After 4 months my first profitable month started the day after I made these 3 changes - Psychology and Money Management | futures io social day trading
futures io futures trading


After 4 months my first profitable month started the day after I made these 3 changes
Updated: Views / Replies:277 / 2
Created: by bajaho Attachments:0

Welcome to futures io.

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

futures io is the largest futures trading community on the planet, with over 100,000 members. At futures io, our goal has always been and always will be to create a friendly, positive, forward-thinking community where members can openly share and discuss everything the world of trading has to offer. The community is one of the friendliest you will find on any subject, with members going out of their way to help others. Some of the primary differences between futures io and other trading sites revolve around the standards of our community. Those standards include a code of conduct for our members, as well as extremely high standards that govern which partners we do business with, and which products or services we recommend to our members.

At futures io, our focus is on quality education. No hype, gimmicks, or secret sauce. The truth is: trading is hard. To succeed, you need to surround yourself with the right support system, educational content, and trading mentors Ė all of which you can find on futures io, utilizing our social trading environment.

With futures io, you can find honest trading reviews on brokers, trading rooms, indicator packages, trading strategies, and much more. Our trading review process is highly moderated to ensure that only genuine users are allowed, so you donít need to worry about fake reviews.

We are fundamentally different than most other trading sites:
  • We are here to help. Just let us know what you need.
  • We work extremely hard to keep things positive in our community.
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts.
  • We firmly believe in and encourage sharing. The holy grail is within you, we can help you find it.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

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

Reply
 
Thread Tools Search this Thread
 

After 4 months my first profitable month started the day after I made these 3 changes

  #1 (permalink)
Portland Oregon
 
 
Posts: 2 since May 2019
Thanks: 2 given, 1 received

After 4 months my first profitable month started the day after I made these 3 changes

Hey guys. I've been day trading for 4 months now, which I know isn't long in terms of trading, but I just achieved 5 straight weeks of being profitable and consistent with my strategy/rules. Previously I would have 3-7 days of profit before going deeply red.

Disclaimer: I'm not offering any proof but the ideas below are here for you to evaluate on your own. I have no reason to be deceptive. I'm not offering any service or anything. I just know that these 3 specific changes will help most traders no matter what type of trading you do.

It feels like a big breakthrough (probably not my last breakthrough) and I did 3 specific things to achieve it:

(1) I stopped micromanaging my trades. I now set a stop and a profit, that's it. I don't scale in, I don't scale out. I only break even when it falls from being within 1 or 2 ticks of my take profit, to being within 1 or 2 ticks of my breakeven point. In most cases, my stop loses X amount or my profit wins Y amount. No more micromanaging this allows you to accurately record your win-to-loss ratio, which you must use to determine if your Risk-Reward is feasible.

(2) I tailored my strategy to fit my personality. More specially, I realized that I didn't have a the necessary amount of ice in my veins to trade a strategy that loses 6 times in a row before winning. I need the positive emotional reinforcement from winning trades consistently so I tailored my R:R closer to 50% win rate.

(3) Lastly and related to #2, I had to accept that I was going to lose trades. I needed to DROP THE MINDSET that I could come out profitable everyday. The mindset of trying to win back your losses on the same day is extremely detrimental. To combat this I PLANNED ON LOSING everyday, knowing that I will be profitable with just winning every 1 out of 3 days.

*bonus* (4) READ THIS IF YOU FEEL LIKE YOU'VE HEARD THOSE THREE TIPS PREVIOUSLY. The bonus tip is that I felt like I had already been doing good following my rules and managing risk etc. However, in reality I was sometimes telling myself that "well, since I've already lost a few trades, it's not a huge deal to break my rules and take 2 more." I was convincing myself that it didn't matter if I broke my rules in this instance, so it was possible for me to keep feeling like I didn't need to work on those things more. But in reality when I stopped cheating myself IN ANY CIRCUMSTANCE, is when I began my first profitable month+. You just have to stop cheating yourself. Said otherwise, every time you enter a trade you're building a trading habit. Every trade needs to go towards building good habits.

Reply With Quote
 
  #2 (permalink)
Quick Summary
Quick Summary Post

Quick Summary is created and edited by users like you... Add FAQ's, Links and other Relevant Information by clicking the edit button in the lower right hand corner of this message.

 
  #3 (permalink)
New Orleans, La (Mardi Gras City)
 
Trading Experience: Advanced
Platform: NinjaTrader
Broker/Data: Ninjatrader / Optimus Futures / AmpFutures
Favorite Futures: ES / 6E / 6B / CL
 
DavidHP's Avatar
 
Posts: 1,286 since Aug 2009
Thanks: 7,499 given, 2,174 received


Our minds are amazing.
It builds actions on what it does even if we break the rules.
Neural paths are made even when it was the wrong way.

Sent using the futures.io mobile app

Rejoice in the Thunderstorms of Life . . .
Knowing it's not about Clouds or Wind. . .
But Learning to Dance in the Rain ! ! !
Follow me on Twitter Reply With Quote
The following 2 users say Thank You to DavidHP for this post:

Reply



futures io > > > After 4 months my first profitable month started the day after I made these 3 changes




Upcoming Webinars and Events (4:30PM ET unless noted)
 

futures io is celebrating 10-years w/ over $18,000 in prizes!

Right now
 

$250 Amazon Gift Cards with our "Thanks Contest" challenge!

Right now
     

Similar Threads
Thread Thread Starter Forum Replies Last Post
Can profitable active trades be made in ES after market hours? deepthinker80 Emini and Emicro Index Futures Trading 29 June 16th, 2018 06:04 PM
Clarify confusion regarding futures trading months and number of back months aptare Commodities Futures Trading 15 September 2nd, 2014 09:33 AM
What made me profitable cunparis Traders Hideout 38 March 23rd, 2013 06:41 AM
first day of the week/month - requesting last day of the week/month SARdynamite NinjaTrader Programming 3 July 15th, 2010 07:25 AM


All times are GMT -4. The time now is 10:20 AM. (this page content is cached, log in for real-time version)

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