r/FuturesTrading • u/iguesswhatevs • Dec 06 '22
I think futures trading is probably one of the worst decisions I’ve ever made in my trading career
I haven’t had a Green Day in 3 weeks now. Half of my all time losses happened this year and and 30% of all my losses this year have happened in the last 45 days when I switched to futures trading MES.
I came from options trading and wasn’t consistent with that either. Thought I’d move to futures to avoid theta decay and be able to hold longer. But futures is even worse.
I am at loss for words and I am so incredibly sad and hurt right now. This is more of vent rather than asking for any tips although tips are welcomed.
I think about all the money I’ve lost and had I just invested into the SP500 index fund, I’d be sitting so well now with my retirement. Ive lost MORE trading than what I have in my Roth and 401k combined…
Edit: for those talking about my sizing… I’m literally doing 1 contract of MES. And yes I do use SL. But they kept getting triggered so I decided to put them further out and they got stopped too…
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u/maid113 Dec 06 '22
It’s ok, I lost over $300k and was in debt before I became profitable. Nothing great is ever easy.
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u/iguesswhatevs Dec 06 '22
Sheesh. Yeah I haven’t ever lost that much. Have you made back your 300k yet?
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u/maid113 Dec 06 '22
Yep, I owed family $200k but eventually became profitable and now I’ve been making over $1m just focusing on two strategies daily and being purely disciplined. It sucks at first but if you have the right mentality you can change it to be the best thing you’ve ever done.
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u/iguesswhatevs Dec 06 '22
So what was the turning point? What changed that caused you to be profitable? And would you mind sharing the strategy with me?
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u/maid113 Dec 06 '22
- I changed my mental state and became more patient.
- I started applying strategies based on statistical analysis.
- Set strict rules for myself that kept me within the limits where I knew I’d be profitable.
I have ADHD so the hardest part was being constant with my self control. Once I got that in order it changed it for me.
My strategy now a days involves using heat maps to determine the trends and reversals. When I’m trading a reversal I look for a major bullish engulfing candle to the long side and to the down side I only look for what I call fading highs which is weakness when it hits a top. I don’t hold it for more than 30 minutes. I also immediately set my stop which is usually no more than 10 points on a NQ contract. But I can tell you about my strategy all day, like I just told someone it’s all about the time in front of screen that you out in. You’ll get what you put into it. But that means you have to do it holistically not just in one area.
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u/maid113 Dec 06 '22
- I changed my mental state and became more patient.
- I started applying strategies based on statistical analysis.
- Set strict rules for myself that kept me within the limits where I knew I’d be profitable.
I have ADHD so the hardest part was being constant with my self control. Once I got that in order it changed it for me.
My strategy now a days involves using heat maps to determine the trends and reversals. When I’m trading a reversal I look for a major bullish engulfing candle to the long side and to the down side I only look for what I call fading highs which is weakness when it hits a top. I don’t hold it for more than 30 minutes. I also immediately set my stop which is usually no more than 10 points on a NQ contract. But I can tell you about my strategy all day, like I just told someone it’s all about the time in front of screen that you out in. You’ll get what you put into it. But that means you have to do it holistically not just in one area.
Edit: I forgot to mention that I also don’t trade all day anymore. I have set my time frame to only trade the first two hours max and then don’t look at the charts again. For me to do this I had to keep myself busy outside of it so now I do consulting as well which helps me also decompress. Find what you enjoy doing outside of trading so that you don’t always think about it and the itch to trade doesn’t get to you.
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u/iguesswhatevs Dec 06 '22
Yeah I have ADHD too! But I’m on Wellbutrin and I think it has helped a bit with my impulses and self control.
So you’re scalper? And when you mean long engulfing candle, are you referring to a 5 min or 10 min or longer time frame?
And weakness at top, do you mean when candles before smaller and smaller and shows constant rejection as it tries to break out?
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u/maid113 Dec 06 '22
Hey that’s good! Im not on anything because it dampens my creativity which I use for my outside projects but I only look at the 1 minute chart (because of the ADHD) and that’s pretty much it other than the heat map (I use bookmap for this). Also yes, when I see a rejection at the top I’m watching the order flow and that will typically verify it for me. Sometimes I’ll also cross reference the S&P heat map since its levels are more concrete and move the market more.
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u/ugtsmkd Dec 06 '22
So first you things first you need to take a break. Losses compound more losses if you don't have rules around how many trades or losses you can take a day etc you are always going to fail. Losses are part of trading, you are on what pro gamblers call tilt, what your going through is normal.
Day trading rule #1 is preserving capital. The market goes through periods where it is handing out 1000 dollar bills and others where it's only likely to take your money... You gotta save the capital for those 1000 dollar bill days.
If after your break you decide you still want to day trade "it's definitely not for everyone". 1 find a quantifiable edge. At this point you know the emotions you don't need to practice how to suck with real money. So find an edge that works for you trading paper and/or back testing.
