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Ed Seykota, featured in Market Wizards and someone that I happen to know as well, may well tell you to hand your money over to someone who does it well, and then proceed to find what is meaningful and productive in life. He might also say, as he has in the past, that "everyone gets what they want out of the markets...both winners and losers." You need to honestly ask yourself which one is you.
My ten cents: There's a reason that well over 80% of futures trading these days is done by computers. IMHO, if you cannot trade via a computer, you should not be trading at all...unless you're here to lose money. (Knock yourself out.)
Ray Dalio's book "Principles" may give you some additional, helpful insights as to how he avoided self destruction via trading, and that boils down to *how* he was making his in-the-moment trading decisions -- i.e., via a computer instead of via 'discretionary' -- meaning *engrained, emotional* -- trading.
Fighting one's basic instincts and reactions is no way to go through life. I truly wish you well...and good decision making.
Can you help answer these questions from other members on NexusFi?
It usually takes years to move from beginner trader to pro.
1. have a mentor...
2. make sure that the mentor trades live and is successful and has simple plan
3. practice ...practice ....practice
This may take years....unless you are smart...then it will take decades ...just kidding...
4. Put small amount on line...monitor progress.
Go back to step 3 if loose money consistently....if making money consistently keep track of your winning trades, style, market conditions when you win /lose...trade as per your style...
Good Luck!!!
We all need tons of it!!!
You can practise your skills all day long, but it's comparatively easy to get better at playing. The hard thing is to get better at winning--anonymous
1. Capital Preservation while you learn - solution trade micros first. Scale up when successful after 50 trades or so.
IMHO most traders fail by blowing up their capital/psychology before getting to that AHA moment. be patient.
Simulated - paper trading is good only for systems setup and general analisys.
2. Advantages of trading futures are many so are the risks.
3. Learn the moves, have access to live market news such as tradethenews etc.
-make sure you have a solid platform and tools to trade, if you are not spending 200 to 300 per month on just the tools (Charts/feeds) you are driving a bus not a ferrari on a fast highway.
4. Price Volume Time
5. Setup your risk management so you DO NOT focus on money but on trading, market structure.
Rest will just starting working itself out once you reach the mind-no mind stage.
Forget the online gurus unless you hookup with people that dont hype and have truly proven track record.
Cheers.
First, I am sure you will have many responses and supportive comments, but from what I gather, it looks like you need to step back and practice trade a little, because one thing is for sure, if you can't make it with practice trading, you will never make it live. Even today, I do this sometimes, but less and less.
May I suggest you learn about the Wycoff method and search out VSA trading, search out Tom Williams, a master I learned so much from, serch for "Master the markets" by Tom Williams, I think you will not regret this in your library.
You should never lose money being long stock index futures. The only excuse for losing money is not being able to stand the heat on an adverse move. That is why micros are better. Presumably, some traders can short stock indexes and make money, but that is statistically quite dubious.
I haven't looked at intraday statistics carefully, but end of day breakouts cost about 1% and then you have to sell before the almost inevitable retracement gives you a similar haircut.
I've never come across an obvious crook in this business but it is infested with greed and that warps people's thinking.
Buy low, sell high, and don't bet more than you can afford to lose.
You shouldn't be trading real money. Are you crazy? 3 weeks! Bro, you are going against PROFESSIONAL TRADERS, that have thousands and thousands of hours of screen time and experience.
Trade only the ES, use two contracts, scalp out at 1 point on the first, and breakeven on the second for a runner of 2-5 points or a Measured move once you get better. Once you can successfully do that, and double a sim account from 5k to 10k, you might be ready to DIP your toes in the water with real money. And double a sim account the right way, not doubling down, and letting losing trades turn into winning trades. This takes years and years of experience.
Also, Trading breakouts is ultimately a failing strategy, stay away from that.