Made $122 during morning trading...and I just couldn't help myself. I should have stopped but I traded some more. Wouldn't you know it, I lost the $122 + 8 more dollars. Yes, overtrading is an account killer. Lesson learned.
Ouch! I think it hurts more to lose when one is ahead for a good day. I think you have probably seen it, but this video has some discussion of that: (stay until after the trade to see the comments): ua-cam.com/video/ygKnR2x8mG4/v-deo.html Don't be too hard on yourself. Every trader it seems has to make that mistake for the 'overtrading warning' to work. And this video was a while back but it is a popular one that discusses 'the two biggest mistake' in this kind of trading --- how to avoid them I mean: ua-cam.com/video/9GIfxs27H3c/v-deo.html I think you are a fast study by being so aware of what's happening as you trade. A couple of years ago, I make this comment: *Over trading is an account buster. One solution is to pretend you live in the wild Alaskan bush and you only eat what you kill. You only get 3 bullets a week, make them count.... or you get very hungry." Forget about what everybody else does. We all, in the end, have to find out what works for ourselves. As the old rock 'n roller said, "Don't let other people live in your head rent free!" Always glad to hear from you. Thank for the comments. - Don
The other day i realised that this is not about finding the perfect trade with the perfect entry. It’s about going with the market, with the signals and with the probabilities and, most important, about reducing risk. Your channel gave me the knowledge and the confidence to be a better trader. Thank you for this treasure Don!
Hey Don, another great video! In a few of your other videos you cite that your strategy works about 60% of the time. I was wondering if in future videos you could show us some times when a trade was a loser and how you handle it, your psychology, what the set ups looked like, how the risk/reward was affected, etc. Thanks for putting up such great content
Dear Trade Log: I did not say that. What I said was, "You probably won't win more than 60% even if you are good." I also said traders will lose at least 40% of their trades." I added that 'there will be streaks of good and bad trades but on the average, those are about the odds for most traders.' You must be new to the channel and welcome to you. There is a heading in my book that reads "There is no such thing as an infallible trading system." The whole idea that there is some 'forumula solution' where a trader just copies it, then "rinse, wash, repeat" is a false narrative. I constantly warn traders against "hopscotching", please see this video for more details and why I say that: ua-cam.com/video/8DPAyOP_L2M/v-deo.html *Anyone who insists on a pure technical trading formula and will forgo all your experience, thinking, learning and any hard work or common sense, ---- then I can promise you it will work slightly better than voodoo.* -- Don ✅ **BOOK** : Over 400 FIVE-STAR Reviews - Join thousands who have use this book to get a fast start: Check out the Amazon listing (free Prime shipping) at this link: bit.ly/daytrademicros
Good luck Minie and thanks for your support. I put up a new video yesterday evening: ua-cam.com/video/FlvqYGV99vM/v-deo.html Have a Great '23 - Don Let me know how things go for you.
I'm new and trading in sim and your videos have helped me learn the fundamentals and avoid mistakes. I have a lot to learn but your videos have helped tremendously. Please keep making more!
Another good one Don. Thanks. I use TradeStation because it's allowed where I am in Thailand right now. But I always get a lot out of your videos and I refer to your book to really get these concepts. I usually enter trades with brackets and I do adjust my stop loss as the trade progresses, but I sometimes use a "close all" button to exit a trade and clear out all the stop orders at the same time. I think your TastyWorks on screen ordering interface is better than the on screen ordering for TradeStation, but I use what they call "the Matrix" to enter and adjust trades. The TastyWorks on screen ordering is much more intuitive. Cheers - Have a great week !!
