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I'm absolutely devastated, don't know where I'm heading now
As was mentioned in a prior post, I think his only chance to stay in the trading game is to scrape together $2500 and establish an account at AMP Futures or other low-cost FCM. Then he should trade the E-Micro's (MES, MNQ) until he shows some profitability with his new system. With the E-Micro's, it's almost impossible to lose a lot of money in a short period of time.
I'm afraid they are relevant! If you are worried that someone is going to steal your system believe me no matter what system you are using it has been done before! There is nothing new under the sun!
If you want us to help you, you need to gives us the details of how you trade.
Another thing, you mentioned that you blew up your account. If you did, it is highly likely that you are risking too much for your account size. You may want to look at that.
Persistence! Nothing in the world can take the place of persistence.
Talent will not ... nothing is more common than unsuccessful men with talent.
Genius will not ... Unrewarded genius is almost a proverb.
Education will not ... The world is full of educated derelicts.
Persistence and determination alone are omnipotent! Calvin Coolidge
I can almost guarantee you that he did not reduce his bet-size as his win rate was going down. He may even have increased it....a sure way to blow-up an account.
Hi Oliver B
There are a lot of comments on your issue, some are very good, some are sporadic in nature.
My comment will not be related to your system or anybody else's. My comments are about human behavior.
Trade plans are not just about signals or entry and exit strategies, yes its the foundation but you need to have rules about protecting yourself from yourself, this is critical. I have blown my share of accounts along the way, I speak from that perspective. I hope you have a detailed Trade Plan...that covers your habits and human behavior reactions to all the emotional issues that arise in Trading....I am sure all Profitable Consistent Traders here have them!!!!!!
Write stringent rules that will not allow you to blow up a trading an account ( human behavior is your biggest enemy)
How many trades a day are you allowed to take?
What is your daily loss limit...(shut the computer off) when reached or go to sim
What is your weekly loss limit? what percentage of the account can you lose before you STOP TRADING?
How do you react to a loss...do you chase it? (sounds like you may)
In my experience, all Traders have human behavior issues that block their sensibilities and logic in the moment.
How you react to Fear and Greed are big issues, over trading is another. Not having rules is stupid.
Our habits as humans are an issue.
How do you train your mental mindset?
What is your daily process? Is it concreted in?
What mantras do you use every time you sit in front of a screen to trade?
How do you feel after a winner or a loser.....what does that do to you? how do you react?
Have you ever used a point and call vocal strategy? https://en.wikipedia.org/wiki/Pointing_and_calling
Please read how the management of the fastest train had to teach their employees about safety...use it in trading.
It is not your system... it is you who may be the problem, as humans our emotions drive us and we respond to them in certain TRAINED ways. I too have all of these issues, but I work at reducing them daily.
Again..I have blown up my share of accounts.
I don't care how long a trader has been trading, our human behavior and habits come into play at certain moments and how we react to them and what rules we have to fight them off is critical.
This may be from a different perspective then what most may comment about...but in your thread, it was apparent from a psychologist's view, you had no answers to any of your issues, which lends itself to say, you don't have control of your trading environment with RULES.
James Clear writes a lot about habits, changing them and creating new ones. He has audible books.
The science of psychology is powerful to Traders...know thy self to the core.
I'll bet every loss after the first 3 could have been avoided, certain rules would have stopped you at some point before blowing up an account.
I have been trading/investing since i was 12 years old and I even have a degree in the subject so I feel I can say a few things without fear of contradiction. First, and you have heard this before, every "system" I know of gives you what just happened and then you make inferences about it. Who predicted Tesla would cross $950? Answer: No one. Why? Because NOBODY KNOWS ANYTHING. Simple as that. If I could predict the future, do you think I'd be sitting here in my palatal home office typing this at a few minutes past midnight? No, I wouldn't. Look, no one, not you, not me, and not anyone else can predict the market with any certainty. I wish I had a nickel for every email I have received from someone claiming to have discovered the next Amazon (now a penny stock), or discovered the famous, top-secret Wombat 9 oscillator that will make all your trading dreams come true, and on and on. Half the time, if you look at the bottom of the letter, it'll say Copyright 2014 or something. Something else they all share is the bolder warning: NO REFUNDS or ABSOLUTELY NO REFUNDS.. Gee, I wonder why not. Even the sales sludge from the guy claiming to be the world's top options trader who is traveling on his private jet but is taking time to help you has ABSOLUTELY NO REFUNDS on his material and he is telling you this so that you won't complain when he says no to your request for a refund. Why is he worried about a complaint? Read on. He is very concerned about any problems with his merchant account. HIS MERCHANT ACCOUNT. Not his trading account, his merchant account. He just wants to be able to keep selling his $5000 classes. Me? I trade options and futures, but let's stick to options. I trade probabilities. I am underlying agnostic. I have a list of 200 companies that have a few things in common like liquidity. Very seldom do I have a directional bias. My platforms (two) show me the probability of profit, aka Probability of OTM. I generally stick with trades that have a theoretical probability of profit of 75-80%. Every trade I make is SELL TO OPEN, naked puts, strangles, whatever. I trade very mechanically, no emotions, no guessing, no trades based on the cleaning lady saying that her husband's cousin's step-brother knows a guy and he said... No, face it, numbers do not lie. Drop the reliance of charts, or oscillators, or crystal balls, or trading gurus, or whatever else and trade strict probabilities. Do it on paper. Make 100 trades on paper, different underlyings, different strategies, different sizes, etc. Just random trades but all with probability of profit of 75-80%. You can improve by rolling losers to a new expiration. Take the trade off when you have received 75% of your expected profit or whatever. See what happens.
Since many posts in here were added yesterday and today, I assume that many of you - like me - have received an e-mail notification by futures.io about this thread.
There is some good advice in here.
I just hope that you guys did not waste your time giving it, considering that the last time Oliver posted anything in here was the 31st January, a mere day after starting the topic...
Money management. All systems , strategies fail time to time. So with a proper money management you can survive the unexpected drawdowns and close all trades with a minimum loss to continue with the game. Your risk were too high for your account. Thats it
Tell us about your strategy and the trading plan that you have been using.
There are some methodologies that work on any market and on any conditions , like the wyckoff methodology.
could you describe all about your trading method so we can input some ideas about what happen and how can you ammend your way back to the trading you used to do
