Requesting assistance on Risk management - futures io
futures io



Requesting assistance on Risk management


Discussion in Psychology and Money Management

Updated
      Top Posters
    1. looks_one Mwenga with 2 posts (0 thanks)
    2. looks_two Fonz with 1 posts (0 thanks)
    3. looks_3 SBtrader82 with 1 posts (0 thanks)
    4. looks_4 CLNymex with 1 posts (0 thanks)
    1. trending_up 1,227 views
    2. thumb_up 3 thanks given
    3. group 6 followers
    1. forum 6 posts
    2. attach_file 1 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
 

Requesting assistance on Risk management

(login for full post details)
  #1 (permalink)
Mwenga
Nairobi, Kenya
 
 
Posts: 18 since Mar 2018
Thanks: 13 given, 26 received

Hi all,
it's been a while since I was here. I have been struggling as a trader for five years now and I decided to take a break, and go back to the drawing board and fortunately learned a lot and continue to.
I actively participate in the FX market(day trading) and this year has been good coz now I understand how FX moves and what to look out for - I mean in terms of fundamentals and sentiment and I have been using this approach quite well, that is I get to have winning trades which I actually understand why they worked and losing trades which I also understand why they didn't. I have been doing this on demo but regardless of this I am still not profitable overall and I think my risk management is a bit off. I was wondering whether anyone will be kind enough to look at my report/statement so that I can be advised accordingly coz this seems to be a problem that keeps recurring and halting my progress.

Thank you!
Regards, Dennis

Attached Thumbnails
Click image for larger version

Name:	DetailedStatement.gif
Views:	212
Size:	5.8 KB
ID:	304210  
Reply With Quote

Can you help answer these questions
from other members on futures io?
Simple code to end my indicator
NinjaTrader
Alternative to Mcginley Dynamic MA
Sierra Chart
TOS plotting horizontal line for open in renko chart
ThinkOrSwim
text block indicator that moves with price
NinjaTrader
Finding Symbol from chart using ACSIL
Sierra Chart
 
Best Threads (Most Thanked)
in the last 7 days on futures io
Vinny E-Mini & Algobox Review TRADE ROOM
144 thanks
Would you share your Holy Grail?
72 thanks
EURUSD M6E/6E Euro
47 thanks
Spoo-nalysis ES e-mini futures S&P 500
37 thanks
ApexTraderFunding.com experience and review
11 thanks
 
(login for full post details)
  #2 (permalink)
Mwenga
Nairobi, Kenya
 
 
Posts: 18 since Mar 2018
Thanks: 13 given, 26 received


Mwenga View Post
Hi all,
it's been a while since I was here. I have been struggling as a trader for five years now and I decided to take a break, and go back to the drawing board and fortunately learned a lot and continue to.
I actively participate in the FX market(day trading) and this year has been good coz now I understand how FX moves and what to look out for - I mean in terms of fundamentals and sentiment and I have been using this approach quite well, that is I get to have winning trades which I actually understand why they worked and losing trades which I also understand why they didn't. I have been doing this on demo but regardless of this I am still not profitable overall and I think my risk management is a bit off. I was wondering whether anyone will be kind enough to look at my report/statement so that I can be advised accordingly coz this seems to be a problem that keeps recurring and halting my progress.

Thank you!
Regards, Dennis

I most likely have a money keeping problem. My goal is to make 100 pips per week. Sometimes I attain this goal but end up losing it all or more than half of it before the week ends.

Reply With Quote
 
(login for full post details)
  #3 (permalink)
CLNymex
Mumbai, India
 
 
Posts: 19 since May 2018
Thanks: 0 given, 17 received


Your solution is to draw out your winnings each time you reach your target. Remember to do it the next time you reach your target before doing anything else in your account.

Reply With Quote
 
(login for full post details)
  #4 (permalink)
 SBtrader82 
Legendary Market Wizard
Rovigo (ITALY)
 
Experience: Intermediate
Platform: SierraChart, MotiveWave
Broker: Rithmic, Dorman, Interactive Brokers
Trading: Emini, Nasdaq, DAX, Bund, IBEX
 
SBtrader82's Avatar
 
Posts: 504 since Feb 2018
Thanks: 204 given, 1,136 received


Mwenga View Post
Hi all,
it's been a while since I was here. I have been struggling as a trader for five years now and I decided to take a break, and go back to the drawing board and fortunately learned a lot and continue to.
I actively participate in the FX market(day trading) and this year has been good coz now I understand how FX moves and what to look out for - I mean in terms of fundamentals and sentiment and I have been using this approach quite well, that is I get to have winning trades which I actually understand why they worked and losing trades which I also understand why they didn't. I have been doing this on demo but regardless of this I am still not profitable overall and I think my risk management is a bit off. I was wondering whether anyone will be kind enough to look at my report/statement so that I can be advised accordingly coz this seems to be a problem that keeps recurring and halting my progress.

