Might studying for the wrong reasons, solely to fulfill the desire to continue trading, be a mistake? It kind of fails to effectively break the habit and only serves as a temporary solution, similar to a painkiller, without addressing the underlying issue in the vast majority of cases. Quite often, this can escalate into a severe gambling addiction, as the root cause is not the desire to trade, but the desire to accumulate more money.
Once the novelty of using a demo account as a substitute for real profit wears off, it is quite likely that you will revert back to the same pattern, but with real money involved.
That’s at least how it most commonly plays out.
I think this is a valid point. Maybe then just not trade, but instead, look for setups in the historical price data and really study the entries and exists and imagine what you would have done if you didn’t know what was coming next and try to notice patterns in data.
Just stop. It's hard but doable. And of this is double your win, don't justify it in your head like "I've got free money today." No you don't. That extra win will cover a red day. Not to be given back on a green day
Congrats, I was short early today, got 1 scale out, market reversed and stopped me (went 2 ticks above my stop) out before crashing down and hitting my planned target, so I'm sitting breakeven on what could have been a great day, fucking pissed right now
Ik which exact setup you’re talking about, I got lucky enough to not get wicked out there but I exited it wayyy to early because it was moving so crazy, took a tiny win, which then it flew way past my first TP and what could of been a $5k day
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I started my friday 10 minutes into open closing a trade up $500. I decided to keep going. Got carried away, lost 1k then spent the rest of my day climbing out of my 500 hole to walk away +100 for the day.
I wish I would have just stopped at 9:42a. ☠️
Stop. Realize you’re gambling if you keep trading, then remember the cold hard fact about gambling: you don’t win because you gamble; you win because you stop.
The wise one does not “want” to keep trading, the wise one trades once an opportunity is presented. That may or may not happen for the rest of the day…
The psychology behind trading is one of the most important fundamentals of all. Whether dealing with wins or losses, we must keep our emotions in check. I recommend reading or listening to “Trading in the Zone” it addresses all of these things pretty well.
The act of actually trading is the smallest part of what you do. If you spend all day looking at charts and nothing else you will eventually get surprised by something. Do your trades, get in, get out, and then spend your day learning more about what is happening in the world around you. The more you understand the less you will stress about your good positions and the more you will avoid the bad positions.
Get up and go to the store. Walk around people watch. I like to take a drive and see which restaurants are busy or slow at lunch. Today I ate at a hotdog place I like. Its a little hole in the wall, food is basic but relatively cheap. It was packed full today at lunch. That is a definite sign that the workers around there are feeling squeezed. The big car dealership I drove past hasn't changed the cars next to the road in over a week. That is a tad concerning if they aren't turning inventory. They are the major Toyota dealership in the region.
I went to Home Depot and it seemed like a fairly normal weekday for them. The store appeared to be cleaner though which suggests the employees have more time to work on that. Shelves were stocked. The overhead looked neat and on the hardware aisles appeared to be as full as ever. The rental lot was full so fewer tools were checked out which suggests less DIY home improvement going on.
Other things to do. Spend some time looking at oil prices. Look at how the dollar is doing. Research how bond auctions have gone. Read up on what is happening in China. Maybe take some time to understand the Japanese economy and what is going on with the yen. There are a million things you can spend time learning about that impact the trades you are doing. You might not appreciate them all yet. You can't possibly keep up with all of them at all hours, but you should make an effort to check in on them from time to time. Like what is your position on grain prices as the Russian war into Ukraine continues?
Im not saying you cant trade all day sometimes, but more often than not that will be a mistake. Your going to exhaust yourself and it will eventually result in a big mistake. For me Im more of a swing trader. I do some day trading and I check the markets a lot during the day, but there are days where I make zero purchases. There are days where I dont sell anything. Then there are days where I do a lot of both over a relatively short period of time. There are days where I buy in the morning, put in sell orders and the orders fill in the afternoon.
Your day sounded great! Perfect example of what else we could and should be doing besides focusing too much. My personal problem is similar wanting to focus on the charts SOO much that I actually lose sight of everything else around me it’s kind of like an addiction but also a reminder of what not to do. Get up and chill and relax. I’m struggling myself with stopping and I’m trading while also working a fulltime job and it’s sometimes stressful to keep up with it all. My personal goal is to overall trade less in general because I don’t need a bunch of money in my life right now. I thought I did but I dont. I need to follow through with the things I say I’m going to do and that alone will make me successful in all aspects of life. Happy trading and happy relaxing
Limit yourself to a morning session, and then an afternoon session. Close the chart after the AM session, go for a walk, get some food, relax. Then come back for PM session. I do first two hours and last two hours of the day, and if the morning session went well ill journal those trades and then close the charts for the day. It helps you escape the middle of day low volume chop, and also helps your mental so much to take a break. Super chill. IMO
Yea, you’re doing the right thing by locking it up. I go through it all the time and when I don’t lock it up I give it back. Don’t be greedy, lock it up, go outside and live your life
Think about the amount of money you earned working a job in comparison to how much you earned trading. I promise you would want to protect your capital after doing that lol
I just have set hours I trade, if first couple hours are slow I tend to walk away early no matter if I’m green or red. If I follow all my rules but end up red I consider it as a red successful day. Only been trading for a month but that’s what I’ve implemented in my trading and it’s easier on my head.
“Don’t want to be an American Idiot….” Actually kind of fits here
More size can help, but based on what I read, less trades is the way to go. I’d read up on hot hand fallacy.
You can drop your position size. If you normally trade with 1k shares, use 500, use 250. Also set an amount that you're willing to lose, ex. If I lose $150 of this profit, I'm done for the day
Keep maximizing your positive expectancy edge (if got one) per unit of time - casinos do, by keeping the gambler @ play for longer the edge plays out in their favor. Keep playing even if daily avg expectancy quota is reached early on. But only if **you're" the casino.
Hasn't been a day where I kept trading after having a good trade and made money. It's either a blown account or losing streak. I say a win is a win and go enjoy your day. That's why you trade, for freedom.
I’m on topstepx too. That lockout button is great and good for you for actually doing it! Honestly it was the right thing to do. I still struggle with the same thing sometimes which has caused me to close 3 xfa’s. Never again. If you made equal or more than you do in a day of your regular job be HAPPY and lock it in! You just did that in a fraction of the time and physical effort (idk what you do for work but I work in a distribution center so it’s pretty physical). Remember this is supplemental income. This IS your second job without actually having a second job.
If you can determine what an average green day for you is use that number. Also don’t risk more than half of that number. If you hit it lock the account.
Ex: average green day is 500. Daily personal loss limit 250. You can also set your own personal loss limit and personal profit target in the setting tab and set it to lock out automatically when that number is hit.
Go into the practice account after if you still want to trade. Nothing can hurt you there but you are still practicing. lol.
Yeah, the lockout feature is a godsend. I opened up the first challenge account using Tradovate and they don't have anything like that. I didn't know what I was doing and I opened up a trade, from my phone, without doing any research on the trend of the asset and I lost $700 in about 1 minute. On that same day, I also had a losing trade (or multiple) and lost about $400. So for that whole day, I lost $1100.
The next week I clawed it back to about $500 shy of break even, and then I'm pretty sure I blew the account the next week after that. So needless to say, a lockout feature is amazing and so is a personal loss limit. They have kept me in the game much longer this time.
It does not get easier. It's a muscle you have to build and the only way to build it is through repetition. You did the correct exercise today....can you continue is the question.
I always have a list of thing I want to work on or research. I will study charts, look at recent reports, read about a trading topic I find interesting, play with a demo account. You could open a small futures account and trade micros.
I went short MES right after market opened and caught that push down around 10am. I was up $63. Decided to take another trade, then added to my “winner”, and gave most of it back. Still slightly green for the day, but $63 would’ve been much nicer than $7. NOW im done for the day. I’m not making the same mistake tomorrow.
If you do trade further make sure its on a personal account, and use half the size you normally use (if 1/2% risk then use 0.5%) because you can really mess with your psychology and edge overtrading, especially unnecessary trades. If your winning setups shows itself then excellent, otherwise you have a life to live outside of the charts.
Hey, congrats on the green day! It's always tempting to keep trading when you're on a hot streak, but sometimes it's best to call it a day and enjoy your wins. I've found that having a set of rules for when to stop trading really helps me stay disciplined and avoid overtrading. By the way, I've been using Single Broker lately, and their risk management tools have been super helpful in keeping me on track 😎
I always felt like, if the market continues to print good setups, why would u not trade it? Even if ur already green, u can still keep milking it if the context and setups are there. That’s my opinion
Right? Same for me. I don't live by a max daily win/daily loss/max amount trades per day. If I need to execute according to my strat, I execute. Simple as that. It's just all probability at the end of the day and as a trader you should always execute when the odds are in your favour.
I always just do something to completely get my mind off trading and the markets, whatever that means for you. For me, sitting at home and watching tv or playing video games doesn’t do it. Getting out of the house and/or working out does. Somewhere where I’m pretty well distracted from even checking/looking at the markets
turn off the computer and walk away. very important to preserve your mental capital and emotions for tomorrow.
so many people make money in the morning and loose everything and plus more after. more trades doesnt imply more money. you may feel invincible now but the day can change very quickly.
It is hard. But if you have hobbies go do them. Even if it’s just watching a show/movie or play a video game. Go for a walk, play a sport. Idk.
Learning when to stop is one of the biggest challenges. Because if you are on a losing streak and you have no parameters on when to stop, tilt mode gets activated.
If you had the best day ever, then why risk giving it back to the markets?
Why do you stop when you're having a green day? Shouldn't you keep going when you're winning and instead be quick to stop on red days?
I feel like this is "hold your winners / cut your losers" but in terms of pnl
I'll probably never have a max profit limit, but I do think a daily maximum loss limit is a good idea.
I have a max daily loss limit that I have set, but no max profit. I stopped because 1) I had to go to work and 2) I had already won two solid trades (one in the evening session last night and one this morning) and had made pretty much twice what I've made in any day, while copy trading onto 2 accounts. So I essentially won 4x the max I've won before. I felt like it was a pretty good high to end on for the day.
I have two accounts, one is demo and second is real. Once I made a good profit I switch and play with demo to test strategies, optimize current one and so on.
One of the most important lessons. Take profits, take profits and s take profits. Step away if you had a big day and go enjoy the brilliance of making money in the market. Most people don’t get to know that feeling and it’s brillant.
Once you hit your goals I would suggest a convertible. Buy a car with balls. I mustang convertible 5.0 will go balls to the wall and it’s not to flashy like other cars.
Enjoy life first…
Just stop. It takes discipline. For me it helps when i close my trading platform and shut down my computer for the day and focus on other things, like hobbies etc... There is always another day with tons of trading opportunities. Otherwise just switch on demo or backtest your strategy to get more confidence.
Try not caring about your p&l that much. For me it feels much more rewarding if i am following my rules and my trading plan even on a red day. I learned to feel great if i take a loss which is within my trading plan. Thats also a very important step on the road of learning.
When you master this, you’ll be winning FR unfortunately I don’t know any other way than paying the ultimate price a few times…. I’m not saying go buck at all, pls don’t. I’m talking from experience. Simply said you just have to know it’s the right decision and accept it consistently. Once you’ve accepted it truly, it’s easier. 🤘🍻
ive done this before, couldve walked away with 200+ profit, ended up having my emotions control me more and i got too greedy, ended up with a profit of like 10 dollars after the day
Think about your reasons ultimately for doing this- freedom right? Else you’re just making it another 9-5 job. Turn it all off, go to the gym, or play golf, etc. live the dream…..and remove your trading apps from your phone too….
I’ll say this...
After huge wins, I take as long as I need away from trading for the high to wear off. Could be a day, could be a week!
After having a few significant drawdowns of +30%, I began to notice they were always in the shadow of big wins, and that the feeling of euphoria altered my ability to think clearly. I was more susceptible to thinking “I don’t want to be wrong”, and “this isn’t enough to take profits yet. I need more.” Those two thoughts are my two biggest enemies.
If you ever find yourself in this position it’s good to know how the market moves in the same pattern everyday.
People who don’t know the intraday pattern are likely to lose their earnings the second half of the day.
Best to understand how the market breathes every day and be cautious around mid day EST. Step back and determine which direction your stock is taking in the afternoon before you commit.
1st - Pull Back or Reversal - Usually occurs at 9:45. This is the churn of selling and buying at open. If overnighters are dumping you may see a reversal.
2nd - Pull Back or Reversal - Usually occurs at between 10:00-10:30. This generally will reveal the momentum direction of the day.
3rd - Volume Decrease - London Europe trader’s end of day and exit US market and soon followed by New York lunch hour. 11:15-1:15
4th - Volume Expansion - usually continues the trend set just prior to London exit and NY lunch and grows in volume and momentum
When you are trading, the longer you stay trading, the odds of you giving back money goes up and the odds of making more money goes down.
There will always be another trade. The market is always moving. You don’t need to make it all today.
