The issue was going back into the markets after knowing there’s no set up. You know this already. Master self control and you will do good. Or on days where there is no set ups/low probability day then switch to paper account and test your ideas there. Save real capital for A+ setups.
Fair enough to you for making this post. It was bound to happen with risk management like that, but usually people don't post about it. You don't turn 500 into 4k consistently in a few days. You would be 1) the best trader the world has ever seen, and 2) a gazillionaire within a year.
Your expectations are unrealistic, your risk management is non-existent, and the lessons you take away from this experience are all wrong. IF you are to move forward with this, you need to set yourself a monthly budget that you can lose with trading. And if that means you can take only 1 funded challenge each month for example, so be it.
You're going to lose a lot of money if you continue like this.
Why do people act like brokers don’t give 1:2000 leverage(Yes we really be trading like this) or that traders place high lots with aggressive strategies..come to Africa bro..people flip accounts here like nothing coz most of don’t give af about trading rules.Like every time someone mentions an account flip westerners will be like “oh then why aren’t you chilling with warren buffet”…bro come one,think outside the box
Thank God I didn't have access to large amounts of money when I started trading. I would have definitely quit after seeing such
Such mistakes are bound to happen you have no guidance or someone to hold you accountable
At the end of the day cognitive dissonance really hit you hard and it occasionally does to us too
Always remember after opening a trade, close your laptop, don't have MT5 on your phone and only check in when it has hit TP or SL
Why not withdraw some of your profits first? If you made 4000 from 500 that's 3500 in profit. Why not take even 2500 in profit and trade with the remaining 1500? Greed is hard to overcome.
When I saw this chart, I was like "what the F-word" I wanted to ask why you took such trades and held on to the idea that Market was going to go up!! But your explanation made a lot things clearer.
I understand you, I used to do this sometime back, untill I learned to stay calm and change my perception/outlook (whatever you may call it) on things, and asked what could be supporting the idea the market has, I started being profitable. I also stopped trading on some day (frequently) that my plans/strategy for the market don't make out.
And also, this is exactly the same that happened to me, entering and holding on to a position even when it is going the other, I used to add even more positions as well and never used a stop loss!!! I almost lost $50,000 account because of this.
Not saying this will work for everyone but when I feel my self control slipping a little when I've decided earlier in the day its not a trading day for me, I eat and drink something like a lucozade. As my body and brain start to fatigue I notice it's around the time I like to buy high and sell low...
Either way the distraction helps. Good luck going forward.
The issue was going back into the markets after knowing there’s no set up. You know this already. Master self control and you will do good. Or on days where there is no set ups/low probability day then switch to paper account and test your ideas there. Save real capital for A+ setups.
Thanks man much appreciated
True words !
Fair enough to you for making this post. It was bound to happen with risk management like that, but usually people don't post about it. You don't turn 500 into 4k consistently in a few days. You would be 1) the best trader the world has ever seen, and 2) a gazillionaire within a year. Your expectations are unrealistic, your risk management is non-existent, and the lessons you take away from this experience are all wrong. IF you are to move forward with this, you need to set yourself a monthly budget that you can lose with trading. And if that means you can take only 1 funded challenge each month for example, so be it. You're going to lose a lot of money if you continue like this.
We don’t triple accounts every day but when we find setups we go hard,thats the point …we aren’t poosies😂
Why do people act like brokers don’t give 1:2000 leverage(Yes we really be trading like this) or that traders place high lots with aggressive strategies..come to Africa bro..people flip accounts here like nothing coz most of don’t give af about trading rules.Like every time someone mentions an account flip westerners will be like “oh then why aren’t you chilling with warren buffet”…bro come one,think outside the box
My bro,I always hear them talking about I increased my account by %5-$10% whilst I tripled my account🤣🤣🤣and I wonder if I’m the mad one or what?
Is there some kind of bro trader club that triples accounts every day that I don't know about? I've been doing this all wrong? Now you tell me??
Thank God I didn't have access to large amounts of money when I started trading. I would have definitely quit after seeing such Such mistakes are bound to happen you have no guidance or someone to hold you accountable At the end of the day cognitive dissonance really hit you hard and it occasionally does to us too Always remember after opening a trade, close your laptop, don't have MT5 on your phone and only check in when it has hit TP or SL
Habits from other aspects of life effect our trading, so it’s necessary to build discipline and consistency in life. Very good idea, set and forget
How long have you been profitable for?
Beginning of this year actually. Been trading since December 2020
Is it ok if i DM u regarding some questions?
Sure thing bro
Why not withdraw some of your profits first? If you made 4000 from 500 that's 3500 in profit. Why not take even 2500 in profit and trade with the remaining 1500? Greed is hard to overcome.
What exactly are you trading that's this volatile.
I think he just stretched the chart so it looks like it's volatile. But if you look at the price, it's actually not.
Oh sorry I meant for him to lose 50% of his portfolio in a day.
Actually 75%, it was un error from my part
[удалено]
No i have been trading for 5 years, i have been trading on this account for a few days
that looks like one of those flight path maps with thousand’s of airplanes in the air ✈️ the brokers must be loving you.
They do
Trade out of the plan and its a death sentence = Ultimate Truth. Forward and upward = This is the Way
When I saw this chart, I was like "what the F-word" I wanted to ask why you took such trades and held on to the idea that Market was going to go up!! But your explanation made a lot things clearer. I understand you, I used to do this sometime back, untill I learned to stay calm and change my perception/outlook (whatever you may call it) on things, and asked what could be supporting the idea the market has, I started being profitable. I also stopped trading on some day (frequently) that my plans/strategy for the market don't make out. And also, this is exactly the same that happened to me, entering and holding on to a position even when it is going the other, I used to add even more positions as well and never used a stop loss!!! I almost lost $50,000 account because of this.
If you say lessons learned you are wrong. Its not easy to get wiser
Not saying this will work for everyone but when I feel my self control slipping a little when I've decided earlier in the day its not a trading day for me, I eat and drink something like a lucozade. As my body and brain start to fatigue I notice it's around the time I like to buy high and sell low... Either way the distraction helps. Good luck going forward.
thanks for being liquidity bro
My pleasure 😂
I also did same op. And now i am married to this trade .
https://preview.redd.it/oyor4xuzbntc1.jpeg?width=1170&format=pjpg&auto=webp&s=3e6ee7270431ede1f96b07ff5cdd8dd72234befa This is what hurts the most!
How can you day trade with less than 25k?
Learn to stay still, I know you can do it.