No lecture from me as you have been told already and are aware of what you are doing and no words are going to stop you.... I am really sorry that you lost your money but I thank you for taking us on your two day journey. Looking forward to the finale tomorrow!
The following user says Thank You to Inletcap for this post:
I'll help you with an analogy, since you seem to be ignoring what everyone is saying to you.
You love helicopters, and love to fly them, you see a lot of good pilots and you want to be one of them.
What you should do, is have a plan
- How much fuel should I have
- What helicopter should I use
- Take it slow and learn from other pilots
This is what you're doing
- You buy the minimum amount of fuel to barely lift off
- You rented the crappiest cheapest helicopter from a firm which allows you to fly with so little fuel you are guaranteed to kill yourself
- You see other people pilot and want to just give it a crack
- You lift off and have no idea what you're doing, you aren't learning anything
- Other pilots tell you you're about to crash and you are doing everything you shouldn't do but you do this
You blew 25% of your account in 3 days... if you don't understand the issue here, you need to sit and be honest to yourself.
The following 2 users say Thank You to PeakGrowth for this post:
Have done that already. I danced the microforex dance for over a year. $50 micro account grew to $266 now it's time for me to dance the futures. My micro forex track record is very good. Trading $5 or $10 or $12.50 per tick VS 10 cents per tick is just a mind game. That I will overcome in time as well. Thank you.
$50 to $266 is an exceptional result if that is in a year (or even over 3-4 yrs), have you considered just increasing the lot size in forex?
Can you identify what elements of your forex strategy worked for you and create a plan that applies to futures currencies?
Possibly you were more comfortable with positions moving against you in the micro fx, which allowed you to stay in a trade long enough for your edge to pay-off, in which case you will need to identify how much that scales into a futures position and if you would still be comfortable with the $ risk.
The following 2 users say Thank You to amoeba for this post:
So why don't you just add a zero to the end of the lot size on your microforex trades and you can grow your 1000 (or what's left of it) and turn it into 5000 in a year? 10 cents per tick becomes 1 dollar per tick if you multiply by 10. But instead you decide to jump into futures which is nothing like forex not to mention completely under capitalised.
Your ego is huge you know that, it's what's going to kill you, if it hasn't already.
But you know what, it's your money, so have fun.
The following 5 users say Thank You to PeakGrowth for this post:
Yes, I was absolutely more comfortable with 10 cents VS 10 dollars per tick. This business is truly a mind game. And I have to adjust or perish. It's a challenge to trade a $50 micro forex account as it is a challenge to trade a $500 micro futures account or a $ 5000 mini futures account. My set ups are good. And naturally will get better with more trading experience. I tested it enough through the micro forex trades. My mind is what I need to work on. That's my biggest challenge right now. And that is what this journal is about for me. Thank you.
It doesn't have to be a challenge though if you move up more gradually instead of 10 fold each time. I think you want to face this challenge just to prove to yourself you can do it rather than actually build money. Don't underestimate the value of the baby steps between trading 20, 30, 40, 50, 60, 70, 80, 90 cents, 1, 2, 3, 4, 5, 6, 7, 8, 9 dollars a tick.
The following 2 users say Thank You to Itchymoku for this post:
Now you are just making stuff up. $500's in a futures account isn't a micro account (it is 2pts from a margin call) and $5000 in a futures account isn't a mini account (its just enough rope to hang yourself). What it really is, is improper allocation of capital. As others have noted anything shy of $50K in a futures account is a waste. Now I am not advocating loading an account with $50k if you got it, because odds are you will do the same thing and just lose more.
You say you need to adjust or perish and you are absolutely correct. You're just trying to adjust the wrong area. You need to adjust your ego, adjust your capital, and adjust your expectations. As a trader I do not care about tick size. I care about ensuring I am adequately using my capital. That means that I am placing my capital at risk in the right products/markets.
You can't even begin to fathom what to do until you understand the market better.
The following 3 users say Thank You to tturner86 for this post: