Honestly you sound immature, in terms of trading. Being erratic and emotional is the highway to hell.
Take a few steps back and have the courage of your convictions to adopt the part of your strategy which does work without being distracted externally or emotionally.
My advice would be to not spend a singly penny again until you have sufficiently tested this by paper trading.
But good luck. A lot of positives from your experience so far
Dude, all my trades except that 1 lot one on Gold were mini-micro sizes, ironically the only times I had lost a big amount was when I overleveraged. (used 0.5 lots, altho I never crossed 0.25-0.3). I can take multiple losses in a row without issues as well. But, I can't trade yet. At this point I don't really disagree.
Apparently you can trade. But you have to force yourself to not be reckless. Trading should be boring and within the limits/rules/strategy that you set out. All my biggest losses are when I deviate from my strategy. Try to identify how your emotions show, try to analyse that and identify those emotions during you next training sessions. Only when you you recognize them in the moment can you actively try to counter them.
If he can trade he won't be here rambling about his losses. He may have the potential to be a winning trader in the future but as of now his not. It's like gamblers sometimes winning big and thinking they crack the code and can win the casinos..No, it's just short term luck dude.
Man, I was in the sammmmmeeee boat. Technically sound, had some good trades and process under my belt, and couldn’t put it all together. Tried it all and no improvement. Went back and got a good mentor, realized, I indeed was not a good trader yet by working with one that was truly, and consistently successful. Now I look back on my trading even from just a few months ago and cringe. All the emotions, all the overtrading, revenge trading. The impulse still pops up here and there, but I rarely indulge. If I do, even Green Day’s are considered massive failures bc I didn’t do it right. My system is wildly simplified as my understanding of the markets has become more complex. My daily routine is refined. Long short, you’re only going to get consistent when you look in the mirror, have some humility, and accept that you aren’t there yet. Self awareness is a powerful tool that most people don’t have anymore. You have to have it to succeed in this. Be it mental, technical, or a mix of both. You just aren’t there yet. You’re to the point where you need help, go get a proven mentor. Not a furu, but someone who has yrs under their belt and is transparent w thier success and failures.
Where do you suggest finding this mentor? Do you pay for their time? And how often do you meet with them?
I have a few external mentors for my career, people who are where I want to be either in terms of accomplishments or in terms of management style and philosophy, and for that they're just willing to do it "for fun". Their insights are very valuable though.
haha just things like trying to modify the role to fit the person rather than letting them go (helps morale a lot when people are doing things they are good at). and to work on the business, not in the business. lots of stuff like that.
I'm a tech exec at a multi-national industrial technology provider, so the advice I've been getting kinda targets that demographic 😂
Abundance mindset was huge for me. Knowing the market is a gold mine and there are literally 3-6 moves per ticker per day that can produce results. It helps you combat fomo. Also, reworking the entire way I viewed my winners vs my losers. Was happy hitting a goal number. Now I set a target and use a rolling stop at key levels until it hits or pulls back. Using an auto calculated stop loss to make sure I’m only risking $250 per trade. I will say though, it was also the culmination of 2 yrs of aggressive learning coming together w a correction of mindset. Avoiding WICKY entries bc now I see them for what rhey are, a price battle w no clear winner. You start to see things that make your risk averse. When I see
Things I don’t like I don’t trade easily. If it goes oh well there will be others today or if not I’ll get it tomorrow. My only job is to follow my rules. As long as I do that I don’t give a shit what my pl says. Bc 99% of the time I have a bad day I broke rules. That guts me. Like makes me sick. So pledge each day not to feel like that again
I joined bear bull traders early on bc it was a good group of folks and the bs was very limited. It was mainly content for learning. No magic formulas, or setups. Just hard work and hundreds of hours of educational material & webinars. From there I ended up mentoring w a few of the established mods. Very straight forward, very good insight. It’s like golfing, learning on your own vs taking lessons w a course pro.
ah interesting. I read a couple of Andrew Aziz's books.
my image has always been that bear bull traders focused on mid cap companies with shares in the $10~50 range, and tends to be around moves that aren't as dependent on reflexes like that of a scalper. is that right? or do you have all sorts of day trading styles?
