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I'm in deep S@$% now.
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I'm in deep S@$% now.

  #11 (permalink)
Copperas Cove
 
 
Posts: 1 since May 2017
Thanks: 0 given, 1 received

MG

I'm not promoting this guy but,,,I follow ftseman (he's on youtube). He uses no indicators, okay maybe a couple fibs, POC, and VWAP but 99% pitch forks and other forms of geometry. He just reads price action. He's a 20 year pro.
Take some time off, decompress, re-evaluate your situation and study a proven method. Hope this helps man.

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  #12 (permalink)
Los Angeles, CA /USA
 
Trading Experience: Master
Platform: Sierra, CQG, Gain, Transa
Favorite Futures: Crude Oil
 
CannonTrading's Avatar
 
Posts: 116 since Mar 2013
Thanks: 27 given, 82 received


barabas View Post
Hello all,

I didn't want to post this but I guess it is time for me to reach out for help. I am going down hill in my trading and can't stop. Meaning on my way to going broke and getting a job again.... I have enought to live for another few months before the job hunt.

My backstory. I have traded the markets for years. Good years and some bad years. In the last 3 years during my working hours I was able to make some good money. Then I had a system making me $300 a day avg for 5 months. So I decided to quit my job, taking a pay cut, to follow my dream as a trader. For the past 3 months I have been living from just the markets. Yes I had some good trades but the bad ones were there too. I was trading just futures and lost $8,000 in two weeks. (One contract each usually ES,CL,NQ,ZB) I had taken a break for two weeks came back and still fell like I can't master it. I am thankful that I bought some options and trade those daily to make some income.

I think my biggest problem is to find an indicator or system to follow my rules. I have one indicator I always use on a 5 min chart and it has made me some good money but then there is that one trade that takes out my stop loss right away and shoot me back down. my profit target is trailing stop, go for $100 profit then move stop to break even and move stop ever $100 profit. Now I love crude..... 10 cent move is nothing in crude so I usually put my initail stop loss at $200. This worked out great at times. Walked away with $200, $300, and max $1,000 trades. But then loss, loss, and loss.

I meditate ever day and try to learn more about the markets every day.

It might just be so stressed out from trying to learning every indicator out there that has me lost but then again the two week break would of help me with that... nope.

Over the years of trading I have foung out there is no holy grain indicator or system. There will be losing trades and just avoid the big ones. Don't over trade.

Taking al that in account with my years of learning and try and error. I can not crack the code.

I am asking for some help with anything.

I have faith in myself that this will work out and I will not stop till I make it. Will to try anuthing now.

Took $400 profiit in gold today then gave it away in crude's rally down.

While not easy to swallow....some real stuff you wrote and i am sure you are not the only one going through this.

As a broker I have been able to observe MANY traders. The brutal truth is that very few make and even fewer make it consistently but the dream is there for the the select few who do make it....(personal opinion)

I can probably write about this topic for much more time than I have BUT here are a few pointers for thought and I will be more than happy to chat on the phone if interested:
I dont think anyone can crack the code. You may be able master enough skills and experience to bite a small piece which will be enough
I would consider getting a job that still allows me to trade certain periods but will provide income and take off some pressure.
If you have confidence in your method, than try to perfect it, maybe use range bar charts rather than 5 minutes? use 18 or 23 ticks range bar charts with the same indicators you are using and see if that provides more clarity?
I can share a few more indicators/ tips but dont want to violate futures.io rules, so feel free to PM me and regardless I respect what you wrote and trying to do.

PM with any questions about Cannon Trading (800) 454-9572 (310) 859-9572. Trading commodity futures, forex and options involves substantial risk of loss. The recommendations contained in this post are of opinion only and do not guarantee any profits. These are risky markets and only risk capital should be used. Past performance is not necessarily indicative of future results.
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  #13 (permalink)
QUITO ECUADOR
 
Trading Experience: None
Platform: NinjaTrader
Favorite Futures: EMINI ES
 
Posts: 1 since Feb 2019
Thanks: 0 given, 1 received

Try wickoff method



barabas View Post
Hello all,

I didn't want to post this but I guess it is time for me to reach out for help. I am going down hill in my trading and can't stop. Meaning on my way to going broke and getting a job again.... I have enought to live for another few months before the job hunt.

My backstory. I have traded the markets for years. Good years and some bad years. In the last 3 years during my working hours I was able to make some good money. Then I had a system making me $300 a day avg for 5 months. So I decided to quit my job, taking a pay cut, to follow my dream as a trader. For the past 3 months I have been living from just the markets. Yes I had some good trades but the bad ones were there too. I was trading just futures and lost $8,000 in two weeks. (One contract each usually ES,CL,NQ,ZB) I had taken a break for two weeks came back and still fell like I can't master it. I am thankful that I bought some options and trade those daily to make some income.

I think my biggest problem is to find an indicator or system to follow my rules. I have one indicator I always use on a 5 min chart and it has made me some good money but then there is that one trade that takes out my stop loss right away and shoot me back down. my profit target is trailing stop, go for $100 profit then move stop to break even and move stop ever $100 profit. Now I love crude..... 10 cent move is nothing in crude so I usually put my initail stop loss at $200. This worked out great at times. Walked away with $200, $300, and max $1,000 trades. But then loss, loss, and loss.

