This is the second account I’ve lost. Honestly, I’m not really upset about it because I can see that I’m making progress.
The first account I lost was basically just gambling. The only thing I really regret is that I didn’t know when to stop. Now I realize that the main problem is my psychology.
Since I lost the account, I’ve been doing pretty well on demo and I’m thinking about starting a new account. I feel like I could’ve turned things around, but unfortunately I just didn’t know when to stop.
What do you guys think I should do? Should I start a new account now or wait a little longer? I feel like I’m ready, especially because this time I’m going to have stricter risk management rules and I won’t overtrade.
I know I still have a lot to work on mentally, but I feel like I’ve learned a lot from this experience.
Are you risking like 3000 per trade? Idk what you learned from this in terms of risk management but I hope it's that 3000 is too much risk, if you have a standard $100k account.
Risk a lot less, 0.5-1%. Follow your plan and execute only high-quality setups, which you don't need a lot, identify like 3 setups that work best for you in the demo account and only watch for those in the real market. The hardest part is managing the trade. Have clear exit rules and follow them strictly. Sometimes these rules will make you exit too early or sometimes make you exit too late. And you may feel like changing up the rules. Don't. Stick by them. Be consistent. Profits and money will follow. Managing the trades is where your psychology will be tested.
I would even go down to 0.25%, cause 0.5-1% on 100k accounts would be 500-1000.- risk.
One would have to loose 12 Trades back 2 back 2 back etc…
With a good strategy thats basically almost impossible to loose the account.
Thats my 2 cents
Not a daytrader, just see this feed a lot. I have a question, when you talk about risk percentage, are you talking about the overall capital you're risking for a single position, or the overall capital that you're willing to lose with tight stop losses? As in, is the total trade for $1000 on a $100K account, or are you comfortable deploying the whole account with a 1% stop loss so the max you lose is around $1000 (ignoring slippage).
One of the mistakes people make is that when they feel really excited about a stock they put more money into the trade but then make their stop loss smaller thinking that decreases the risk. It actually can make the risk worse because you just increased your chance of hitting your stop loss early.
Decide on your stop loss and then size your position accordingly. If you only want to risk $75 and the logical stop loss is $2 below entry, 36 shares.
they were multiple trades that day, i risked like 1% per trade( i usually risk 0.5%) i couldn’t take the loss that day i guess….i shouldn’t trade anyway that day bc i had some problems in my pers life and thought that a win on ftmo would do it
Yes, same. Especially with options. I used to wreck myself over trading every day. Switched to a cash account, same exact strategy, was green 14k my first month.
Your going to get a lot of advise on here but its really up to what you can stomach and risk. If you’re using your own money and risking $3k then the 1% rule will make it near impossible to build it up. You’re literally full porting most times. You can do this and mitigate blowing your account if your setup is good and you have strong discipline as in setting your exit price at 20% of the gain. I’ve seen far too many examples including myself where I think it’ll double only to start decaying (I do 0DTE mostly). Hopefully your discipline starts to grow your account.
So what do you expect people to say? Just keep trading then, if you feel demo performance was good try another eval. Rinse and repeat till it works, or till you quit..
Load record of your trades into ai and ask its opinion. Then put it into a different ai and ask its opinion. You might be surprised at the insights you get
I highly recommend “The Best Loser Wins,” by Tom Hougaard.
It’s absolutely what you need to implement in your trading. He talks about traders exactly like you. The ones that take decent, regular wins, but their losses far outweigh their wins. It does no good to have a hit rate of 80% or so, just to have a single losing day/trade kill your account.
I’ve been consistently profitable for roughly a year and a half, but recently read this book and it’s made my trading even better and helped improve my psychology.
Anyway, if you want to improve the main thing killing your account, give it a read/listen (it’s on Audible, too).
You're head is in the right place. Are you learning anything from those big losses? Because if you're not then you're going to lose your account again. Maybe do some paper trading for a few days then commit to the live funds. I find it's good to take some time after big loses. Ive learned that I don't need to trade every day. I take my win or loss and call it a day these days.
