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I'd like to also point out, that since I've said I'm going to trade live...I've only heard from two people, one of which was his very first post, you. This is the first time I've heard from you, you say you have been helped by these guys, I believe you. How about spreading around what you know....I guess thats my view point on that. I mean it is my account, my money, and this is my decision. I think if other members choose not to help me because I'm trading " my money"....that, that is.....not cool. But to each his own. But like I said in the last post, I heard from very few people when I was doing good. Then it like stoped all together, posts I mean, when I was winning, and doing good...why would that be? You would think that would be when a person would want to encourage someone. " Hey your doing good, or Hey I see this, correct it"....right? No....? Who knows. But I appreciate every bit of advice I've been given.....
I am by no means a trading expert. But I learned to trade the least number of contracts till my excecutions, exits and money risk management are NEAR PERFECT.
With your account size, and trading style, you SHOULD NOT trade more than ONE contract at a time, EVEN if your account size reaches $10,000. Why would you put a $ number at which you will add a contract ?? and you trading is not perfected yet. Your losses will be 1/2 of what you are experiencing at the present moment. That extra money that you will be saving will carry you longer and keep you in the trading career longer
Now, if you want to add contracts, do it by adding a contract to an existing PROFITABLE position (called pillaring not pyramiding) , only after securing the first position with a profitable stop loss. This may have a tremendous effect on your emotions.
Upupandaway, trading is about making money, WITH the CORRECT WAY to make money, that is suitable to your personality.
The only way it will come off is to just take it off. Like a band aid on a hairy arm. Just rip it off. It only hurts for a minute. Then just pay attention to what price is doing around your MA's. You'll be fine.
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris
Up you have been given plenty of advice to this point. It is up to you to listen and do the hard work. I am not here to say what you want to hear only what you need to hear as I stated.
My Pastor always says "There is nothing new under the sun."
The mistakes you made yesterday, you will make today, and tomorrow. You are looking for a trading method that will make you profitable. The problem with that is that you are the problem. Self discipline is the first step. You have to become disciplined, focused, precise, and patient. Then coupled with the hard work of researching and developing your system you will possibly have a chance to be a successful trader. The Market owes you nothing, everything is earned.
Yesterday Monday I lost another thousdan so dollars. Didn't do what I knew I should. Was scared to do what I know I should. Like afraid as soon as I entered it'd go against me...wouldn't of, had I entered right.
Anyways today I started with my account at 2875. I made a trade in the morning, and it went up 30 ticks, took that, that was good. Looked over at P n L and noticed I had it on "sim"...great... Took it off sim, and aways I went. I quickly had the account down to 2400 in two trades. So...thought well crap...ok.
So as it started selling off and looking like it might hit yesterdays "VPOC". I was "mentally" against selling it, but everything said sell it. So I made myself do that. Those VPOCS do get hit, and I atleast had a chance for it. If it did work out, I'd make back some much needed mental relief, capatial relief that is. Went my way... and my account now reads "3805" dollars. I made about 930 or so.
I can say this, that the only thing from now on that I'm doing, or "not doing I guess" is trading against the 5 minute chart. I get burned almost always trying to trade "BTMAT". I think it's a valid trade, but it's to muddy, like muddy water I guess.
Just a couple of thoughts. Last November or so, I was musing out loud that there were few traders commenting on my journal. I guess I wanted more attention.
Big Mike wrote me back saying that the journal was to benefit me, and that reguardless of the commenting is an aid to my trading. He was right...like usual.
Mike has the benefit of seeing thousands of traders. I mean thousands. He has seen every mistake in the book, and he can spot them from 35000 feet away.
And he has access to the very best traders. Think webinars, think telephone conversations with these guys, friendships. He likely knows more profitable traders than the average bear.
So when he speaks, I, for one, listen. I have had over 15,000 visits to my journal. And Mike has commented on my thread less than 10 times. He has never been wrong.
So, I dont know what to say, except to reiterate what I said before. I cannot add anymore advise over what you have already received. If you dont accept what you have been given, which, BTW, you havnt from what you are continuing to post, you are not getting the point.
Likewise from the advise from Private Banker and Panda Warrior. And more recently, Itradetogolf. I have to admit, I dont review his thread very often, but his reccomendations are spot on, from what I read.
You see, there isnt any secret to trading. Just like there isnt any secret to playing the game of golf. Anyone can figure it out in a few days.
But there is a big difference between playing a game of casual golf and playing the game to earn a living wage.
So what are you doing? Are you playing a game of casual golf here, or do you want to be a pro? If you want to be a pro, you have to do the things that pros do...first. ( by pro I mean a full time trader, or majority of income derived from trading)
Mike is a pro, Pandawarrior, PrivateBanker, a few more.
Worth repeating, too many don't fully understand this Just because you know how to play and what mistakes to avoid, doesn't mean you know how to play well.
I list myself as "advanced", not "master". I still make a lot of mistakes
Maybe you could include @tigertrader in that short list, because he is definitely in-tune with the market, it whispers to him in his sleep. You can find his fine advice scattered throughout the forum, but mainly concentrated within the SP500 main thread.