NexusFi: Find Your Edge


Home Menu

 





Get Rich or Die Trying


Discussion in Trading Journals

Updated
      Top Posters
    1. looks_one Wizard3ootz with 41 posts (109 thanks)
    2. looks_two Rrrracer with 7 posts (20 thanks)
    3. looks_3 AllSeeker with 4 posts (6 thanks)
    4. looks_4 NW Trader with 4 posts (15 thanks)
      Best Posters
    1. looks_one Massive l with 4 thanks per post
    2. looks_two NW Trader with 3.8 thanks per post
    3. looks_3 Rrrracer with 2.9 thanks per post
    4. looks_4 Wizard3ootz with 2.7 thanks per post
    1. trending_up 20,201 views
    2. thumb_up 183 thanks given
    3. group 8 followers
    1. forum 62 posts
    2. attach_file 11 attachments




 
Search this Thread

Get Rich or Die Trying

  #1 (permalink)
Wizard3ootz
Bend + OR/USA
 
Posts: 55 since Aug 2019
Thanks Given: 51
Thanks Received: 148

So, I’m new to futures trading. I started trading stocks in February, and absolutely fell in love with the market. It feels like I wasn’t meant for it. My mind is meant for analysis. I was fairly successful. At my peak, I was up about 15%, just before the trade war started, and had saved almost three grand, which is a significant amount for a millennial that had never really saved a penny in their life.

I dabbled with options, but it never really took off. I traded bitcoin sporadically. Eventually, I switched brokers so I could short stocks, however, having watched the Tim Sykes videos and wanting to capitalize on the massive volatility of the penny stock world. However it wasn’t long before I came to the futures market.

At first, I was mostly breaking even. I would see some pretty big trades, and make a good run, but give it back eventually. I started out trading one e-micro at a time (began with about $2800), and would add a second contract if it was trending.

Eventually, when I became more confident, I was regularly trading 4 e-micro’s on the S&P at a time. I would definitely get some big trades, but I had numerous small losses that would accumulate really fast, so my profits would eventually dwindle, and I’d go back to zero, and then would trail into deficit.

Three weeks in, I’m now down $1300. I’m feeling extremely defeated, and have half-way considered throwing in the towel. I know I will be successful eventually, but I’m super frustrated, and am not sure what to do next. I’d considered going back to paper trading for a bit. I know I need to lower my position sizes for sure. I am getting trapped a great deal by false breakouts.

I am in no way lacking in dedication, or motivation. I study this stuff like a crackhead. However, it seems I am still greatly lacking in awareness, and method. I hope I can resolve these mistakes soon.

Thanks for reading!

Reply With Quote
The following 6 users say Thank You to Wizard3ootz for this post:

Can you help answer these questions
from other members on NexusFi?
ZombieSqueeze
Platforms and Indicators
NexusFi Journal Challenge - April 2024
Feedback and Announcements
My NT8 Volume Profile Split by Asian/Euro/Open
NinjaTrader
Request for MACD with option to use different MAs for fa …
NinjaTrader
 
Best Threads (Most Thanked)
in the last 7 days on NexusFi
Retail Trading As An Industry
66 thanks
NexusFi site changelog and issues/problem reporting
48 thanks
Battlestations: Show us your trading desks!
37 thanks
GFIs1 1 DAX trade per day journal
32 thanks
What percentage per day is possible? [Poll]
31 thanks

  #2 (permalink)
 
NW Trader's Avatar
 NW Trader 
Seattle WA/USA
 
Experience: Intermediate
Platform: NinjaTrader 8
Broker: NinjaTrader
Trading: CL, YM, ES
Posts: 305 since Sep 2018
Thanks Given: 495
Thanks Received: 1,084


Wizard3ootz View Post
So, I’m new to futures trading. I started trading stocks in February, and absolutely fell in love with the market.
I am in no way lacking in dedication, or motivation. I study this stuff like a crackhead. However, it seems I am still greatly lacking in awareness, and method. I hope I can resolve these mistakes soon.

It sounds like you've covered a lot of ground and been in a lot of markets just since February. Every market involves a different type of strategy and, while I don't know what method you're using to trade futures, my guess is that you need to take time to formulate a strategy for futures. Even within futures, different markets may need different approaches.

