Pros ? Well, they had it easy: watch for the retracement off the early morning lows, and go short. That's it. That is how easy it was today.
Not me, here I was....shaken out (giggled) in what could have been a great trade:
What happened ? Same-old, same old....desperate for a profit, so I took it. The damn NQ just kept going sideways in what seemed like a forever timespan (when you are in a trade, the time just goes so slooooowly). There was a little spike up, and I said "I'm out of here". After that, the NQ went straight down....for the most part, for the rest of the day.
I had some programming work to do, so I took the rest of the afternoon off.
Monday's my big debute going live.
This will be very interesting to see how I react to real money trades after 3 months of sim trading that resulted in -$1700 net per contract.
What are my problems ?
There are many:
1) Small account = scared money = tight stops
2) Tight stops = frequent small losses
3) frequent small losses = Low winning percentage = no patience
4) no patience = few, few large winning trades
5) few large winning trades = deadly to profitability
There it is in a nutshell. Bottomline: if you can't take some decent hits, don't expect decent profits.
I know my problems...and they extend way beyond the ones listed above.
Resolving them will be the key towards growing this small account.
Let's see what happens next.
No comments:
Post a Comment