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I have been reading this thread on and off I'm about 10 or so pages in. Not sure what you guys are talking about me being on the wrong path, other than the emotions
"Judge yourself not by the outcome, but by your process."
Read the entire thread (90+ pages as of today) and it will be obvious. If it is not obvious there is a bigger problem. I'll give you a hint: the mistakes you are making are repeated over and over and over again in this thread, so that should tell you that you are on the wrong path.
Where you are is where I was 3-4 months ago. And it is really hitting me today because I got my tax papers for last year from my broker and saw my loss in ink. $6k+.
The course cost $249, if you can't afford it, then you can't afford to trade. I ride motorcycles and I equate Al's course to the Motorcycle Safety Course that some states require. It won't make you a MOTOGP Champion, but it will teach you what it takes to stay upright on two wheels.
Others have noted about the leverage in futures markets. You can and will lose more than is in your account if you do not understand what is going on. I will use the ES to illustrate: @ 1800 x $50 a point, one ES contract is $90k. Every time you buy or sell you are doing a transaction that is equal of a 2008 Maserati Grand Turismo. Trade 10-11 in a day and you have handled a $1M.
No indicator, guru, or system will make your profitable. Price action is the only thing that will give you an edge, after that indicators are only used to give you hindsight info about what just happened not what is about to happen. Price action won't even tell you what will happen next. The best it will do is give you an idea of the current context of the market and an idea of the probabilities of the current trade.
Build your risk capital, and I mean real risk capital. One that you could light on fire on your desk and it will not change your life. I trimmed my hobbies and luxuries over the last 4 months to build my risk capital. If I lose that money it doesn't matter, I still have my day job, I still have my emergency fund for my family. And I still have non-liquid assets that could be sold if my family needed. None of those affect my risk capital and none of them are risk capital.
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It's fine. I actually appreciate everyone being critical of me. I treat my practice account as if it were real. If you think of it as only $5 then you loose a dollar, you might think, NBD (no big deal), but for me I view it as 20% and was crapping my pants. I don't have the consistency yet, I know this. I do appreciate everyone giving me feedback, please feel free to speak your minds
"Judge yourself not by the outcome, but by your process."