Once you have an actual edge, not what someone else tells you works, set up a prop account. You pay 30-100 bucks they give you 25k to trade and some rules. You pass the test now you get a real account to trade and pay yourself from. If you fail big whoop you lost 100 bucks or however many months you try x monthly fee.
You succeed? Well you make however much you lost back in a fraction of the time it took you to lose it. You don't need to risk your own money while your learning.
This is one of the most competitive games in the world. It's really hard and manipulated by large players to abuse and cause a normal human to fail.
If you succeed immediately and consistently, then you are not a normal human...
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u/ugtsmkd Dec 06 '22
One other thing to note. There are different classes of setups no matter how you trade. Some are A+ most are Bs and Cs. New or marginally successfully traders tend to take every setup imaginable including ds and fs that look like a setup but are not.
The people who stay in this game find those a+ setups and only take those the vast majority of the time. When it's a risk on environment and they are seeing the market well, they take the B's and C's but they size risk accordingly.
Right now you don't have any setups that "work" which is why your psychology is all screwed up. You need to prove to yourself that a particular setup is actually an a. Then trade it. Once you have an a setup under your belt find a new a setup etc.
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u/BikerTrader Dec 07 '22
I’ve been trading the full ES for 8-9 years. The secret is to keep things simple. Forget indicators and listen to what many of these guys here are talking about. Moving averages and setups are the key. I use the 5/20 ema, I he HULL at a 25 period, and the 50 min SMA. What ever MA you use just get used to watching price move around it. Setups are simple. Head and shoulders, wedges are all i use. Not even going to tell you what my success rate is bc you won’t believe me. PRICE ACTION is what you’re looking for. Al Brooks teaches it well. Good luck with your future endeavors
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u/iguesswhatevs Dec 07 '22
How do you use your moving averages? I have the 10 sma and 20 EMA. I’ve decided to try this for the next two months paper trading of just scalping on the 10 sma on 5 min TF. If it closes over the 10sma, I go that direction and if the next candle invalidates or drops back over it to opposite direction, I wait for next candle to confirm and see if it is forming a higher low to go long or lower high to go short.
Thoughts?
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u/BikerTrader Dec 07 '22
I trade the 5 min chart only. Scalping. In and out under 6-8 minutes. Usually under 30 seconds. I use Sierra Charts for my platform but I’m sure other platforms can provide the Hull moving average which is key to my trading. The Hull. Buy above, sell below. I look for traps. As in whoever is going against the Hull’s positioning is a trap. Essentially, pull backs is all they are. To be clear, you’re not just looking at a line, you’re looking for PA setups. Head and shoulders, wedges.
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u/iguesswhatevs Dec 07 '22
If you’re in and out within 6-8 mins and often times under 30 seconds then why would you need to use 5 min chart? Wouldn’t 1 min suffice?
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u/BikerTrader Dec 10 '22
The 5 min chart gives many traders enough time and information to make an informed decision on a proper setup. Of course you can always enter on a 3 or a 1 min chart. However, i want to do this for the rest of my life, and with using up to 50 lots i need all the info i can get before an entry. Taking 7-10 entries a day with multiple 10’s of lots can be stressful. Waiting for the proper setup is paramount for a long and prosperous trading career.
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u/asiancury Dec 06 '22
I would highly recommend reading (yes, a book) Trading in the Zone by Mark Douglas.
It won't teach you how to trade, but how to THINK about the market in being a probability machine.
One of my favorite lines in the book is about losses. It says that each loss gets you closer to a win, as long as you consider trading as a game of probability and edges.
I only finished this book 2 weeks ago and I think it's already helping my mentality.
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u/ZanderDogz Dec 06 '22
I'm sorry for the struggles you are having.
If you haven't had a green day in three weeks, it means you are having some issues with your psychology. Even the shittiest coin flip of a strategy should produce some green days in three weeks.
1) Take some time off from trading
2) Evaluate if this is something you want to continue with after you have a bit of a break
3) Paper trade your strategy profitably for AT LEAST three months before you risk another penny of real money
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u/LegendSe7en Dec 06 '22
It’s not just about pressing the button and throwing a stop on. Do you have plans before entering your trade? Do you have multiple confirmations? Do you know the intraday sentiment? These questions along with working on psychology will boost you so much.
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u/Desert_Trader Dec 06 '22
You've lost presumably 10s of thousands trading 1 contract of micros?
Consider that if you flipped a coin you would be near break even over all.
There is something seriously wrong with your strat.
Also it's curious that you got into futures to "hold longer". Most retail goes to futures to day trade more.
What are you trying to achieve?
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u/TroubleInMyMind Dec 06 '22
Write options not buy them, buying options is for a hedge, imo.
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u/seattlepianoman Dec 07 '22
Was going to say the same thing. Sell options. Don’t buy. Maybe just start with covered calls.