No problem 👍 You are welcome to the channel, thank you. YOu might enjoy this video: ua-cam.com/video/y0YtHMTJvK0/v-deo.html and here's some more links for you: ✅ **BOOK** : Over 400 FIVE-STAR Reviews - Join thousands who have use this book to get a fast start: Check out the Amazon listing (free Prime shipping) at this link: bit.ly/daytrademicros **Must See** ✅ Rule #1: bit.ly/RuleNumber1 ✅ *NEW* LIVE TRADES PLAYLIST #3: bit.ly/PlayListNumber3 ✅ Bracket/OCO How to place these orders to trade: ua-cam.com/video/HMTt6gvzif0/v-deo.html ✅ **BROKER** **Like the TastyWorks "See It, Click It, Trade It" and the Click 'n drag Mouse?** Here's how to use the same software you see in videos here on the channel: bit.ly/2ZUYjtS today. ✅ In about two business days, you account should be ready (no funding required and if you change your mind, no fees or obligation whatsoever. Fill out your TastyWorks application at this, my affiliate link: bit.ly/2ZUYjtS today. ✅ Get notified when new trade videos are posted each week: Subscribe Now at this link bit.ly/3mTTMTn *Free Trade Simulator* 👍You can be practicing in only 5 minutes. ✅ Here is a FREE TRADE SIMULATOR with no ads and that will keep your trade ledger for you. It is FREE for signing up (no credit card or personal info required) at the CME (Chicago Merc Exchange) at this link: bit.ly/TradeSimulatorFREE Three Steps to Get Started Learning to Trade the Micros: ✅ BROKER: Trade With the Same Screen you see in the videos: This is the exact same software I use on this channel. Free software. Free Data Feeds. Low Commissions. Free money transfers in/out of your bank. Very low commissions, no robot help lines, just real live smart people ready to help you. ✅Just fill out the account application, no deposit or credit card required - and you do not have to fund your account until you are ready. For account type select "The Works" - and you will have an account for trading the Micros. When your application is approved: Just fund your account and you are reading to begin trading real time. ✅Use the FREE TRADE SIMULATOR until your TastyWorks account is ready. bit.ly/TradeSimulatorFREE FREE Training Videos at BEGINNERS PLAYLIST: ✅ "BEGINNERS" PLAYLIST #1: ua-cam.com/play/PLv6Fasp51T9L99jOWgLdB2ZylXpzaXByo.html ✅ "BEGINNER PLAYLIST #2: MACD WINNERS" ua-cam.com/play/PLv6Fasp51T9JGVQCNmRaliEbIpzLQh0od.html
Good question and I have a simple answer: I wasn't there. Actually, I get that question a lot. If I eyed the screen all day, I'd go nutz. 💻 I'm sure you have noticed how finding trades on charts makes this type of trading lookk amazingly simple; the reason for that is that everything on the charts is history (literally) so one always has that genius-in-hindsight, that is never available during or before a trade. Good luck to you and thanks for your comment - Don
Hi Don thanks for another great video (new subscriber). Question, can you provide us a link for the CNBC Morning squawk? I tried searching for it I keep getting directed to pay a monthly premium to access the pre market newsletter.
Just google "cnbc.com morning squawk" they have several daily newsletters, I use the morning one and I also like Robinhood's free "Snacks" that comes out early in the morning - Don
Glad it was helpful for you Dan. It would be nice to just have a 'magic formula' to plug-and-play; too bad it doesn't exist. I expressed that though this way to a fellow just this morning: *Anyone who insists on a pure technical trading formula and will forgo all your experience, thinking, learning and any hard work or common sense, ---- then I can promise you it will work slightly better than voodoo.* -- Don I hope I wasn't too harsh on him but hey, it costs a lot of money to chase the Easter Bunny! Have a Great '23
During the filling out the application, it asks you for 'type of account'. THAT is when you select 'the works'. You can change that by phoning customer service number at TastyWorks: (888) 247-1963 (I'm not sure they answer on holidays so try tomorrow. ) Thank you - Don
short answer: no Every trader is as unique as fingerprints and snowflakes. I am not a fan of linear regression analysis for optimization of future events. You pose an interesting question of course. When computer becames cheap and unbelievably fast, the popularity of a new novel approach to trading called "back testing" was all the rage. Roger Lowenstein has a book titled "When Genius Failed." It details the story about a time (think mid 1990's) when a team of 'genius' MIT and finance school economists ---- basically "the ultimate team of analysis and intelligence." Lowenstein details the downfall, the failure, of the approach. Things went fine with the billions of dollars of the customer's funds were invested by this 'brain team.' Until one day they lost over $275 million in one morning. The wheels came off the plan and the investors lost hundred of millions of dollars. This short story will explain what happened: Once upon a time a group of people went on an African safari. (think Glamping) It was not of short trip, but several weeks of rather luxurious touring - and each day the members of the group rode in Jeeps with a fantastic tour guide named Samba. At the end of each day the group would gather around the campfire after dinner and talk about the day's sites and events. One of the members of the group commented on the tour guide, Samba. Over the last week, each time the group in the open Jeeps would be approached by a huge male elephant, Samba would run towards the elephant with both hands out and shout at the huge animal. This didn't happen just once but at least a half a dozen times in the first week of the safari. And every time the giant animal would stop his charge and trumpeting, then turn around and then walk away. Samba was at the campfire listening to the tourist and then someone asked him, "Samba,- you are so brave-- how do you know if those huge elephants won't trample you and then come for us?" "When is the moment you find out that the elephant won't stampede us?" And Samba replied, "When he stops."
