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Long time lurker, first time poster. I can't say that I have "blown up" accounts but I have spent a pretty penny. Staring to finally get a handle on my capital preservation. I started doing the TopStep Combine as I figured if I can pass that, I should not be trading. LUCK!
Kohl
Can you help answer these questions from other members on NexusFi?
I am a new trader wanting to understand and trade with knowledge and confidence, especially after losing money in 2008 and staying away from trading. I would like to start with forex and then move on to futures.
Hi everyone. New here, I´m from Spain. Thanks Mike for all this work. I´m triying futures after years of trading forex. I found lots of info on this forums and I also want to thank everyone for posting and helping newbies her
What you wrote right there is pure gold. It describes exactly my feeling, the need for accountability, ensure I was following my own advice, meeting fellow traders, stimulation of ideas and that issue of proving someone wrong on other forums. This just resonates 100%. I am a hay farmer in rural New York State, traded since the 80's, bitter slow learning curve. In recent years had uneven success, 5 years ago making over 100 thou and last year winning 50 thou. Frustrated by my inconsistency in applying myself and bad habits of staying with and adding to losers, swinging for the home runs all the time, money management and psychology. Within days, proceeds from my final timber sale in the amount of 40 thou will be available for trading. I'm at the stage of life where it is imperative to take the reigns and do it right this time, all the time, to conclusion. Right now experimenting with different platforms, brokers and diversification techniques. Stumbled onto this site by accident, but of course, there are no accidents. A journal is key and this site's philosophy appears to accent that. I pride myself on tech analysis, but am like a powerboat without a rudder. I must steer clear of danger and frequently dock to safe harbor. Seeing this site as a safe port in the storm. Gotta go outside and get the equipment ready for the haying season. Glad that I was enticed to give an introduction. Thank you all, especially Mr Big Mike for this site!
Hello
I am from Bulgaria, 37 years old.
I have day traded stocks for a wile in 2010 for swiftrade.
Recently I earned funded account at topsteptrader.
Thank you for the information/community/forum
I am excited to be here. I first got introduced to the futures through my Natural gas finance lecturer during my grad study in 2013. Immediately, I developed a great liking for it. I attempted trading futures (live) in 2015 and the result was breakeven but I knew areas I needed improvement especially in trade and risk management.
Hi All,
Just like majority of the new traders out there, I blew up my account twice.
I started trading after putting some efforts to study, but none helped me as emotions took over control & started playing with my hard earned money. In contrast to most others out there, I did not end up losing my funds immediately. I actually started with a very small trading capital & time passed by with small profits & small losses.I was not learning much except to work on my trading platform faster.It was a single day after which my Greed/Fear grown big.
The big day that winning trades really turned me down towards empty pocket:
It was a lucky streak of two winning trades, first I used margin trading on a stock (300% gain on my capital) on a single day when the company announced results.I was happy with this & started to try out options trade which I had not done before. I just had read through intro about options a few days back. All I knew was buying options will result only in risk to the extent that we spent to buy the option unlike futures with unlimited risk Moreover, my capital wasn't big enough to trade even a single futures contract. so I bought a faraway OTM Put option for a stock whose quarterly result was very close. I spent one-third of my existing grown up capital to blindly buy this option just to get the feel of derivates trading. Second luck struck me when the company posted very bad results & the stock fell sharply earning me more than 1000% that I spent for buying the option. I was happy that I had gained so much but sad at the same time that I should have kept my trading capital to the full potential rather than just 3% of what I could afford.
Fear Vs Greed
I increased my trading capital to the fullest I could afford & started trading futures. Fear climbed over me & I made all the error that you could possibly imagine exiting positions very quickly in a loss. Greed struck me when I was in profit & never allowed me to exit thinking to replicate my previous gain % which was not happening, I exited all positions in a loss. Blowing up my account.
I started looking for indicator/system/blogs etc. Somehow I landed here on futures.io which introduced me into Adam Grimes TAAS course, now I am in the process of learning from the course.I think it's very useful and on contrary opinion to all conventional TA that I learned so far from other sources.I will give my detailed feedback after completion.
I am hoping to take up the elite membership on this site sometime in near future after gaining some experience & gaining from the stock market.
Srikanth, its natural to get on the high horse when we experience a lucky streak. You are not alone. Like you I have blown accounts twice. Now I am coming in to trade again, but with a lot of caution and discipline.
I am in no hurry. Never miss an opportunity does not apply in trading. Every day brings new opportunities.
I've been studying futures for over a year now still have a lot to learn. My main area of focus at the moment is statistical analysis, seasonal analysis, and proper journal entries.
I have 1 trade the open strategy for the ES, but signals are seldom though results are promising. Based on 15 min $tick, a Slow RSI, and Globex action...
Also have a decent break out strategy for the Yen, but that's still being tested.
I have a passion for swing trading the Grains as they are perhaps one of the oldest commodities on the planet. I'm looking for a good opportunity to turtle and/or position trade them. Scalping the WASDE is fun too
Would love to go prop someday. Need to learn to avoid that big loss when scalping though... I'm assuming once my statistical analysis matures I'll have a better shot at remedying the issue, maybe not, who knows?