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8 trades, 7 stopped, $ -270 + $ -32 in commision = $$ 302 out of the $ 766.97 account.
Over traded by the count of 7, considering the account size. Did not obey the set up rule. Allowed myself to get caught in the noise. Enough capital left for a single ES trade tomorrow. Otherwise I have to add more to the account. I love this job. Good thing my SL discipline is solid.
And that trade goes 1pt against you and your broker's risk desk liquidates the trade. This thread should be stickied and mandatory reading for any new trader.
It doesn't matter how 'solid' your game plan or strat is, if you don't have enough capital to play the game, you will lose every time.
One trade, stopped out @ + 2 ticks. Followed the set up rule, good stop loss. I'm happy with the outcome. Tomorrow is another day. 9 day trades today, 8 trades too many for this micro futures account. Game plan for tomorrow, to only trade the AAA+ set up on 60min chart. The ES is the only dance in town for me tomorrow, so it ought to be pretty straight forward.
Wow, how fortunate am I to be greeted by so many smart and concern people of this forum. Clearly I was mistaken when I thought of day trading as a lonely business. Thank you for your post. I get it, "I'm never gonna make it". For the sake of this journal, maybe next time write something original ? This is just a ride tturner86. And yes I'm very conscious of it.
If you want people to be constructive, then you should set a realistic expectation. Set yourself up for success, right now you've only set yourself up for failure. It's inevitable.
All you've done is the exact thing that all of us know won't work.
This has been documented hundreds of times on the forum, so after a while it gets old and most people just let the person blow up their account because they aren't taking the time to read or learn anyway.
The forum is overflowing with knowledge that is openly shared. There are people here that make real money. But you have to listen to them and you have to be open to the idea that you are wrong and don't know as much as other people that have been doing this for a long time.
@blackberry you should go back and read this thread. It's pretty short so it won't take long. You've nearly blown up your account in just a few days, and everyone tried to warn you this would happen. You didn't listen, you thought you knew better.
Just stop trading that account right now and take the $750 you have left and hang on to it. Then make a real plan, one that has an actual chance of success.
There are lots of forums out there. nexusfi.com (formerly BMT) is different. I created nexusfi.com (formerly BMT) because I couldn't stand the other forums, the rude people, childish remarks. 99% of the time, nexusfi.com (formerly BMT) is a clear cut above and beyond what you'll find anywhere else. People are only replying to you because they are trying to help you, and it's my/our experience that sugar coating it doesn't help. You need to be told the truth -- that what you are doing is ridiculous -- so that you can hopefully snap out of it and start making a smart decision.
When I stop and write a reply, it costs me money. I am a full time trader, I post real-time trades and have posted months and months of statements that prove I make a good living at trading. Every time I write a reply, it's less time I spend on my trading. I am only doing it to try and help you, to try and get you to avoid making stupid mistakes.
You should try to be a bit more thankful and less defensive. I understand that loss is painful, and you've lost. But if you can't handle it and cope with loss, then you are not ever going to be a good trader. Trading is all about loss. It's all about risk. You've made a stupid decision with risk, so now we need to see if your next decision regarding loss shows improvement. If it doesn't, you should just walk away from trading and never think of it again --- because otherwise it's going to be nothing but a painful experience for you.
Then I have to ask Why?, Why waste your money and time?
This isn't just your never gonna make it post. You are congratulating yourself because of a 2 tick loss on the 9th trade of the day. That you state is 8 trades over your 'limit'. What good did your 1 trade limit do today? You failed that limit 8 times today.
If 9 trades can take you to margin, then it is a waste to even try and trade.
I see a thread like this and I almost feel like it is a joke and you are just here trolling serious traders.
I think he is a real person. The only joke is the expectations he had. I'd like to know what he based those ridiculous expectations on. Probably some other people that trade sim and pretend cash, or some vendors/room types that do the same, that give the false impression that it's easy to make money.
I also place a lot of blame on brokers that allow this type of account to exist, much less brokers that prey on this exact type of customer. It should be illegal. How can they sleep at night?