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Game Plan
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Created: by blackberry Attachments:19

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Game Plan

  #51 (permalink)
Elite Member
Murrells Inlet SC
 
Futures Experience: Advanced
Platform: Tradestation
Favorite Futures: ES, CL, ETFs
 
Inletcap's Avatar
 
Posts: 9,158 since Dec 2012
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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!

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  #52 (permalink)
Elite Member
Philadelphia
 
Futures Experience: None
Platform: corded black telephone
Favorite Futures: ticker tape
 
Itchymoku's Avatar
 
Posts: 2,892 since Apr 2012
Thanks: 1,681 given, 3,622 received

Why don't you just trade forex and make like 20-50 dollar trades a couple times a day on a time-frame of your choice outside the noise. Once you get the hang of it you can bump it up a little bit.

If you have a track record of consistent profits you won't have problems getting more money. Trust me

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  #53 (permalink)
Elite Member
Sydney, Australia
 
Futures Experience: Intermediate
Platform: Sierra Chart, IRESS
Broker/Data: IB, IQFeed
Favorite Futures: ES, SPI, ASX stocks, options
 
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blackberry View Post
That's the point. Isn't it, to self reflect and improve. And no amount of "other traders" being floored that I meet, read about and or come across will actually improve my own trading psychology much. Unless it happens to me. And for that I'm grateful that there r trading houses that accommodate small micro accounts for those of us that want to self reflect explore and discover this business. Yes this is very difficult business. And so was my wife before I married her. All kidding aside this is a good business for those that know what to do. And I'm quite sure that big Mike and every other good trader on this forum self reflected and realized what needed to be done. In order to do as well as they do. I love this business. It's ups and downs. Mostly downs now for me. But I still love it.

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.

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  #54 (permalink)
Trading Apprentice
newport coast, california
 
Futures Experience: Intermediate
Platform: MultiCharts
Favorite Futures: RB, DAX
 
Posts: 48 since Aug 2015
Thanks: 59 given, 17 received

thank you


Itchymoku View Post
Why don't you just trade forex and make like 20-50 dollar trades a couple times a day on a time-frame of your choice outside the noise. Once you get the hang of it you can bump it up a little bit.

If you have a track record of consistent profits you won't have problems getting more money. Trust me



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.

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  #55 (permalink)
Elite Member
Sydney, NSW, Australia
 
Futures Experience: Beginner
Platform: Sierra Chart, Python, C#
Broker/Data: Interactive Brokers
Favorite Futures: MJNK, ASX, SPI
 
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blackberry View 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.

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  #56 (permalink)
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blackberry View 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.

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.

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  #57 (permalink)
Trading Apprentice
newport coast, california
 
Futures Experience: Intermediate
Platform: MultiCharts
Favorite Futures: RB, DAX
 
Posts: 48 since Aug 2015
Thanks: 59 given, 17 received

thank you


amoeba View Post
$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.

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.

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  #58 (permalink)
Elite Member
Philadelphia
 
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Itchymoku's Avatar
 
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blackberry View 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.

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  #59 (permalink)
Elite Member
Austin, TX
 
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tturner86's Avatar
 
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blackberry View 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.

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.

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  #60 (permalink)
Trading Apprentice
newport coast, california
 
Futures Experience: Intermediate
Platform: MultiCharts
Favorite Futures: RB, DAX
 
Posts: 48 since Aug 2015
Thanks: 59 given, 17 received

thank you



Itchymoku View Post
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.


Well said Itchymoku. Thank you.

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