Before you Can Succeed as a Trader, you Need to Learn How to Accept a Losing Day 4.25.2018
Posted By:- Ilan Levy-Mayer Vice President, Cannon Trading Futures Blog
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I must admit today’s volatility was tough for me both as a trader and as a broker….
Some days are just losing days….
Don’t fight it. You will have losing days. I have been in the futures industry for 20 years now and never have I met a trader who did not have a losing day…and¬† I will never meet one….impossible.
Understand it and accept it. ¬†One of your hardest jobs as a day trader is to make sure a losing day does NOT become a disaster…Our human emotions and our brain is not programmed very well to learn how to lose. Yet one of the key differences between traders and those who try to become “traders”…is that traders first learn how to lose. They understand losing is part of trading. The others, refuse to take a lose and will make many mistakes along the way to make a “normal losing” day into a disaster. That may be carrying positions overnight when they normally don’t, reversing, pyramiding and many other mistakes that they would normally not make. That turns a “normal losing day” (maybe for an acct of $10,000, a normal losing day would be down $500?) into one of those days where they wipe out half of their account if not more….
Sometimes we need to learn how to lose before we can excel in trading.
Trading Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors.¬† You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.
Futures Trading Levels
|Contract June 2018||¬†SP500 #ES_F||Nasdaq100¬† #NQ_F||Dow Jones¬† #YM_F||Mini Russell #RTY_F||BitCoin Index #XBT_F|
|Contract||June Gold #GC_F||May Silver #SI-F||June Crude Oil #CL-F||June¬† Bonds¬† #ZB_F||June¬† Euro #6E_F|
|Resistance 3||1347.9||16.99||70.81||143 29/32||1.2371|
|Resistance 2||1341.2||16.86||70.10||143 19/32||1.2332|
|Support 1||1326.1||16.58||67.13||142¬† 3/32||1.2244|
|Support 2||1319.4||16.45||66.42||141 25/32||1.2205|
|Support 3||1315.2||16.37||65.29||141¬† 6/32||1.2180|
|Contract||July¬† Corn #ZC_F||July Wheat #ZW_F||July Beans #ZS_F||July SoyMeal #ZM_F||May Nat Gas #NG_F|
Economic Reports, source:¬†
This is not a solicitation of any order to buy or sell, but a current market view provided by Cannon Trading Inc. Any statement of facts¬†here in¬†contained are derived from sources believed to be¬†reliable,¬†but are not guaranteed as to¬†accuracy, nor they purport to be complete. No responsibility is assumed with respect to any such statement or with respect to any expression of opinion herein contained. Readers are urged to exercise their own¬†judgement¬†in trading.