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Been a lurker thought i would start a journal, Living in Australia and day trading our local markets for over 2 years and doing quiet well works become quiet busy so i got introduced to futures trading by a member of a discord as trading opens 11:30pm which suits me perfect.
Create a AMP account, 5th May deposit 2K proceed to lose 1400 that same night.. 2K deposit following night a small win followed by a small win the following night what happens over the next few weeks can only be described as a "Hot Streak" account grew to $32,000 in a month. I took profits along the way and with currency conversion to AUD it is quiet sweet.
Now i have withdrew most my capital as i am becoming quiet reckless i don't trade with stops i don't have a trade plan i do it all on feel and gut instinct.. i have left 2K in my account so lets make it a second month with big gains.
The result is great (congrats), but it sounds like an all-in strategy which worked well, but on the long-run it will not work, so it was a good idea to take the money and run
You know your problems: no stop and no plan, nothing is easier to solve issues like these, set stops, create a plan (and trade it) and grow your account again
You trade 4 contracts on a 2k account? I guess your margin is $ 500.--/contract ES. It seems the trade went straight in your direction. If the trade would just go 1 point or less against you, you get a Margin Call. I hope you know that.
I did the same thing five years ago, started with 10k and had 30K in 2 weeks.
It was absolutely beginner's luck. It lasted maybe another week I want to say.
Go to the micros, please, a dollar a tick. You'll be so much happier later on.
As was said above, luck only holds for so long.
Coming, they can't be denied. Going, they can't be detained.
Trading: ES+MES+TechStocks as of 2022 Previous: ES GC CL [4MES2ES as of 2019MAY] and [4MGC2GC as of 2021JAN]
Posts: 454 since Jul 2014
Thanks Given: 281
Thanks Received: 389
I was not going to share my opinion and consider your situation as "Beginner's luck!"
... until I saw your next post as below:
I have been there... done that... lost it ALL and more!
As a newbie, I've traded without STOP--bad habits in trading Stocks that took me years to learn to LOVE stop-loss when trading Futures and regain CONFIDENCE to become profitable again.
Have you ever traded during a Quarterly Rollover? or FOMC Meeting? or major News? ahh... Twitter?
Hmmm, your 5 points gain could be reversed to 50 points or 100 points LOSS and the four contracts without stops in a $2000 account... could be wiped out in nano-second if not in minutes.
Please take the time to learn to trade the "right" way appropriately!
Find the missing piece of the puzzle... Let's be amazing, be awesome in trading today!
iTS
I wouldn't call it luck. Its more like skill because you are seeing the market with fresh eyes. What happens is we get lost and identified and start making poor trades. So the trick is to see the market with fresh eyes everyday. That involves trading and then forgetting about it until the next trading session. If you are always in the market and thinking about it night and day then you are lost.