Lol I don’t know how u find the time to type all this Don! You must love to teach!One thing for sure, when I read your replies I know there is always a nugget of wisdom!
Welcome aboard! Here's some links you might wish to explore. have a great '23 - Don ✅ **BOOK** : Over 400 FIVE-STAR Reviews - Join thousands who have use this book to get a fast start: Check out the Amazon listing (free Prime shipping) at this link: bit.ly/daytrademicros **Must See** ✅ Rule #1: bit.ly/RuleNumber1 ✅ *NEW* LIVE TRADES PLAYLIST #3: bit.ly/PlayListNumber3 ✅ Bracket/OCO How to place these orders to trade: ua-cam.com/video/HMTt6gvzif0/v-deo.html ✅ **BROKER** **Like the TastyWorks "See It, Click It, Trade It" and the Click 'n drag Mouse?** Here's how to use the same software you see in videos here on the channel: bit.ly/2ZUYjtS today. ✅ In about two business days, you account should be ready (no funding required and if you change your mind, no fees or obligation whatsoever. Fill out your TastyWorks application at this, my affiliate link: bit.ly/2ZUYjtS today. ✅ Get notified when new trade videos are posted each week: Subscribe Now at this link bit.ly/3mTTMTn *Free Trade Simulator* 👍You can be practicing in only 5 minutes. ✅ Here is a FREE TRADE SIMULATOR with no ads and that will keep your trade ledger for you. It is FREE for signing up (no credit card or personal info required) at the CME (Chicago Merc Exchange) at this link: bit.ly/TradeSimulatorFREE Three Steps to Get Started Learning to Trade the Micros: ✅ BROKER: Trade With the Same Screen you see in the videos: This is the exact same software I use on this channel. Free software. Free Data Feeds. Low Commissions. Free money transfers in/out of your bank. Very low commissions, no robot help lines, just real live smart people ready to help you. ✅Just fill out the account application, no deposit or credit card required - and you do not have to fund your account until you are ready. For account type select "The Works" - and you will have an account for trading the Micros. When your application is approved: Just fund your account and you are reading to begin trading real time. ✅Use the FREE TRADE SIMULATOR until your TastyWorks account is ready. bit.ly/TradeSimulatorFREE FREE Training Videos at BEGINNERS PLAYLIST: ✅ "BEGINNERS" PLAYLIST #1: ua-cam.com/play/PLv6Fasp51T9L99jOWgLdB2ZylXpzaXByo.html ✅ "BEGINNER PLAYLIST #2: MACD WINNERS" ua-cam.com/play/PLv6Fasp51T9JGVQCNmRaliEbIpzLQh0od.html
The free demo trade simulation is not TastyTrade; is is furnished by CME. It is similar but will not look identical to TastyTrade. To set up tasty trade please view this playlist: ua-cam.com/play/PLv6Fasp51T9KvkIWqQ5D29RqJ9dTflTk7.html
Good question. Those 'revenge' trade will take your money quickly as you disregard the basics. I've found losing money is a great deterrent but it gets expensive. Take a nap, eat some broccoli, and run a mile. And if you are out of broccoli, try a Big Mac. Have a great '23 - Don
Here's some links with the basics: FREE Training Videos at BEGINNERS PLAYLIST: ✅ "BEGINNERS" PLAYLIST #1: ua-cam.com/play/PLv6Fasp51T9L99jOWgLdB2ZylXpzaXByo.html ✅ "BEGINNER PLAYLIST #2: MACD WINNERS" ua-cam.com/play/PLv6Fasp51T9JGVQCNmRaliEbIpzLQh0od.html
How do you manage trades with high fees? I was using td ameritrade and would pay 2.65 per order. So an oco with a take profit and stop koss would cost 2.65 x 3 = 7.95 per trade.
Good morning, Don. Good video. I had a nice trade today on /MNQ getting in about 10:20 and out for a quick $72. I doubt I could have done it without your channel. I still have an awful time with over trading either trying to add on like today or trying to make up for a few bad trades. Maybe I should have my wife flip the breaker in the garage if she hears me say alright!! or swear out loud? What have you done? Pretty sure we all have this issue in the beginning.
