Beth's Journey to Make Her Millions - Trading Journals | futures io social day trading
futures io futures trading


Beth's Journey to Make Her Millions
Updated: Views / Replies:184,328 / 1,776
Created: by wgreenie Attachments:877

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

Closed Thread
 877  
 
Thread Tools Search this Thread
 

Beth's Journey to Make Her Millions

  #1251 (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: 29,354 given, 83,235 received

Just a quick note. You can't keep moving the goal posts and expect to score.

Sometimes you (traders) will establish a great plan, and when bumps in the road come they change the plan. Avoid this. You should try to focus on completing the goal/plan, and then take the time to measure yourself at the end of it. You can also create a new, better, plan next time --- but constantly changing things in the middle of the game makes it difficult to know what is going on and what you are succeeding at and failing at.

Trust in yourself and in your original plan enough to see it through before making a new one.

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.

The following 11 users say Thank You to Big Mike for this post:
 
  #1252 (permalink)
 Vendor: www.ezcolortrading.com 
Cambridge, Ontario
 
Futures Experience: Intermediate
Platform: NinjaTrader
Broker/Data: Zen-Fire
Favorite Futures: 6E
 
Posts: 1,773 since Dec 2009
Thanks: 1,258 given, 1,196 received


Big Mike View Post
Just a quick note. You can't keep moving the goal posts and expect to score.

Sometimes you (traders) will establish a great plan, and when bumps in the road come they change the plan. Avoid this. You should try to focus on completing the goal/plan, and then take the time to measure yourself at the end of it. You can also create a new, better, plan next time --- but constantly changing things in the middle of the game makes it difficult to know what is going on and what you are succeeding at and failing at.

Trust in yourself and in your original plan enough to see it through before making a new one.

Mike

Thanks Mike for your kind reminder. I have the 2 live trades on a 10-trade log .. to be continued very soon. Yes, the suggested 50-trade one is a short detour as I would like to maximize the benefit of the recording application. It helps mapping out my entry/exit plan verbally + practising the revised entry requirements (as I have a few major mixes this week). When I am occupied with my thought, my fear level seemed not as overwhelming.

Completed 5 trading mornings and 17 trades on the log as of this moment. I maybe able to complete the detour tonight and resume watching out for the remaining 8 live trades tomorrow .. only high probability signals!

Beth (grateful)

Good Trading is about Trading Right!
Want What the Market Wants!
Trade With the Trend!
The following user says Thank You to wgreenie for this post:
 
  #1253 (permalink)
Market Wizard
virginia
 
Futures Experience: Intermediate
Platform: ninja
Favorite Futures: ES
 
cory's Avatar
 
Posts: 5,220 since Jun 2009
Thanks: 628 given, 6,318 received
Forum Reputation: Legendary


Prelude:
There were 2 guys who went to VN in hope of fixing its traffic problems. They both got run over by cars.

What traffic look like?
YouTube - Vietnam Crazy Traffic

this guy made it
YouTube - The Art of Crossing the Street in Ho Chi Minh City

so what makes him diff from other two? as those two were traffic engineers.

The following user says Thank You to cory for this post:
 
  #1254 (permalink)
Elite Member
Ontario
 
Futures Experience: Intermediate
Platform: NinjaTrader
Broker/Data: Mirus/ZF
Favorite Futures: ES, 6E, CL
 
jungian's Avatar
 
Posts: 99 since Aug 2009
Thanks: 89 given, 250 received

50

Beth

Not sure if you have checked out fellow futures.io (formerly BMT) member Jaguar52's website...

Jaguar Traders

He post real trade logs and they should be an inspiration to you. Soon it will be Pro Trader Gal Beth's blog.
I can SEE you having logs very similar to this. Its just a matter of time.

His other site has great links including this 'Acid Test' for trading preparedness...
SF Veritas Financial Education Services

Also great links:

Trading as a Business
SF Veritas Financial Education Services

5 Trading Rules
SF Veritas Financial Education Services

Trading Professionally
SF Veritas Financial Education Services

PS. I saw your plan for 1 contract trades for 2 weeks, then 2 contract trades.

I personally would recommend sticking to 1 contract trades for longer, maybe even for a few months..this will get the 'trigger finger' ghosts out. It helped me for sure to trade smaller size at first.

GOOD LUCK!!!
Looking forward to the posts as always!
Jungian

The following 3 users say Thank You to jungian for this post:
 
  #1255 (permalink)
 Vendor: www.ezcolortrading.com 
Cambridge, Ontario
 
Futures Experience: Intermediate
Platform: NinjaTrader
Broker/Data: Zen-Fire
Favorite Futures: 6E
 
Posts: 1,773 since Dec 2009
Thanks: 1,258 given, 1,196 received

I just completed the 50-trade program with results as follows:

Trade Instrument: 6E
No of Trades: 50 (42 1-contract trades and 8 2-contract trades)
No of Trading Mornings: 17
No of Winners/BE/Losers: 36 W / 4 BE / 10 L
Net Ticks: 136 ticks
Commission Cost: 58 x $5.33 = $309.14
Net Gains: $1,390.86

Note: 7 counter-trend trades and all happened to be winners LOL!

