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You can find many threads on futures.io (formerly BMT) how and why many of us burnt our accounts
Moreover, there are threads about the problem of undercapitalization or small account growing. Eg. TopStepTrader can be an option to overcome that.
Mentally.. for me Rich and his course at MindMuscles.com helped a lot. The online materials and exercises are very practical, in my opinion.
Can you help answer these questions from other members on NexusFi?
Dear Member .
have been also trading part time for almost two years and have already blown up two accounts,and about to lose hope with trading .
any hint you can share how you managed to turned it around ?
Beginning level wanna-be trader lurking in the background...looking, learning, and absorbing what I can from as many sources as I can find. I have successfully managed not to blow out any accounts yet, but I also have lost "some" money...but gained a LOT of very interesting and useful education/information in the mean time. Still a great deal to understand, research, practice, discard, etc. I am not in a hurry to trade more, but it is something I am working towards in a "I would rather do this sooner than later" approach. Still, I also recognize many of the reasons for failure include a lack of proper understanding, poor money management, poor discipline, and not giving nearly enough respect to the psychological considerations. Realizing those, and finding ways to not have the same thing happen are two different things, but I also realize that I will only have so many chances in my life to make any dream of trading full time a reality. Cautious optimism and a willingness to absorb are my driving engine currently. It's ok I think to have a hopeful dream.
I have been reading through many of the forum posts, and want to say thanks to everyone for sharing their ideas, criticisms, support, and wisdom with those of us who are still trying to figure out this big, complicated mess!
Hey everybody. I've been coming around Big Mikes since Dec, 2013 but until recently I haven't contributed or posted a single thing. To this point most of my time spent here has been learning, reading, and trying to internalize the info located within the forum. Many thanks to Big Mike and all of the other veteran traders and posters that have made this site possible. Their time and energy spent here is invaluable to a beginner like myself. When I first started researching trading I didn't think I would be able to make it with the all the negativity I found on other sites. The pessimism and negativity almost made it seem I had a better chance of becoming an astronaut than pursuing trading. So again, thank you everybody that has made this site possible.
My immediate goal is to start a futures.io (formerly BMT) trading journal consisting of the EUR/USD. I actively trade on a SIM account and am looking to go live within the next 6 weeks. I plan on opening a $500 forex micro account. This will allow to me get some skin in the game without risking my rent money. With this account I want to focus not on profit but on risk management, trade management, and emotional and psychological balance. I plan on creating my journal tomorrow, at least creating a single page and laying out my rules and trading strategy.
On a side note, I'm a newly wed (married last May), born and raised in Las Vegas but currently living in Dallas, TX. I'm a history fanatic with a Bachelors in History and minor in Education. I'm a diehard football fan and root for Notre Dame and the 49ers.
Good luck to everybody in their future trades.
-"How can people get to that carefree frame of mind that you talk about?"
-"By changing the way that they think. They have to eliminate the potential to think that the market is going to disappoint them. And the way they eliminate that potential is by understanding that trading is not about being right or wrong. It’s a probability game."
come here from houston texas. Just started looking at futures and would like to learn more and share my knowledge to the community. Thanks for all the help MIKE
Hi Big Mike I am A E-mini zone trader. I have been trade A few years now and it phycology over the market. I Trade futures as a full time job I am 23 years old. Trading is A business and it all about following the sharks and letting the market come to you. Thanks
Just thought I just finally throw a post up here to introduce myself. I getting back into trading full-time after taking about 2 years off. I was a successful prop trader from 2003-2009, mostly trading equities. Being in a prop office certainly had it's benefits, but the office closed in 2009 and I moved. Lost my direction and passion for the markets for a couple years (and it was reflected in my results). I'm really excited to be back, I have moved into a small office away from home so I can focus. The one thing I know I needed was a sense of community. When I was trading, it felt very alone. I accept that this is a solo endevour. But this is a great community here and I'm learning a lot by reading the posts.
I'm a day trader in the ES. My style is really waiting for 1-2 moves a day. I would like to build myself into as position trader and hold for longer moves. Anyways, it's great to be here. I hope I can add something to the mix here. Thanks Big Mike!