|February 2nd, 2013, 03:30 PM||#1 (permalink)|
Futures Experience: Beginner
Favorite Futures: EUR/USD
Posts: 3 since Sep 2011
Thanks: 0 given, 6 received
This is my first journal entry here at futures.io (formerly BMT). My trading experience probably mirrors the experience of 99% of traders everywhere. I started trading futures around 2007 when the Dow was making higher and higher highs. For about a year the market was bullish and basically if you were long, you made money. Then the bottom dropped out of the market. Then the market became choppy and , being a trend trader, I lacked the tools to adapt and failed miserably blowing out my account in the process. I funded another account and blew that one out also. After blowing out a third account I have finally began to take trading seriously. If I was to be successful I would have to treat trading as a business enterprise and not some cavalier endeavor.
So what I decided to do is start from scratch. I visited many rooms, almost all of which proved to be a joke. I read a few books most of which I found to be obsolete or did not apply to my specific trading style. I investigated many indicators and found that almost all of them were lagging. I continued my search until I eventually found a futures room moderated by a real trader who was also an educator. After buying so much junk I was happy that he provided a free two week trial for a test drive. Accompanying the live room was a ninja based strategy, a book and an on-line library full of information on subjects like trading state management, , neuro- associative conditioning, money management and trade psychology. I immediately realized that after four years of trying I did not know squat about trading. I also realized that the weakest link in my trading was me and that if I was ever going to be successful at this I would have to receive mentor-ship from someone more knowledgeable than I and follow the trade plan through thick and thin.
Anyhoo, I took the plunge, bit the bullet, shelled out five grand and bought a trading education. I immediately liked what my mentor was telling me. The first thing he told me was, if I was loosing money, stop trading. Even if I had funds in my account all I was doing was reinforcing bad behaviors. The second thing he told me was do not start trading again until I had traded successfully and profitably in sim. for at least ninety days. The third and most important thing he asked me to do is determine WHY I trade. Naturally my response to this question was I trade for the money. He told me that was almost everyone's response and if money was my reason for trading the chances of my failure would probably be about 99%. He told me that almost everyone has two base emotions about money-greed and fear. These were the drivers for all economic markets and unless I could accept,internalize and differentiate this fact it would be hard for me to be successful.He told me to come up with a list of reasons that specifically articulated why I trade. So, as a post script to my first journal entry, I would like to articulate why I trade.
WHY DO I TRADE?
-To be the captain of my own destiny
-To live a life off the grid
-To build a comfortable retirement
-To learn a profession with unlimited potential that i can eventually share and teach
-To amass the capital to purchase a business.
-To have the time and means to care for my parents as they reach their twilight years
-To have the energy and time to do volunteer work
-To have the time to take care of myself physically, emotionally and spiritually
Last edited by eroy; February 2nd, 2013 at 03:47 PM.