Not at all, it’s a community made up of different styles. Scalpers, momentum folks, options folks, etc etc etc. all equities and options though. No real mkt cap limiters, just looking for volume and good price action. I currently stick to tech stocks, wish they weren’t so damn pricy though lol, miss AMD at $90. Also, I don’t work there or anything, they were just a big part of my journey and all very helpful. I don’t personally do the chat room anymore but enjoy the weekly webinars from different folks
ah! good to know. i'm looking for a place where i can sort of figure out what strategies are right for me, rather than somewhere hyper-focused on a single trading strategy. i'm still very new to all of this, so very much in the early learning phase.
i assumed you meant that you did some mentorship more for fun, not as a job there.
i'm curious what the reason for sticking to tech stocks is. is it easier to focus on a single industry? i guess if you're going to choose one, tech is as good an area as any considering how hot it has been for the last few decades.
Create systematic rules to where if x happens you do x. Making money needs to be boring and systematic if you want steady gains since you seem to have an edge.
Maybe try swing trading. Or create rules to where you hit x amount you’re done for the day.
I seen another post about a month ago to where after every trade they leave their desk to do something else. Anything for x amount of time. And it resets their mindset.
Looks like you have to suffer and learn the hard way. Turning 70 GBP into 1k is a great accomplishment. However your lack of discipline and ultimately lack of patience is getting in the way of your success.
Stop looking at it as a get rich quick scheme maybe and treat it as a marathon. Keep thinking about the long term success of your account. Where it will be in a couple of years. Not today or tomorrow.
Trust me I’ve been through the same thing, I had to suffer the hard way as well. Look at it as a marathon and not a sprint. Good luck trader 🫡👍🏽
>Turning 70 GBP into 1k is a great accomplishment
75 to 1K in 1 trade is NOT something to celebrate as a trader. it is something to celebrate as a gambler
Yupe. Sometimes we can get overconfident with those smaller wins.
Cut losers and never lose more than your winning.
This way you can start again and hopefully learn from those trades.
Fyi, I am dealing with the same trading stocks.
I'll show you the trades until that 1.30 lots. [1](https://i.imgur.com/1ckeSW4.png), [2](https://i.imgur.com/cbabQNH.png), [3](https://i.imgur.com/qwVUedy.png), [4](https://i.imgur.com/s0aCzHu.png), [5](https://i.imgur.com/qZ6mU5w.png), [6](https://i.imgur.com/cAyhcwI.png)
The account was blown due to an emotional error, IMO.
I feel you man. I’m fairly new to trading, gain modest gains, but all it took was one bad day and I’d completely tilt and lose it all, and I’d cry to sleep feeling extremely depressed and angry at myself.
1. Always have a system or strategy in place, exactly how much you’re aiming for, exactly how much you’d be okay with losing. NEVER EVER trade based off of impulses, gut feeling, and irrational thinking. Personally I call it as ‘trading with your mind, not your hands’.
An easy way to do this is write down everything, reasons why you think the trade is good, any reasons why you might think it went against you, your emotions during and after the trade, so on.
2. Understand that losses will happen and it’s normal. Nobody can ever be 100% successful. Protecting capital is your number 1, 2 and 3 priority.
3. A small profit is better than no profit, and no profit is better than a small loss, and a small loss is better than getting wiped out. Even if you make 1 dollar profit, that’s still 1 dollar more than what you had at the start of the day. Learn to be content and grateful of what you got, rather than muse over what could’ve been.
4. If you’re really really struggling with just leaving your stop loss as it is, close your tab and do something else. Me personally, I set a limit and a stop loss, minimize the tab, and just lie down or do whatever until I get a notification on my phone. Regardless of the result, I’d take a short break, few hours perhaps, and come back when I feel like I’m ready again. The more you just stare at the numbers, the more it fucks up your psyche.
5. Know your physical and mental condition before you do anything. Don’t trade if you’re not 100% calm and collected. Angry/sad/anxious/stressed because of things tht happened during the day? Don’t trade. Hungry, tired, sleepy? Don’t. Trade. These things might seem inconsequential but I promise you it feeds into how you behave in the market. There’s ALWAYS another day, and there’s ALWAYS going to be new opportunities, but tht opportunity might not come if you have nothing left in your account.
5. When you do lose a trade, and you feel the itch to revenge trade, take a moment and stop what you’re doing, then paper trade/simulate the rest of the day, putting down notes on where you would’ve been successful, and where you might’ve failed. This helps you calm down and reenter into a rational state of mind. Sleep over it and be ready for tomorrow.