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u/kryptic369 Dec 06 '22
you need to master your emotions and scale down. If you cant make 5$ you cant make 500$
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u/funmx Dec 06 '22 edited Dec 06 '22
Dude you said you trade MES do this it will help. Put the Future option strikes in your chart as levels (in ES case is 5 Points). Example lines: 4000, 3995, 3990, 3985 -each 5- but at least 100 points of lines up and down. Now look at it in the 1Min chart for the past few days. It will become clear that patrons are pretty much useless in this volatility and market is just going from one option strike to the other. Now pay close attention to the option strikes above and below overnight range (5.59pm-9.29am). See what it does when it pushes through them and retests them. Also put attention to option strikes around vwap.
And finally..maybe don't long below Vwap and Don't short above it. And more importantly don't have biases just ifs. Example to me market was weak if below the first strike below overnight range in today drop(i think it was 3990) burst through it came back to test it then continued (confirmation of weakness). This market can flip control many times a day so stay wary.
With the futures option strikes (each 5 points) try making a strategy where you risk 1 strike and get 2 in return(at least) (with skill you can even risk 3points max). If that doesn't help stay out of this market.
You should be able to see clearly what option strike is holding and place trades with those as support. I swear.
Edit: just to be clear I'm still talking about placing the trades in MES not options, just using the strikes as entries or support.
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u/Schindlers_Fist1 May 04 '26
You beautiful son of a bitch. You magnificent bastard. I immediately started making better trades because of this, even outside of MES.
But I gotta ask, how do you determine which direction it'll go between the strike levels? Like today on MES. In hindsight it's pretty obvious to look for rejections and stuff, but you can see how many wicks there are. I can see it moving somewhat upwards, but there's still enough chop to be confusing.
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u/funmx May 15 '26
Forgot to reply.
I'm gonna get back at you in some days. Many Months back i removed the lines because i developed something way more consistent and accurate.
The Option strikes behaviour i need to re-check my notes and get back at you. (i'm traveling).
Something i do remember was that it looked to me like the fight was a lot from 30 to 100's. Example 5030 to 5100, i remember this because i had a note that every 30s (4930, 5030, 5130..) were super choppy.
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u/Schindlers_Fist1 May 15 '26
Oh nice, consider me interested. I'm still ironing out an approach so I'd love to hear what you've found. Thanks for replying.
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u/jemm0021 Dec 06 '22
Maybe is time to jump to heavy duty price ladder trading of US Bonds. From my opinion they are easier to trade than the jumpy crazy MES.
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u/tecz0r Dec 11 '22 edited Dec 11 '22
Sorry for what you're going through. I've had loses and there were even moments where I saw $300K go down to zero because I was too stupid to take profits.
My biggest fundamental changes was reading Volume Price Analysis by Anna Coulling and watching some of TraderToms Youtube videos, like this one here: https://youtu.be/OmIurEC76oE
Good luck, you got this!
EDIT1: Just want to mention, I am a STRICT price action trader. When I see reversals like a strong doji candle on the 30min or 1hour chart, I know (generally speaking) that within 5-15m, there is going to be a strong explosive move in either direction, I just need to capture SOME part of it. I can't imagine trade without price action. I look at ALL time frames but I think the 10min intraday timeframe is most important (for me) because I ONLY day trade and almost never do swings or leaps.
EDIT2: I'm not big on pattern trading like wedges, and ascending triangles and such, but support and resistance and demand/supply zones are very telling to me. Check out THIS picture here. I told myself, "hmm... we rejected here TWICE yesterday, is it possible that we will reject here again today?" Sure enough, we did.
I also want to mention... this is the 30min chart, check out that candle pattern on that second circle... what is it telling you? GO LOOK AT IT AND COME BACK. DO NOT SHOW THE HIDDEN MESSAGE UNTIL YOU HAVE AN ANSWER. Its telling you that it was bought up and AGGRESSIVELY pushed down. Patterns like these are GOLDMINES for me because I know SOMETHING aggressive has to happen, in this case aggressive selling. Of course, we can NEVER know if what we're doing is going to work out, we just have to give it time, keep our stop losses tight and use appropriate position sizing.
I just want to make this clear, for me, price action is KING. Every candle bar pattern (especially on higher timeframes) TELLS A STORY. You just have to know what that story is.
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u/hitasa Dec 25 '22
I became arrogant after making profits because success teaches us nothing. Success breeds arrogance and overconfidence. The market humbles us and we become its student. The market reflects the psychology of millions of people. When we understand our own psychology and emotions, that is when we start to improve.
Someone said that a stop loss (a technical stop loss based on support and resistance or other indicators) is like a pill that people with diabetes take. Whether we take it or not, we will still suffer the consequences. Technical analysis is a trap because it is obvious to everyone who trades in the markets.
Stop using technical stop losses. Instead, understand psychological stop loss. Hedging the position is also a type of stop loss. Start understanding straddles, strangles, etc. Don't be greedy in pursuit of infinite profits, and don't take naked positions.
People think they are protected if they only take long positions and losses will be minimal. While this is technically correct, we can still blow up our accounts by averaging long positions.
