New to Futures, but Hitting the Wall - futures io
futures io futures trading



New to Futures, but Hitting the Wall


Discussion in Psychology and Money Management

Updated by bxman
      Top Posters
    1. looks_one tradersam with 4 posts (2 thanks)
    2. looks_two phantomtrader with 3 posts (5 thanks)
    3. looks_3 Lady with 3 posts (4 thanks)
    4. looks_4 lasvegasbrad with 2 posts (0 thanks)
      Best Posters
    1. looks_one MiniP with 11.0 thanks per post
    2. looks_two lemons with 10.0 thanks per post
    3. looks_3 Massive l with 8.0 thanks per post
    4. looks_4 Wizard3ootz with 8.0 thanks per post
    1. trending_up 7,812 views
    2. thumb_up 135 thanks given
    3. group 307 followers
    1. forum 59 replies
    2. attach_file 2 attachments




Welcome to futures io: the largest futures trading community on the planet, with well over 100,000 members
  • Genuine reviews from real traders, not fake reviews from stealth vendors
  • Quality education from leading professional traders
  • We are a friendly, helpful, and positive community
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts
  • We are here to help, just let us know what you need
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

(If you already have an account, login at the top of the page)

 
Search this Thread
 

New to Futures, but Hitting the Wall

(login for full post details)
  #11 (permalink)
Austin
 
 
Posts: 3 since Sep 2017
Thanks: 0 given, 1 received

Ed Seykota, featured in Market Wizards and someone that I happen to know as well, may well tell you to hand your money over to someone who does it well, and then proceed to find what is meaningful and productive in life. He might also say, as he has in the past, that "everyone gets what they want out of the markets...both winners and losers." You need to honestly ask yourself which one is you.

My ten cents: There's a reason that well over 80% of futures trading these days is done by computers. IMHO, if you cannot trade via a computer, you should not be trading at all...unless you're here to lose money. (Knock yourself out.)

Ray Dalio's book "Principles" may give you some additional, helpful insights as to how he avoided self destruction via trading, and that boils down to *how* he was making his in-the-moment trading decisions -- i.e., via a computer instead of via 'discretionary' -- meaning *engrained, emotional* -- trading.

Fighting one's basic instincts and reactions is no way to go through life. I truly wish you well...and good decision making.

Reply With Quote

Can you help answer these questions
from other members on futures io?
Macros for flatten and reverse
TradeStation
3x Fangdango
Traders Hideout
QDEL
Stocks and ETFs
Do You Have A PlayBooks/What Form Does It Take?
Traders Hideout
Capping Size in Tradestation
TradeStation
 
Best Threads (Most Thanked)
in the last 7 days on futures io
Lost & losing hope
25 thanks
VWAP for stock index futures trading?
19 thanks
Emini 4 Tick Scalp still valid?
17 thanks
Price Action Kewltech Style
15 thanks
Finally Turning the Corner, tha "its 80% Psychology" thing...
15 thanks
 
(login for full post details)
  #12 (permalink)
Ft Lauderdale + FL/USA
 
Experience: Intermediate
Platform: NT8, IB TOS
Broker: IB & NT8
Trading: ES, ZB, YM, GC SI
 
Posts: 7 since Mar 2017
Thanks: 1 given, 2 received

Then change it up. Check out eminiaddict.com, he will change the way you look for setups, set your stops and look for your profit targets.

Reply With Quote
 
(login for full post details)
  #13 (permalink)
phx AZ US
 
Experience: Intermediate
Platform: sierra chart
Broker: Infinity
Trading: es
 
tradersam's Avatar
 
Posts: 211 since Feb 2010
Thanks: 479 given, 266 received


It usually takes years to move from beginner trader to pro.
1. have a mentor...
2. make sure that the mentor trades live and is successful and has simple plan
3. practice ...practice ....practice
This may take years....unless you are smart...then it will take decades ...just kidding...
4. Put small amount on line...monitor progress.
Go back to step 3 if loose money consistently....if making money consistently keep track of your winning trades, style, market conditions when you win /lose...trade as per your style...

