After getting some advice from a trader recently I was going to flat out quit trading altogether. After some evaluation today I decided not to quit but to perhaps retool my method in order to trade an instrument that is more friendly to lower capitalized account traders such as myself at this point.
Gonna try to work out a method to trade YM. It is the only thing I can think of in futures that I can trade where a 2% rule could be applied without going broke. (at least for awhile) LOL.
I don't really want to throw 2.5 years of education and study down the tubes just yet. Gonna try to find a new demo this week as well that will last me at least 30 more days.
Thought I would post this now since it just happened and in case any newbies are lurking..
Always know where you are on a chart. I mean in this case timing. Some times in our haste to get at the SM we may forget about time or lose track of it . If you have to I say set an alarm clock! SO I am getting ready to put on a trade as a set I like has materialized. ( I did remember to change my trade quantity to 10) this time. LOL
Phone rings, I take my eyes off the screen for a sec and KABOOM the market drops. What happened? 830 news. I checked it last night however I did not check it again and follow up in my haste this morning. Although my set up was there I would have been buried!!! Hard stop and then some.
Moral of the story is ALWAYS be cognizant of where you are time wise. It's best just not to trade right before or right after news. UNLESS you have Benny B on speed dial and you know what he is going to say.
Thanks for stopping by researcher247. You asked about 10k hours? I have been doing this for 3 str8t years now day in day out.. even Xmas day and news years eve. all the screen time is included in the figure. Now I really never kept a log of hours but I am off for 6 months a year from work so I have been at it more or less as a full time thing in my off seasons. So yeah I'd say easily that perhaps more.
What kind of trader am I? One who is driven. I was just about to throw in the towel this week but then thought it through. Now I may not trade live IRM again till the end of this work season and trade sim when I can if I have charts to look at.OR not. depends on if I am CP through the course of my off work season and if I rake in enough $$$ from my project schedule to warrant the disposable income to have to trade with when my work season closes.
Both times I went in the market live IRM I got FUBAR cuz I wasn't ready YET. I knew I could lose money and traded anyway. Lesson learned. The 4 large I am down now I worked my ass off to get. So I won't do it again again until I am totally confident I am CP enough to go in there and do it everyday with no hesitation. It's business now.
What is your experience with trading? DO you trade by sight or algo or both. How long have you been trading live with real money? Did you get mentoring before you started trading live IRM or did you teach yourself to trade? I will check out the site you hyperlinked.. Thanks for that.
I decided to stick with ES.. I have been working really hard on it so I am going to keep it going. Everyday I am getting more and more CP with it so I will continue it. If/when I go back to it live it will be 1 car only for a long while to start.