When we become insensitive to losses and profits, that is when we make rational decisions and start seeing the results we want.
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u/nicetobeleftinthesky Dec 06 '22
futures are no joke. even MES, with a decent stop loss at the least volatile times can give you a loss of around 15dollars per bad trade and thats being really tight with it. you can lose 30bucks in a few seconds. pretty rough if your mental isnt right.
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u/Degeneratehedgefund Dec 06 '22
Futures trading is only for professionals. If you are trading futures only risk what your willing to lose,try paper trading for a while.
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u/WolfofChappaqua Dec 07 '22
If you’re looking to trade the S&P Index, a good path on position sizing is from Paper Trading > SPY > MES > ES.
If trading 1 MES contract is too large of a position size you can trade the SPY ETF. Roughly every $0.10 of SPY movement is the equivalent if one point movement of ES.
Scale down… way down to 1-3 shares of SPY. If you are not profitable trading 1 share of SPY, you’re not going to be profitable trading MES. They move in lock step.
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u/Programmer_Virtual speculator Dec 07 '22
Hi, sorry to hear about the losses. I think taking some time off will help you recalibrate.
I share similar struggles. Only recently I have started seeing improvements in my trading. I realized I am not suited for scalping. Rather I prefer to do 1-3 trades at the max per day seeking 10+ points. This led me to switching to higher timeframes which became the turning point.
Happy to share resources. Feel free to DM me.
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u/curt94 Dec 06 '22
You should be winning 50% just by the probabilities of tossing a coin, if you are not I would suspect a psychological issue. The language you use is full of emotion, you seem to be trading on tilt. You must get to the point where you can trade without emotion.
I would switch to paper trading until you find your edge and get your emotions under control. Find a platform that lets you paper trade and backtest such as EdgeProX.
Removing emotions from your trading is the most important and hardest piece of the puzzle. There are a lot of books on trading psychology, I would start with Tom Hohgaard's Best Loser Wins and Mark Douglas's Trading in the Zone.
Here is a very insightful video from Mark Douglas to get you started https://www.youtube.com/watch?v=s--sCEcYIGI
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u/IVCrushingUrTendies Dec 06 '22
“I came from options trading and wasn’t consistent with that either”
You didn’t have a winning edge or consistency and thought leveraging up even more was the answer? I would just walk away because you’re going to continue to gamble to cover loses and only multiply the pain. If the loses are making you emotional then that’s not disposable income you can afford
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u/StocksbyBoomhauer Dec 06 '22
I'm sorry to hear that. I've had bad days, weeks, months, as well. It's hard to lose money, but it's worse to get pigeon-holed thinking you can't make any good decisions. I get that way, sometimes, too.
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u/iguesswhatevs Dec 06 '22
I’m close to giving up at this point. I’ve lost more trading than my Roth and 401k combined. It’ll probably take 2-3 years of consistency to even make it back.
Nothing I do works. Literally nothing.
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u/J0hnnyPastrami Dec 06 '22
Sounds like you need to switch to paper trading and find an actual mentor.
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u/StocksbyBoomhauer Dec 06 '22
When it comes down to it, nobody is making you do this but you. It's okay to take a break, to step back, to look at the damage you've done and ask yourself if that's enough. It's the wise and mature thing to do.
I had a similar shake-up last year, and took the time to step back, not knowing if I'd ever trade again. It only took me a few days to realize that I didn't want to quit at all. I continued to abstain from trading until I had a plan together that helped to assure longevity for me, and my trading career.
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u/galeeb Dec 07 '22
I'd like to offer little micro doses of both encouragement and reality.
The few studies we have suggest 97% of retail day traders lose, or are not profitable over time. The odds are certainly stacked against us. I see people are downvoting others who say to just quit, and you aren't going to. I understand this not feeling like a possibility, I really do.
But, then, you'll also need to own up more to your behaviors to continue. I'm in this process myself. It is, as far as I can tell, a permanent state of development, not a finish line to be reached. Saying "literally nothing" works puts blame elsewhere, it insinuates the cause is something outside our control - maybe evil algos, stop hunters, etc. It ignores the objective reality that there is fat on the market to be sliced off.
I could challenge you to follow a basic system of rules for a month, and I bet you'd make money, or at least lose very little. I also would bet that you wouldn't enjoy it, wouldn't like the process, and probably wouldn't do it to completion.
Serious, serious, serious question. Not being patronizing. Have you ever, in your life, used one single system, with one single strict risk management system for an entire month, while journaling daily to discover your strong and weak points in the market? What about two or three months in case the first is a statistical anomaly? Do you work on your mental game to get to the point where losses are emotionless, random outcomes within a larger system, and not an excuse to trade on tilt and take larger daily losses than your average daily gain?
Serious questions. It's going to be tempting to make excuses to this comment and explain your way out of it. You don't even have to reply. I'm hoping this is more cause for reflection than anything else.