If you have decided to make futures your home, or at least one of your primary markets, I would suggest this:
1. Devise a strategy if you don't already have one. There are plenty of different ways to gain an edge so just pick one and practice it. There are plenty of good trading books and courses out there, but be cautious about laying down big money for somebody's "guaranteed" plan to make big bucks in just a few weeks.
2. A part of your trade plan must include strict money management and risk control. No matter how good you get, there will be losses, sometimes multiple days of losses. You have to have a trade plan that limits your risk so that when you have the inevitable losses, you will still be able to get up the next morning with a smile on your face and sit down at the computer to trade again.
2. Use a simulated account at first to get the strategy down. I would recommend two to four weeks, although some people say don't come off sim until you are profitable for a number of weeks.
3. After sim, go for the micros. They are the best invention for beginners. You have to be serious because it is real money and real commissions, but you are unlikely to lose your shirt because the amounts at risk are small.
4. Once you're profitable on micros, then try some of the other markets: energy, metal, indexes and so forth. Find one or two that you are comfortable with and stick with those.

To be honest, it sounds like you have really bounced around a lot in just a few months. There's nothing inherently wrong with that because it helps you decide where you feel most comfortable. But, once you decide that, then it's time to dig in, educate yourself, practice, and gear up for the long haul.

Futures, and the markets in general, are fascinating and, yes, there is money to be made. I look forward to seeing your journal as you progress, and you will find lots of help in this community as long as you are willing to listen and learn. I hope you enjoy the journey and best of luck to you along the way!

Mike
NW Trader

There is no path to happiness. Happiness is the path.
Follow me on Twitter Reply With Quote
The following 12 users say Thank You to NW Trader for this post:
  #3 (permalink)
 Cloudy 
desert CA
 
Experience: Intermediate
Platform: NT7, various
Broker: various, TDA
Trading: NQ,ES
Posts: 2,124 since Jul 2011
Thanks Given: 2,396
Thanks Received: 1,748


Ok, I see now. You had a nice rise with the uplifting market since Feb. Then got out during these volatile times to try out the futures market. You probably already heard this somewhere but you've been trading for a very relatively short while. Sure it's fine to take a break. I'd 'given up' and took breaks for a over a year or longer multiple times during my journey. I wouldn't believe that pap about Sykes, He got lucky over ten years ago as a teen, then started a tradeucation business as one of the teen trading first fads, shorting, pump/dump, and also fleecing his subscribers and shadily making one of the biggest windfalls of scamsites history. See the tradingschools review: (https://www.tradingschools.org/reviews/tim-sykes/ ) You might want to check out some of the trading journals here some which had been going on for years, and maybe start one on your own.

Visit my NexusFi Trade Journal Reply With Quote
The following 6 users say Thank You to Cloudy for this post:
  #4 (permalink)
Wizard3ootz
Bend + OR/USA
 
Posts: 55 since Aug 2019
Thanks Given: 51
Thanks Received: 148


NW Trader View Post
It sounds like you've covered a lot of ground and been in a lot of markets just since February. Every market involves a different type of strategy and, while I don't know what method you're using to trade futures, my guess is that you need to take time to formulate a strategy for futures. Even within futures, different markets may need different approaches.



If you have decided to make futures your home, or at least one of your primary markets, I would suggest this:

1. Devise a strategy if you don't already have one. There are plenty of different ways to gain an edge so just pick one and practice it. There are plenty of good trading books and courses out there, but be cautious about laying down big money for somebody's "guaranteed" plan to make big bucks in just a few weeks.

2. A part of your trade plan must include strict money management and risk control. No matter how good you get, there will be losses, sometimes multiple days of losses. You have to have a trade plan that limits your risk so that when you have the inevitable losses, you will still be able to get up the next morning with a smile on your face and sit down at the computer to trade again.

2. Use a simulated account at first to get the strategy down. I would recommend two to four weeks, although some people say don't come off sim until you are profitable for a number of weeks.

3. After sim, go for the micros. They are the best invention for beginners. You have to be serious because it is real money and real commissions, but you are unlikely to lose your shirt because the amounts at risk are small.

4. Once you're profitable on micros, then try some of the other markets: energy, metal, indexes and so forth. Find one or two that you are comfortable with and stick with those.



To be honest, it sounds like you have really bounced around a lot in just a few months. There's nothing inherently wrong with that because it helps you decide where you feel most comfortable. But, once you decide that, then it's time to dig in, educate yourself, practice, and gear up for the long haul.



Futures, and the markets in general, are fascinating and, yes, there is money to be made. I look forward to seeing your journal as you progress, and you will find lots of help in this community as long as you are willing to listen and learn. I hope you enjoy the journey and best of luck to you along the way!



Man, I owe you a sincere and heartfelt thanks for your in depth and lengthy response. I really appreciate the feedback! And yeah, I definitely have bounced around a lot; it’s taken me quite a while to figure out what markets I was able to gain an edge in, and what markets I was either limited by my experience (like options) or by account size (like equities).

Although I definitely wasn’t happy with my recent losses, it was probably inevitable, and I’ll chop it up to growing pains. From most of the responses I’ve gotten, almost everyone I’ve talked to has mentioned getting beaten down pretty hard at first. Fortunately, these small sessions have definitely helped me to remain proactive about my approach, and get to the heart of the matter, so again, thank you for your participation.