Nice work! Ha, LOL. Yes, we have all 'been there/done that.' Next time you make $72 in a few minutes, run to the grocery store and convert the cash to ribeye steaks, then show them to the Mrs. and tell her, "I ain't giving these back today." Then you just stare at the steaks and think, "Damn, all I did was click a mouse twice." Here's an interesting stat: After a winning trade, most traders will immediately lower thier standards (take on more risk) for the next trade. This is the same (losing) psychology that gamblers use to 'trade with the house's money.' Always a convenient misconception for sure and an expensive one. I lived in West Texas for a while years ago. Them cowboys out there have a saying: "Never miss a good chance to shut up." Same is true about trading I think. good to hear from you always, Bill. ---- Don
I use and recommend TastyTrade. I have a TT affiliate link that helps support the 150+ videos on the channel. More info: ua-cam.com/video/Qxb6EnsSVPk/v-deo.html
I'm biased. I chose TW because I think it is much easier to learn AND as you seen in the videos on the channel, the trader with TastyWorks can use the one-page "see it-click-it, trade-it" method. When you compare, if that's what you decide, be aware that some brokers who advertise the cheapest commissions, may often add other charges for data feed, software (think: upgrades for full features), money transfers in/out of your bank, and many customer service lines may use those annoying 'number menus'. TastyWorks has free full-feature software, free money transfers in/out of your bank (both ways), free data feed, live customer service operators, competitive commission rates, NO additional charges of any description. I don't know if you trade options or plan to, but know TW has the #1 rated options trading platform. I am a tastyworks affiliate and I get a small fee for referals (at no cost to the customer.) There are more than 150 videos on the channel and they all use TastyWorks, and I provide a free file to configure TW screen to be just like the one I use on the channel. How much money is required for my trading account? It varies from broker to broker. I suggest $3k to $5k if you can. Some brokers allow accounts (with restrictions) where one can open an account and trade for $500. My opinion is this is not practical, as you can lose one trade and then immediately will how to stop trading and deposit more money. Please remember this is high risk trading - and one should not trade with money they cannot afford to lose. (my book includes a plan for practice trading before you risk real money.) I use TastyWorks here on the channel since one can trade from one page and slide your order prices up/down with a mouse on the chart screen (make learning faster.) If you are considering TastyWorks, please use my affiliate link. That and book sales are how I support this channel with over 150+ free videos. *How to Start:* Just fill out the account application at this link bit.ly/TW-Link *No deposit or credit card required - and you do not have to fund your account until you are ready.* PLUS, even though you cannot trade until you fund, you can still operate the software and check it out. I think you'll like it. For account type select "The Works" - and you will have an account for trading the Micros. When your application is approved: Just fund your account and you are ready to begin trading real time. A COMMENT: *You can start with less at some of the other brokers - but it is really tough too start with just a few hundred because if you have a few losing trades, you have to stop until you make another deposit. Something in the $3k to $5k range is a good starting amount and is a better experience.* The CME has a free, no deposit, zero cost trade simulation program you can practice with while you get the basics down: www.cmegroup.com/education/practice/about-the-trading-simulator.html Welcome to the channel - Don
Made $122 during morning trading...and I just couldn't help myself. I should have stopped but I traded some more. Wouldn't you know it, I lost the $122 + 8 more dollars. Yes, overtrading is an account killer. Lesson learned.
Ouch! I think it hurts more to lose when one is ahead for a good day.
I think you have probably seen it, but this video has some discussion of that: (stay until after the trade to see the comments): ua-cam.com/video/ygKnR2x8mG4/v-deo.html
Don't be too hard on yourself. Every trader it seems has to make that mistake for the 'overtrading warning' to work.
And this video was a while back but it is a popular one that discusses 'the two biggest mistake' in this kind of trading --- how to avoid them I mean: ua-cam.com/video/9GIfxs27H3c/v-deo.html
I think you are a fast study by being so aware of what's happening as you trade.
A couple of years ago, I make this comment:
*Over trading is an account buster. One solution is to pretend you live in the wild Alaskan bush and you only eat what you kill. You only get 3 bullets a week, make them count.... or you get very hungry."
Forget about what everybody else does. We all, in the end, have to find out what works for ourselves. As the old rock 'n roller said, "Don't let other people live in your head rent free!"
Always glad to hear from you. Thank for the comments. - Don
The other day i realised that this is not about finding the perfect trade with the perfect entry. It’s about going with the market, with the signals and with the probabilities and, most important, about reducing risk. Your channel gave me the knowledge and the confidence to be a better trader. Thank you for this treasure Don!