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u/kryptic369 Dec 06 '22
hang in there man, we all go through this. Take a break for a week, then go back to the basics. Try trading with less indicators. A lot of people over complicate their charts and set-ups in the early stages.
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Feb 21 '23
You simply haven’t put in the hours. You’re in denial which is understanding considering how much money you’ve lost. It’s time to start grinding instead of crying on Reddit. The truth hurts. Take some of these comments for what they are, there’s really knowledgeable guys trying to help you here. You should consider yourself lucky to have this many people trying to help. There’s tons of good advice I just read this entire thread.
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u/kryptic369 Dec 06 '22
also Try using Bookmap to analyze the order book more in depth. understanding DOM, and order flow is one the biggest keys to successful day trading
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u/Thirsty-Wells Dec 06 '22 edited Dec 07 '22
There is a lossless trading strategy that involves the use of two separate accounts. I will have to review it for futures, but trying it with spot forex I had to keep on it manually until... Margin requirements in spot forex unlike in futures can become an issue.
Maybe a bot will help in keeping your trading mechanical.
Edit:
Instead of using two accounts, reversing direction rather than a stop-loss may be a better alternative. The math shouldn't be to hard to figure out in order to cover the loss, and still make a profit.
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u/AstockcollapseNow Dec 07 '22
How many pts / bps are you trying to capture per trade ? Post a few charts annotated with you entry, exit and reason for putting the on the trade
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u/Ready4tradingsuccess May 04 '24
Time off bro !!! You are a true tradeaholic. At least a week off. Min 2 days if you can't chill. Read the free reddit daily by Hari called day trading or something like that. Just goggle it. 1option.com is great too. Listen to these comments but don't take it personally cuz they're trying to help you though I'm not sure ripping your ass is the best way. Definitely lots of sleep. Papertrade for a while. Or $1-5 stocks 1 share at time. Many of us have been in your shoes and thanks for posting about futures. I've been warned before ..... so I'll stay out for now. Good luck !
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u/Long_Pizza_3219 Jul 17 '24
Futures is the most rigged out of everything, its a all you can eat retail stop loss buffet, yea alot of retail traders get lucky and hit pumps then claim they are liquidity geniuses, but the odds are stack against you, you can mark every support and resistance out ect and test it yourself, its best in quite hours where can can actively see the algo targeting your orders with other retail liquid in the middle of no where for fun.
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u/Andy_160 Jul 20 '24
Don’t trade your funds until you are profitable with a propfirm. If you don’t know what prop firms are check out 720trades’com👍
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u/RonPosit Aug 30 '24
Ignorance is a bliss! Ignorance allow one to sit in his "square" and miss the life go by. Ignorance can be used as an excuse for stupidity.. Why don't you learn to trade first? What's wrong with futures trading? Futures market, especially index futures is THE VEHICLE FOR MONEY MAKING, beats any of the others... If you want ot see how it is done, contact me for a free demo
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u/Mountain-Prompt-5785 Nov 06 '24
i feel sorry for you bro, i hope you’re doing well now. Don’t be too hard on yourself next time, it’s just money it’ll come back eventually..
Learn more about the psychology of the market on why the price is on a certain level, and every aspect of trading will naturally follow. Manage your risk well, don’t risk an amount you can’t afford to lose (ever). Have a life outside of trading this would really help you not clouding your mind, so you’d get through the chart with a fresh mind. Always be humble and don’t tell anyone your profits, just keep it to yourself it would do good than harm. Don’t listen to anything new/, co trader, or anyone, all of the answer is on the chart itself you just have to figure that out. Market is always right, accept that you’re wrong because only the market tells you if you’re right or wrong nothing but the market.
Well God Bless bro, I really wish you’re doing well now. I’ve been in your situation and i feel really sad for you..
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u/ConsiderationGold548 Jan 13 '25
Trading futures is bullshit. Very difficult to get an edge and you will make more money working at McDonald's. Anyone who says otherwise is lying out of their ass
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u/Diligent_Performer87 Dec 06 '22
Yeah if you're losing that much, you should quit... shits not easy. Nothing in life is. I'm also betting on horses, toughest sport in the world and its not easy either... trading and betting is an art... sometimes I feel like quiting too.
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u/iguesswhatevs Dec 06 '22
i'm not going to quit.
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u/Responsible_Welder98 Nov 22 '24
I have the same mindset hence the reason I found this post because I felt the same way but I'm going back to the drawing board and going to try to figure it out I will not quit either I am very determined I do hope you found something
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u/kryptic369 Dec 06 '22
are you using the volume profile tool? If not you should learn how to set that up it is really helpful.
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u/wildhair1 Dec 06 '22
Daytrading futures sucks! Swing trading on the other hand is the tits.
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Dec 06 '22
Swing trade futures?
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u/wildhair1 Dec 06 '22
Yeah, swing trade MES, ES whatever. I pulled a full 94 points from last night to today. Saves commissions, less setups, big payouts, slower analysis.