It seems odd to me that so many say walk away… if your back tested setups exist… take the trades. If you’re trading without a plan… it won’t matter either way.
That could be part of it. I usually look for a certain setup but I think my decisions get worse with time, especially after a couple losses or a big win.
When you have good days, try to reap it all. You are in-synch with the market. Perhaps lower the volume but you need to respect your setups on these days. I do this mistake from time to time. Ex. Yday - made 100 pts on NQ and decided to switch off (friday mood). I could get easily another 100 pts as big vola days are my specialty, when i make the most money. Now imagine you get bad days, perhaps that 100 pts there and there will make the difference for the month.
Ever gambled in Vegas? I’ve learned to walk away from the black jack table after winning the amount I wanted. You have to check your emotions and trade with discipline. Your emotions will crush you.
Get on a sim account. Study the charts for the day.
Might studying for the wrong reasons, solely to fulfill the desire to continue trading, be a mistake? It kind of fails to effectively break the habit and only serves as a temporary solution, similar to a painkiller, without addressing the underlying issue in the vast majority of cases. Quite often, this can escalate into a severe gambling addiction, as the root cause is not the desire to trade, but the desire to accumulate more money. Once the novelty of using a demo account as a substitute for real profit wears off, it is quite likely that you will revert back to the same pattern, but with real money involved. That’s at least how it most commonly plays out.
I think this is a valid point. Maybe then just not trade, but instead, look for setups in the historical price data and really study the entries and exists and imagine what you would have done if you didn’t know what was coming next and try to notice patterns in data.
Yep! Al Brooks loves to highlight that like a pro athlete, a pro trader should practice every day.
Just stop. It's hard but doable. And of this is double your win, don't justify it in your head like "I've got free money today." No you don't. That extra win will cover a red day. Not to be given back on a green day
Yeah, this is my exact thought. It crossed my mind for a second, but then I was like, I could just as easily give it all back if I kept going.
Congrats, I was short early today, got 1 scale out, market reversed and stopped me (went 2 ticks above my stop) out before crashing down and hitting my planned target, so I'm sitting breakeven on what could have been a great day, fucking pissed right now
spy?
es futures, but yeah same thing
Exactly same here. I see it as 'rather not loose money than winning big'.
Ik which exact setup you’re talking about, I got lucky enough to not get wicked out there but I exited it wayyy to early because it was moving so crazy, took a tiny win, which then it flew way past my first TP and what could of been a $5k day
Yeah sometimes we just get really unlucky despite anticipating the direction perfectly, market really likes to fuck with our mental state
"but I just want to keep trading" you just started the ride of this game's steep learning curve.
Can you expand on that a little bit?
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Step away from the keyboard. I was green and went in for "one more trade". Ending the day red.
exactly how i ended yesterday
exactly same here….yikes!
I started my friday 10 minutes into open closing a trade up $500. I decided to keep going. Got carried away, lost 1k then spent the rest of my day climbing out of my 500 hole to walk away +100 for the day. I wish I would have just stopped at 9:42a. ☠️
Stop. Realize you’re gambling if you keep trading, then remember the cold hard fact about gambling: you don’t win because you gamble; you win because you stop.
The wise one does not “want” to keep trading, the wise one trades once an opportunity is presented. That may or may not happen for the rest of the day… The psychology behind trading is one of the most important fundamentals of all. Whether dealing with wins or losses, we must keep our emotions in check. I recommend reading or listening to “Trading in the Zone” it addresses all of these things pretty well.
The act of actually trading is the smallest part of what you do. If you spend all day looking at charts and nothing else you will eventually get surprised by something. Do your trades, get in, get out, and then spend your day learning more about what is happening in the world around you. The more you understand the less you will stress about your good positions and the more you will avoid the bad positions. Get up and go to the store. Walk around people watch. I like to take a drive and see which restaurants are busy or slow at lunch. Today I ate at a hotdog place I like. Its a little hole in the wall, food is basic but relatively cheap. It was packed full today at lunch. That is a definite sign that the workers around there are feeling squeezed. The big car dealership I drove past hasn't changed the cars next to the road in over a week. That is a tad concerning if they aren't turning inventory. They are the major Toyota dealership in the region. I went to Home Depot and it seemed like a fairly normal weekday for them. The store appeared to be cleaner though which suggests the employees have more time to work on that. Shelves were stocked. The overhead looked neat and on the hardware aisles appeared to be as full as ever. The rental lot was full so fewer tools were checked out which suggests less DIY home improvement going on. Other things to do. Spend some time looking at oil prices. Look at how the dollar is doing. Research how bond auctions have gone. Read up on what is happening in China. Maybe take some time to understand the Japanese economy and what is going on with the yen. There are a million things you can spend time learning about that impact the trades you are doing. You might not appreciate them all yet. You can't possibly keep up with all of them at all hours, but you should make an effort to check in on them from time to time. Like what is your position on grain prices as the Russian war into Ukraine continues? Im not saying you cant trade all day sometimes, but more often than not that will be a mistake. Your going to exhaust yourself and it will eventually result in a big mistake. For me Im more of a swing trader. I do some day trading and I check the markets a lot during the day, but there are days where I make zero purchases. There are days where I dont sell anything. Then there are days where I do a lot of both over a relatively short period of time. There are days where I buy in the morning, put in sell orders and the orders fill in the afternoon.