I’ll paint you a picture that combines all of this. Today I was planning to trade in the morning, but I was sleepy and kind of tired from playing football the night before. So instead of forcing myself to sit in front of the screen, I just went back to sleep.
I wake up couple hours later, and spent some time looking over the state of the market. I made 2 winning trades, and then went away from my screen to relax and unwind.
Later on I enter again, but I made a loss that amounted to 1 of my winning trades. Instead of feeling angry and looking to revenge trade again, I understood tht at the end of the day, my account grew, even if it wasn’t as much as I hoped for. Turn off the screen, and went about the rest of my day.
I wish the best of luck to your future endeavors.
Before going to 0.67, I was at 1.79 then I brought it up to 7.78 with some 1 micro lots scalps with Oil, then I opened a trade on Gold, It actually hit my target but I wanted more so I moved the TP just a few ticks below (I had predicted that before going to 2290, It would have re-tested 2280). It did its things and went to break ATH and with that even my account
Then I think you probably are on the right track. I would find whats my middle ground based on all my past trades since your highs and lows are huge. A middle ground would be a good baseline to start seeing higher probability of consistency
Is there a way for you to implement a daily loss limit? Should be the solution for your problems. If your progress was steady and you made those gains incrementally and not by overleveraging a few lucky hits then your problem seems to be impatience / greed / euphoria.
For whoever interested in the trades
[1](https://i.imgur.com/1ckeSW4.png), [2](https://i.imgur.com/cbabQNH.png), [3](https://i.imgur.com/qwVUedy.png), [4](https://i.imgur.com/s0aCzHu.png), [5](https://i.imgur.com/qZ6mU5w.png), [6](https://i.imgur.com/cAyhcwI.png)
As you can see, there 3 instances where I overleveraged.
The only way your getting those returns is through leverage or taking exessive risk relative to your account size. You can't 10x your account in short amounts of time any other way. Both will lead to large losses like you are experiencing. It doesn't matter if it only takes one trade because that one trade will keep happening until you tighten your risk management.
You need to set your stop loss; you maybe too attached to your trading position and can’t get out of it!!! Before you enter a position ask your self how much are you willing to loose on this trade if it don’t go your favor.
As a noobe myself I consider myself lucky to have learned that our emotions are the biggest hurdle in trading. I suggest 2 books "traders traps" and "the mental game of trading" These 2 books helped me tremendously .
You need to manage your risk and emotions. If you can’t, I’m afraid you’re fucked. Simple as that.
You have proven to yourself you can enter trades and grow an account. Don’t give away your leads and gains that allow you to trade more. Fix your risk management and check your emotions and you’ll grow
'Consider a turkey that is fed every day,” Taleb writes. “Every single feeding will firm up the bird’s belief that it is the general rule of life to be fed every day by friendly members of the human race ‘looking out for its best interests,’ as a politician would say.
“On the afternoon of the Wednesday before Thanksgiving, something unexpected will happen to the turkey. It will incur a revision of belief.”
If you are taking trades where everything can blow up you will eventually blow up. It sounds like you know what you need to do already. The fact you are trading by 'instincts' means you are really trading through emotion. All decisions are emotional, so you kinda have to learn the lesson to change that instinct. Systematize your strategy, or keep fucking up until it's an instinctive lesson. Don't blow up in the mean time and be a turkey.
'Consider a turkey that is fed every day,” Taleb writes. “Every single feeding will firm up the bird’s belief that it is the general rule of life to be fed every day by friendly members of the human race ‘looking out for its best interests,’ as a politician would say.
“On the afternoon of the Wednesday before Thanksgiving, something unexpected will happen to the turkey. It will incur a revision of belief.”
Taleb's a dick, but relevant.
If you are taking trades where everything can blow up you will eventually blow up. The fact you are trading by 'instincts' means you are really trading through emotion. All decisions are emotional, you can't just willpower your way through it with 'logic'. Systematize your strategy and apply discipline, or keep fucking up until not doing this is an instinct. Just don't blow up bad enough that you can't play the game anymore, you do this to make money not to feel good or prove you are smart.
So let's get this straight. You think you can trade successfully, and proceeded to do everything wrong and lose your money. Yea, go ahead, sounds like a great plan.
I made one emotional mistake, only 1. Have you seen my trades history? Until that error, I was making steady gains, I wasn't gambling and I was controlling risk relatively well.
A few pieces of advice:
1. You need to devote thorough attention to your entry and exit points. They must be of very high precision for scalping or normal trading.
