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Afraid to Trade Live - Advice Needed


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Afraid to Trade Live - Advice Needed

  #61 (permalink)
 Trader146 
Shreveport, LA/USA
 
Experience: Advanced
Platform: NinjaTrader
Broker: APEXTRADERFUNDING
Trading: NQ
Posts: 93 since Jan 2015
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Thanks Received: 158


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  #62 (permalink)
 
t0030tr's Avatar
 t0030tr 
Detroit, Michigan, USA
 
Experience: Advanced
Platform: NT8 w/TTP
Broker: IB/Kinetick/CQG
Trading: NQ
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Trader146 View Post


Today I worked really hard to stay with my long trades. It wasn't easy, and I bailed on the last contract. Target was reached soon after.

I'm also trying to stay under 5 contracts per trade which would meet the requirements of a $50,000 combine. But I still think I might do a larger combine just to have some wiggle room.

My confidence is increasing. I'm exiting trades I'm not comfortable with much sooner. Still need to work on my patience but...sometimes, just want the trade to be over with.

Roland

Not sure how big of a stop that you use but I can assure you going larger for bigger stop limit is not the answer IMHO. I would concentrate on making money with 1 contract personally. All that size does nothing for you beside cause reckless actions.

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  #63 (permalink)
 Trader146 
Shreveport, LA/USA
 
Experience: Advanced
Platform: NinjaTrader
Broker: APEXTRADERFUNDING
Trading: NQ
Posts: 93 since Jan 2015
Thanks Given: 284
Thanks Received: 158



t0030tr View Post
Not sure how big of a stop that you use but I can assure you going larger for bigger stop limit is not the answer IMHO. I would concentrate on making money with 1 contract personally. All that size does nothing for you beside cause reckless actions.

Sent using the NexusFi mobile app

When I said "more wiggle room", I didn't mean using bigger stops. I rarely use fixed stops unless they are for profit protection. I mean the daily lose limit TST imposes and the reduced contract availability in FTP.

Also, I've given up trying to trade with 1 contract. I have to do what's best for my personality, and being limited to 1 entry and 1 exit per trade is just aggravating.

Below is a chart showing the entries and exits of my 1 trade today. I never had more the 2 contracts at any 1 time. This works for me and what I now "concentrate on".



One thing that has improved my trading results is a very good understanding of price action and how markets actually work. If I don't understand what's happening, I don't trade. I wait until I have a good idea of what's going on and who is trading where. Sometimes this means riding out a flush, but like the pros, I now add on these opportunities instead of running with the weak hands (if I don't get out ahead of time). That's another benefit of having extra wiggle room.

Thanks,

Roland

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  #64 (permalink)
 Trader146 
Shreveport, LA/USA
 
Experience: Advanced
Platform: NinjaTrader
Broker: APEXTRADERFUNDING
Trading: NQ
Posts: 93 since Jan 2015
Thanks Given: 284
Thanks Received: 158



Well, I got my ass handed to me today. But, I get to blame it on lack of sleep!

Not really, it was just a pure disregard for the immediate trend. Good thing I'm still on sim. Best place to learn lessons like this.

About sleep, I didn't get a good night sleep yet again so I'm definitely not my best today. I'm having a real hard time getting quality sleep. I got to bed early enough but then woke up too early. I kept trying to go back to sleep but no luck. My eyes are burning right now. That usually a bad sign. I exercise regularly and eat fairly well. I don't smoke and seldom drink.

It's all in my head really. Just thinking about going live gives me anxiety and that (among other things) affects my sleep. But, putting off going live proved to be a good thing today. Maybe when I stop making stupid mistakes, (like blatantly ignoring the trend) the anxiety will go away. In the meantime, I just have to learn from my mistakes.

Happy Trading!

Roland

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  #65 (permalink)
 mastercraft29 
central florida
 
Posts: 192 since Jul 2014


Trader146 View Post


Well, I got my ass handed to me today. But, I get to blame it on lack of sleep!

Not really, it was just a pure disregard for the immediate trend. Good thing I'm still on sim. Best place to learn lessons like this.

About sleep, I didn't get a good night sleep yet again so I'm definitely not my best today. I'm having a real hard time getting quality sleep. I got to bed early enough but then woke up too early. I kept trying to go back to sleep but no luck. My eyes are burning right now. That usually a bad sign. I exercise regularly and eat fairly well. I don't smoke and seldom drink.

It's all in my head really. Just thinking about going live gives me anxiety and that (among other things) affects my sleep. But, pulling off going live proofed to be a good thing today. Maybe when I stop making stupid mistake (like blatantly ignoring the trend) the anxiety will go away. In the meantime, can learn from my mistakes.

Happy Trading!

Roland


Hey Roland - if you are losing sleep over going live, dont. You need to be comfortable, relaxed, and confident. Trust me i have been there (traded live before i was ready). Everyone thinks they are different and the exception not the rule (including myself). Unfortunately i learned the hard way, and you will too if you continue down this path. You are also trading way too much volume to be going live. Maybe you have deep pockets and can afford to lose a lot of money, I dont know. But either way if you cannot do this on SIM mode, with 1 contract, or with a very small account in a forex market, you have no business going live, especially not in a futures market with multiple contracts. Not trying to discourage you, but telling you from experience and being honest. This is a business, and you should treat it like one, not a get rich quick scheme.