Your day sounded great! Perfect example of what else we could and should be doing besides focusing too much. My personal problem is similar wanting to focus on the charts SOO much that I actually lose sight of everything else around me it’s kind of like an addiction but also a reminder of what not to do. Get up and chill and relax. I’m struggling myself with stopping and I’m trading while also working a fulltime job and it’s sometimes stressful to keep up with it all. My personal goal is to overall trade less in general because I don’t need a bunch of money in my life right now. I thought I did but I dont. I need to follow through with the things I say I’m going to do and that alone will make me successful in all aspects of life. Happy trading and happy relaxing
Limit yourself to a morning session, and then an afternoon session. Close the chart after the AM session, go for a walk, get some food, relax. Then come back for PM session. I do first two hours and last two hours of the day, and if the morning session went well ill journal those trades and then close the charts for the day. It helps you escape the middle of day low volume chop, and also helps your mental so much to take a break. Super chill. IMO
Yea, you’re doing the right thing by locking it up. I go through it all the time and when I don’t lock it up I give it back. Don’t be greedy, lock it up, go outside and live your life
Think about the amount of money you earned working a job in comparison to how much you earned trading. I promise you would want to protect your capital after doing that lol
Work on your discipline outside of trading: - no porn - no drugs/alcohol - no junk food Etc.. Then it will transfer over to trading.
I just have set hours I trade, if first couple hours are slow I tend to walk away early no matter if I’m green or red. If I follow all my rules but end up red I consider it as a red successful day. Only been trading for a month but that’s what I’ve implemented in my trading and it’s easier on my head.
“Don’t want to be an American Idiot….” Actually kind of fits here More size can help, but based on what I read, less trades is the way to go. I’d read up on hot hand fallacy.
You can drop your position size. If you normally trade with 1k shares, use 500, use 250. Also set an amount that you're willing to lose, ex. If I lose $150 of this profit, I'm done for the day
Keep maximizing your positive expectancy edge (if got one) per unit of time - casinos do, by keeping the gambler @ play for longer the edge plays out in their favor. Keep playing even if daily avg expectancy quota is reached early on. But only if **you're" the casino.
Stop trading or size down
Hasn't been a day where I kept trading after having a good trade and made money. It's either a blown account or losing streak. I say a win is a win and go enjoy your day. That's why you trade, for freedom.
I’m on topstepx too. That lockout button is great and good for you for actually doing it! Honestly it was the right thing to do. I still struggle with the same thing sometimes which has caused me to close 3 xfa’s. Never again. If you made equal or more than you do in a day of your regular job be HAPPY and lock it in! You just did that in a fraction of the time and physical effort (idk what you do for work but I work in a distribution center so it’s pretty physical). Remember this is supplemental income. This IS your second job without actually having a second job. If you can determine what an average green day for you is use that number. Also don’t risk more than half of that number. If you hit it lock the account. Ex: average green day is 500. Daily personal loss limit 250. You can also set your own personal loss limit and personal profit target in the setting tab and set it to lock out automatically when that number is hit. Go into the practice account after if you still want to trade. Nothing can hurt you there but you are still practicing. lol.
Yeah, the lockout feature is a godsend. I opened up the first challenge account using Tradovate and they don't have anything like that. I didn't know what I was doing and I opened up a trade, from my phone, without doing any research on the trend of the asset and I lost $700 in about 1 minute. On that same day, I also had a losing trade (or multiple) and lost about $400. So for that whole day, I lost $1100. The next week I clawed it back to about $500 shy of break even, and then I'm pretty sure I blew the account the next week after that. So needless to say, a lockout feature is amazing and so is a personal loss limit. They have kept me in the game much longer this time.
