florida, USA
 
Futures Experience: Beginner
Platform: S5 Trader, Ninja Trader
Broker/Data: Stage5/ IQfeed
Favorite Futures: M6E, M6A, 6E, 6A, ES
 
lifeguardsteve88's Avatar
 
Posts: 159 since Jun 2013
Thanks: 272 given, 115 received


Patrick S View Post
We need to see 7 screen shots.
One for each month of the 6 and the 7th should be the grand finale

LoL, you sound like his mother Patrick. You've given him some pretty substantive counterpoints to what he is attempting, but no need to push.... he is an adult and responsible for his own decisions.

Cheers!

Reply With Quote
The following 3 users say Thank You to lifeguardsteve88 for this post:
 
  #130 (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, 519 received



lifeguardsteve88 View Post
LoL, you sound like his mother Patrick. You've given him some pretty substantive counterpoints to what he is attempting, but no need to push.... he is an adult and responsible for his own decisions.

Cheers!

I know I know!!
but Hey, He Asked

If you always do what you have always done you will always get what you have always gotten.
Celebrate because you executed your edge. Not because you won.
Reply With Quote
The following 2 users say Thank You to Patrick S for this post:

Reply



futures io > > > Time to Give Up

Thread Tools Search this Thread
Search this Thread:

Advanced Search



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

July Journal Challenge w/$1100 in prizes from TopstepTrader

July
 

An Afternoon with FIO member Softsoap

Elite only

Battlestations: Show us your trading desks and win $750 in prizes

August
 

Extended Ask Me Anything w/Brett Steenbarger

Elite only

Prototyping Python Strategies (part 3) w/Ran Aroussi

Elite only

Brannigan Barrett w/Axia Futures

Elite only

Introduction to Phillip Capital futures brokerage services

Aug TBD

How Monte Carlo Analysis Can Help Your Trading w/Kevin Davey

Elite only
     

Similar Threads
Thread Thread Starter Forum Replies Last Post
Give this a listen RJay Psychology and Money Management 3 March 12th, 2016 10:54 AM
Will Bernanke Give the Market What It Wants? Quick Summary News and Current Events 3 January 23rd, 2014 11:37 PM
Will the Election Give the Market What It Wants? Quick Summary News and Current Events 0 November 3rd, 2012 12:50 AM
I give MC yet another chance... but nothing's different this time around. josh MultiCharts 8 September 4th, 2012 03:51 AM
Morgan Stanley CEO: Give Facebook a 'Little Bit of Time' Quick Summary News and Current Events 0 May 31st, 2012 06:20 PM


All times are GMT -4. The time now is 02:59 AM.

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 2017-07-25 in 0.07 seconds with 19 queries on phoenix via your IP 54.166.136.90