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Afraid to Trade Live - Advice Needed


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Afraid to Trade Live - Advice Needed

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


Blash View Post
No you are not missing anything. Fundseeder is just a more legitimate approach but you must prove yourself to obtain investors money to trade by trading your live account.

So one would register with them and link your trading account. Upon registering you get top notch professional tools to track your account for free whether you end up using the service or not. If they like what they see in your trading they take you thru their process.

Ron



Does that also apply to sim accounts?


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  #22 (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 had an interesting day today. Now that I've posted my results publicly, I found myself trying to live up to my past performances. But instead I lost money.

As I was reviewing my trades I remember thinking "I need to recover this lost" so I started extending my targets and hanging around too long in trades that weren't working. I even extended my stop once which lead to my biggest lose of the day. I made a lot of mistakes today that I had since stopped making. I feel now that it was performance anxiety.

I wanted to continue to post good results. I find this very interesting that this affected my trading and wonder if the same thing will happen if I decide to join TST. Knowing someone is going to be reviewing my trades made me want to put on a grand performance. Instead ended up losing over $1200. Boy, do the challenges ever end?



Roland

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  #23 (permalink)
 
t0030tr's Avatar
 t0030tr 
Detroit, Michigan, USA
 
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I hate to harp on this, but again #1 rule managing risk.

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  #24 (permalink)
 
Blash's Avatar
 Blash 
Chicago, IL
Legendary Market Chamois
 
Experience: None
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Broker: InteractiveBrokers, S5T, IQFeed
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Trader146 View Post
Does that also apply to sim accounts?





Sent from my iPhone using futures.io



No. Fundseeder is not interested in any sim results. Live and sim are like oil and water night and day. Completely unrelated.



Sim helps to learn how to use your platform.



Here is the Fundseeder webinar FIO did with Jack Schwager...








Ron

...My calamity is My providence, outwardly it is fire and vengeance, but inwardly it is light and mercy...
The steed of this Valley is pain; and if there be no pain this journey will never end.
Buy Low And Sell High (read left to right or right to left....lol)
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  #25 (permalink)
 
t0030tr's Avatar
 t0030tr 
Detroit, Michigan, USA
 
Experience: Advanced
Platform: NT8 w/TTP
Broker: IB/Kinetick/CQG
Trading: NQ
Posts: 71 since Jun 2013
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Thanks Received: 84

One big thing that helped me tremendously was limiting myself to one or two trades a day. This drove me to look for the best setups before wasting my limited executions. This was with fixed stops of course.

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

Done for the day. Recovered most of my losses. It took a minute shake myself back to reality. I'm allowing too many distractions and outside influences. More on that later.


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  #27 (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
I hate to harp on this, but again #1 rule managing risk.

Sent using the NexusFi mobile app

This post had me tossing and turning all night. Why? Because it's one I don't subscribe to common trading rules. I'm sure you referring to the rule "Never extend your stops". Right?

Well, the first thing I have to say about that is, who's rules? If you are talking about the list of rules fed to beginners then those are not my rules. I learned a long time ago that I had to make my own rules.

The next thing I have to say about that is, how many times have you heard successful traders say (in interviews) that they don't even use stops? Or that they use "mental stops"? Or "catastrophe stops"? That's how I use stops now.

Don't get me wrong, it is a good rule for beginners because they're going to be wrong most of the time and they need to limit their losses. But I found that if I work on getting my entry right, I never need a stop. In most cases I only use a stop after the trade has gone far enough in my favor that my stop is less likely to get hit. That's why I placed the stop yesterday that got hit. It was at breakeven when I backed it up to give the trade room. But that reaction turned into a short covering rally that took out my stop and immediately reversed. Had I not place that break even stop, the trade would have been a big winner. But the real reason that trade was a loser was because I hung around too long. And I'm absolutely positive that the reason I did that was the slight hangover and sleep deficit I was suffering from the weekend. It was lazy trading. I should not have been trading at all. A better rule would be "don't drink too much and get plenty of sleep". Another good thing to learn on sim...if you take the time to learn from your mistakes.

But don't get me wrong, beginners should definitely use stops. But beginners should also be trading sim. I don't know of many high paying, risky professions that train their candidates in real life situations from the very beginning. Not doctors, not lawyers, not pilots. In my opinion, sim should be used for more than just learning your platform.

I started to see improvements in my trading when I stopped following the same rules that the majority of traders were following. We all know that the majority loses. I was one of them for years.