I meditate ever day and try to learn more about the markets every day.

It might just be so stressed out from trying to learning every indicator out there that has me lost but then again the two week break would of help me with that... nope.

Over the years of trading I have foung out there is no holy grain indicator or system. There will be losing trades and just avoid the big ones. Don't over trade.

Taking al that in account with my years of learning and try and error. I can not crack the code.

I am asking for some help with anything.

I have faith in myself that this will work out and I will not stop till I make it. Will to try anuthing now.

Took $400 profiit in gold today then gave it away in crude's rally down.


Hi! I am new writing messages, but I hope you will receive it. I am learning to trade with Wyckoff method and it is awesome. You will have to read a lo the and maybe spend some money in courses but it will pay off. Look for the Wyckoff institute, a new course is starting in September.
Regards,
Guillermina

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  #14 (permalink)
amsterdam
 
 
Posts: 5 since Mar 2017
Thanks: 0 given, 1 received

CL strategy and ES NQ strategy

Hi,

If you interested in my symmetrical price levels strategy for CL NQ and ES mail me or send PM
and I will share my charts with you on tradingview for CL , whole set from M to 4min.
Charts for ES are ONLY good on Sierrachart(i didnít found better anyway) ,same NQ on sierra.
RSI-w and SMA 21 only indicators in use.
Greets.
mkklyk

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  #15 (permalink)
Rochester, MI/USA
 
Trading Experience: Beginner
Platform: NT8
Broker/Data: NT8, IB, AMP
Favorite Futures: ES, CL, FX Fut
 
Posts: 10 since May 2017
Thanks: 5 given, 15 received

So how bad do you want it?

FWIW I think most of us have been there (myself included). It may help to listen to some chat with traders and/or revisit the Market Wizards series. Those aren't just stories, they are real life and this career mostly beats the crap out of you and makes you fail more miserably than just about anything ever will.

So its perfectly fine to go back to a day-gig. No one in the system will have a clue what your going through anyways so you'll get that needed break to regroup mentally. Screw anyone else with a snarky or misinformed opinion. They never have skin in the game and certainly don't have what it takes to fail into success.

Get a job, clear the mind before you gift away any more capital and become worthy (furthering your learning and testing) because you are.

Don't forget to come back and update everyone on your journey. It will be really cool to see your outcome and hopefully encourage other traders in the future with the same obstacles.

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  #16 (permalink)
Houston, TX
 
 
Posts: 8 since Jul 2019
Thanks: 38 given, 41 received

thanks for your post. not knowing how you trade I will give you some ideas. there are probably a couple of things you could address at this point.

one thing comes to mind is your endless search for indicators and strategies. I would focus more on plays, setups, and having a playbook in general of trades that you consistently profit from. looks like your 5 min one could be a starter. keeping a journal is important because you could go back and check which ones your good at and stay away from the ones that your not. I would bet money that your losers are probably the same setups over and over.

you could also start looking at risk management and finding ways to improve it specifically. if youre taking small winners compared to your losers, that is never going to work out in the end. losses need to be small, NO MATTER WHAT. if your trading your own money you need to have STRICT rules on how much your risking compared to how much you have and the probability that your going to reach your target.

if you plot out all your trades over a year, its going to look like a chart with ups and downs. when your in a down phase, risk less and when your in an up phase risk more. this is KEY to making the big money. professional traders make their money in few trades and not every trade. when your in a draw down or see it developing, instead of revenge trading to get your money back, switch to sim or risk less until you start to see the trades happening again.

taking profit is never taught by anybody and is important. I would not take out more than 30% of your account value. building your account is priority.

another tip i learned from a hedge fund trader, is keep a bunch of sudokus, you can do those until you see your setup!

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  #17 (permalink)
Texas/United States
 
Trading Experience: Beginner
Platform: NinjaTrader
Favorite Futures: MES, ES, RTY
 
Posts: 9 since Dec 2018
Thanks: 254 given, 23 received

Take a break

I'm not sure if I'm the best with advice but this is just a word of encouragement when you aren't as emotional, follow the footsteps of others who have made it. Don't try to recreate. Follow a plan that you can withstand losing consecutively for a week even and still be okay. Maybe read a few journals to see what you can learn from them. Use ticks instead of $ to calculate how you are winning and losing.

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  #18 (permalink)
Venice FL
 
Trading Experience: Intermediate
Platform: Ninja Trader
Broker/Data: Ninja Trader Brokerage
Favorite Futures: YM
 
Posts: 3 since Oct 2016
Thanks: 1 given, 9 received


barabas View Post
Hello all,

I didn't want to post this but I guess it is time for me to reach out for help. I am going down hill in my trading and can't stop. Meaning on my way to going broke and getting a job again.... I have enought to live for another few months before the job hunt.

