Winning is easy Losing is the key - John “Rambo” Moulton Focus on the Now of Trading, Detach yourself from money, Focus on making good trades. Don’t beat yourself up & Let it go.
From Canadian Future Trader Be in control of every trade - don't get to a position where you are relying on hope Wait for specific set ups - no jumping in out of boredom Law of large numbers - I know my stats, play the long game. Taking a losing trade isn't a bad thing You are right, or you are right out Less trades, more wins (basically wait for premium set ups) Be a sniper, wait for the perfect set up and pick it off (same as above, wait for premium set ups) Short Version of Money Management Pick a daily stop loss and I recommend setting it with your broker so you can't violate your own rule Pick a per-trade risk amount you are comfortable with, and tie this back to how many contracts you can trade comfortably Never, never, let a winning day become a losing day - once you are profitable, set a minimum amount of profit at which you will walk away for the day if you hit Example: You are up $500 for the day, if you fall to $200 profit you are done. It is still a winning day. Increase your size When you've made money to do so with. Up $1,000? Great trade 2 or 3 contracts instead of 1 if you want. But still maintain that minimum profit level where you are done for the day. Consider it your own self imposed trailing draw down.
Good idea but I would only recommend that if you don't have a trailing draw down anymore, as long as you have the trailing draw down it's too risky to increase size since you not only risk profit you have made but also decrease the draw down left, that's why an end of day draw down is so much better, then you can scale and risk your made profit without impacting the draw down.
Didn't trade well today. Went short at the exact levels, But I took a long by mistake, closed @ a small loss And I should have enjoyed the ride Way Way Way more. Been patient and Took care of myself. At the beginning I was damn right but my PnL was shrinking. I mean what the fucking fuck ? Yeah ... Mistakes. Interesting metric is $ per contract. Might keep track of it. I mean even with Apex rules, Today was a +1k easy money day Not sure how far I can stretch the Consistency rule. Anyone ? I believe there is a 30% rule, 1 day can’t represent more than 30% Of the withdrawal amount (2,500x0.3=750) ? EDIT That's 30% of the balance in the account The balance is 150k (Hahahaha) Guess they talk about Balance - 150k If I want to withdraw when my equity is 155k Then one day can't be greater than 5,000x0.3 or 1,500 Otherwise I have to grow the balance to shrink the daily % gain. Example ... If I make 3,000 in one day, Then I need a balance of 3,000x3.33 = 10,000 to enable a withdrawal. Since I want to request withdrawals at my cushion (7,600) Then I can push towards 2,800 in PnL per day.
Already replied here But I just wanted to add ... I plan to trade 4months with 20 accounts, The one time fee is 260 which is (260/85) 3months upfront. Therefore the one time fee represents only a little 25% discount. 25% discount with the risk of blowing up on day 1 isn't enough for my taste.
Since you haven't provided any details, could you at least indicate to the audience here if you would have blown up in the real world? I.E. What asstastic rule of theirs did you break?
So sorry you were doing awesome. You probably have the same weakness a lot of us have and that is you got whacked when you are most confident. Hope you try again use the 50k easier to collect.