I am not sure if I can use the same stats logic to tabulate the expectancy since I had 8 2-contract trades. In any event, I tried:

- 50 total trades
- 40 winning trades (incl 4 BE)
- 10 losing trades
- Probability of win = 80%
- Probability of loss = 20%
- Commission Cost = $309.14
- Average commission per trade = $6.18
- Winning trades produced +192 ticks ($2,400)
- Losing trades produced -56 ticks (-$700)
- Average winning trade (after commission) = $53.82
- Average losing trade (after commission) = -$76.18
- Net profit (after commission) per trade = $27.82

Expectancy (0.8*53.82) - (0.2*76.18) = 27.82

My realization:

1. I performed better when I only did 2-3 trades. 4-trade mornings did not generate proportional results.

2. About 1/3 of the sample period I was able to reach or slightly over-exceed the daily goal of 8 ticks with 2 trades. Another 1/3 I needed 3 trades to meet the daily target.

Sooooo, I don't know if I now graduate with some colors! Missed dinner and will feed my belly now + an early night since I did not sleep well last night/this morning.

Am now officially back to the 10-trade (live) program. Only place a trade when a high probability signal comes along. Wish me luck!

Night-night everyone and have a Great Wed.

Beth

Good Trading is about Trading Right!
Want What the Market Wants!
Trade With the Trend!
The following 7 users say Thank You to wgreenie for this post:
 
  #1256 (permalink)
 Vendor: www.ezcolortrading.com 
Cambridge, Ontario
 
Futures Experience: Intermediate
Platform: NinjaTrader
Broker/Data: Zen-Fire
Favorite Futures: 6E
 
Posts: 1,773 since Dec 2009
Thanks: 1,258 given, 1,196 received

Single or Multiple Contract Trades!!

Sorry I was too concentrated on my check list and mumbling .. Only remembered doing 2-contract trades when I had 8 trades left . In case you wonder how I did on these multiple-contract ones. Here they comes:

No 43 +15 (both PTs got hit)
No 44 -8
No 45 +11
No 46 -12 (full SL got hit)
No 47 +8 (counter-trend trade)
No 48 +4 (early exit when it did not look promising anymore)
No 49 +8
No 50 +5 (last trade and I was getting anxious to complete the program +2 and +3 plus zozozo)

6 Winners and 2 Losers

Time to eat .. smile ..

Beth

Good Trading is about Trading Right!
Want What the Market Wants!
Trade With the Trend!
The following 2 users say Thank You to wgreenie for this post:
 
  #1257 (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: 29,354 given, 83,235 received

Beth,

Your 50 trade program was sim right? And the 10 trade program cash?

I think you should really focus on why the results of your sim trades are so different than your cash trades. You've got to get to this point and start getting past the hurdle. In my opinion, the only real way to get past it is to stop sim trading.

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.

The following 2 users say Thank You to Big Mike for this post:
 
  #1258 (permalink)
 Vendor: www.ezcolortrading.com 
Cambridge, Ontario
 
Futures Experience: Intermediate
Platform: NinjaTrader
Broker/Data: Zen-Fire
Favorite Futures: 6E
 
Posts: 1,773 since Dec 2009
Thanks: 1,258 given, 1,196 received


Big Mike View Post
Beth,

Your 50 trade program was sim right? And the 10 trade program cash?

I think you should really focus on why the results of your sim trades are so different than your cash trades. You've got to get to this point and start getting past the hurdle. In my opinion, the only real way to get past it is to stop sim trading.

Mike

Thanks Mike for your kind suggestion. I know I can't sim trade "forever"!

Yes, the 50-trade program consisted of both sim (4 today) and market replay ones (remaining 16 mornings). The 10-trade program is a cash one with 2 losing trades on the log as of this moment. Today's practice esp going through the check list and voicing out where to enter (when a signal was likely to be triggered) helped a lot. I also have the entry requirements (incl alerts when I should start considering an early exit PLUS a reminder to check the osc indicator for trend reversal) posted in front of me.

Let me resume the 10 trade program .. actually no lapse as I completed the detour tonight .. smile .. Really challenging and I felt like burning both sides of my candles LOL!

Beth

Good Trading is about Trading Right!
Want What the Market Wants!
Trade With the Trend!
 
  #1259 (permalink)
Big game hunter
NY
 
Futures Experience: Advanced
Platform: Esignal, MBT navigator
Favorite Futures: Currencies
 
Posts: 2,526 since Jun 2009
Thanks: 1,397 given, 2,570 received


wgreenie View Post
Thanks Mike for your kind suggestion. I know I can't sim trade "forever"!