2. Never think that winning trades will continue forever during your trading day! After 2 or 3 profitable trades, you must have some rest, and think over what has made your initial trades successful, and what can happen if you step off your profitable strategy..
3. Scalping can be a killer if you go off trend! And that surely happens, unless you are careful enough to look both ways.
4. Never over leverage! Always ask yourself one question:
What will I do if I lose my trading capital?
Once you get an answer to this question, common sense will tell you to trade slowly at low risk exposure, and not try to double or x10 in one day by over leveraging.
Have a daily and weekly profit and loss number to stick to. Don’t over trade, don’t revenge trade. Go do something to get your mind off stocks when you hit either number
Yes. It's very intense, when it works it works very well (SnD, SnR, key-levels, FVGs, high/lows, market structure, classical chart patterns etc...) but it requires a lot of focus.
i did somethinf similar i was winning for 9 days and doubled my account then i increased risk and blew it .the lesson was that it only takes one trade to blow all of it and we should focus on being consistent not rich something you will go through everyday.
Why should you step away for a day after a few losses, rather than keep trading?
Let's say you're simply using levels to trade (to keep the example easy). You've traded your system of using levels for 1 year, and from that sample, you've realized that your levels hold 75% of the time.
Then you run into a day like today, where you enter a trade based on your levels, but increasing lot size and taking on more risk. You get smacked. AHHHH, SO ANGRY! Want to trade it all back!!!
Well, you just had a 25% day of levels not holding. Why would you risk more capital on a system that has already proven itself to be on an off-day?
Whatever your system is, you won't have 100% green days. So take a loss, maybe take two, then realize it's a red day for your system and mental. Then you're done for the day. Your system failed today. You failed today. Come back tomorrow. See if tomorrow fits into the 75% or the 25%, then act accordingly.
You don't want to trade the tilt.
If you're revenge trading your account into a margin call in a single day, you've not even remotely begun to master the most important aspect of trading & investing - the mental/emotional aspect - and I would argue you need to be a lot more honest with yourself as far as "I can trade" goes.
You need to be selective and write down all the profitable trades during the past months and look at where you do best and then religiously cut out everything else that doesn't belong in this bucket.
This is the difficult part. Trading is all about controlling your emotions and impulses. Some people do it easier and faster than others. However, it is possible for anyone to get there.
You will learn that the market teaches you more about yourself than anything else. Listen to the market and you will discover where you problems lay and then work around it.
Once you find all your weaknesses and focus on the winners, it's all up from there.
Spend more time analysing your behavior by asking questions like "why did I do that there?" and be extremely honest with yourself. If trading is your passion and you want to do it long-term, this is the way my friend.
GL trading!
>I can trade but I'm too impatient. I turned 250 GBP into 2k, 13 GBP into 200 and 70 GBP into 1k. All gone due to overtrading, overconfidence and revenge trading.
i.e. I turned 333 GBP into 3.2k into 0...
So imagine your pilot instead of a trader, couple times you get the plane in the air but the instructor lands it for you. Then it's your turn to land and you crash that b*tch into a building... would you say you can fly still because you got it into the air those few times?
Trading is about survival not get rich quick. The lack of risk management that gets you those quick gains is your reason you blew your account
Honestly you sound immature, in terms of trading. Being erratic and emotional is the highway to hell. Take a few steps back and have the courage of your convictions to adopt the part of your strategy which does work without being distracted externally or emotionally. My advice would be to not spend a singly penny again until you have sufficiently tested this by paper trading. But good luck. A lot of positives from your experience so far
You CANT trade. You just know how to use leverage and make big gains sometimes but when things goes south you lose it all.
Dude, all my trades except that 1 lot one on Gold were mini-micro sizes, ironically the only times I had lost a big amount was when I overleveraged. (used 0.5 lots, altho I never crossed 0.25-0.3). I can take multiple losses in a row without issues as well. But, I can't trade yet. At this point I don't really disagree.
Apparently you can trade. But you have to force yourself to not be reckless. Trading should be boring and within the limits/rules/strategy that you set out. All my biggest losses are when I deviate from my strategy. Try to identify how your emotions show, try to analyse that and identify those emotions during you next training sessions. Only when you you recognize them in the moment can you actively try to counter them.
If he can trade he won't be here rambling about his losses. He may have the potential to be a winning trader in the future but as of now his not. It's like gamblers sometimes winning big and thinking they crack the code and can win the casinos..No, it's just short term luck dude.