Morning Carlos. All the best to you for a Great '23. thanks- Don
Hey Don, another great video! In a few of your other videos you cite that your strategy works about 60% of the time. I was wondering if in future videos you could show us some times when a trade was a loser and how you handle it, your psychology, what the set ups looked like, how the risk/reward was affected, etc. Thanks for putting up such great content
Dear Trade Log: I did not say that. What I said was, "You probably won't win more than 60% even if you are good." I also said traders will lose at least 40% of their trades." I added that 'there will be streaks of good and bad trades but on the average, those are about the odds for most traders.'
You must be new to the channel and welcome to you. There is a heading in my book that reads "There is no such thing as an infallible trading system."
The whole idea that there is some 'forumula solution' where a trader just copies it, then "rinse, wash, repeat" is a false narrative.
I constantly warn traders against "hopscotching", please see this video for more details and why I say that: ua-cam.com/video/8DPAyOP_L2M/v-deo.html
*Anyone who insists on a pure technical trading formula and will forgo all your experience, thinking, learning and any hard work or common sense, ---- then I can promise you it will work slightly better than voodoo.* -- Don
✅ **BOOK** : Over 400 FIVE-STAR Reviews - Join thousands who have use this book to get a fast start: Check out the Amazon listing (free Prime shipping) at this link: bit.ly/daytrademicros
I started paper trading after reading your book. Am still practicing.
Good luck Minie and thanks for your support. I put up a new video yesterday evening: ua-cam.com/video/FlvqYGV99vM/v-deo.html
Have a Great '23 - Don
Let me know how things go for you.
I'm new and trading in sim and your videos have helped me learn the fundamentals and avoid mistakes. I have a lot to learn but your videos have helped tremendously. Please keep making more!
Great to hear Token. I really appreciate you comment and wish you a Great '23- Don
Just subscribed, really good information. Keep it up. I’m learning a lot.
Awesome, thank you! Glad to hear from you. have a great '23.
Another good one Don. Thanks. I use TradeStation because it's allowed where I am in Thailand right now. But I always get a lot out of your videos and I refer to your book to really get these concepts. I usually enter trades with brackets and I do adjust my stop loss as the trade progresses, but I sometimes use a "close all" button to exit a trade and clear out all the stop orders at the same time. I think your TastyWorks on screen ordering interface is better than the on screen ordering for TradeStation, but I use what they call "the Matrix" to enter and adjust trades. The TastyWorks on screen ordering is much more intuitive. Cheers - Have a great week !!
Always great to hear from you Mal. Interesting comments, thanks for sending them and I wish you a Great '23 - Don
Thanks for your valuable teaching. Always appreciated.
So nice of you. Thanks, Bob, always glad to hear from you. Hope you and family enjoy a Great '23 -Don
Thank you Don,
Hello Ben, welcome to the channel and good luck to you & a Great '23.- Don
Just what I was looking for. Thanks, buddy
No problem 👍
You are welcome to the channel, thank you.
YOu might enjoy this video: ua-cam.com/video/y0YtHMTJvK0/v-deo.html
and here's some more links for you:
✅ **BOOK** : Over 400 FIVE-STAR Reviews - Join thousands who have use this book to get a fast start: Check out the Amazon listing (free Prime shipping) at this link: bit.ly/daytrademicros
**Must See** ✅ Rule #1: bit.ly/RuleNumber1
✅ *NEW* LIVE TRADES PLAYLIST #3: bit.ly/PlayListNumber3
✅ Bracket/OCO How to place these orders to trade: ua-cam.com/video/HMTt6gvzif0/v-deo.html
✅ **BROKER**
**Like the TastyWorks "See It, Click It, Trade It" and the Click 'n drag Mouse?**
Here's how to use the same software you see in videos here on the channel: bit.ly/2ZUYjtS today.
✅ In about two business days, you account should be ready (no funding required and if you change your mind, no fees or obligation whatsoever. Fill out your TastyWorks application at this, my affiliate link: bit.ly/2ZUYjtS today.
✅ Get notified when new trade videos are posted each week: Subscribe Now at this link bit.ly/3mTTMTn
*Free Trade Simulator*
👍You can be practicing in only 5 minutes.
✅ Here is a FREE TRADE SIMULATOR with no ads and that will keep your trade ledger for you. It is FREE for signing up (no credit card or personal info required) at the CME (Chicago Merc Exchange) at this link: bit.ly/TradeSimulatorFREE
Three Steps to Get Started Learning to Trade the Micros:
✅ BROKER: Trade With the Same Screen you see in the videos: This is the exact same software I use on this channel. Free software. Free Data Feeds. Low Commissions. Free money transfers in/out of your bank. Very low commissions, no robot help lines, just real live smart people ready to help you.
