LIVEAfter wasting $1000 by day trading futures, here's what I have to share with those of you who just ended up here, regardless of all the warnings that you read and accept before being allowed to trade.
I will mention the major mistakes done by me, so maybe someone else will be saved.
1. Your futures trading total budget MUST be an amount of money that you can afford to lose. If you think that you can set on fire $1000 without getting depressed or in trouble , you can do it. Otherwise , you will end up bad.
2. Always make sure to get your trading positions to "isolated". If you do "cross", you could go to the fridge for a minute and your whole account can get liquidated if things go wrong.
3. Do not look at the candles while trading in 1 or 3 minutes. Figure that out too late.
4. Please set a goal to take profits. 10, 20, 30, 50, 100% or whatever. Set a goal. If you don't the bad side of the greed will ALWAYS win over you.
5. Set a stop loss! Now I realize that losing 10% is better than waiting for a reverse . You might end up accepting an unpredictable loss. Just lose 10 and re-think your next position.
6. Why would you do more than 10x leverage? Why?
7. Technical analysis that you've learned at the stock market is irrelevant here.
8. Do not put more money or take loans with the mindset of recovering previous losses.
I did everything wrong and I probably did many other things wrong. Don't be like me.
I realize that there are many smart people here, I'm not trying to teach you. Just sharing some experience .
You can easily find me, if you want to talk about the market and other stuffs.
Good luck!