Hahahahah. I seriously doubt that. But.... as the only ET member that has a proven direct line to the trading God's.... I will sacrifice a chicken or two and call in a favor for ya. Learn the fall... ... Let fall be spring. Amidst the green... You'll fail again. Get back up Then scale it down. Humble wins... ...both sides of town. So trade small and trade smart. Learn when you lose. Because you WILL lose. Let it add up slowly and NEVER give it back with a big bet using "the house's money". That's great for hobbyists, but not for one that REALLY wants the golden ring. Good luck to ya... the force is yours for the taking. It really is. -vz
That is a big loss, you need to scale down to below 1/4 of your current size, or you will lose all of your capital eventually in your account. If you continue to lose, you need to continue to scale down until you can profit consistently and then you scale up bit by bit once again. Risk management is very important!
When he said the losses were more relatable (-$2300 loss) than the nice $1,000 gains, it brought back memories of some friends who blew up in 01-02 because they once made $10,000 daily during Dot Com and “$400-$1500 a day was a insult”. Me, I was happy to still be in the game during the Chop Suey of 01-02. A day making $400 was good because that’s all the Market was offering up unless I wanted to oversize and blow up. Op needs a appointment with a trading psychologist to explore why he is more comfortable with losses and stop risking all his equity.
You absolutely need to take a few days off and get yourself back into neutral mode after these last two major losing days. If not, I'm afraid you will only compound your losses and mistakes as at this point you're probably focused on making back your losses and not on trading. And everyone who's been around for a while knows how that usually goes. Losing 10K on a 33K account sucks, but losing it all is even worse. You still have capital, so make sure you stay in the game and don't throw it all away now. PS: I'm curious about the value of actually having a public journal. It might very well be detrimental to your progress.
To some people with a win streak...then deciding to do a public trade journal during the win streak... It throws them off in their mental game. Public trade journals are good for asking advice but that only works if the trader gives specific details about the timestamp / position size of their trades. Yet, they will get advice from those that may have never traded what the OP is trading and / or give good advice that the OP doesn't want to hear. Private trade journals are good for those that are not asking for help...don't need any advice and it's more for the lone wolf types. You can put more private information in a private trade journal about the trading and the personal life involving the environment of trading. wrbtrader
8/5 -$721 It is so painful to post when I have a losing day. It is tiring to see the chart when it goes sideways instead of up or down. After today's chart, now it looks like it can go higher. Or (NG) drop tomorrow. Thought about exiting but shit I lost so much I'll just keep on going until maybe like 5K more and than I'll call it quits. This is exactly why I shoulda went to stocks instead of futures... if I'm wrong, futures market owns me when in stocks, it's not as big of a loss, moneywise.
@wrbtrader no risk management. If I feel confident, I go all in. I scale down if I'm not as confident. I don't go in if I'm just unsure. My risk management did not change ever. Probably a good idea to start changing but dang it old habits are hard to break @Laissez Faire yea i always perform worse by keeping a journal. but i'm training to try to get over that @Trader_NY @TrailerParkTed yea i definitely need to scale down. I do need a psychiatrist.
I adviced you above what to do. It's really simple. Stop trading. Right now. You're on a losing streak. Trading is a mental game and you're now not in a good place to perform well. The only way to end a losing streak is to take a break and get the loss out of your system! You need to get back into neutral mode. Does this sound like trading to you? You already decided to lose another 5K. Take a vacation instead of donating the money in the market to some asshole or institution. Been there. Done that. I'm afraid you won't listen to this, but good luck anyway.
Large losses tends to compound. It seems to be an inevitable law. Some other trader in this thread also blew his entire account doing something similar. It's like you stop caring and just plug away. A part of you just want to blow it all so that the pain is over and you can justify to yourself that at least you tried. The only way to stop a losing streak is to stop trading.