Yes, the 50-trade program consisted of both sim (4 today) and market replay ones (remaining 16 mornings). The 10-trade program is a cash one with 2 losing trades on the log as of this moment. Today's practice esp going through the check list and voicing out where to enter (when a signal was likely to be triggered) helped a lot. I also have the entry requirements (incl alerts when I should start considering an early exit PLUS a reminder to check the osc indicator for trend reversal) posted in front of me.

Let me resume the 10 trade program .. actually no lapse as I completed the detour tonight .. smile .. Really challenging and I felt like burning both sides of my candles LOL!

Beth

I was catching up your great journal here Beth , excellent work and congrats on your perseverence . Its obvious you want to succeed as a trader and you will . If I hear you correctly ,since you wrote it, undercapitalization leads you to hesitating to take your trades and you get scared with the real money on the line .

Basically the same scenario for me because of focussing on the dollar value I needed to risk and it stood in my way of going ahead and pulling the trigger on live trades . I sorted out everything about trading and decided to adjust the markets I trade instead of conforming to a market I wasnt willing to risk anything in , for psychlogical reasons . Both the stress of daytrading/scalping for ticks and the futures market combined to make trading an unpleasant experience for me .

I tried forex because I could scale down my position size to accomodate my resources and I could employ proper position sizing for my account size . I need to risk < 2% of my account on each trade position to truly feel comfortable pulling the trigger without even a little hesitation . Focussing only on % and not $ makes all the difference for me now because its all about a little bookeeping on the risk end and all about technicals on the other end . Its the technicals I love about the trading game and without focussing on the risks (because Im always positioned comfortably) I can zero in on the charts and do what I came here for .

I only mention forex because its what I chose but the same approach can be made in ETFs or stocks I havent been involved with them but Im familiar with the cost structures . Some people put forex down for various reasons including "unregulated" "manipulated" but the futures arena doesnt have your best interests in mind either .

Also remember that scalping for ticks is scalping for ticks and when you scalp AND look out for runners at the same time its incredibly difficult and stressful , full of "I shoulda held out longer" days . Just look at protrader eds site that jungian provided , his ledger is all 1-3 tick winners, BEs and very few 2-3 point winners and tons of trades - mostly on sim .

The following 3 users say Thank You to Eric j for this post:
 
  #1260 (permalink)
 Vendor: www.ezcolortrading.com 
Cambridge, Ontario
 
Futures Experience: Intermediate
Platform: NinjaTrader
Broker/Data: Zen-Fire
Favorite Futures: 6E
 
Posts: 1,773 since Dec 2009
Thanks: 1,258 given, 1,196 received



Eric j View Post
I tried forex because I could scale down my position size to accomodate my resources and I could employ proper position sizing for my account size . I need to risk < 2% of my account on each trade position to truly feel comfortable pulling the trigger without even a little hesitation . Focussing only on % and not $ makes all the difference for me now because its all about a little bookeeping on the risk end and all about technicals on the other end . Its the technicals I love about the trading game and without focussing on the risks (because Im always positioned comfortably) I can zero in on the charts and do what I came here for .

I only mention forex because its what I chose but the same approach can be made in ETFs or stocks I havent been involved with them but Im familiar with the cost structures . Some people put forex down for various reasons including "unregulated" "manipulated" but the futures arena doesnt have your best interests in mind either .

Also remember that scalping for ticks is scalping for ticks and when you scalp AND look out for runners at the same time its incredibly difficult and stressful , full of "I shoulda held out longer" days . Just look at protrader eds site that jungian provided , his ledger is all 1-3 tick winners, BEs and very few 2-3 point winners and tons of trades - mostly on sim .

Thanks Eric for your kind sharing. Yes, I started trading 6E in November. A 6:6 risk/reward ratio and quite often I am able to have a 3-5 SL cushion makes me feel so much better. My account size is close to $5,000. 1.25-1.5% risk on each trade is quite manageable. All these recent changes (like you said) reduce my stress level substantially.

I need more live trading experience while practising my signal spotting skills in my free time. Hope Big Mike won't bug me for doing that .. smile ..

Beth

Good Trading is about Trading Right!
Want What the Market Wants!
Trade With the Trend!

Closed Thread



futures io > > > Beth's Journey to Make Her Millions

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
AR01 Our Journey AR01 Elite Trading Journals 226 January 31st, 2012 02:52 AM
When milliseconds make millions Big Mike News and Current Events 2 July 31st, 2011 07:28 AM
US Taxpayers Paying Millions For Fannie, Freddie Lawsuits Quick Summary News and Current Events 0 January 24th, 2011 12:20 PM
Verizon to Refund Millions of Customers for False Charges Quick Summary News and Current Events 0 October 3rd, 2010 07:50 PM
Welcome to My Journey! trader1512 Trading Journals 5 April 14th, 2010 09:56 AM


All times are GMT -4. The time now is 11:04 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 2017-12-16 in 0.18 seconds with 20 queries on phoenix via your IP 54.226.34.209