Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
I am starting this journal to track my progress. I will start off with my background. I am in my 20's with a full time career and family. I have always found an interest in trading. I cannot tell you what it was but most likely the attraction of "easy quick money". I put that in quotes as anyone who has been trading clearly knows that the money is not easy quick as everyone would like people to believe. I started off my journey about 2 years ago trading Forex. That really opened my eyes. After a short time doing well on a practice account I decided to take ALL my savings and open a live account. As I am sure many others have experienced being the naive beginner. Due to poor money management. I ended up blowing all my savings on the first day!
***FAST FORWARD TO NOW***
This was a rough experience. I took a lot of time to review what I did wrong and evaluate how I can improve. I have now blown many demo Forex accounts. This is when I realized I may be trading the wrong market. I decided to research and find a new market. I ended up deciding on Futures. Mainly due to my time constraints. I have been doing decently well on my demo account. Nothing Special, BUT! I have yet to blow my Futures account. Only time will tell. I am resetting the account today and will track my performance here. All trades will be recorded here for good or bad. I will also be updating account value. Let me list some things that I learned from my initial attempt till now.
Lessons I Have Learned:
1. Money Management is key & Risk Management No trader will succeed without it.
2. Not every trade needs to be taken. DO NOT TRADE JUST TO TRADE MR.TRIGGER FINGER!
3. Cut your losses early.
A. Patience is key to trading but do not use to much patience and lose more than you can
4. No one can give you a perfect trading system. You must realize what works for you.
5. I will succeed. I don't know when. It may not be today. It may not be tomorrow. What I do know is if I quit I will never succeed.
Account Info
Starting Balance: $3,000 (Value is set to the amount I can afford)
Secondly, good luck with your journal and trading.
Thirdly, a question, if I may (I often have difficulty understanding other members' charts and account statements, here, so please forgive me, if I'm asking something stupid!): you seem to be trading up to 3 contracts of YM (that would be $15 per tick?) on a $3,000 account, so I'm wondering what your position-sizing is. How wide is your stop-loss, usually, when you enter a trade?
I am using a range to 1-3 contracts. If I have high confidence in the trade I will increase contract sizing by 1. I am using a SL of 30 when the trade is opened with 1 contract. When I add another contract I move it up to 20. I am taking profit around 40-60. If I feel the trade is going to turn then I will close with a smaller profit and see if my thoughts of the reversal were accurate. On 2/9/2018 I was making short quick trades. I saw some opportunity with the trend lines moving up and the resistance point. I was testing the 1000 tick chart while using the SMA 2(red) with ADX 6 as the input for it. Green is SMA 7 with ADX 10. Yellow is SMA 34 with ADX 10. The SMA indicators are based off of the TDI but instead of RSI for the data input I use ADX. This seems to be working well for me so far.
**NOTE**
I tried replying on the mobile app but it would not allow me. I had to wait till I was back in front of my computer.
Thank you for the advice. I will make sure to keep that in mind. I definitely do hope to be where you are eventually! I believe everyone had to start somewhere.
Thank you,
Lucas
**NOTE**
I tried replying on the mobile app but it would not allow me. I had to wait till I was back in front of my computer.
Today was a success. Daily profit target $1000 hit.
Start: $4782.88
Gross: $1065.00
Net: $1014.52
End: $5797.40
I would keep going but the quick profits have my trigger finger itching. When this happens I need to close the platform. Continuing to trade I may cause losses. I decided to add symbols to my expansion campaign. Today's profits I was able to conquer YM, ES, NQ, and CL. It is good that I decided to put the trading down with my excitement. I watched and I see the market is now reversing and I would have lost this next trade that I was about to make. Stay tuned for tomorrows night trading. I will post charts tomorrow.
PATIENCE IS KEY. SELF-CONTROL IS KEY. KNOW WHEN TO QUIT. QUIT WHEN YOU KNOW.