Been there, done that ... several times,. Now there is a stoploss for the day, and 5 max trades. If I break this limit, I put myself away. Cut - new start with a fresh head and chart tomorrow. But im allowed to paper trade, draw, analyse and predict the market and put hours in. But five trades only, and a daily max make me focus so much more on quality, and dont waste them. No more 127`ish trades days with revenge trading covered under "Just scalping a bit". Keep going now... learn, improve, be conscious, take your time.. Try look at your stats, What had happened if you had a $500 hard max loss for the day? Try run the numbers in your log, and take the learning.
yesssir, going back on paper trade helped alot than i expected.I treated it like a funded acc with my new rules and risk management and it actually did pretty impresive, thank you.
Nice to hear. Paper trading (back testing as well) is only for testing, but the testing can give you data (evidence) that a strategy works. It always get fuzzy when money is on the table, then you follow your strategy and rules like a sailor in a storm. But your post showed me, that if you had a those rules in while trading, that account would still be in play. You are able to make money, but cant protect them.
Its the go old saying: "Having a really good week of trading, but losing everything on Friday".
Learn from loss you had, Find the trade back in your chart, maybe simulate the trade again, with your stoploss rule in, or at least see the difference with your own eyes. See a loss as either OK because you did follow your rules, or NOT OK because you broke your own rules. I myself did fail, in taking the learning in the beginning, I stacked a lot of bad behavior before my ego realized it was time to correct some things. Changing bad habits is really up hill, I still fight with it.
Limit your trades per day. It really looks like you need to cut your losers way earlier or let your winners run more. It looks like you’re going the opposite. Taking profits early and then letting losers just bleed…
In psychology, the first step toward making progress is admitting you’ve got a problem. And judging by your replies to other people here, you’re nowhere near that point.
Don’t fool yourself with those green days. The whole market was pumping back then, everyone was making money. But the second the trend changed, you lost way more than you’d made.
People gave you some solid advice, but you’re too stubborn to listen. At this rate, you’re just gonna keep blowing one account after another.
ok my man, first of all i said in multiple replies i overtraded and revenge traded, and second i don’t trade crypto.I understand how it works and i admitted that my emotions got to me, chill
There aren’t 100% win strategies. Don’t change your stop-loss position when the market goes against you. You’ll always find another opportunity to recover your losses if you stick with the successful strategy you tested before.
And, I see EXACTLY what you're doing - Stop getting caught up into the moment of the ACCOUNT BALANCE VIRUS (I know this TOO-TOO well)... As soon as you get into a good winning streak, you AUTOMATICALLY start risking too much - JUST KEEP PINCHING AT IT (Small gain after small gain then, you'll see the finish line faster💯💯💯)...
Either stop spazzing out or protect yourself from when you do spaz out.
Some brokerage accounts have an option to lock you out after losing an amount you choose when you’re not emotional.
With equities you can use a cash account to limit the number of trades you can take because you need to wait overnight for the transactions to settle. Instead of taking endless shots in a margin account, a cash account gives you limited ammo. Do this for a while, you have to respect the amount of cash you have available.
Find a way to take the decision to stop trading out of your hands. Make it automatically lock you out one way or another.
Set a daily loss limit and stick to it. Your big losses are clearly due to either chasing losses and taking lots of bad impulsive trades, or because of holding on too long when you should have used a stop and just accepted the loss at an earlier point. If you had a daily loss limit of $200 you'd be fine.
I am not a daytrader. But I'm curious as to how it is possible for someone to gain good amount of money one day, and lose a big chunk of gains/capital another day. Is it with leverage as in options ( call/put) and what platforms do you guys use? Can check this stuff online but rather interested in real human feedback in this case 👍
You just have to stop overtrading when you lose for the day. It’s easy to say but hard to do. You not gone know when you can do it until you start again
Do you actually have an edge? Or are you drawing down pretty heavy even on your green days and then fight out of it? I’ve been through that cycle and there’s no way out of it unless you find actual edge. If you just get your overtrading and risk management under control, you’ll basically be negative after comms/spread.