I just got home, but I’m sure I’ll be posting here soon. Again, can’t thank you enough!

Reply With Quote
The following 4 users say Thank You to Wizard3ootz for this post:
  #5 (permalink)
Wizard3ootz
Bend + OR/USA
 
Posts: 55 since Aug 2019
Thanks Given: 51
Thanks Received: 148


Cloudy View Post
Ok, I see now. You had a nice rise with the uplifting market since Feb. Then got out during these volatile times to try out the futures market. You probably already heard this somewhere but you've been trading for a very relatively short while. Sure it's fine to take a break. I'd 'given up' and took breaks for a over a year or longer multiple times during my journey. I wouldn't believe that pap about Sykes, He got lucky over ten years ago as a teen, then started a tradeucation business as one of the teen trading first fads, shorting, pump/dump, and also fleecing his subscribers and shadily making one of the biggest windfalls of scamsites history. See the tradingschools review) You might want to check out some of the trading journals here some which had been going on for years, and maybe start one on your own.



Yeah man, I saw that on there!!! Couldn’t believe it. That’s part of the reason why I switched. I was using some of his techniques and I was just sitting on my whole account, not doing crap. At least with futures, albeit I’m losing money (for now) I’m still making forward progression, in terms of personal development. Lol.

But yeah man, I hear ya. And I think I’m starting to flatten out. Tbh, I think a lot of it has to do on getting bitten on my orders, getting jipped for 1-2 ticks, just cause I was sloppy and bidding too aggressively during low-volume periods, when I could have bought at the bid or midpoint, and lastly, made a nice close today by finding my target, setting up my sell point in advance, so I could get executed before the masses/algo traders had a change to milk their profits.

Thanks for the feedback!!!

Reply With Quote
The following 3 users say Thank You to Wizard3ootz for this post:
  #6 (permalink)
 
Rrrracer's Avatar
 Rrrracer 
On the road
Webinar Host
Trading Nomad
 
Experience: Intermediate
Platform: TradingView
Broker: Oanda
Trading: FX
Posts: 2,512 since Feb 2017
Thanks Given: 17,582
Thanks Received: 9,751


Wizard3ootz View Post
From most of the responses I’ve gotten, almost everyone I’ve talked to has mentioned getting beaten down pretty hard at first.

Fear not, the beatings shall continue LOL... it takes a while for sure.

Some guys have been doing this for 10-20 years, spending tens of thousands of dollars in the process and still take a whoopin' Sounds like you've been all over the place in a short amount of time, don't be surprised if it takes longer than you might think. Your attitude is great though, stick with it... you have received some great advice here so build upon it. Get yourself into the micros and don't even think about moving up until you can prove your edge in a live environment.

All the best man.

Follow me on Twitter Visit my NexusFi Trade Journal Reply With Quote
The following 9 users say Thank You to Rrrracer for this post:
  #7 (permalink)
Wizard3ootz
Bend + OR/USA
 
Posts: 55 since Aug 2019
Thanks Given: 51
Thanks Received: 148


Rrrracer View Post
Fear not, the beatings shall continue LOL... it takes a while for sure.



Some guys have been doing this for 10-20 years, spending tens of thousands of dollars in the process and still take a whoopin' Sounds like you've been all over the place in a short amount of time, don't be surprised if it takes longer than you might think. Your attitude is great though, stick with it... you have received some great advice here so build upon it. Get yourself into the micros and don't even think about moving up until you can prove your edge in a live environment.



All the best man.



Lol, appreciate the encouragement! And haha yeah, it definitely seems that way, although I’m trying to focus on the positives. Although I’ve pretty much donated almost half my roll at this point, I’m not allowing myself to be crippled by it. I’m going back to paper trading for as long as it takes me. Once I have proven to myself that I have what it takes, I’ll start playing again. It would be one thing if I was taking hits, and didn’t modify my behavior, but the fact that I’m reaching out, pulling out for a while, and committing to re-working my practice, I think, bodes pretty well.

Thanks again for the feedback man. I am really happy to be a part of this community, and to have the support of all you guys. Have felt really welcomed since i started posting on here! ^^

Reply With Quote
The following 3 users say Thank You to Wizard3ootz for this post:
  #8 (permalink)
Wizard3ootz
Bend + OR/USA
 
Posts: 55 since Aug 2019
Thanks Given: 51
Thanks Received: 148

Well, my initial follow through could have been better, but the good news is that I have taken all of your feedback/comments into strong consideration, and have implemented them into my practice.

