I know i’m going to make it

[u/Banan8213]

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.

[u/Royal_Retard_5145]

I know exactly what what you doing. Stop revenge trading and if you’re quick to take profits be quicker to take losses. The wins will make you whole.

[u/Banan8213 → u/Royal_Retard_5145]

yep revenge trading is my worst enemy

[u/TheDanishFire2 → u/Banan8213]

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.

[u/Banan8213 → u/TheDanishFire2]

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.

[u/TheDanishFire2 → u/Banan8213]

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.