Anyways, I read you are starting to pay attention to price action - good choice. It is all you need to earn a living from the markets once you understand the institutions and how they trade. Indicators are only a distraction, including Fibonacci.

Again, I am not trying to tell you what to do, that is your choice. All i am saying is if you like giving your money to other traders or the big banks, that is your decision. But in all honesty, you need to be trading very small at this point. Every professional trader starts small and works to build his position within his comfort level. Just like a professional foot ball / base ball player, or any other profession, you must start with the little league and work your way through high school / college before you get to play for the NFL or MLB.

Good luck on your journey

Josh

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  #66 (permalink)
 Trader146 
Shreveport, LA/USA
 
Experience: Advanced
Platform: NinjaTrader
Broker: APEXTRADERFUNDING
Trading: NQ
Posts: 93 since Jan 2015
Thanks Given: 284
Thanks Received: 158


Trader146 View Post

Well, I got my ass handed to me today. But, I get to blame it on lack of sleep!

Not really, it was just a pure disregard for the immediate trend. Good thing I'm still on sim. Best place to learn lessons like this.

About sleep, I didn't get a good night sleep yet again so I'm definitely not my best today. I'm having a real hard time getting quality sleep. I got to bed early enough but then woke up too early. I kept trying to go back to sleep but no luck. My eyes are burning right now. That usually a bad sign. I exercise regularly and eat fairly well. I don't smoke and seldom drink.

It's all in my head really. Just thinking about going live gives me anxiety and that (among other things) affects my sleep. But, putting off going live proved to be a good thing today. Maybe when I stop making stupid mistakes, (like blatantly ignoring the trend) the anxiety will go away. In the meantime, I just have to learn from my mistakes.

Happy Trading!

Roland

So I've been watching the video of my trading today and I'm trying to determine why I kept going short in the face of clearly bullish price action. What I've come up with is a combination of missing the start of the move along with sleep deprivation, along with my love of going short. In my case that spells aggravation, lack of focus, and lack of clarity.

Watching the video after taking a nap, it's almost comical. But it's also embarrassing. I don't want to repeat such a performance.

I'm paying close attention to the clear signs that I was on the wrong side of the market. Things like higher highs and higher lows, distance above the moving averages, and the overall momentum to the upside. Any one of these things should have kept me from going short. Time for that printed checklist.

Roland

PS: I'm not discouraged at all. My mistakes are a lot fewer than they use to be. I'm happy that this one is so clearly visible and correctable. As long as I keep correcting my mistakes, I'm making progress.

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  #67 (permalink)
 Trader146 
Shreveport, LA/USA
 
Experience: Advanced
Platform: NinjaTrader
Broker: APEXTRADERFUNDING
Trading: NQ
Posts: 93 since Jan 2015
Thanks Given: 284
Thanks Received: 158

No trading for me this Friday. Sometimes I have to work my day job.

Good luck to all!

Roland


Sent from my iPad using futures.io

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  #68 (permalink)
 Trader146 
Shreveport, LA/USA
 
Experience: Advanced
Platform: NinjaTrader
Broker: APEXTRADERFUNDING
Trading: NQ
Posts: 93 since Jan 2015
Thanks Given: 284
Thanks Received: 158

I decided to try trading live today. I wanted to try it at least once before going to TST. Well after two losses in a row I was too doubtful to take anymore. Of course those trades I passed up worked out great.

It's clear that my fear of losing money is much more powerful than my desire to win money. I thought trading would be easier once I got better at it.

Now I'm going to try TST. Lets see if I'm scared to lose other peoples money (which will really be my money if I get funded and above a certain point). Results may be the same.

Thanks everyone for you input.

Roland

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  #69 (permalink)
 Trader146 
Shreveport, LA/USA
 
Experience: Advanced
Platform: NinjaTrader
Broker: APEXTRADERFUNDING
Trading: NQ
Posts: 93 since Jan 2015
Thanks Given: 284
Thanks Received: 158

Well, I decided to give TST a try (trial) after one last attempted at trading live. I had to accept that if I can't afford to lose what little money I have, the fear won't allow me to trade properly. On that day I couldn't even pull the trigger. After I accepted this reality, I actually felt a lot better. Now I can totally rule out that option and focus on the options that are actually viable. That would be TST and teaching others what I've learned.

Here are my SIM results from that day:



Here are my TST results so far:



I just wanted to get familiar with the TST platform before I start a combine. I may or may not complete the trial before starting. I do plan to start a FIO journal just to track my combine. Keep an eye out for it if your are interested.

Thanks,

Roland

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  #70 (permalink)
 
suko's Avatar
 suko 
Kyoto, Japan
Market Wizard
 
Experience: Intermediate
Platform: TW TOS LiveVol
Broker: TD, TW, IB, Saxo
Trading: VXX, VIX, SPY
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Trader146 View Post

my fear of losing money is much more powerful than my desire to win money

This is the textbook definition of risk aversion.

It's hardwired into us.

You need to be trading smaller.

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