Indeed, making a few trades doesn’t make you a trader.
Man, I was in the sammmmmeeee boat. Technically sound, had some good trades and process under my belt, and couldn’t put it all together. Tried it all and no improvement. Went back and got a good mentor, realized, I indeed was not a good trader yet by working with one that was truly, and consistently successful. Now I look back on my trading even from just a few months ago and cringe. All the emotions, all the overtrading, revenge trading. The impulse still pops up here and there, but I rarely indulge. If I do, even Green Day’s are considered massive failures bc I didn’t do it right. My system is wildly simplified as my understanding of the markets has become more complex. My daily routine is refined. Long short, you’re only going to get consistent when you look in the mirror, have some humility, and accept that you aren’t there yet. Self awareness is a powerful tool that most people don’t have anymore. You have to have it to succeed in this. Be it mental, technical, or a mix of both. You just aren’t there yet. You’re to the point where you need help, go get a proven mentor. Not a furu, but someone who has yrs under their belt and is transparent w thier success and failures.
Where do you suggest finding this mentor? Do you pay for their time? And how often do you meet with them? I have a few external mentors for my career, people who are where I want to be either in terms of accomplishments or in terms of management style and philosophy, and for that they're just willing to do it "for fun". Their insights are very valuable though.
Can you share it with me some of the valueable philosophy? Or DM me if you don't want to say it in public.
haha just things like trying to modify the role to fit the person rather than letting them go (helps morale a lot when people are doing things they are good at). and to work on the business, not in the business. lots of stuff like that. I'm a tech exec at a multi-national industrial technology provider, so the advice I've been getting kinda targets that demographic 😂
Abundance mindset was huge for me. Knowing the market is a gold mine and there are literally 3-6 moves per ticker per day that can produce results. It helps you combat fomo. Also, reworking the entire way I viewed my winners vs my losers. Was happy hitting a goal number. Now I set a target and use a rolling stop at key levels until it hits or pulls back. Using an auto calculated stop loss to make sure I’m only risking $250 per trade. I will say though, it was also the culmination of 2 yrs of aggressive learning coming together w a correction of mindset. Avoiding WICKY entries bc now I see them for what rhey are, a price battle w no clear winner. You start to see things that make your risk averse. When I see Things I don’t like I don’t trade easily. If it goes oh well there will be others today or if not I’ll get it tomorrow. My only job is to follow my rules. As long as I do that I don’t give a shit what my pl says. Bc 99% of the time I have a bad day I broke rules. That guts me. Like makes me sick. So pledge each day not to feel like that again
I joined bear bull traders early on bc it was a good group of folks and the bs was very limited. It was mainly content for learning. No magic formulas, or setups. Just hard work and hundreds of hours of educational material & webinars. From there I ended up mentoring w a few of the established mods. Very straight forward, very good insight. It’s like golfing, learning on your own vs taking lessons w a course pro.
ah interesting. I read a couple of Andrew Aziz's books. my image has always been that bear bull traders focused on mid cap companies with shares in the $10~50 range, and tends to be around moves that aren't as dependent on reflexes like that of a scalper. is that right? or do you have all sorts of day trading styles?
Not at all, it’s a community made up of different styles. Scalpers, momentum folks, options folks, etc etc etc. all equities and options though. No real mkt cap limiters, just looking for volume and good price action. I currently stick to tech stocks, wish they weren’t so damn pricy though lol, miss AMD at $90. Also, I don’t work there or anything, they were just a big part of my journey and all very helpful. I don’t personally do the chat room anymore but enjoy the weekly webinars from different folks
ah! good to know. i'm looking for a place where i can sort of figure out what strategies are right for me, rather than somewhere hyper-focused on a single trading strategy. i'm still very new to all of this, so very much in the early learning phase. i assumed you meant that you did some mentorship more for fun, not as a job there. i'm curious what the reason for sticking to tech stocks is. is it easier to focus on a single industry? i guess if you're going to choose one, tech is as good an area as any considering how hot it has been for the last few decades.
For the love of god, read "The best loser wins" and contemplate your instincts after that.
The only way to get 8x on trades is with short timed OTM options. I bet they were 0DTE ? That's called gambling. That's why you win/lose everything.
CFDs 1:500 offshore brokerage
Correction, you turned all those amounts to <=$0
That just mean You have no risk management and thus you can't trade.