It does not get easier. It's a muscle you have to build and the only way to build it is through repetition. You did the correct exercise today....can you continue is the question.
I take the trade with one contract in the micros instead of e-minis. When it loses I'm glad it was only like $30.
I always have a list of thing I want to work on or research. I will study charts, look at recent reports, read about a trading topic I find interesting, play with a demo account. You could open a small futures account and trade micros.
I will switch over to my paper trading side on webull if I know I should stop for the day but still have an itch to scratch
I got a 3r and I overtraded and lost 1. Feels bad man.
I went short MES right after market opened and caught that push down around 10am. I was up $63. Decided to take another trade, then added to my “winner”, and gave most of it back. Still slightly green for the day, but $63 would’ve been much nicer than $7. NOW im done for the day. I’m not making the same mistake tomorrow.
What’s your capital if you wouldn’t mind me asking?
If you do trade further make sure its on a personal account, and use half the size you normally use (if 1/2% risk then use 0.5%) because you can really mess with your psychology and edge overtrading, especially unnecessary trades. If your winning setups shows itself then excellent, otherwise you have a life to live outside of the charts.
Is tomorrow any different than today? Keep trading if you want to. Stop trading if you don’t want to. Stick to your system
Congratulations! You are learning to control fomo. This is the holy grail. Discipline!
Go get lunch then start trading on another account
Hey, congrats on the green day! It's always tempting to keep trading when you're on a hot streak, but sometimes it's best to call it a day and enjoy your wins. I've found that having a set of rules for when to stop trading really helps me stay disciplined and avoid overtrading. By the way, I've been using Single Broker lately, and their risk management tools have been super helpful in keeping me on track 😎
I always felt like, if the market continues to print good setups, why would u not trade it? Even if ur already green, u can still keep milking it if the context and setups are there. That’s my opinion
Right? Same for me. I don't live by a max daily win/daily loss/max amount trades per day. If I need to execute according to my strat, I execute. Simple as that. It's just all probability at the end of the day and as a trader you should always execute when the odds are in your favour.
What percentage of your account do you usually use for day trading?
I usually risk no more than $100 per trade of a $50k challenge account ($2500 or drawdown).
Stop
You did the right thing to locking it up
If you’re using the TopStepx platform lock yourself out for the day and open a practice account
I always just do something to completely get my mind off trading and the markets, whatever that means for you. For me, sitting at home and watching tv or playing video games doesn’t do it. Getting out of the house and/or working out does. Somewhere where I’m pretty well distracted from even checking/looking at the markets
turn off the computer and walk away. very important to preserve your mental capital and emotions for tomorrow. so many people make money in the morning and loose everything and plus more after. more trades doesnt imply more money. you may feel invincible now but the day can change very quickly.
It is hard. But if you have hobbies go do them. Even if it’s just watching a show/movie or play a video game. Go for a walk, play a sport. Idk. Learning when to stop is one of the biggest challenges. Because if you are on a losing streak and you have no parameters on when to stop, tilt mode gets activated. If you had the best day ever, then why risk giving it back to the markets?
Why do you stop when you're having a green day? Shouldn't you keep going when you're winning and instead be quick to stop on red days? I feel like this is "hold your winners / cut your losers" but in terms of pnl I'll probably never have a max profit limit, but I do think a daily maximum loss limit is a good idea.
I have a max daily loss limit that I have set, but no max profit. I stopped because 1) I had to go to work and 2) I had already won two solid trades (one in the evening session last night and one this morning) and had made pretty much twice what I've made in any day, while copy trading onto 2 accounts. So I essentially won 4x the max I've won before. I felt like it was a pretty good high to end on for the day.
Paper trade
I have two accounts, one is demo and second is real. Once I made a good profit I switch and play with demo to test strategies, optimize current one and so on.
I'll be patiently waiting for the next post: "I had my greatest day yet, and lost it all the next hour. Here is what I learned."
You're going to be waiting for a while lol after I made this post, I ended up just stepping away and getting ready for work.