✅Just fill out the account application, no deposit or credit card required - and you do not have to fund your account until you are ready. For account type select "The Works" - and you will have an account for trading the Micros. When your application is approved: Just fund your account and you are reading to begin trading real time.
✅Use the FREE TRADE SIMULATOR until your TastyWorks account is ready. bit.ly/TradeSimulatorFREE
FREE Training Videos at BEGINNERS PLAYLIST:
✅ "BEGINNERS" PLAYLIST #1: ua-cam.com/play/PLv6Fasp51T9L99jOWgLdB2ZylXpzaXByo.html
✅ "BEGINNER PLAYLIST #2: MACD WINNERS" ua-cam.com/play/PLv6Fasp51T9JGVQCNmRaliEbIpzLQh0od.html
Very good video Don, thanks for all your help.
Very welcome, Dave. I wish you a Great '23 - Don
Another good video Don. Why did you not get into the trade some 15-20 minutes earlier?
Good question and I have a simple answer: I wasn't there. Actually, I get that question a lot. If I eyed the screen all day, I'd go nutz. 💻
I'm sure you have noticed how finding trades on charts makes this type of trading lookk amazingly simple; the reason for that is that everything on the charts is history (literally) so one always has that genius-in-hindsight, that is never available during or before a trade. Good luck to you and thanks for your comment - Don
You've changed my life, Don.
That's a great handle you have there! May you always have great cats in your cab. Have a Great '23. Always nice to hear from you. thanks- Don
Love your book. Lots of gems in it. Thanks much!
You are so welcome! Welcome to the channel. Thanks for the kind words; you made may day. Have a Great '23 and beyond- Don
Hi Don thanks for another great video (new subscriber). Question, can you provide us a link for the CNBC Morning squawk? I tried searching for it I keep getting directed to pay a monthly premium to access the pre market newsletter.
Just google "cnbc.com morning squawk" they have several daily newsletters, I use the morning one and I also like Robinhood's free "Snacks" that comes out early in the morning - Don
Good stuff, Don-- thanks so much for doing this!
Thank YOU, Quark. Have a Great '23 - Don
another great video , Don . Thanks .
Very welcome. Thank you, Marc.
Another excellent video, incredible value!
Much appreciated! Hope you have a Great '23 - Don
Good info Don! I like hearing you go thru your thought processes during the trade! Really helpful! Thanks!
Glad it was helpful for you Dan. It would be nice to just have a 'magic formula' to plug-and-play; too bad it doesn't exist. I expressed that though this way to a fellow just this morning:
*Anyone who insists on a pure technical trading formula and will forgo all your experience, thinking, learning and any hard work or common sense, ---- then I can promise you it will work slightly better than voodoo.* -- Don
I hope I wasn't too harsh on him but hey, it costs a lot of money to chase the Easter Bunny! Have a Great '23
Great video, as always, Don! Thanks for keeping them coming.
Thanks, will do! Happy New Year - Don
Hey don, I didn’t see an option for “the works” opening up a tasty account. Do you have a video explaining-walking though the platform you use??
During the filling out the application, it asks you for 'type of account'. THAT is when you select 'the works'. You can change that by phoning customer service number at TastyWorks: (888) 247-1963 (I'm not sure they answer on holidays so try tomorrow. ) Thank you - Don
Another great video! Any metrics you have found helpful to track your performance progress over the years besides profit and loss? MAE, MFE, ETD?
short answer: no
Every trader is as unique as fingerprints and snowflakes. I am not a fan of linear regression analysis for optimization of future events. You pose an interesting question of course.
When computer becames cheap and unbelievably fast, the popularity of a new novel approach to trading called "back testing" was all the rage. Roger Lowenstein has a book titled "When Genius Failed." It details the story about a time (think mid 1990's) when a team of 'genius' MIT and finance school economists ---- basically "the ultimate team of analysis and intelligence." Lowenstein details the downfall, the failure, of the approach. Things went fine with the billions of dollars of the customer's funds were invested by this 'brain team.' Until one day they lost over $275 million in one morning. The wheels came off the plan and the investors lost hundred of millions of dollars.