Good Luck!!!
We all need tons of it!!!

You can practise your skills all day long, but it's comparatively easy to get better at playing. The hard thing is to get better at winning--anonymous
Visit my futures io Trade Journal Reply With Quote
 
(login for full post details)
  #14 (permalink)
Skokie
 
Experience: Intermediate
Platform: SierraCharts,
Trading: ES, CL, NQ
 
Posts: 11 since Apr 2019
Thanks: 6 given, 64 received

1. Capital Preservation while you learn - solution trade micros first. Scale up when successful after 50 trades or so.
IMHO most traders fail by blowing up their capital/psychology before getting to that AHA moment. be patient.
Simulated - paper trading is good only for systems setup and general analisys.
2. Advantages of trading futures are many so are the risks.
3. Learn the moves, have access to live market news such as tradethenews etc.
-make sure you have a solid platform and tools to trade, if you are not spending 200 to 300 per month on just the tools (Charts/feeds) you are driving a bus not a ferrari on a fast highway.
4. Price Volume Time
5. Setup your risk management so you DO NOT focus on money but on trading, market structure.
Rest will just starting working itself out once you reach the mind-no mind stage.

Forget the online gurus unless you hookup with people that dont hype and have truly proven track record.
Cheers.

Reply With Quote
The following 2 users say Thank You to dextrade for this post:
 
(login for full post details)
  #15 (permalink)
Seka, Thailand
 
 
Posts: 7 since Aug 2019
Thanks: 0 given, 7 received


Wizard3ootz View Post
So, itís probably my third week trading futures (day trading) and sadly, Iím not doing so well. Iíve gotten trapped a lot, with a great deal of false breakouts, making bad decisions, like chasing a breakout, and then putting in a limit order in way too high on the move, and then watching it pull back and getting f******. Mostly, though, itís perhaps overtrading, getting eaten up by commissions, and all of the tiny losses that are accumulating massively.

Iím feeling pretty defeated. I know I need to lower my position sizes. At this point, I had considered walking away, and taking my money off the table (Iím down about 1300)

Donít get me wrong. I have made some beautiful trades. I caught two gorgeous second entries this morning.

That being said, I really need to find some better direction. I was pretty damn successful in my stock trading, and I have never allowed myself to lose this much money in my life. However, Iím getting to the point where something has to change, otherwise, this is clearly a poor investment.

From you experienced/profitable traders out there, if you have any solid advice you might give, please feel free to pass it my way. I study/read about the market probably 25 hours a week, so I am in no way lacking dedication/motivation.

First, I am sure you will have many responses and supportive comments, but from what I gather, it looks like you need to step back and practice trade a little, because one thing is for sure, if you can't make it with practice trading, you will never make it live. Even today, I do this sometimes, but less and less.

May I suggest you learn about the Wycoff method and search out VSA trading, search out Tom Williams, a master I learned so much from, serch for "Master the markets" by Tom Williams, I think you will not regret this in your library.

You can see what Gavin Holmes from Tradeguider has to say about Tom in the following and in his book! https://www.pdfdrive.com/trading-in-the-shadow-of-the-smart-money-e177853992.html

Good trading and don't be too down, it's all a lesson!

Reply With Quote
 
(login for full post details)
  #16 (permalink)
MedellŪn, CO
 
Experience: Intermediate
Platform: NinjaTrader
Trading: Playing with eMinis, coming from Options
 
Posts: 80 since Jun 2015
Thanks: 14 given, 43 received

BEST thing I did for my self. I read and worked through "The Disciplined Trader" by Mark Douglas

GET YOUR HEAD GAME RIGHT!!!!