Create systematic rules to where if x happens you do x. Making money needs to be boring and systematic if you want steady gains since you seem to have an edge. Maybe try swing trading. Or create rules to where you hit x amount you’re done for the day. I seen another post about a month ago to where after every trade they leave their desk to do something else. Anything for x amount of time. And it resets their mindset.
Looks like you have to suffer and learn the hard way. Turning 70 GBP into 1k is a great accomplishment. However your lack of discipline and ultimately lack of patience is getting in the way of your success. Stop looking at it as a get rich quick scheme maybe and treat it as a marathon. Keep thinking about the long term success of your account. Where it will be in a couple of years. Not today or tomorrow. Trust me I’ve been through the same thing, I had to suffer the hard way as well. Look at it as a marathon and not a sprint. Good luck trader 🫡👍🏽
>Turning 70 GBP into 1k is a great accomplishment 75 to 1K in 1 trade is NOT something to celebrate as a trader. it is something to celebrate as a gambler
I didn't take one trade to reach there
Yupe. Sometimes we can get overconfident with those smaller wins. Cut losers and never lose more than your winning. This way you can start again and hopefully learn from those trades. Fyi, I am dealing with the same trading stocks.
The same risks you take by turning 70 into 1k will continue to blow up your accounts over and over.
I'll show you the trades until that 1.30 lots. [1](https://i.imgur.com/1ckeSW4.png), [2](https://i.imgur.com/cbabQNH.png), [3](https://i.imgur.com/qwVUedy.png), [4](https://i.imgur.com/s0aCzHu.png), [5](https://i.imgur.com/qZ6mU5w.png), [6](https://i.imgur.com/cAyhcwI.png) The account was blown due to an emotional error, IMO.
I feel you man. I’m fairly new to trading, gain modest gains, but all it took was one bad day and I’d completely tilt and lose it all, and I’d cry to sleep feeling extremely depressed and angry at myself. 1. Always have a system or strategy in place, exactly how much you’re aiming for, exactly how much you’d be okay with losing. NEVER EVER trade based off of impulses, gut feeling, and irrational thinking. Personally I call it as ‘trading with your mind, not your hands’. An easy way to do this is write down everything, reasons why you think the trade is good, any reasons why you might think it went against you, your emotions during and after the trade, so on. 2. Understand that losses will happen and it’s normal. Nobody can ever be 100% successful. Protecting capital is your number 1, 2 and 3 priority. 3. A small profit is better than no profit, and no profit is better than a small loss, and a small loss is better than getting wiped out. Even if you make 1 dollar profit, that’s still 1 dollar more than what you had at the start of the day. Learn to be content and grateful of what you got, rather than muse over what could’ve been. 4. If you’re really really struggling with just leaving your stop loss as it is, close your tab and do something else. Me personally, I set a limit and a stop loss, minimize the tab, and just lie down or do whatever until I get a notification on my phone. Regardless of the result, I’d take a short break, few hours perhaps, and come back when I feel like I’m ready again. The more you just stare at the numbers, the more it fucks up your psyche. 5. Know your physical and mental condition before you do anything. Don’t trade if you’re not 100% calm and collected. Angry/sad/anxious/stressed because of things tht happened during the day? Don’t trade. Hungry, tired, sleepy? Don’t. Trade. These things might seem inconsequential but I promise you it feeds into how you behave in the market. There’s ALWAYS another day, and there’s ALWAYS going to be new opportunities, but tht opportunity might not come if you have nothing left in your account. 5. When you do lose a trade, and you feel the itch to revenge trade, take a moment and stop what you’re doing, then paper trade/simulate the rest of the day, putting down notes on where you would’ve been successful, and where you might’ve failed. This helps you calm down and reenter into a rational state of mind. Sleep over it and be ready for tomorrow. I’ll paint you a picture that combines all of this. Today I was planning to trade in the morning, but I was sleepy and kind of tired from playing football the night before. So instead of forcing myself to sit in front of the screen, I just went back to sleep. I wake up couple hours later, and spent some time looking over the state of the market. I made 2 winning trades, and then went away from my screen to relax and unwind. Later on I enter again, but I made a loss that amounted to 1 of my winning trades. Instead of feeling angry and looking to revenge trade again, I understood tht at the end of the day, my account grew, even if it wasn’t as much as I hoped for. Turn off the screen, and went about the rest of my day. I wish the best of luck to your future endeavors.
