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New to Futures, but Hitting the Wall


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New to Futures, but Hitting the Wall

  #11 (permalink)
MH358
Austin
 
Posts: 4 since Sep 2017
Thanks Given: 0
Thanks Received: 16

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.

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  #12 (permalink)
 pugpack 
Blue Ridge Mountains, Georgia
 
Experience: Advanced
Platform: Tradestation, Futures Plu
Broker: Tradestation, Etrade
Trading: ES, NQ, GC, Si, Softs, Grains, Energy
Posts: 10 since Mar 2017
Thanks Given: 1
Thanks Received: 4

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.

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  #13 (permalink)
 
tradersam's Avatar
 tradersam 
phx AZ US
 
Experience: Intermediate
Platform: sierra chart
Broker: Infinity
Trading: es
Posts: 213 since Feb 2010
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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
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  #14 (permalink)
 dextrade 
Skokie
 
Experience: Intermediate
Platform: SierraCharts,
Trading: ES, CL, NQ
Posts: 12 since Apr 2019
Thanks Given: 6
Thanks Received: 76

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.

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  #15 (permalink)
Dynamitetrader
Seka, Thailand
 
Posts: 8 since Aug 2019
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Wizard3ootz View Post
So, it’s probably my third week trading futures (day trading) and sadly, I’m not doing so well. I’ve 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, it’s perhaps overtrading, getting eaten up by commissions, and all of the tiny losses that are accumulating massively.

I’m 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 (I’m down about 1300)

Don’t 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, I’m 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!

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  #16 (permalink)
 Lady 
Medellín, CO
 
Experience: Intermediate
Platform: NinjaTrader
Trading: Playing with eMinis, coming from Options
Posts: 83 since Jun 2015
Thanks Given: 14
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BEST thing I did for my self. I read and worked through "The Disciplined Trader" by Mark Douglas

GET YOUR HEAD GAME RIGHT!!!!

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  #17 (permalink)
 
tradersam's Avatar
 tradersam 
phx AZ US
 
Experience: Intermediate
Platform: sierra chart
Broker: Infinity
Trading: es
Posts: 213 since Feb 2010
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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
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  #18 (permalink)
 
glennts's Avatar
 glennts 
Corpus Christi, TX / Westcliffe, CO
 
Experience: Advanced
Platform: NinjaTrader
Broker: DDT / Rithmic / Kinetick / IQ
Trading: 6E, ES
Posts: 420 since Oct 2010
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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?

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  #19 (permalink)
 semiopen 
hillsborough nj
 
Experience: Advanced
Platform: Tradestation/Excel
Broker: TradeStation
Trading: emicro
Posts: 98 since Sep 2018
Thanks Given: 18
Thanks Received: 46

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.

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  #20 (permalink)
MaxV89
San Diego, CA
 
Posts: 1 since Jul 2019
Thanks Given: 0
Thanks Received: 1



Wizard3ootz View Post
So, it’s probably my third week trading futures (day trading) and sadly, I’m not doing so well. I’ve 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, it’s perhaps overtrading, getting eaten up by commissions, and all of the tiny losses that are accumulating massively.

I’m 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 (I’m down about 1300)

Don’t 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, I’m 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.

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Last Updated on December 13, 2019


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