Reply With Quote
The following user says Thank You to Lady for this post:
 
(login for full post details)
  #17 (permalink)
phx AZ US
 
Experience: Intermediate
Platform: sierra chart
Broker: Infinity
Trading: es
 
tradersam's Avatar
 
Posts: 211 since Feb 2010
Thanks: 479 given, 266 received


Lady View Post
BEST thing I did for my self. I read and worked through "The Disciplined Trader" by Mark Douglas

GET YOUR HEAD GAME RIGHT!!!!

https://blog.12min.com/the-disciplined-trader-summary/

You can practise your skills all day long, but it's comparatively easy to get better at playing. The hard thing is to get better at winning--anonymous
Visit my futures io Trade Journal Reply With Quote
 
(login for full post details)
  #18 (permalink)
Corpus Christi, Tx
 
Experience: Advanced
Platform: NinjaTrader
Broker: DDT / Rithmic / Kinetick
Trading: 6E, NQ
 
Posts: 95 since Oct 2010
Thanks: 5 given, 260 received


Wizard3ootz View Post
I was pretty damn successful in my stock trading...if you have any solid advice you might give, please feel free to pass it my way.

So you decided to stop doing something in which you were successful in order to try something in which you so far have yet to find success. Why?

Reply With Quote
The following user says Thank You to glennts for this post:
 
(login for full post details)
  #19 (permalink)
hillsborough nj
 
Experience: Advanced
Platform: Tradestation/Excel
Broker: TradeStation
Trading: emicro
 
Posts: 96 since Sep 2018
Thanks: 17 given, 41 received

You should never lose money being long stock index futures. The only excuse for losing money is not being able to stand the heat on an adverse move. That is why micros are better. Presumably, some traders can short stock indexes and make money, but that is statistically quite dubious.

I haven't looked at intraday statistics carefully, but end of day breakouts cost about 1% and then you have to sell before the almost inevitable retracement gives you a similar haircut.

I've never come across an obvious crook in this business but it is infested with greed and that warps people's thinking.

Buy low, sell high, and don't bet more than you can afford to lose.

Reply With Quote
 
(login for full post details)
  #20 (permalink)
San Diego, CA
 
 
Posts: 1 since Jul 2019
Thanks: 0 given, 1 received



Wizard3ootz View Post
So, itís probably my third week trading futures (day trading) and sadly, Iím not doing so well. Iíve gotten trapped a lot, with a great deal of false breakouts, making bad decisions, like chasing a breakout, and then putting in a limit order in way too high on the move, and then watching it pull back and getting f******. Mostly, though, itís perhaps overtrading, getting eaten up by commissions, and all of the tiny losses that are accumulating massively.

Iím feeling pretty defeated. I know I need to lower my position sizes. At this point, I had considered walking away, and taking my money off the table (Iím down about 1300)

Donít get me wrong. I have made some beautiful trades. I caught two gorgeous second entries this morning.

That being said, I really need to find some better direction. I was pretty damn successful in my stock trading, and I have never allowed myself to lose this much money in my life. However, Iím getting to the point where something has to change, otherwise, this is clearly a poor investment.

From you experienced/profitable traders out there, if you have any solid advice you might give, please feel free to pass it my way. I study/read about the market probably 25 hours a week, so I am in no way lacking dedication/motivation.

You shouldn't be trading real money. Are you crazy? 3 weeks! Bro, you are going against PROFESSIONAL TRADERS, that have thousands and thousands of hours of screen time and experience.

Trade only the ES, use two contracts, scalp out at 1 point on the first, and breakeven on the second for a runner of 2-5 points or a Measured move once you get better. Once you can successfully do that, and double a sim account from 5k to 10k, you might be ready to DIP your toes in the water with real money. And double a sim account the right way, not doubling down, and letting losing trades turn into winning trades. This takes years and years of experience.

Also, Trading breakouts is ultimately a failing strategy, stay away from that.

Reply With Quote
The following user says Thank You to MaxV89 for this post:


futures io Trading Community Psychology and Money Management > New to Futures, but Hitting the Wall


December 13, 2019


Upcoming Webinars and Events
     



Copyright © 2020 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