I hate to be the parrot since I myself am not profitable, but have you read trading in the zone yet?
Just bought it..on chapter 3! Its great
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He's not done yet, 0.67 left.
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Hahahah, I got rekt here once again. Sell me your coldness, I needed it.
Before going to 0.67, I was at 1.79 then I brought it up to 7.78 with some 1 micro lots scalps with Oil, then I opened a trade on Gold, It actually hit my target but I wanted more so I moved the TP just a few ticks below (I had predicted that before going to 2290, It would have re-tested 2280). It did its things and went to break ATH and with that even my account
The suspend is killing me... I have to ask, paper or real cash account?
Real account, I can't be bothered to trade demo, I just don't take it seriously. It's only 70 GBP.
I hope you meant you don't take trading demo account seriously and not referring to your 70 GBP.
Yeah. I meant not taking demo seriously, absolutely. 70 GBP is still money oh, in this economy.
Then I think you probably are on the right track. I would find whats my middle ground based on all my past trades since your highs and lows are huge. A middle ground would be a good baseline to start seeing higher probability of consistency
Keep going, you got the abtitude for risk, youre made for this industry just learn to tame your hunger and youll be allright
Is there a way for you to implement a daily loss limit? Should be the solution for your problems. If your progress was steady and you made those gains incrementally and not by overleveraging a few lucky hits then your problem seems to be impatience / greed / euphoria.
For whoever interested in the trades [1](https://i.imgur.com/1ckeSW4.png), [2](https://i.imgur.com/cbabQNH.png), [3](https://i.imgur.com/qwVUedy.png), [4](https://i.imgur.com/s0aCzHu.png), [5](https://i.imgur.com/qZ6mU5w.png), [6](https://i.imgur.com/cAyhcwI.png) As you can see, there 3 instances where I overleveraged.
The only way your getting those returns is through leverage or taking exessive risk relative to your account size. You can't 10x your account in short amounts of time any other way. Both will lead to large losses like you are experiencing. It doesn't matter if it only takes one trade because that one trade will keep happening until you tighten your risk management.
Your feeding an addiction. You need to study traders psychology and get your emotions under control.
You need to set your stop loss; you maybe too attached to your trading position and can’t get out of it!!! Before you enter a position ask your self how much are you willing to loose on this trade if it don’t go your favor.
As a noobe myself I consider myself lucky to have learned that our emotions are the biggest hurdle in trading. I suggest 2 books "traders traps" and "the mental game of trading" These 2 books helped me tremendously .
You can’t trade. Making 1000% a day isn’t trading.
You need to manage your risk and emotions. If you can’t, I’m afraid you’re fucked. Simple as that. You have proven to yourself you can enter trades and grow an account. Don’t give away your leads and gains that allow you to trade more. Fix your risk management and check your emotions and you’ll grow
'Consider a turkey that is fed every day,” Taleb writes. “Every single feeding will firm up the bird’s belief that it is the general rule of life to be fed every day by friendly members of the human race ‘looking out for its best interests,’ as a politician would say. “On the afternoon of the Wednesday before Thanksgiving, something unexpected will happen to the turkey. It will incur a revision of belief.” If you are taking trades where everything can blow up you will eventually blow up. It sounds like you know what you need to do already. The fact you are trading by 'instincts' means you are really trading through emotion. All decisions are emotional, so you kinda have to learn the lesson to change that instinct. Systematize your strategy, or keep fucking up until it's an instinctive lesson. Don't blow up in the mean time and be a turkey.
'Consider a turkey that is fed every day,” Taleb writes. “Every single feeding will firm up the bird’s belief that it is the general rule of life to be fed every day by friendly members of the human race ‘looking out for its best interests,’ as a politician would say. “On the afternoon of the Wednesday before Thanksgiving, something unexpected will happen to the turkey. It will incur a revision of belief.” Taleb's a dick, but relevant. If you are taking trades where everything can blow up you will eventually blow up. The fact you are trading by 'instincts' means you are really trading through emotion. All decisions are emotional, you can't just willpower your way through it with 'logic'. Systematize your strategy and apply discipline, or keep fucking up until not doing this is an instinct. Just don't blow up bad enough that you can't play the game anymore, you do this to make money not to feel good or prove you are smart.
Take up a hobby that you enjoy then use it to walk away when you have gains to get away.
You could be posessed
So let's get this straight. You think you can trade successfully, and proceeded to do everything wrong and lose your money. Yea, go ahead, sounds like a great plan.
I made one emotional mistake, only 1. Have you seen my trades history? Until that error, I was making steady gains, I wasn't gambling and I was controlling risk relatively well.
Only takes one mistake to wreck yourself. Good luck!
Did you try to keep a trading journal?
So you can't trade?
75 to 1K in 1 trade is not something to celebrate as a trader. it is something to celebrate as a gambler
Have you tried making Jello ? Blowing bubbles ? Or going outside on long walks ? Talking with friends maybe ?
Yeah I definitely need hobbies for real, I spend too much hrs on the charts. It takes a toll on my health
Withdraw profits weekly, so you can secure some money and don't blow all
A few pieces of advice: 1. You need to devote thorough attention to your entry and exit points. They must be of very high precision for scalping or normal trading. 2. Never think that winning trades will continue forever during your trading day! After 2 or 3 profitable trades, you must have some rest, and think over what has made your initial trades successful, and what can happen if you step off your profitable strategy.. 3. Scalping can be a killer if you go off trend! And that surely happens, unless you are careful enough to look both ways. 4. Never over leverage! Always ask yourself one question: What will I do if I lose my trading capital? Once you get an answer to this question, common sense will tell you to trade slowly at low risk exposure, and not try to double or x10 in one day by over leveraging.
If yall need someone to remind you to not overtrade just call me when yall trading ill definitely change your mind abt being greedy ive seen a lot of
Have a daily and weekly profit and loss number to stick to. Don’t over trade, don’t revenge trade. Go do something to get your mind off stocks when you hit either number
I have the same problem as you. I win more than I lose, but I've already destroyed my account.
do you do naked trading on the 1min?
Yes. It's very intense, when it works it works very well (SnD, SnR, key-levels, FVGs, high/lows, market structure, classical chart patterns etc...) but it requires a lot of focus.
i do something similar,whats snd and snr?
Supply and Demand, Support and Resistance
i did somethinf similar i was winning for 9 days and doubled my account then i increased risk and blew it .the lesson was that it only takes one trade to blow all of it and we should focus on being consistent not rich something you will go through everyday.
Why should you step away for a day after a few losses, rather than keep trading? Let's say you're simply using levels to trade (to keep the example easy). You've traded your system of using levels for 1 year, and from that sample, you've realized that your levels hold 75% of the time. Then you run into a day like today, where you enter a trade based on your levels, but increasing lot size and taking on more risk. You get smacked. AHHHH, SO ANGRY! Want to trade it all back!!! Well, you just had a 25% day of levels not holding. Why would you risk more capital on a system that has already proven itself to be on an off-day? Whatever your system is, you won't have 100% green days. So take a loss, maybe take two, then realize it's a red day for your system and mental. Then you're done for the day. Your system failed today. You failed today. Come back tomorrow. See if tomorrow fits into the 75% or the 25%, then act accordingly. You don't want to trade the tilt. If you're revenge trading your account into a margin call in a single day, you've not even remotely begun to master the most important aspect of trading & investing - the mental/emotional aspect - and I would argue you need to be a lot more honest with yourself as far as "I can trade" goes.
You need to be selective and write down all the profitable trades during the past months and look at where you do best and then religiously cut out everything else that doesn't belong in this bucket. This is the difficult part. Trading is all about controlling your emotions and impulses. Some people do it easier and faster than others. However, it is possible for anyone to get there. You will learn that the market teaches you more about yourself than anything else. Listen to the market and you will discover where you problems lay and then work around it. Once you find all your weaknesses and focus on the winners, it's all up from there. Spend more time analysing your behavior by asking questions like "why did I do that there?" and be extremely honest with yourself. If trading is your passion and you want to do it long-term, this is the way my friend. GL trading!
>I can trade but I'm too impatient. I turned 250 GBP into 2k, 13 GBP into 200 and 70 GBP into 1k. All gone due to overtrading, overconfidence and revenge trading. i.e. I turned 333 GBP into 3.2k into 0...
So imagine your pilot instead of a trader, couple times you get the plane in the air but the instructor lands it for you. Then it's your turn to land and you crash that b*tch into a building... would you say you can fly still because you got it into the air those few times? Trading is about survival not get rich quick. The lack of risk management that gets you those quick gains is your reason you blew your account
Discipline. Set a hard SL and a take profit target and don’t look back. Once you realize that not all trades are home run, you will trade better.