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The chart is the manuscript and the tape is its discovery index. It shows that non random events {big contracts} push and pull the price. I'm learning more every day. Some days the big contracts are faster to read then others, but it's there. Every day like clockwork, the big money does its thing. The challenge I have is to learn to fully trust what I see, and not to believe what I think. And with the pressure of holding the wire, it may take me a lot longer then originally anticipated. Feeling sick looking where the price of the ES is at right now. LL. But I do love this trading gig very much.
Again, didn't do my homework for thursday. Just sort of glanced at the daily chart/60 min and went for the wings again. This laziness is fear in disguise. As I want to self sabotage since apparently I'm my own worst enemy. Still found a single trade for 1 ES point. Can only take one trade per day on this micro account. The broker charged their monthly data fees yesterday. So the account was actually down to $441. Must must must must must do my homework for Friday or I am not doing this. It is simply stupid to attempt to take any trades without the homework back up. Developing horrendous trading habits will not help this endeavor. I understand the tape. I can read the price. But my heart is pounding 200 beats per minute when the trade is in play. There is no life @ 200 heart beats per minute only adrenaline that will burn my account.
You are clueless. Homework isn't why you failed. You failed for all the reasons already laid out in this thread, none of which are "homework". You aren't even close to getting into methodology.
You are the epitome of the exact failure we described -- a highly leveraged rookie trading futures and scalping. You should not be trading futures. You should not be scalping. But no, you know best! You and your $400 margin broker!!!
You should have donated the money to charity, you've not learned anything! And now you are going down the path of placing blame on things that have no bearing on the reality of the situation.
Not to jump on you when you are down, but the kindest thing to say at this point is that this is why live trading and any amount of sim trading, or study, or understanding the tape are different.
No one can trade under these conditions. Really, no one who has replied to you has not gone through something like this. Take the suggestions that have been offered, they came from real life. Honestly, they did.
Who r you to judge me? Your opinion is duly noted. But I guess your $60K per month is giving you a god syndrome. I'm very happy that your trading journey brought you to that place. But that does not give you any right what so ever to cut down everyone that goes against your learning curve. What is this place then? A traders meet up organized by a fellow trader called a big Mike? Or the church of big Mike?? Your trading system is yours and yours alone. And I'm not interested in how you clear $60K per month. Otherwise I'd be the first in line asking questions. And you ought to be wise enough to recognize when to stop giving people your opinion. You telling me what to do with my money is out of place. Remember, you wrote earlier how you are loosing money when you have to waste your time on a tiny stupid thread such as this. Then pretty please bugger off to your own thread and preach to those that want to hear the trading god big Mike speak! Your conduct of a gentleman that created a very nice trading forum is unbecoming of who you are as an individual. I have a right to choose my pain in learning how to trade. Who are you to take that away from me?
Yes, I fully understand that Bob. And I say thank you to each and every individual that takes their time to create a comment. I deeply appreciate and respect it. But cmon now. I have a right to choose my journey. And if I fail so be it. It will be on my own.
I will take a different tone then the others. You have made some true statements here. Your title is correct, self sabotage. You have done so from the beginning. You are learning how to trade. You are learning the worse possible habits, because you are trading and operating from a position of fear.
In business as in life I try to look at a situation, determine what the problem is, and then find solutions to correct the situation. You are operating from a fear because of 2 major things, (and about 100 other things). Big 2 have been said multiple times. 1 Lack of Capital. 2 Lack of Method, Training, Education, Strat whatever you want to call it.
1. Lack of Capital. Obvious, you don't have the money to trade. But there is an even more valuable form of capital that you torch everyday you trade under-capitalize and try to scalp. That is mental capital. Cash is expendable and can easily be saved, earned, or returned. Mental capital is not. I would almost say it is finite. If you burn through what you can emotionally handle, you will never be able to trade again. And may create other risk adverse behavior in other aspects of your life.
2. Lack of Method. The greatest example of this is in your journal. You haven't shown where you entered and why. You haven't recorded anything about why you enter and exit the market. This is the greatest aspect of a journal as it allows you to then review your decision making later. Because of this I don't think you know why you are trading. And if you don't know why, you cannot quantify it and test it to see if you have any edge at all. And because of that you cannot have confidence in a trade.
This is my last post in your journal. I spent about 30 mins thinking and writing it. In my life that is about $200-$300 worth of time I spent on it. I hope you heed the advice others have given. If not, I hope this helps some other lurker out there.
If you think he is judging you then that is half the problem.
If you see someone about to drive off a cliff, won't you try and stop them? Especially if you have been off that same cliff? And clawed your way back over the edge.
Yes, point taken. I do thank you sincerely tturner86 for your sincere $300 advise. No sarcasm I promise. I sincerely thank you. Regarding the cliff thing: I'd ask them why? I'd listen to their reply. Respond with a opinion. And move on with my life. Regarding the judging thing: big Mike is doing well and I'm very happy for him. But I'm quite certain he was learning on his own pace and with his own money. And was creating and battling his own demons. Till he arrived where he is at now. What makes someone, anyone want to tackle this trading business? Is what brings people together to a forum such as this. That should be remembered and respected. And because someone found what works for them does not give that someone any head bashing rights over others. Otherwise what is the point of this place. And more over what is the point of living if I can't create my own pain and my own success and hapiness.