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Great advice. Your strategy should be set and not tampered with. Messing with your stop loss by one tick could be detrimental and change the overall outcome of your successful trades!
Trading can be the most simplistic or the hardest thing you ever do! There is so much hoopla from sales people out there. Learn this indicator, trade this candlestick pattern, put this on your chart...blah blah blah. Your pulled in so many directions especially when you start losing trades and start to blame your losses on the specific indicator and then what do you do?? You switch the indicator or strategy and lose more! lol If only that new trader would listen and just stick to one of the thousands of strategies out there and live by this little piece of advice. "YOU WILL LOSE MONEY, BUT IF YOU STICK TO YOUR STRATEGY, YOU WILL WIN OVER TIME!" "MITIGATE RISK" "DON'T TRADE MORE THAN YOU CAN AFFORD TO LOSE"
By the way, this was me! Everyone needs an epiphany.
@DeadCatBounced - Great analysis of your personal situation. Shows you have a good handle on the core concepts of successful trading which also go well with those in leading a successful life. Props to you and your post and those that have contributed to it.
I've been taking my time entering the futures trading world. I believe this time will be looked back on by me as being well spent regardless of the outcome. I agree with everyone on the KISS method. Observation has been massively helpful in my progress and will continue to be. S/R and longer time frame are 2 key points already mentioned. You will do yourself a lot of good observing and learning these 2 things alone. Beyond that, Risk always comes before Reward. These are the things that have helped me put the markets into perspective.
Singer399 - I taught myself averaging out of losses when I was learning the ropes in Sim, but that is how I blew out my real-money account the first time. I changed my habits by waiting for the next S/R region before entering the trade a second time and that's how I blew out my account the second time.
Can you describe how you've made averaging out of your losses work for you?
Nice post. there is a lot to be learned from all that you said. I have one suggestion you might want to consider. If you wish to swing trade ETFs you may want to consider options. Depending on the options technique used it can be much safer for swing trading.