My backstory. I have traded the markets for years. Good years and some bad years. In the last 3 years during my working hours I was able to make some good money. Then I had a system making me $300 a day avg for 5 months. So I decided to quit my job, taking a pay cut, to follow my dream as a trader. For the past 3 months I have been living from just the markets. Yes I had some good trades but the bad ones were there too. I was trading just futures and lost $8,000 in two weeks. (One contract each usually ES,CL,NQ,ZB) I had taken a break for two weeks came back and still fell like I can't master it. I am thankful that I bought some options and trade those daily to make some income.

I think my biggest problem is to find an indicator or system to follow my rules. I have one indicator I always use on a 5 min chart and it has made me some good money but then there is that one trade that takes out my stop loss right away and shoot me back down. my profit target is trailing stop, go for $100 profit then move stop to break even and move stop ever $100 profit. Now I love crude..... 10 cent move is nothing in crude so I usually put my initail stop loss at $200. This worked out great at times. Walked away with $200, $300, and max $1,000 trades. But then loss, loss, and loss.

I meditate ever day and try to learn more about the markets every day.

It might just be so stressed out from trying to learning every indicator out there that has me lost but then again the two week break would of help me with that... nope.

Over the years of trading I have foung out there is no holy grain indicator or system. There will be losing trades and just avoid the big ones. Don't over trade.

Taking al that in account with my years of learning and try and error. I can not crack the code.

I am asking for some help with anything.

I have faith in myself that this will work out and I will not stop till I make it. Will to try anuthing now.

Took $400 profiit in gold today then gave it away in crude's rally down.


Hello


I think you need stay with only one instrument and one contract.


Step back and review what is your setup is


Conservatively review your rules and paper trade

Concentrate on price action - not indicators and always follow your rules




Good luck

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  #19 (permalink)
GEORGE TOWN
 
Trading Experience: Advanced
Platform: Ninja Trader
Favorite Futures: GC
 
Posts: 3 since Oct 2017
Thanks: 0 given, 13 received


barabas View Post
Hello all,

I didn't want to post this but I guess it is time for me to reach out for help. I am going down hill in my trading and can't stop. Meaning on my way to going broke and getting a job again.... I have enought to live for another few months before the job hunt.

My backstory. I have traded the markets for years. Good years and some bad years. In the last 3 years during my working hours I was able to make some good money. Then I had a system making me $300 a day avg for 5 months. So I decided to quit my job, taking a pay cut, to follow my dream as a trader. For the past 3 months I have been living from just the markets. Yes I had some good trades but the bad ones were there too. I was trading just futures and lost $8,000 in two weeks. (One contract each usually ES,CL,NQ,ZB) I had taken a break for two weeks came back and still fell like I can't master it. I am thankful that I bought some options and trade those daily to make some income.

I think my biggest problem is to find an indicator or system to follow my rules. I have one indicator I always use on a 5 min chart and it has made me some good money but then there is that one trade that takes out my stop loss right away and shoot me back down. my profit target is trailing stop, go for $100 profit then move stop to break even and move stop ever $100 profit. Now I love crude..... 10 cent move is nothing in crude so I usually put my initail stop loss at $200. This worked out great at times. Walked away with $200, $300, and max $1,000 trades. But then loss, loss, and loss.

I meditate ever day and try to learn more about the markets every day.

It might just be so stressed out from trying to learning every indicator out there that has me lost but then again the two week break would of help me with that... nope.

Over the years of trading I have foung out there is no holy grain indicator or system. There will be losing trades and just avoid the big ones. Don't over trade.

Taking al that in account with my years of learning and try and error. I can not crack the code.

I am asking for some help with anything.

I have faith in myself that this will work out and I will not stop till I make it. Will to try anuthing now.

Took $400 profiit in gold today then gave it away in crude's rally down.



Your issue is just money/risk management. Your systems obviously work as they have made you money. However when you start losing big chunks of your profits thats almost always a money/risk management issue. You need to have tighter stops so as not to blow out your account. Losing trades should not be an issue. Just the cost of doing business. Focus on reducing the size of your losses and not so much the number of losses. Losses will always come. But with proper risk management you should not blow out your accounts. Do some research on the “Risk Of Ruin formula for trading”. There are also Risk of Ruin calculators that can help you calculate how much you should risk per trade so as not to blow out your account. The value changes with each win/loss so the calculation should be made before each trade.


Last edited by anddaley; July 24th, 2019 at 05:10 PM.
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  #20 (permalink)
orlando
 
Trading Experience: Beginner
Platform: esignal
Favorite Futures: forex emini oil gas
 
Posts: 15 since Jan 2017
Thanks: 2 given, 29 received

deep


been trading for 10 yrs . I have the luxury that i have a small business that i can come and go . I have tried full time trading 3 times and failed mostly by over trading . I made $120k one year trading and working . I tried full time after that and lost$60K in 6 months (over trading ). The dream of trading fulltime on the beach travelling the world is bullshit . I have realised you need a steady income and trading will be less pressure . Like to day every thing was in a range and i didnt trade .i did my regular work and still made money . Uf i had traded in that chop i would lost most likely .

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