You have to make your own rules. Even if you are lucky enough to find a competent mentor, the way they trade is highly unlikely to fit your personality exactly. You are going to have to tweak things to your liking. That's what I had to do. But having a mentor is definitely a great starting point. It will allow you to reduce your learning curve and avoid career ending losses. Too bad a good mentor is so hard to find. At least I never found one.

I hope this response wasn't too harsh, but it's those "rules" that kept me losing money all those years. Yes, we all need rules. I have mine. But I created them. And they work for me. And that's all I have to say about that!

Roland

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  #28 (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
One big thing that helped me tremendously was limiting myself to one or two trades a day. This drove me to look for the best setups before wasting my limited executions. This was with fixed stops of course.

Sent using the NexusFi mobile app

I've actually considered this approach and likely one I will start with. But I found that when I'm "in the zone", I can "run the table", meaning get a nice string of winners. But I still think it's a good starting point.

I created this post because I'm getting close to going live. The thing that has held me back the most is feeling I can trust myself to do the right thing. As I've gotten better at trade selection, trade management, and reading price action, I've gotten more confident. But when I do make a mistake, I put off going live that week. I want to make sure that I have learned from my mistake or that I understand why the trade failed, and how I could have avoided the loss. I find that there is always a reason. It just may not be obvious.

Thanks again for your feedback.

Roland

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  #29 (permalink)
 
Blash's Avatar
 Blash 
Chicago, IL
Legendary Market Chamois
 
Experience: None
Platform: NT8,NT7,TWS
Broker: InteractiveBrokers, S5T, IQFeed
Trading: The one I'm creating in the present....Index Futures mini/micro, ZF
Posts: 2,311 since Nov 2011
Thanks Given: 7,341
Thanks Received: 4,518

Please what are your brokers margins for CL? I assume with these results you are trading it based on your other post quoted below.

Also....please

How do these margin requirements work with your account size, quoted below, in a live trading environment?

Looks like you are averaging a 6 lot???????
  1. April 24 2017 Total volume 72/ Total trades 10=~7
  2. 25th 118/11 =~10
  3. 26th 124/9 =~13
  4. 28th 56/7 =7
  5. May 1st 2017 18/5 =~3
  6. 3rd 78/17 =~4
  7. 4th 142/23 =~6
  8. 5th 74/17 =~4
  9. 9th 74/14 =~5

Ron

Trader146 View Post
Ron,
Thanks for your reply.

..........

Quite honestly, I would love to be able to trade with less risk. And the micro lots sound like a great idea. But one of the components of my edge is my familiarity with the market I trade (which is CL). That has me concerned about switching markets.
................

Thanks again for your feedback.
Roland


Trader146 View Post
Done for the day. Recovered most of my losses. It took a minute shake myself back to reality. I'm allowing too many distractions and outside influences. More on that later.



Trader146 View Post
Hello Fellow Traders,

I funded my account a year ago with $6000, when I thought I'd found a system that worked consistently.

Roland aka Trader146


Trader146 View Post
So below are my results from the past two weeks. .........




















...My calamity is My providence, outwardly it is fire and vengeance, but inwardly it is light and mercy...
The steed of this Valley is pain; and if there be no pain this journey will never end.
Buy Low And Sell High (read left to right or right to left....lol)
Follow me on Twitter Visit my NexusFi Trade Journal Reply With Quote
  #30 (permalink)
 Trader146 
Shreveport, LA/USA
 
Experience: Advanced
Platform: NinjaTrader
Broker: APEXTRADERFUNDING
Trading: NQ
Posts: 93 since Jan 2015
Thanks Given: 284
Thanks Received: 158



Blash View Post
Please what are your brokers margins for CL? I assume with these results you are trading it based on your other post quoted below.

Also....please

How do these margin requirements work with your account size, quoted below, in a live trading environment?

Looks like you are averaging a 6 lot???????
  1. April 24 2017 Total volume 72/ Total trades 10=~7
  2. 25th 118/11 =~10
  3. 26th 124/9 =~13
  4. 28th 56/7 =7
  5. May 1st 2017 18/5 =~3
  6. 3rd 78/17 =~4
  7. 4th 142/23 =~6
  8. 5th 74/17 =~4
  9. 9th 74/14 =~5

Ron

First of all, you are doing the math wrong. You have to cut "Volume" in half because Tradervue is counting executions, not contracts. Each contract equals two executions, a buy and a sell.

Secondly, I'm practicing with TST in mind, not my funded account. I've tried trading 1 lots. I'm no good at that. While my broker (Ninjatrader) has $500 margins (I think), I would never trade 12 lots with a $6000 account. The most I would trade is three, but I'm not trading 1 at the moment...so there's that.

Roland

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Last Updated on August 12, 2017


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