Your first trade is a nice winner. Do you keep on trading? - Psychology and Money Management | futures io social day trading
futures io futures trading


Your first trade is a nice winner. Do you keep on trading?
Updated: Views / Replies:3,213 / 25
Created: by itrade2win Attachments:3

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 90,000 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
 3  
 
Thread Tools Search this Thread
 

Your first trade is a nice winner. Do you keep on trading?

  #21 (permalink)
Membership Revoked
 
Futures Experience: Beginner
 
Posts: 1,081 since May 2010
Thanks: 2,092 given, 595 received

I used to keep on trading, even when I reached my daily goals (20 pips on forex, 2 points on futures) and I blew accounts those days because I went into revenge trading and overtrading. I was thinking : Oh man, I had my goal, now I'm loosing, I need to get winning again !

So now when I reach my goal I stop. I had a day last week were I traded for 9 minutes. That was it, trading day was over.

Make a plan, stick to it.

Reply With Quote
The following 3 users say Thank You to MetalTrade for this post:
 
  #22 (permalink)
Student Of The Markets
New York
 
Futures Experience: Intermediate
Platform: Sierra Charts, TOS
Favorite Futures: E-mini S&P 500
 
Posts: 753 since Aug 2010
Thanks: 448 given, 433 received

This is what happens when you over trade

This is what happens when you over trade. I was +93 ticks in two trades only to lose it all and then some. Made one more trade and ended the day +6 ticks. I made my goal early on and over traded shame on me. Broke a rule and paid dearly for it. You can bet it won't happen again.

Cheers

Attached Thumbnails
Your first trade is a nice winner. Do you keep on trading?-ninjatrader-chart.jpg   Your first trade is a nice winner. Do you keep on trading?-ninjatrader-trade-list-10_14_2010-10_14_2010.jpg   Your first trade is a nice winner. Do you keep on trading?-ninjatrader-performance-report.jpg  
Reply With Quote
The following user says Thank You to itrade2win for this post:
 
  #23 (permalink)
Elite Member
SouthEast - USA
 
Futures Experience: None
Platform: more than one
Favorite Futures: flute
 
Posts: 24 since Sep 2010
Thanks: 6 given, 22 received



itrade2win View Post
Thank you for your reply. Have you always looked at your trading with this mindset, even when you first started ? If not, how did you change it? I have a friend who I met this year who was a floor trader for 15 years here in NY and he is exactly the same way. He can care less if he has a winner or a loser. And I got to believe that is the key to this game. I'm still green and learning the market, but I have the perseverance to make it. I started a business out of my home with only a $10,000 credit card and built it to annual revenues over $5 million in a few short years.

Cheers
Ryan

Yeah from the beginning, I don't know how to look at it any other way. You get in the ring you are going to get hit. You sit at the table you are going to lose some hands. Doesn't mean you are going to lose the fight or lose the session, just part of the game.

I can't imagine getting pocket aces and winning a big pot, then get pocket aces later on and folding because I won a hand earlier (speaking cash game here).

Awesome man, that is awesome on the business tip, seriously.

cheers.

Reply With Quote
The following user says Thank You to NoJob for this post:
 
  #24 (permalink)
Just starting out...
Virginia
 
Futures Experience: Intermediate
Platform: IB
Favorite Futures: futures
 
Posts: 1 since Nov 2010
Thanks: 0 given, 1 received

I realize this thread died a couple of weeks ago, but I am new to the site and thought that I would post a few thoughts. There are two aspects to be considered here - a psychological aspect and a statistical aspect. It also depends a bit on whether you are trading a discretionary or mechanical system.

From the psychological point of view - what is your mindset when you take the first trade? Maybe you are waiting for the best/"A" setup on that first trade. With that first winner in hand, do you get a little cocky on trade #2? If you lose on the second trade, then do you approach trade #3 with an eye for revenge, or are you still waiting patiently for that "A" setup?

From a statistical point of view - you need to take a close look at all of your trades. For your first trades, how many are winners/how many are losers? What is your ave win? What is your ave loss? What is your profit factor? What is your expectancy? What is the heat that you take on the winning trades? If typical winners have little heat, maybe you should tighten up your stops. If you're taking profits after 3 points on winners, how do those winners perform after you're out - do they keep running? Should you increase your profit target? Should you trail a stop? The key is to analyze all of your trades and look for common themes, and do more of that which works, and less of that which doesn't.

Reply With Quote
The following 3 users say Thank You to cjo5039 for this post:
 
  #25 (permalink)
Student Of The Markets
New York
 
Futures Experience: Intermediate
Platform: Sierra Charts, TOS
Favorite Futures: E-mini S&P 500
 
Posts: 753 since Aug 2010
Thanks: 448 given, 433 received

cj,

Thank you for your positive feedback. You have mentioned very valid points which I have stated recently in my journal that psychologically I become impatient and speculative. I am a discretionary trader and my biggest vise is being impatient and not waiting for a signal bar according to my rules and I jump in when I get speculative and think the bar is going to run based on what I see on the Dom. Another form of chasing. This has been a bad habit which I need to break and the best way to break an old habit is create a new one. I need to design a way to have a locking mechanism on my mouse until the bar comes within a couple of seconds before the bar closes....lol. Seriously, I am completely focused on my thoughts and feelings before and during the trade.

Ryan

Reply With Quote
The following user says Thank You to itrade2win for this post:
 
  #26 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 46,240 since Jun 2009
Thanks: 29,356 given, 83,237 received


cjo5039 View Post
I realize this thread died a couple of weeks ago, but I am new to the site and thought that I would post a few thoughts. There are two aspects to be considered here - a psychological aspect and a statistical aspect. It also depends a bit on whether you are trading a discretionary or mechanical system.

to the site.

Threads like this will never die Methodologies change constantly, you can look back 1 year, 5 years, 50 years, there is always going to be new and unique ways to trade the market. But the psychology of it rarely changes.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote

Reply



futures io > > > Your first trade is a nice winner. Do you keep on trading?

Thread Tools Search this Thread
Search this Thread:

Advanced Search



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

Jigsaw Trading: TBA

Elite only

FuturesTrader71: TBA

Elite only

NinjaTrader: TBA

Jan 18

RandBots: TBA

Jan 23

GFF Brokers & CME Group: Futures & Bitcoin

Elite only

Adam Grimes: TBA

Elite only

Ran Aroussi: TBA

Elite only
     

Similar Threads
Thread Thread Starter Forum Replies Last Post
Nice balloon kbit Off-Topic 1 July 21st, 2011 04:06 PM
How would I set up my ATM for this... nice Example Jugador Traders Hideout 4 February 8th, 2010 10:20 AM
Nice ambient game to unwind... Jugador Off-Topic 0 November 11th, 2009 06:03 PM
Nice PDF trading education... Jugador Traders Hideout 2 August 24th, 2009 06:04 PM


All times are GMT -4. The time now is 05:21 AM.

Copyright © 2017 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
Page generated 2017-12-18 in 0.12 seconds with 20 queries on phoenix via your IP 23.22.136.56