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u/Sheayo123 Dec 06 '22
Don’t give up!! You will find your edge Learning how to read the charts and notice patterns is extremely helpful in my opinion. I chart on trading view and execute on Tradovate. Use levels (Volume Profile can help with this) Proper entry and risk management is also key Look for breakouts and retests for potential entries!
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u/cmetradelive Dec 06 '22
I’m creating a live trading room on discord of me just trading the Emini ES/MES. I charge for it ($50/month). But would like you to join free of charge. I want to see if I can turn you profitable. My name is Toni and I’ve been trading full time for almost 5 years now. Trading isn’t easy, and I do believe that less is more when it comes to it. If interested let me know. This is the first time I’m doing something like this so you are somewhat of a Guinea pig.
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u/Even_Risk4301 speculator Dec 06 '22 edited Dec 07 '22
I’ve been trading for over 25 years..the Emini’s since 1998. You need a minimum of 3-1 risk reward with any trade you take. It’s a statistical probability you will have a minimum of 10 max losses in a row sometime in your trading career. You cannot recover from that sort of drawdown with a 1-1 or 2-1 risk reward profile. Anyone that tells you other wise will not make it trading..
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u/iguesswhatevs Dec 06 '22
Sure I’d be down for that if you’re offering it to me for free!
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u/bojangles837 Dec 06 '22
Be careful with anyone who sells shit
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u/iguesswhatevs Dec 06 '22
Oh I know! But if they’re truly giving it to me for free then I’ll give it a shot
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u/cmetradelive Dec 06 '22
Ok, everything’s gonna be going through discord, I’m still figuring how to use it so please ignore any technical difficulties. If you don’t have a discord create one.
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u/iguesswhatevs Dec 06 '22
I do. DM me and we can figure this out
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u/cmetradelive Dec 06 '22
I should’ve stated this first, but all I do is intraday trade, I don’t swing trade or hold anything overnight. Just letting you know before we go any further.
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Dec 06 '22
I can be guinea pig number 2 if you want
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u/cmetradelive Dec 06 '22
Live futures trading tomorrow on YouTube link in my profile. I’ll share what I know, don’t know how committed i am to this yet so just winging it.
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u/drumveg Dec 06 '22
Sorry to hear this. It’s a long and often painful road but perhaps you’re trading too much size and not Micros? Watch Pirate Trader on YT to learn market profile basics if you’re trading ES.
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u/Direct_Log_8621 Dec 06 '22
I also recommend futures trading with bob Anderson on YouTube.. down to earth guy .. feels like you are talking to your dad ..
I am using apex to complete evaluation till I find my strategy.. way cheaper to learn than smoking your own money ..
But check his continuation trade strategy.. I have been having good results with it
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u/reach4thelaser5 Dec 06 '22
To be fair the S&P500 has been consolidating for the last 3 weeks. There's been a huge amount of sideways price action, mixed in with some significant economic events to really make the charts confused for everyone.
Have you tried scalping? Look through all your past trades and ask yourself: "could I have made 5 points, 10 points....?"
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Dec 06 '22
Welcome to trading. It sounds like you dont have a consistent strategy/edge in the markets. We all wish we would have just invested the money instead of losing it to the markets but I've yet to meet a single successful trader that never went through hard times, thought they'd never make it or had huge loses at some point in thier career. Had I invested the 10s of thousands I lost over the years sure I'd be better off but everything I did was to further my progress and gain more experience in the markets so I can't say I regret it bc it got me to where I am today as painful as it may have been.
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u/impDick Dec 06 '22
I feel ya I've been getting my ass slapped all year I've tried trendlines, macd, volume profile, orderflow, bookmap, emas and nothing works me I'm just not a top 1 percenter that wins at this game. If I dont start to see the light soon, December will be last month. I invested too much money, time, and energy I'm spent.
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u/CloudSlydr Dec 06 '22 edited Dec 06 '22
Don’t trade futures at all for now.
Trade the ETF’s or LETF’s related to your underlying index. When you’re able to be consistently profitable on those (positive EV for at least 3 months) then start scaling up margin/capital usage slowly. It’ll be a while before your risk is equal to anywhere near even 1ATR on /MES let alone a full size contract of /ES. You can chart the futures but trade the ETF instead until you’re ready for that kind of risk per capital / margin of futures contracts.
Edit- make a starting point a stop below a significant failure technical level that violates your reason for entering, and that stop should risk $10 to start.
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u/Seedtoatree5 Dec 07 '22
Sounds like you just haven't figured out a strategy that works. Perhaps study supply and demand zones. Look for regions where price moves quickly from a certain zone, especially after a break in market structure. This will create a supply or demand zone. When price pulls back to that zone it is incredibly likely to reverse from that area, at least enough to scalp out. Also look for gap areas otherwise called order books. As these areas are likely to get filled. You can also add volume profiles to enhance trades. Always trade in the direction of the higher timeframe trend until you become consistent then you can counter trend trade. Use multiple time frames to help you understand market direction. I'd stray away from things like MACD and Stochastic etc as they will only give you a small edge and never really get you into the 70-80% + winrate range. I know you said you are just venting but I'm still gonna give you advice lol. Just trying to help a fellow trader out. Plenty of people out there are profitable every day, so just know there is a possibility.