Thank you!
Regards, Dennis

If you want I can give a lot at your statements and give you my point of view.
I will need something more than a equity line, do you have reports with trades? Which platform do you use?

Sent using the futures.io mobile app

Follow me on Twitter Visit my futures io Trade Journal Reply With Quote
 
(login for full post details)
  #5 (permalink)
 Silver Dragon 
Cincinnati Ohio
 
Experience: Intermediate
Platform: TastyWorks
Broker: TastyWorks
Trading: FX, Stocks, Options
 
Silver Dragon's Avatar
 
Posts: 2,026 since Feb 2011
Thanks: 5,884 given, 4,948 received


Mwenga View Post
Hi all,
it's been a while since I was here. I have been struggling as a trader for five years now and I decided to take a break, and go back to the drawing board and fortunately learned a lot and continue to.
I actively participate in the FX market(day trading) and this year has been good coz now I understand how FX moves and what to look out for - I mean in terms of fundamentals and sentiment and I have been using this approach quite well, that is I get to have winning trades which I actually understand why they worked and losing trades which I also understand why they didn't. I have been doing this on demo but regardless of this I am still not profitable overall and I think my risk management is a bit off. I was wondering whether anyone will be kind enough to look at my report/statement so that I can be advised accordingly coz this seems to be a problem that keeps recurring and halting my progress.

Thank you!
Regards, Dennis


Mwenga View Post
I most likely have a money keeping problem. My goal is to make 100 pips per week. Sometimes I attain this goal but end up losing it all or more than half of it before the week ends.

@Mwenga

Hi Dennis,

A couple of things. First, lose the weekly goal and focus on making good trades. You do that and the pips will follow. Second, If your making money then losing losing your money by the end of the day then your overtrading. I would suggest trying longer term trades. Try a overnight trade or even multi day trade. Or simply limit the number of trades you take per day. In my experience longer term trades can be more profitable / or slow down the bleeding of capital over time because your not overtrading.

Hope this help!
Robert

nosce te ipsum

You make your own opportunities in life.
Visit my futures io Trade Journal Reply With Quote
The following 3 users say Thank You to Silver Dragon for this post:
 
(login for full post details)
  #6 (permalink)
 Fonz 
Miami, Fl
 
Experience: Advanced
Platform: Tradestation, Jigsaw
Trading: Futures
 
Fonz's Avatar
 
Posts: 48 since Feb 2012
Thanks: 20 given, 55 received


Mwenga View Post
I most likely have a money keeping problem. My goal is to make 100 pips per week. Sometimes I attain this goal but end up losing it all or more than half of it before the week ends.

You know you have a money keeping problem: Perhaps you should consider first your risks, and stick to a daily and weekly loss limits instead of a profit goal?
When I realized that the profits must come if I become obsessed with losses (or in fact, how not to lose!), my trading became less exciting but way more profitable.
You already posted in "Psychology and Money management", it seems to me that you know what not not to do.
Best!

Reply With Quote
 
(login for full post details)
  #7 (permalink)
 Shmo7 
Toronto, Canada
 
Experience: Advanced
Platform: NinjaTrader
Broker: Interactive Brokers
Trading: NQ, RTY, CL, USD/CAD, EUR/USD
 
Posts: 14 since Aug 2017
Thanks: 33 given, 40 received

To me, risk management is all about getting out when your trading set-up goes against you. You really should have a line in the sand that is drawn before you enter a trade.

Personally, I've developed a detailed "playbook" for all my set-ups and I know exactly what to do when my set-ups go in my favour (trade management) and when this happens, my job is to squeeze as much profit out of the markets as possible (sounds easier than it really is). Conversely, when my set-ups don't go according to how I anticipated things to be (risk management)..... I'm out with as little lose as possible. I can always re-enter later if my entry set-up represents itself.

Make sure your set-ups are sound, and then all you need to do is to stay disciplined to your playbook! Once a trade is done, win or lose, move on to the next trade. Don't let fear or emotions control/dictate your trading..... it's not part of the playbook. As you gain experience, revise/update your playbook.

Hope this helps!
-Shmo

Reply With Quote


futures io Trading Community Psychology and Money Management > Requesting assistance on Risk management


Last Updated on March 23, 2021


Upcoming Webinars and Events
 

NinjaTrader Indicator Challenge!

Ongoing
     



Copyright © 2021 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, Ph: +507 833-9432 (Panama and Intl), +1 888-312-3001 (USA and Canada), 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