This short story will explain what happened: Once upon a time a group of people went on an African safari. (think Glamping) It was not of short trip, but several weeks of rather luxurious touring - and each day the members of the group rode in Jeeps with a fantastic tour guide named Samba. At the end of each day the group would gather around the campfire after dinner and talk about the day's sites and events. One of the members of the group commented on the tour guide, Samba. Over the last week, each time the group in the open Jeeps would be approached by a huge male elephant, Samba would run towards the elephant with both hands out and shout at the huge animal. This didn't happen just once but at least a half a dozen times in the first week of the safari. And every time the giant animal would stop his charge and trumpeting, then turn around and then walk away. Samba was at the campfire listening to the tourist and then someone asked him, "Samba,- you are so brave-- how do you know if those huge elephants won't trample you and then come for us?" "When is the moment you find out that the elephant won't stampede us?" And Samba replied, "When he stops."
Lol I don’t know how u find the time to type all this Don! You must love to teach!One thing for sure, when I read your replies I know there is always a nugget of wisdom!
@@HomeOwnerTools Wow, you made my day. Your kindness is very much appreciated. I wish you and yours a Great '23. Thank you. - Don
Happy New Year Don!
Great reminder what a “Target” really is.
Wishing both of us a fun, safe profitable year trading in 2023
Happy new year to you Rocky. Wish you a Great '23 - Don
I am new subscriber. Great content sir ! 👏
Welcome aboard!
Here's some links you might wish to explore. have a great '23 - Don
✅ **BOOK** : Over 400 FIVE-STAR Reviews - Join thousands who have use this book to get a fast start: Check out the Amazon listing (free Prime shipping) at this link: bit.ly/daytrademicros
**Must See** ✅ Rule #1: bit.ly/RuleNumber1
✅ *NEW* LIVE TRADES PLAYLIST #3: bit.ly/PlayListNumber3
✅ Bracket/OCO How to place these orders to trade: ua-cam.com/video/HMTt6gvzif0/v-deo.html
✅ **BROKER**
**Like the TastyWorks "See It, Click It, Trade It" and the Click 'n drag Mouse?**
Here's how to use the same software you see in videos here on the channel: bit.ly/2ZUYjtS today.
✅ In about two business days, you account should be ready (no funding required and if you change your mind, no fees or obligation whatsoever. Fill out your TastyWorks application at this, my affiliate link: bit.ly/2ZUYjtS today.
✅ Get notified when new trade videos are posted each week: Subscribe Now at this link bit.ly/3mTTMTn
*Free Trade Simulator*
👍You can be practicing in only 5 minutes.
✅ Here is a FREE TRADE SIMULATOR with no ads and that will keep your trade ledger for you. It is FREE for signing up (no credit card or personal info required) at the CME (Chicago Merc Exchange) at this link: bit.ly/TradeSimulatorFREE
Three Steps to Get Started Learning to Trade the Micros:
✅ BROKER: Trade With the Same Screen you see in the videos: This is the exact same software I use on this channel. Free software. Free Data Feeds. Low Commissions. Free money transfers in/out of your bank. Very low commissions, no robot help lines, just real live smart people ready to help you.
✅Just fill out the account application, no deposit or credit card required - and you do not have to fund your account until you are ready. For account type select "The Works" - and you will have an account for trading the Micros. When your application is approved: Just fund your account and you are reading to begin trading real time.
✅Use the FREE TRADE SIMULATOR until your TastyWorks account is ready.
bit.ly/TradeSimulatorFREE
FREE Training Videos at BEGINNERS PLAYLIST:
✅ "BEGINNERS" PLAYLIST #1: ua-cam.com/play/PLv6Fasp51T9L99jOWgLdB2ZylXpzaXByo.html
✅ "BEGINNER PLAYLIST #2: MACD WINNERS" ua-cam.com/play/PLv6Fasp51T9JGVQCNmRaliEbIpzLQh0od.html
Don, I got the free demo trade but the platform no way the same as what you showed
The free demo trade simulation is not TastyTrade; is is furnished by CME.
It is similar but will not look identical to TastyTrade.
To set up tasty trade please view this playlist:
ua-cam.com/play/PLv6Fasp51T9KvkIWqQ5D29RqJ9dTflTk7.html
Don, do you stop trading after taking a couple of losses? How do handle the urge to revenge trade? Thanks
Good question. Those 'revenge' trade will take your money quickly as you disregard the basics. I've found losing money is a great deterrent but it gets expensive. Take a nap, eat some broccoli, and run a mile. And if you are out of broccoli, try a Big Mac. Have a great '23 - Don
Hi Don,
Are there any restrictions on shorting in micro emini futures? How does one qualify? Thank you in advance for your feedback.
