Joined Apex and started trading Nadex with my demo account a couple of months ago. Did good so i decided to give live trading a try. This has been one of the most frustrating endeavors ive ever tried to do. The problem i’m having is my losses kill all of my wins. I’m using IZSS and mainly trading spreads. NQ mostly. Ive had times when im making profit 5 days in a row but the 6th comes and wipes out all of my profit for the last 2 weeks. I’m trying to stay cool and not chase my losses. I started with 3200 in my account now I’m down to 1700. Trying not to give up but you probably can tell i’m frustrated. With spreads how can you apply the 5% risk rule? I use stop losses but they always kill me more than staying in the trade would have. For example last week i brought a long contract below the market. The indicative was above the ceiling of the spread but so was my stop loss. I ended up getting stopped out 50 pips below the ceiling! Needless to say i had 8 contracts. That loss put me down almost $400.
Hi Getatnard, have you been taking screen shots (charts and nadex tickets) and marking up your charts and keeping a journal of your losers so you can note…what u did right, what you did wrong, what you can do better? If so csn you post here what you have for the last trade you mentioned? The more specific detail you provide the better the help you can get.
Your buying the wrong spreads. You should be buying daily ntm spreads.
Why are you using shorter term or non ntm spreads?
Also using nq. is more advanced due to how narrow the spreads are.
I’m actually using daily spreads but i’m just buying DITS. I normally purchase after 11am. Most of the time on NQ i’ve found it easier to predict direction around that time. Plus i like to have 150 or more tics of protection.
The reason I asked about if you are journaling and taking screenshots…
Darrell founded Apex on the premise of Traders Helping Traders. What does that mean exactly? As traders come in and learn, they then help the incoming Apex traders to learn and reach their goals. It’s a mentoring community. It only works if you take advantage of it though.
You really need to be in the Elite Trade Chat room and posting your charts with your trades, and shots of your Scanner tickets and orders. There are experienced successful Apex leaders in the room daily. Ask your questions there and get your trades critiqued for specific feedback. The morning time is the busiest.
If that time doesn’t work for you, then post your Charts and screen shots under General Trading Questions in the forum. Apex traders experienced with your trade topic will respond. When you have screen shots and are specific, then you can get the best most relevant answers. Nothing replaces the Elite room where you can get real time answers from our top traders looking at the live market right then!
A Darrell saying…“Engage in the community, it’s a lot cheaper than the market teaching you.”
Every trader here has started out asking questions, so don’t feel you have to wait till you have uncomfortable losses to ask for help.
Here are a few webinars that may help you regarding spreads in the meantime. https://forum.apexinvesting.com/t/tht-darrell-in-the-elite-room-may-2nd-2017-why-am-i-loosing-money-trading-nadex-spreads/11487
In addition, check out Darrell’s favorite strategy…The Nadex Spread Hedge, (the Ulitmate Hedge Strategy using spreads). This strategy is low risk. You trade a spread in one direction and hedge it with a spread in the other direction. Your risk is low, defined upfront, and will always stay near or below the defined risk amount throughout the trade, essentially making it a worry free trade! https://forum.apexinvesting.com/t/tht-darrell-in-the-elite-room-may-8th-2017-tips-for-vad-live-oil-trade-using-hedge-spread-strategy-and-more/11524
Also here is the video on the 5% rule that will help break it down for you as well as other information to help clarify for you. One is the video and the other includes an article where you can see it in black and white as well. https://forum.apexinvesting.com/t/risk-management-and-your-frame-of-mind-using-5-rule/1235
Hope this helps!
Kellie Education Support firstname.lastname@example.org
Thanks alot. I will dig into all of these videos. I think more than anything i just wanted to vent a little last night. These past couple of days have been trying!!!
No problem Glad we can help!
What would you suggest now that NQ is more advanced?
You should be at a max of 2 contracts IF things were going well. Trade with just 1 until u iron out the kinks. sg