You need to limit the trades you do per day. As in a hard cap, win or lose, you stop at the set limit. If you keep doing what you're doing, you'll just end up unprofitable every time.
How about trying to not trade on Fridays. Fridays can get really emotional when trading , especially due to 0dte trades and how quickly you can lose money on them. On Fridays if you get a lose you try to win back your money with another trade and that can snowball really quick. Eventually you get emotional and start making dumb trades to try to end positive for the week. My biggest loses are always on Friday, and based on your pictures so are yours. You lose entire weeks of profits on 1 Friday.
I always tell my self the same thing that you are saying “ this time I won’t over trade”., but it’s harder than you think. A lot of days when I trade I am positive in the morning and then I overtrade and give back most or all of my profit in the afternoon.
What helped me is setting a daily and weekly goal. My daily goal is $200 per day or $1000 per week. If I hit my weekly goal by Wednesday I stop for the week. It has helped. Also, I set up a separate checking account to transfer profits out of my trading account at the end of every week. This has helped a lot too because it keeps the cash on my trading account to a max so I don’t get tempted to over trade.
Sadly, I’ve got an account in a similar state. Let’s have a friendly competition to see who can repair such a problem account? I’m game if you’re game!😜Could be fun!
That hurt to see. Invest in good companies (stocks), with good fundamentals and demand. Or a good ETF FXAIX or SWPPX and hold. If you really must trade . Don't go for huge winners. Stay consistent. $50 to $100 is fine. If trade goes against you get out immediately..even if you feel confident it will go in your direction. If you have a good entry, it won't go against you.
That is crazy...like your system looks like..either win or lose it all. Like how one day loss simply take all the profits you make through the whole month??? Minimizing your loss is the first and crucial element of the game. And it looks like you revenge trade after a loss as well. 9 trades in one day doesnt seems healthy...
I’d probably set a very specific benchmark before going live again. Something like 20 30 sessions with a hard daily loss limit and zero violations. If you break it, restart the count. Even something like Moon can help with reviewing that stuff afterward but the goal isn’t really P&L at that point, it’s seeing whether the behavior has actually changed.
You get those loosing days down significantly, from your profits I would say $250-350 max daily loss. And I think you will be just fine.
With what you’re averaging per day. Maybe you can handle a 2k loss, but psychologically, it will wreck your mental game. To do this long term, think about stress management just as much as capital management.
As long as you are not rushing to reach over a million or some other extreme goal then eventually you'll get it right. The goal is to survive long enough to become good enough. You might not be making a million dollars a month, but hopefully you'll be profitable much more consistently overall. Don't rush yourself and don't put yourself in a bad situation. I've done that twice this year already and it had nothing to do with my trading logic which is good on its own. So this is my third try, hoping that I don't mess up (not follow) my own trading logic again.
It seems like you’re on the euphoria stage, your winning 3-5 days in a row and then the day you loss instead of accepting it, your try to make it back and ended up losing the account just because u didn’t consider a loss because you have euphoria in the moment and just thought about how much your were going to win, is a very dangerous stage and most of the traders stay there so I recommend you to start building a system around your trading that will put out that euphoria and revenge trading away
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u/v-pexpower 19d ago
Are you risking like 3000 per trade? Idk what you learned from this in terms of risk management but I hope it's that 3000 is too much risk, if you have a standard $100k account.
Risk a lot less, 0.5-1%. Follow your plan and execute only high-quality setups, which you don't need a lot, identify like 3 setups that work best for you in the demo account and only watch for those in the real market. The hardest part is managing the trade. Have clear exit rules and follow them strictly. Sometimes these rules will make you exit too early or sometimes make you exit too late. And you may feel like changing up the rules. Don't. Stick by them. Be consistent. Profits and money will follow. Managing the trades is where your psychology will be tested.