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Just for S's & G's I tried my SIM account set up with $1,000.00 starting balance. Didn't even make it a week. Though I had a goo $800 streak in 6e last week... today I more than busted.
If you want to improve your trading, what you need to do is very simple. Before you enter any trade, think that you will have to explain this trade to the world in a case study format. You have to explain the reason for entry, your risk management guidelines, and why you exited the trade. . . . Trade as if the world was standing behind your shoulders.
I got around to reading this position sizing article: Position Sizingâ„¢
Which more or less taught me that if I took one trade, and the market so much as blinked, then your risk % would be reached, kicking you out. If the market coughed, or heaven forbid even farted, then you would get MC and your broker lighting up your phone.
Next time, just donate it to charity, not to your broker.
Making a journal public, however, encourages a certain looseness with the truth in some traders. But lying to oneself doesn't improve the account balance. This is not to say that some don't continue lying to themselves about the reasons for their "lack of success". Some do so for the rest of their lives.
Trading OPM, however, is another matter. Lying about that can get you put away.
Oz's comment has more to do with a real-time reality check -- self-coaching -- than with journaling, which usually takes place at the end of the session. Even by then, a certain amount of sugar-coating takes place in order to protect the ego.
What is most fascinating to me after so many years of futures.io (formerly BMT)'s existence....People still debate these elementary and childish like approaches whether you could make it with $1,000. It is unbelievable that these topics are turn at times into hundreds of posts when the original person who asks is gone.
The person who asked this question should not trade futures, stocks, options or cucumbers. He should start a college savings plan for his children. When he builds his risk capital, and ONLY risk capital, then he may have a chance of success at this game.
Matt
Optimus Futures
There is a risk of loss in futures trading. Past performance is not indicative of future results.
Trading futures and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. You may lose more than your initial investment. All posts are opinions and do not claim to be facts. Please conduct your own due diligence. Use only Risk capital when trading Futures.
1 800 771 6748 local 561 367 8686 email [email protected]
I feel we respond the way we do, because were talking to a past version of ourselves. Were trying to save them from the torment of our learning curve. Its like us growing up, and not taking our parent's advice. As it turns out, they were right most of the time.
There are thousands of threads that address the difficulty of trading, psychology, programming and other people who were honest about how they lost and made it. Yet, after all this someone says he wants to take "conservative trades"...
Maybe everyone has to go through pain to learn. I am not sure they really here to listen, rather be encouraged.
Matt
Trading futures and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. You may lose more than your initial investment. All posts are opinions and do not claim to be facts. Please conduct your own due diligence. Use only Risk capital when trading Futures.
1 800 771 6748 local 561 367 8686 email [email protected]