As long as you are able to trade futures, you should be able to go long or short
Here's some links with the basics:
FREE Training Videos at BEGINNERS PLAYLIST:
✅ "BEGINNERS" PLAYLIST #1: ua-cam.com/play/PLv6Fasp51T9L99jOWgLdB2ZylXpzaXByo.html
✅ "BEGINNER PLAYLIST #2: MACD WINNERS" ua-cam.com/play/PLv6Fasp51T9JGVQCNmRaliEbIpzLQh0od.html
How do you manage trades with high fees? I was using td ameritrade and would pay 2.65 per order. So an oco with a take profit and stop koss would cost 2.65 x 3 = 7.95 per trade.
I don't. I use TastyWorks and round trip less than $3. in and out including any stops you might use.
Good morning, Don. Good video. I had a nice trade today on /MNQ getting in about 10:20 and out for a quick $72. I doubt I could have done it without your channel. I still have an awful time with over trading either trying to add on like today or trying to make up for a few bad trades. Maybe I should have my wife flip the breaker in the garage if she hears me say alright!! or swear out loud? What have you done? Pretty sure we all have this issue in the beginning.
Nice work! Ha, LOL. Yes, we have all 'been there/done that.' Next time you make $72 in a few minutes, run to the grocery store and convert the cash to ribeye steaks, then show them to the Mrs. and tell her, "I ain't giving these back today." Then you just stare at the steaks and think, "Damn, all I did was click a mouse twice."
Here's an interesting stat: After a winning trade, most traders will immediately lower thier standards (take on more risk) for the next trade. This is the same (losing) psychology that gamblers use to 'trade with the house's money.' Always a convenient misconception for sure and an expensive one.
I lived in West Texas for a while years ago. Them cowboys out there have a saying: "Never miss a good chance to shut up." Same is true about trading I think. good to hear from you always, Bill. ---- Don
Hey Don, what broker would you recommend for micro mini
I use and recommend TastyTrade. I have a TT affiliate link that helps support the 150+ videos on the channel.
More info: ua-cam.com/video/Qxb6EnsSVPk/v-deo.html
PAPPA D was uuuuuuupppppp!!!!!????😊
Hey Prof, glad to wish you a Great '23. Thanks for the shout-out. - Don
Hi id like to trade micro e- minis how is tastyworks better than ninjatrader what to you think? im also thinking of using tastyworks
I'm biased. I chose TW because I think it is much easier to learn AND as you seen in the videos on the channel, the trader with TastyWorks can use the one-page "see it-click-it, trade-it" method.
When you compare, if that's what you decide, be aware that some brokers who advertise the cheapest commissions, may often add other charges for data feed, software (think: upgrades for full features), money transfers in/out of your bank, and many customer service lines may use those annoying 'number menus'.
TastyWorks has free full-feature software, free money transfers in/out of your bank (both ways), free data feed, live customer service operators, competitive commission rates, NO additional charges of any description. I don't know if you trade options or plan to, but know TW has the #1 rated options trading platform. I am a tastyworks affiliate and I get a small fee for referals (at no cost to the customer.) There are more than 150 videos on the channel and they all use TastyWorks, and I provide a free file to configure TW screen to be just like the one I use on the channel.
How much money is required for my trading account?
It varies from broker to broker. I suggest $3k to $5k if you can. Some brokers allow accounts (with restrictions) where one can open an account and trade for $500. My opinion is this is not practical, as you can lose one trade and then immediately will how to stop trading and deposit more money. Please remember this is high risk trading - and one should not trade with money they cannot afford to lose. (my book includes a plan for practice trading before you risk real money.)
I use TastyWorks here on the channel since one can trade from one page and slide your order prices up/down with a mouse on the chart screen (make learning faster.)
If you are considering TastyWorks, please use my affiliate link. That and book sales are how I support this channel with over 150+ free videos.
*How to Start:* Just fill out the account application at this link bit.ly/TW-Link *No deposit or credit card required - and you do not have to fund your account until you are ready.* PLUS, even though you cannot trade until you fund, you can still operate the software and check it out. I think you'll like it. For account type select "The Works" - and you will have an account for trading the Micros. When your application is approved: Just fund your account and you are ready to begin trading real time.
A COMMENT: *You can start with less at some of the other brokers - but it is really tough too start with just a few hundred because if you have a few losing trades, you have to stop until you make another deposit. Something in the $3k to $5k range is a good starting amount and is a better experience.*
The CME has a free, no deposit, zero cost trade simulation program you can practice with while you get the basics down: www.cmegroup.com/education/practice/about-the-trading-simulator.html
Welcome to the channel - Don
@@DayTradingMicroFutures Thank you for getting back to me, I just signed up and used your affiliate link