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Thanks Mich and Snax for the suggestions and insight, definitely very wise words there...
so after blowing up my first account around 2 months ago, I am back at the game! Trying to do ES mini nowadays and taking it easy, thinking more and trying to not jump in at any setup...Just want to learn and preserve my capital!
One and a half day of trading so far:
First day: 3 trades --> $115 net profit after commissions
Today: clicked on "sell" without realizing that I had no "ATM strategy" selected (normally i have my stop and target setup)=> had to handle the position for the first time with no stop loss, waited too much to close (was winning 2points=$100 why would I not close there?!) and ended up losing 1.25=$62.50. After 10min I decide to do SIMulation and enter a setup there, power goes OUT and I am just glad that it was only SIM. Power comes back in 20min and I realized I lost ~1.5 points.
Yesterday was a very steady "up and down" day with steady and long trends, today IMO more of a consolidation day with sideways and I find it quite difficult to read and trade...will be just doing SIM for the rest of the day and only do any real if I see a very clear setup.
I trade ES and GC and every good trader I know started out in one of two ways:
A total shit show for a while or incredibly lucky for a while and THEN a total shit show.
I was the latter.
Not sure if this has been mentioned....1 thing you absolutely cannot trade successfully without is a thorough understanding of Support and Resistance. I'd argue that one could be profitable if they were excellent at defining S/R and just used common sense for everything else.
S/R is the backbone backbone. If you go long at support and sell at overhead resistance (or or stop out if the price cleanly drops below support) on any timeframe you should be right enough of the time to be consistently profitable.
Once I really got that hang of that I was able to introduce all the other things like risk reward, trade management, position size, pattern and trend recognition, etc.