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



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


Discussion in Psychology and Money Management

Updated
      Top Posters
    1. looks_one Quick Summary with 1 posts (0 thanks)
    2. looks_two SBtrader82 with 1 posts (2 thanks)
    3. looks_3 DavidHP with 1 posts (4 thanks)
    4. looks_4 RC33 with 1 posts (3 thanks)
      Best Posters
    1. looks_one bajaho with 30 thanks per post
    2. looks_two DavidHP with 4 thanks per post
    3. looks_3 RC33 with 3 thanks per post
    4. looks_4 SBtrader82 with 2 thanks per post
    1. trending_up 1,507 views
    2. thumb_up 39 thanks given
    3. group 10 followers
    1. forum 4 posts
    2. attach_file 0 attachments




Welcome to futures io: the largest futures trading community on the planet, with well over 125,000 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
 

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

(login for full post details)
  #1 (permalink)
 bajaho 
Portland Oregon
 
Experience: None
 
Posts: 6 since May 2019
Thanks: 2 given, 52 received

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.

Started this thread Reply With Quote

Journal Challenge April 2021 results (now extended!):
Competing for $1800 in prizes from Jigsaw
looks_oneMaking a Living with the Microsby sstheo
(270 thanks from 25 posts)
looks_twoSalao's Journalby Salao
(67 thanks from 12 posts)
looks_3Deetee’s DAX Trading Journal (time based)by Deetee
(48 thanks from 18 posts)
looks_4Learning to Profit - A journey in algorithms and optionsby Syntax
(37 thanks from 15 posts)
looks_5Maybe a little bit different journalby Malykubo
(17 thanks from 17 posts)
 
Best Threads (Most Thanked)
in the last 7 days on futures io
The Crude Dude Oil Trading System
87 thanks
Big Mike in Ecuador
76 thanks
Help improve the FIO community
38 thanks
The New Micro Contract - MICRO BITCOIN coming May 2021
30 thanks
futures io site changelog and issues/problem reporting
25 thanks
 
(login for full post details)
  #3 (permalink)
 DavidHP 
Legendary Market Wizard
New Orleans, La (Mardi Gras City)
 
Experience: Advanced
Platform: NinjaTrader
Broker: Ninjatrader / Optimus Futures / AmpFutures
Trading: ES / 6E / 6B / CL
 
DavidHP's Avatar
 
Posts: 1,376 since Aug 2009
Thanks: 10,033 given, 2,410 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 4 users say Thank You to DavidHP for this post:
 
(login for full post details)
  #4 (permalink)
 SBtrader82 
Rovigo (ITALY)
 
Experience: Intermediate
Platform: SierraChart, MotiveWave
Broker: Rithmic, Dorman, Interactive Brokers
Trading: Emini, Nasdaq, DAX, Bund, IBEX
 
SBtrader82's Avatar
 
Posts: 417 since Feb 2018
Thanks: 162 given, 915 received


bajaho View Post
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.

Very interesting, probably the bonus tip is the part that resonates with me the most.

Sent using the futures.io mobile app

Follow me on Twitter Visit my futures io Trade Journal Reply With Quote
The following 2 users say Thank You to SBtrader82 for this post:
 
(login for full post details)
  #5 (permalink)
 RC33 
SINGAPORE
 
Experience: Intermediate
Platform: NINJATRDAER
Broker: NINJATRADER
Trading: MNQ ONLY
 
Posts: 24 since Jul 2017
Thanks: 16 given, 12 received


bajaho View Post
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.


good to know that its only take u 4 months.
took me a few years.
Point 3 is the most game changing point in my opinion.

I added 1 more point for my trading , that is to plan my next move in advance if i lose a trade.
what should i do if i lose this trade ? if there's no answer then the answer is STOP trading.

hope this helps and thanks for sharing

Visit my futures io Trade Journal Reply With Quote
The following 3 users say Thank You to RC33 for this post:


futures io Trading Community Psychology and Money Management > After 4 months my first profitable month started the day after I made these 3 changes


Last Updated on March 27, 2021


Upcoming Webinars and Events
 

NinjaTrader Indicator Challenge!

Ongoing
 

Journal Challenge w/$1,800 in prizes!

April
     



Copyright © 2021 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