Time to Give Up - Psychology and Money Management | futures io social day trading
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Time to Give Up
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Created: by Big Mike Attachments:4

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Time to Give Up

  #451 (permalink)
Trading Apprentice
Colorado Springs Colo/USA
Futures Experience: None
Platform: Tradestation
Favorite Futures: Crude
Posts: 7 since Dec 2017
Thanks: 0 given, 1 received


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  #452 (permalink)
Elite Member
Dubai UAE
Futures Experience: Beginner
Platform: NinjaTrader
Favorite Futures: Emini ES
Posts: 59 since Jul 2017
Thanks: 28 given, 49 received

That's just to start with. While solving your mental issues, suggest you carefully think over technical aspects of your trading. When you do anything, you should clearly understand WHY exactly you are doing that. And I really mean that. While suggesting this to you, I'm talking same to myself)
Just my .25

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The following 2 users say Thank You to roadahead for this post:
  #453 (permalink)
Trading Apprentice
Charlotte, North Carolina
Futures Experience: Advanced
Platform: TOS
Favorite Futures: ES, CL, GC
Posts: 29 since Feb 2018
Thanks: 5 given, 31 received

I totally agree. I was once broke like all young men lol, and at that time I learn how to trade and it was a basic system I copied from someone else. My trades would produce but at the same time I would get excited and loose money because I was too desperate to make money.

As time went on I stopped trading because I realized my need for money was making me take bad trades. I kept following the market, jumping to other systems and trying to reinvent the wheel.

I wont say back testing is useless but, like everything it has its place in testing a theory.

Being in "NEED" of money will make you a terrible trader.

Keep things simple, start with a naked chart and really keep it naked for a while

Trading is like going to school or getting a degree. It takes time and everyone develops differently.

Like a book I once read said "THE MARKETS CAN DO WHATEVER IT WANTS TO DO" - Mark Douglas, Trading in the Zone.

Overnight success is not going to happen unless you put in the time and work.

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The following 8 users say Thank You to danny6787 for this post:
  #454 (permalink)
Elite Member
Futures Experience: Beginner
Platform: NT8/ TWS
Broker/Data: Interactive Brokers / Ninjatrader
Favorite Futures: ES/YM/NQ/FDAX/CL
n3xtl3v3l's Avatar
Posts: 29 since Jul 2018
Thanks: 29 given, 14 received

i read the thread and i will not quit. i am a newbie, i lost almost 25K...making almost everything wrong.
i work as a engineer in germany...so i can trade the american market in the european evening.
now i joined this forum and i am willing to work hard and to learn and to master myself.
i will start a journal here, for mirroring myself.
i have until now no exact trading plan...no good money/risk management and no system.
i know that my lotsize and my risk is far to big. i have to start at zero and learn from the beginning on.

this is a great froum and my goal is to grow as human and as a trader.

critics, help and other views are allways welcomeamd excuse my english i am no native speaker.


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The following 2 users say Thank You to n3xtl3v3l for this post:
  #455 (permalink)
Elite Member
Futures Experience: Beginner
Platform: PRT
Favorite Futures: CL ES DAX
Posts: 30 since Apr 2018
Thanks: 24 given, 14 received

danny6787 View Post

Being in "NEED" of money will make you a terrible trader.

Yes it's a strange law of life that if you need something, you don't get it. Works in reverse too - the less need, the greater the abundance and opportunity. It's entirely determined by your early life programming, and the probability that you will succeed any more than your parents is near zero.

To the extent that technical backtesting can find a real edge in the markets, it's importance will be completely eclipsed by the emotional makeup of the man trading it.

Last edited by OMWF; August 10th, 2018 at 03:31 AM.
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