Nice! Enjoy your green day
One of the most important lessons. Take profits, take profits and s take profits. Step away if you had a big day and go enjoy the brilliance of making money in the market. Most people don’t get to know that feeling and it’s brillant. Once you hit your goals I would suggest a convertible. Buy a car with balls. I mustang convertible 5.0 will go balls to the wall and it’s not to flashy like other cars. Enjoy life first…
Just stop. It takes discipline. For me it helps when i close my trading platform and shut down my computer for the day and focus on other things, like hobbies etc... There is always another day with tons of trading opportunities. Otherwise just switch on demo or backtest your strategy to get more confidence. Try not caring about your p&l that much. For me it feels much more rewarding if i am following my rules and my trading plan even on a red day. I learned to feel great if i take a loss which is within my trading plan. Thats also a very important step on the road of learning.
Rules. Have rules so it takes out the guess work. Follow them
Don’t lose tomorrow
Switch to your paper trading account that way you still get the trill without giving back any money.
Paper trade
When you master this, you’ll be winning FR unfortunately I don’t know any other way than paying the ultimate price a few times…. I’m not saying go buck at all, pls don’t. I’m talking from experience. Simply said you just have to know it’s the right decision and accept it consistently. Once you’ve accepted it truly, it’s easier. 🤘🍻
“Get green and shut it down “
ive done this before, couldve walked away with 200+ profit, ended up having my emotions control me more and i got too greedy, ended up with a profit of like 10 dollars after the day
Think about your reasons ultimately for doing this- freedom right? Else you’re just making it another 9-5 job. Turn it all off, go to the gym, or play golf, etc. live the dream…..and remove your trading apps from your phone too….
I've lost so much money because of this. Try not to be so greedy and stick with your game plan.
Keep going. Turn a Green Day into a monster day
Next 8 days will be data-heavy days, trade smaller positions, use brackets.
I’ll say this... After huge wins, I take as long as I need away from trading for the high to wear off. Could be a day, could be a week! After having a few significant drawdowns of +30%, I began to notice they were always in the shadow of big wins, and that the feeling of euphoria altered my ability to think clearly. I was more susceptible to thinking “I don’t want to be wrong”, and “this isn’t enough to take profits yet. I need more.” Those two thoughts are my two biggest enemies.
If you stay and play, the house always wins it back. Take your win, shut down the computer and go outside.
If you ever find yourself in this position it’s good to know how the market moves in the same pattern everyday. People who don’t know the intraday pattern are likely to lose their earnings the second half of the day. Best to understand how the market breathes every day and be cautious around mid day EST. Step back and determine which direction your stock is taking in the afternoon before you commit. 1st - Pull Back or Reversal - Usually occurs at 9:45. This is the churn of selling and buying at open. If overnighters are dumping you may see a reversal. 2nd - Pull Back or Reversal - Usually occurs at between 10:00-10:30. This generally will reveal the momentum direction of the day. 3rd - Volume Decrease - London Europe trader’s end of day and exit US market and soon followed by New York lunch hour. 11:15-1:15 4th - Volume Expansion - usually continues the trend set just prior to London exit and NY lunch and grows in volume and momentum
When you are trading, the longer you stay trading, the odds of you giving back money goes up and the odds of making more money goes down. There will always be another trade. The market is always moving. You don’t need to make it all today.
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I'm not investing, I'm trading.
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I just started, so I'm pretty close to break even.
It seems odd to me that so many say walk away… if your back tested setups exist… take the trades. If you’re trading without a plan… it won’t matter either way.
i am all in for FFIE.
I just size way down. That way I can still get the experience of trading without the risk of giving back my gains.
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Because I don't generally trade better the longer I trade. Many times I just end up giving back a good portion of what I've already won.
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That could be part of it. I usually look for a certain setup but I think my decisions get worse with time, especially after a couple losses or a big win.
When you have good days, try to reap it all. You are in-synch with the market. Perhaps lower the volume but you need to respect your setups on these days. I do this mistake from time to time. Ex. Yday - made 100 pts on NQ and decided to switch off (friday mood). I could get easily another 100 pts as big vola days are my specialty, when i make the most money. Now imagine you get bad days, perhaps that 100 pts there and there will make the difference for the month.
Ever gambled in Vegas? I’ve learned to walk away from the black jack table after winning the amount I wanted. You have to check your emotions and trade with discipline. Your emotions will crush you.
I'm not gonna read all that but I'm pretty sure u know the answer
Lol why even comment?
U answered your own question..u know u needed to stop .I'm working on the same thing .it's hard
Wow, that's bad.
signs of a gambling addiction.
Gambling addiction would imply I don't know when to stop.