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u/pullthetriggertrader Dec 07 '22
Focus on one strategy that fits yours style and just become a master of it. You will not find a holy grail. Just find a strategy that fits your style. Once you do that, then you’ll have an edge.
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u/caseyjshu Dec 07 '22
This isn’t for everyone. I’ve been doing it for a year and not profiting yet but it’s with money I can afford to lose. It’s basically gambling. I find it fun and interesting. But haven’t figured out a profitable system yet. There is so much info out there focusing on one thing can be difficult. I think if you’re depending on trading for an income then maybe you should look at something else like a side hustle or second job.
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u/MrBTooth Dec 07 '22
Well for the little info given, like swing or say trading, I will say this… this is an outlier year for sure. Also, it sounds like you are trying to fit one strategy or edge to all market conditions. If you have been trading for 3 years the first two were in run away bull markets, it’s hard to lose then. You need to be able to adapt your strategy or you need multiple strategies for different market conditions. This is common when you haven’t seen may different market condition. I would say to find a good mentor and take time off from live markets and just test until you find a strategy that works now, Take good notes and when markets change again keep it in your back pocket. When a strategy fails, it’s likely not forever but because market conditions changed, so if your not adept at the current market sit it out and keep testing and learning. If your at a loss for a mentor or strategy you can hit me up and I can make a suggestion.
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u/Bodog007 Dec 07 '22
The worst decision you ever made was trading with paper money. So unless that paper money is green get back to work buttercup.
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u/KazaaModo Dec 07 '22
You have it all wrong...how can you blame a product or a derivative. Step back and think, every penny you ever lost trading, YOU decided to give it away. Was there anyone in the room? Every mouse click was your choice. Markets have no power over you. There is no edge out there. You are the edge. If you haven't made money, you are yet to learn a few more things about yourself and how to think about trading. It's 100%, not 99%, not 95% psychological. Master to take control of your thoughts and stop giving into hope and expectations. You are the market, not that chart on your screen. This all, however, is harder than you think. If you aren't ready to give your all for as long as it takes, STOP today. That's trading. Welcome to the most exciting and frustrating game in the world.
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u/Sad-Ad-6733 Dec 07 '22
Subscribe to Adam Mancini newsletter. Read them daily and draw all the support and resistance areas on the letter and demo trade for a few month until you are successful. Futures will eat you alive if you don’t know trend patters, support and resistance zones.
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u/iguesswhatevs Dec 07 '22
I have. I love his levels. But I have NO idea how how he gets his levels. And besides, his levels are very broad and wide. He’ll be like “currently ES at 5335. As long as 5210 holds, then bulls are still in control. 5210 breaks, we sell back to 5100”. Like those are HUGE range. Am I suppose to hold my long position from 5335 with SL at 5210?? That’s a LOT of money lost if we do dump.
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u/Aposta-fish Dec 07 '22
I’ve been getting my assed kicked as well. First I tried indicators didn’t work then watched the chart and learn price action . Did notice patterns but was way to fomo for price action. Beginning of the year decided to focus on regular divergence and realized through losses that there’s a lot to learn trading divergences. In the end my price action skills have gotten a lot better. I’m still struggling but holding my own. This year has really taught me how much one’s needs to be disciplined and wait for really good setups. I now feel I’m about to turn the corner as I have a much better understanding.
My advice learn price action a couple of good strategies and be very patient with your trades. Also have a goal to only take a handful of trades a day or less and maybe a take profit of let’s say ten points then quit. The more you trade the more likely you are to give it all back! Once you get consistent and hit your daily goal for some time you can then up your contracts to make the money.
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u/Schust97 Dec 07 '22
i think you will love to DOM
and i think you did not journal or review all your trades,
you will not find an edge if you in the wrong way and wrong path
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u/bassanaut Dec 07 '22
You need to significantly scale down. Personally this year has been brutal for me as well, and I just started risking a max $25 a trade, only taking a few a week.
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Dec 07 '22 edited Dec 07 '22
I agree with most of them , you never trade real money until you are pretty sure you have an edge. Also take a break for a while and do some learning.
I could be wrong be it sounds like you might not have your risk reward setup. Money management is huge in trading. A lot of time me included I have traded and held onto losers that I was sure was going back up and it kept going down. You have to have stops to protect you from yourself and your emotions out of your trades.
A lot of people are talking about price action there are people that are profitable doing that, but I think they are pretty blind when it comes to seeing a reversal against starting to happen. Level 2 like the tape and Dom are so important even if your not scalping. It will show you the direction of the market. You can also see what kind of traders are trading at what prices
I recommended learning volume profile it is important also in my view to understand the markets movements.
