David, you've been a good member here for a long time.
How much time out of your life have you invested in trading?
What sacrifices have you made?
How much money spent?
What motivates you?
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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.
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The following 2 users say Thank You to Big Mike for this post:
well, im right there with you Dave on blowing multipal combine accounts, In all my look back assessment I am in need of deeper analysis..ie reletive Volume and price action, that and a surrender to the hallucination of picking tops and bottoms, :lalala:Cl and lately YM continue to prove that...perhaps im ready to let go of needing to be right ...what a ride to hell that is ...stay with it D our persistence to understand ourselves will prevail...
The following user says Thank You to Reddingcrudetrade for this post:
This is my first post in futures.io (formerly BMT) after 3 years. Im writing you because you are great person. You posted a lot of great stuff and was opened to anybody.
I blowed 6 combines to see what is my problem and now im in new one to fix my problem which was showing in all combines. That problem is risk and money manegement.
I saw a lot of trading systems(good ones) which failed on bad position sizings and risk models.
As somebody wrote RISK is the only one thing you can manage in trading. You dont know what king of move will be next, If it hits all your targets etc. But you must know how much you will risk and if you hit your loss limit just call it a day and stop trading.
From my experience this is how I have setted my combine:
Account TST 30000$
Risking 10 ticks in one trade profit target is 15 ticks
Max. daily loss is 300$ + commisions.
If I hit 300$ profit Im done. If i hit 300$loss Im done. If I feel I had enough chances Im done. Friday 2wins 2 losses(I did 4 trades so it was enough for me so I quit my trading platform)
Hypoteticaly I have space to make 15 loosing trades in a row to blow the account. It takes me 5 days to blow account. The probability to have 15 lossing trades is not high.
I have 1:1,5 RRR which is important because its much easier to make some profit.
I have daily risk limit 300$ so I am not able to erase profit from two days in one loosing day.
I have profit target 300$ so I cant be greedy. As more trades you will take the biggest chance that you will psychologicaly ruin yourself and blow account.You remember just one trade and i will be in +ve and bla bla bla. Its not you its you ego and ego is not friend for traders.
I hope you will find something from that in best inspiring and will achieve the combine.
The following 4 users say Thank You to amoniak for this post: