How good are you at trading - just be honest

[cablemonster]

you need to stop gambling. it is simply down to you. rather like a cigarette smoker on his last pack, no amount of patches/gum will make you stop. The thing that made me stop was a veteran trader saying to me 'does your wife know you are throwing this money away'. That's what worked for me, others will differ.

only start trading again when you are confident you have a solid edge as evidenced by a rolling 50 trade sample, and then only trade for chump change, scaling up very slowly.

What Lee said about record keeping is spot on, I have only ever met 2 profitable traders and both keep immaculate records.

Of course everyone on the internet is an expert so don't be too hard on yourself, profitable traders are like rocking horse 7hit. very rare.

 

[Doomberg]

If you insist on continuing trading then extreme measures need to be taken.

You need to be kicked in the @ss and have discipline forced on you. Call your broker and ask if they will limit your account to a max leverage of 1:25. At least that will stop you from blowing your account after 1 or 2 trades. That will give you some peace of mind and allow you to concentrate you an actual method of trading.


Peter

I opened a Futures account with Infinity and tbh i found trading futures much more complicated, i wasn't giving it the attention i should of. After some losses from silly position sizes i had that fixed, but biggest issue after having my position sizes fixed, was allowing too much loss in one day, again after having a loss just jumping back in to a crap trade... account blown again, back to IG

I need to have a serious think don't i, because i really want this, and i can do it, but my demons cripple me

 

[Doomberg]

I was thinking the same
Obviously, this can't be a post about "trading" if any position you take has a realistic chance of wiping you out.
It doesn't matter how many charts you look at to pick out entry and exit, if you have no money management whatsoever it's still "punting"
In which case don't even bother about technical and/or fundamental analysis. Just log in, buy or sell anything liquid, set fixed stops and limits, and hope that time is the one.

You're right, i just struggle with MM, and i don't know how to stop it

 

[pboyles]

Timsk,

This thread should be included in your 'first steps'. It's an unusually honest indication as to the chances of a new trader ever making a cent at this game.

I'm surprised the brokers aren't trying to get it deleted.

 

[Doomberg]

Lee Shepard / Cablemonster... you're both right, back to the drawing board i go!

 

[The Artist]

You're right, i just struggle with MM, and i don't know how to stop it

Well it seems to be a behavioural issue, and only psychiatric professionals can help you with impulse control disorder, not trading professionals.
Get help before you risk more than risk capital and it takes over your life mate.
Seriously.

And if you're joking please get a grip. Pathological trading is increasing and is an issue worth raising awareness much more about, not making fun of.

 

[Shakone]

Lee Shepard / Cablemonster... you're both right, back to the drawing board i go!

Nothing will help you, unless you can control yourself.

 

[timsk]

You're right, i just struggle with MM, and i don't know how to stop it

Oh Doomberg,
Now that I appreciate fully what you've been doing, I withdraw my earlier post about hedging strategies. Forget about that stuff for now. The advice from x4x, Lee, Shakone and Cablemonster is spot on. Clearly, you were trading waaaaaay too much size for your account. Adding to a position that's going against you should - IMO - only ever be practiced by traders with clearly defined risk and money management parameters in place. I'm sorry to say it Doom', but this does not apply to you.

It's a shame you didn't do what wackeypete suggests when you had an account with Infinity, as they'll put a lock on your account (max intraday draw down) as well as limit the number of contracts you can trade. Discipline issues can be tough but, until you can address them, there's absolutely no point in carrying on. I'm not qualified to make a judgement but, from what you say, I can't help but wonder if you have some gambling issues? If you can't change what appears to be a repeating pattern of destructive behaviour, perhaps it's time to consider some professional help?
Tim.

 

[Sir Pond Life Dreg]

This lot are being too nice!

look you ***ing bellend if u dont stop throwing ya coin down the ****ta b4 ya knowz it ull av blown 100 kin large son thats lyke a kin house up north where the pour liv every1 on here now thinks u r a complete anal crevice now that u r on here grizzlin lyke a gurlz blouse coz ya feel lyke **** n dat
Now....F*CK OFF AND DO SOME THINKING COZ WHAT YOU'RE DOING WILL ALWAYS END THE SAME WAY SH!T 4 BRAINS!

I speak from experience as I also had a spell where I reverted to a kin dinlow tarder after a few years in the clear. Good Luck Doom, BE HARD ON YOURSELF AND STICK YOUR PECKER IN A MOUSE TRAP IF YOU PULL THIS SHYTE AGAIN!


PS I don't want to be having this conversation with you (or myself) again!

 

[Vasco da Banana]

I opened a Futures account with Infinity and tbh i found trading futures much more complicated, i wasn't giving it the attention i should of. After some losses from silly position sizes i had that fixed, but biggest issue after having my position sizes fixed, was allowing too much loss in one day, again after having a loss just jumping back in to a crap trade... account blown again, back to IG

I need to have a serious think don't i, because i really want this, and i can do it, but my demons cripple me

OK, you can stop this wind-up now.

 

[Doomberg]

Oh Doomberg,
Now that I appreciate fully what you've been doing, I withdraw my earlier post about hedging strategies. Forget about that stuff for now. The advice from x4x, Lee, Shakone and Cablemonster is spot on. Clearly, you were trading waaaaaay too much size for your account. Adding to a position that's going against you should - IMO - only ever be practiced by traders with clearly defined risk and money management parameters in place. I'm sorry to say it Doom', but this does not apply to you.

It's a shame you didn't do what wackeypete suggests when you had an account with Infinity, as they'll put a lock on your account (max intraday draw down) as well as limit the number of contracts you can trade. Discipline issues can be tough but, until you can address them, there's absolutely no point in carrying on. I'm not qualified to make a judgement but, from what you say, I can't help but wonder if you have some gambling issues? If you can't change what appears to be a repeating pattern of destructive behaviour, perhaps it's time to consider some professional help?
Tim.

It's greed Tim, that's what seems to cause the issue as i never walk away when i've had a good day, and then when i have a loss i can't let go, and just do something stupid. I've had a chat with a broker at infinity and he's put me in to someone who can apparently help with these issues, at a low cost "Intuitive Development Training (IDT)" it's called, so i'll go away, work on my issues, work on the stats that Lee Shep was talking about, and the advice from you and everyone else too.... i'll be back, and i will be back to my best

 

[Doomberg]

This lot are being too nice!

look you ***ing bellend if u dont stop throwing ya coin down the ****ta b4 ya knowz it ull av blown 100 kin large son thats lyke a kin house up north where the pour liv every1 on here now thinks u r a complete anal crevice now that u r on here grizzlin lyke a gurlz blouse coz ya feel lyke **** n dat
Now....F*CK OFF AND DO SOME THINKING COZ WHAT YOU'RE DOING WILL ALWAYS END THE SAME WAY SH!T 4 BRAINS!

I speak from experience as I also had a spell where I reverted to a kin dinlow tarder after a few years in the clear. Good Luck Doom, BE HARD ON YOURSELF AND STICK YOUR PECKER IN A MOUSE TRAP IF YOU PULL THIS SHYTE AGAIN!


PS I don't want to be having this conversation with you (or myself) again!

Not the mouse trap

And thanks, your rep and this post makes me reaize i am only hurting myself!

 

[Doomberg]

OK, you can stop this wind-up now.

Lol i'll PM you my IG statement if you like, those trades were real

 

[Vasco da Banana]

Lol i'll PM you my IG statement if you like, those trades were real

Maybe, but if so you must realise by now that you should stop making the same stupid mistakes. Give up trading before it ruins your life.

 

[VielGeld]

Speaking of statistics, you might want to have a look at MyFxBook as they link your account to their stat-keeping software. I use it myself and it takes care of the tedium of compiling your own Excel sheet.

As for discipline, I would go further than Pete and recommend no more than 5x leverage, or .5% risk per trade. Ask your broker to implement that if you can't do it yourself.

If you can just keep size down to something manageable, I think you'll do ok.

 

[ian23]

Wow. Well Doomberg you have a very long road ahead of you. Stop trading real money. First you must get yourself under control, you need help to do that. Sign up with topstep trader or index elite or any of these type firms so that you can learn to keep to daily draw downs and stop losses. It is a long road and you cant rush it.

 

[chris bradley]

Pretty new to this forum but have been trading from home for 12 months now after 20 years working on the sell-side in the city.
Overall doing okay but hardest skill to learn was patience. Some weeks I'll wait until Weds before I'm happy with the signal - only trade 2 markets, using 30/60min timeframes and always scale in.
Never feel the need to trade everyday - last week very busy with 5 signals generated, two prior to that only 2.

 

[cablemonster]

Pretty new to this forum but have been trading from home for 12 months now after 20 years working on the sell-side in the city.
Overall doing okay but hardest skill to learn was patience. Some weeks I'll wait until Weds before I'm happy with the signal - only trade 2 markets, using 30/60min timeframes and always scale in.
Never feel the need to trade everyday - last week very busy with 5 signals generated, two prior to that only 2.

Yes to learn true patience is difficult for many it took me years to learn and will remain an ongoing process. Even now it is a daily battle rather like an alcoholic walking past a pub, the temptation is always there. Coming from the sell side you will be used to action so it is a mindset switch. For those of us who can be impulsive it can be a tough battle that some wont win. I am now at the point where I am able to go a whole day without a trade if necessary and be fine with it, then again I am not reliant on trading profits to pay the bills, if someone has that pressure the difficulty of the task is magnified.

Good luck to you.

 

[NVP]

Pretty new to this forum but have been trading from home for 12 months now after 20 years working on the sell-side in the city.
Overall doing okay but hardest skill to learn was patience. Some weeks I'll wait until Weds before I'm happy with the signal - only trade 2 markets, using 30/60min timeframes and always scale in.
Never feel the need to trade everyday - last week very busy with 5 signals generated, two prior to that only 2.

100% agree ..........famine and feast........thats the way markets work .....

and the kicker is that most of the people that are attracted to Trading havnt got the mentality/mindset to be patient

and those that have got the mentality cannot be persuaded to touch it with a bargepole as its perceived as Gambling by them .......and certainly not considered to be a worthy profession for them to persue

Go figure.....
N

 

[NVP]

Yes to learn true patience is difficult for many it took me years to learn and will remain an ongoing process. Even now it is a daily battle rather like an alcoholic walking past a pub, the temptation is always there. Coming from the sell side you will be used to action so it is a mindset switch. For those of us who can be impulsive it can be a tough battle that some wont win. I am now at the point where I am able to go a whole day without a trade if necessary and be fine with it, then again I am not reliant on trading profits to pay the bills, if someone has that pressure the difficulty of the task is magnified.

Good luck to you.

now theres a book in itself .....