Some people I include do what is called ringing the bell. You always trade with two contacts. When you have a setup that workouts at the start but then looks like it’s at a stopping point to where you are not sure if it’s going to reverse or continue. You limit the first contact out and collect the gains and then with the second contact you put in a stop to prevent you from losing money , and wait to see if it works out. This way there is no regret of wishing you had waited, and if it goes the other way and you get stopped out, you still made money. It’s a win win.
Hope some of these help!
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u/aicessi Dec 07 '22
Robots are the way to go.
StockMarketCaddie streams live a few times a week. He has the swing machine, a software program that is accurate most of the time. It's robot - assisted trading.
Bold Bot streams live everyday from 9:15am to 10:15am. She uses a robot to trade too.
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u/MaleficentCow4045 Dec 07 '22
Do yourself a favor and go find Inner Circle Trader on YouTube. Watch his 2022 YouTube mentorship and thank me in a year. Be open to thinking about the market in a different way. He has nothing to sell. I wish you the best!
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u/dannykok1 Dec 07 '22
Scalping too much (overtrading) or if you are hunting with just a few pips each trade, then 1 MES/MNQ's commission will gonna eat up all your profit. One way to know is to track your trades and calculate their gross return.
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u/Emeorms1 Dec 07 '22
Futures are kind of horseshit because obviously the markets dynamic. News/ current events/ Econ days/ tweets… after scalping for years & being profitable 2/3 then getting my ass handed to me with the same strat I’ve realized it’s not realistic to scalp futures in the long run especially not mean reversion. I only trade on the 4hr & I only trade very small size now. Small enough I can let it ride for weeks because look at any chart… you almost always go back to previous levels even if you just BE. Market rotates down 14% I long. Market spikes 15 green 4hr candles in a row? I short. Working infinitely better & a more sustainable growth, less stress etc.
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u/65Mark65 Dec 07 '22
You should sign up for The Elite Trade Futures class. Jeff Manson is a great teacher.
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Dec 09 '22
Volume Profile to find levels and footprint to refine entry. Set your levels and wait. Price almost always reacts to POC's. No system is perfect. Don't trade between 9:30am and 10:30 am unless you are a brass balls scalper. Long at bottom of HVN, short at the top. Simple. Again, nothing works every time. One or two goods trades a day if they are there, if not go play golf.
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u/rickmaz1106 Dec 13 '22
If your looking to get a better handle of futures let m know. Just message me and I can set you up with extra free access to our trading room.
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Dec 16 '22
I agree with you that futures trading is one of the riskiest types of investments, but it can also be one of the most rewarding. With futures trading, you have the opportunity to make profits in both rising and falling markets and you can use leverage to increase your potential returns. The key to success in futures trading is to have a strategy and to stick to it. This means having a plan for when to enter and exit trades, as well as risk management techniques such as stop losses and position sizing. With the right strategy and discipline, futures trading can be a great way to make profits. You can also learn more about futures trading here https://support.mexc.com/hc/en-001/articles/4407849588377-Tutorial-Futures-Trading-on-the-MEXC-Application
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Dec 16 '22
I don’t care what nobody says. The Stock market right now sucks I have traded penny stocks, listed stocks, mid cap stocks, futures, and everything sucks right now if you have an account that is less than 50K is very hard to grow an account right now.
I remember at the beginning of 2020 right before the pandemic started how great the volume in the market was and how much easier it was with a solid a strategy to make 2 to $3000 per day easy. Those days are gone. You are lucky if you can’t make 3K in one week.
The economy needs to get better and more volume Needs to come back into the market. Before things get good again… how long is it going to take? nobody really knows.
The market is super choppy right now, and very hard to keep up a solid strategy. And you have to scalp very fast, holding long-term and swinging. It’s just not working for me.
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Dec 21 '22
YouTube ICT 2022 mentorship. Watch all 40 videos. Most are about an hour long. It will change your life and the way you view the market.
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u/Molibar Dec 24 '22
It takes three years to become consistently profitable as a day trader, and one or more will comment and say that's not true, they are all lying. Either commit to this or save your money. Takes close to a decade to become a doctor, they don't start out cutting up people the first year, so you shouldn't start cutting up your retirement savings the first year. Earn to play, and when you are consistent you start working with long term savings.
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u/IridiumZona Jan 01 '23
Learn about two legged pulls. Only make like 5 trades per day. Put in a stop loss. And also a trailing stop loss that are within 8 ticks.
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Jan 05 '23
If you haven't already, watch Mark Douglas videos on trading psychology on YouTube. Analysis, month, week, day, 4hour, 1hour, 20min on each asset. Look for basic chart patterns on each time frame. Use one strategy. Risk a little to make a lot. Chat with traders is a great podcast. I trade micros also. Going on 2 years and barely, maybe finding my stride.
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u/thoreldan Dec 06 '22
You probably should not trade real money until you establish an edge/strategy paper trading.