Simply put, I’m going back to paper trading until I can develop a better strategy, and start getting some better entries/exits etc.. Although it sucks im down so much, I think this is a necessary stepping stone to success, and I sense that, with patience a and hard work, I will make all my money back - and then some!

As per my plans, my intention is to strictly paper trade, until I can be consistently profitable for the next few weeks. It will be kind of a drag. If I am being perfectly honest with myself, there is certainly any addictive tendency to trading that I will need to contend with, and that has certainly led to some of the more significant losses in the short term. I don’t consider myself an addict, but if again, I’m I’m truly being honest with myself, I definitely get a rush from trading, and I’ll need to keep that in check, moving forward.

I’m also making an intention to go through all of my trades at the end of the session, to observe how my entries/exits were, what the overall security was doing etc... and hopefully pick up on some patterns. I’ve noticed that I have a tendency to buy high and sell low sometimes, or short low sell high (I’ve included a pic of a failed short below, illustrating such behavior). I’ve been mostly trading on my phone right now as well, which is definitely not ideal. However, I just ordered a new flash drive so I can throw boot camp on my Mac, in order to run both MacOS and Windows 10, so I can use the TradeStation desktop application (I’ve got parallels but it’s just too dang slow).

But yeah, once I see enough consistent profits from paper trading, I’ll shift back over, and start slowly, trading one lots, and see how it goes. No more jumping in with a full position like I have been. I think a great deal of it has to do with jumping in full steam, and not having the account balance to allow for wide enough swings, so I’ll panic, and close out, just to have it rally. Therefore, a lower position should help, in theory.

On a side note, I cannot thank everybody enough for the amazing responses and support you all have provided. Contrary to r/WallStreetBets and the like, everyone here has been extremely warm and welcoming, and has provided a ton of great feedback and suggestions. Cannot thank you enough for being willing to invest in someone else’s success like that. I hope I can return the favor someday (or pay it forward, at the least!)

Thanks again!

P.S. on a side note, I just applied to go to Oregon State University for my Bachelors Degree in Business yesterday. Already have my Associates. Also found out I got a $3,300 grant, per term!

Below:

Photo 1: Solid gains on oil (short) +$120
Photo 2: Failed short. Looked like it was going to continue to drop, then rallied. -$62




Sent using the NexusFi mobile app

Reply With Quote
The following 7 users say Thank You to Wizard3ootz for this post:
  #9 (permalink)
 Cloudy 
desert CA
 
Experience: Intermediate
Platform: NT7, various
Broker: various, TDA
Trading: NQ,ES
Posts: 2,124 since Jul 2011
Thanks Given: 2,396
Thanks Received: 1,748


Wizard3ootz View Post
Contrary to r/WallStreetBets and the like, everyone here has been extremely warm and welcoming, and has provided a ton of great feedback and suggestions. Cannot thank you enough for being willing to invest in someone else’s success like that. I hope I can return the favor someday (or pay it forward, at the least!)

Thanks again!

P.S. on a side note, I just applied to go to Oregon State University for my Bachelors Degree in Business yesterday. Already have my Associates. Also found out I got a $3,300 grant, per term!

haha, aren't those subreddits a riot? Thank you for your appreciative attitude to the responses here. Congrats on your grants to Oregan state and getting your associates. I think your plan to practice is good and solid and you're well on your way. I'll add that maybe you might have heard of Al Brooks for a price action primer. Bulkowski (thepatternsite.com) also has books on patterns, and I've read books from both and think Bulkowski's books (can be any one of them, not his whole library) detail common chart patterns and price action better overall imo. Best of luck.

Visit my NexusFi Trade Journal Reply With Quote
The following 4 users say Thank You to Cloudy for this post:
  #10 (permalink)
 
AnvilRob's Avatar
 AnvilRob 
Smithfield, VA
Legendary Options Mando
 
Experience: Advanced
Platform: Tasty Trade, TradingView
Broker: Tasty Trade
Trading: Futures: Everything
Frequency: Daily
Duration: Weeks
Posts: 626 since May 2017
Thanks Given: 339
Thanks Received: 927


Thanks for sharing! I look forward to following your journal! I wish I could help in a strategy. If there is one thing I learned, you have to develop a strategy that works with your personality. Cheers mate.

Follow me on Twitter Visit my NexusFi Trade Journal Reply With Quote
The following 5 users say Thank You to AnvilRob for this post:





Last Updated on June 29, 2020


© 2024 NexusFi™, s.a., All Rights Reserved.
Av Ricardo J. Alfaro, Century Tower, Panama City, Panama, Ph: +507 833-9432 (Panama and Intl), +1 888-312-3001 (USA and Canada)
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.
About Us - Contact Us - Site Rules, Acceptable Use, and Terms and Conditions - Privacy Policy - Downloads - Top
no new posts