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Thank you. Point taken. The price moves in two dimensions. And the contract orders are following larger contract orders. And since everything is being recorded. The tape shows it. Time and price. Martin Armstrong on his forecasting blog talks about time being more important. I'm learning to follow the tape. I study the daily,240m, 60m. And when I do my homework properly I can see when and where the price wants to go to. The tape recorded large orders of the past. I'm looking for the rotation or the continuation as the new large orders are coming in. The price goes to where those earlier large contracts brought it from.
I think most of us been in a similar situation but maybe not that extreme
I think IF @blackberry want to become a real trader he will learn from his mistakes , we all did that!
it looks to me that this is a start of a new journey for @blackberry and in a couple of years from now he will be able to trade right , but he must wanted badly!
So this is a logic based questions for you @blackberry and I have genuine curiosity.
You know you will blow your 1k and you almost have, in a week. How many 1k's do you have for reloading?
If you have multiple reloads, why not just put all of it in so you are better capitalised and lower your heart rate? Or do you feel you don't have the discipline to not blow it all up quickly?
If in this instance, you don't have multiple reloads or are limited, how will you pay the market to educate you?
You are looking at about 500 a week in education costs to be generous. Do you have 25k to last one year?
LL. Thank you. The cheering squad may be a positive distraction. The pressure of performing would do me infor sure. When i look at the tape in that moment the amount of incoming contracts will be a certain number. And that number certainly changes by the time that tape frame is over. As I do better in getting my head straight first, I'll certainly be able to explain my view of the tape better. There is a book by Rollo Tape (Richard D. Wyckoff) that I've been following for a while regarding this.
Thank you. A very good question. I absolutely lack the discipline simply because I'm new at this. But I respect it enough to know my place to start my journey from. And yes would most absolutely blow any larger account out of the water. It's the psychology of trading that matters to me the most. Otherwise I'd fund my account with $100K yesterday. I started with $50 on the micro forex, it took some time to make it $250+, now I'm simply challenging myself to do better. Yes my house is paid for and most importantly my wife is happy. Which makes my life very happy!
Fair enough, I didn't need to ask about the happy wife as it was implied, glad you had that in mind.
You should probably go to the webinars page and look at a few of the videos regarding capitalisation and the myriad of benefits you get from having proper cap, since you have the means to do it.
If you cap your account with 20k instead of 1k but have a proper trading plan which limits your risk, lot size and daily/weekly/monthly draw down, you will get all the benefits of proper cap and none of the negatives of a lack of discipline.
Learning discipline is just as important, serially undercapitalising yourself because you don't trust yourself is just handicapping when you don't need to. Discipline can and needs to be learnt. Even if you manage to turn 1k into 5k, your lack of discipline (because you didn't bother to learn it from the start) will kill you later.
My wife almost verbatim said the same when I started first with the micro forex. And again just most recently with the micro futures. I do acknowledge and agree with you both. And at the same time yes I still choose to start the way I have already. I'm reading or watching something about trading every single day. And the list of the videos to watch and the books to read is endless. Thank you sincerely for your time spent on a very valid point.