That's really bad and I have a similar pattern. Any ideas why it happened you were doing good for a few days and 1 major loss is very bad.
It’s just a shame that I had to reach TST’s max daily loss limit to stop trading. Thanks to them I am still in the game as I bypassed my own daily max loss (10%). I was up a little, then down 10%, then up break even, then down 20%. A 10% loss is within the plan. Today was nasty because we had lower low on multiple timeframes therefore I leaned more on the short side but all these lower low are just a BTFD opportunity in this market. I lost patience and traded without stops + I did average down and done all the wrong things + on the wrong side. I’ve traded 4-5 hours which is always a bad sign. Should have stopped trading earlier but I really wanted to make that little bit more money. I am really glad that TST did freeze my account and locked me out otherwise I might have lost my account today. That’s really nice from them. They used to terminate the account, as other prop firms once the daily max loss is reached. But I should stand on my own and respect my own fcking max daily loss. That’s the very last rule that keeps me away from blowing up. I’ll take is as a 2nd chance and never ever bypass my own fcking max daily loss again. Shit happens but it doesn’t have to destroy the account.
Today I deviated from my plan and try to guess reversal and almost loss all my profits. I was surprised how far the YM went. What I should have done was wait for an entry signal to pop up. And then time the entry. And it would have gotten me in at a much better price. That's been my pattern. If I just wait and time the market instead of guessing or trying to predict I would have a much easier time. My biggest blowup days had always been when I try to guess reversals and then get stuck in a bad trade. Worse thing you can do is be stuck in a crash and I've done that way too many times. lol. Prediction is really only part of the equation. Prediction helps if you can tell if it'll go up or down or chop or will trend. But then you also need a system that let's you time your entry.
Yes prediction is more about being bullish or bearish (bias / variance). Then the market gives its signal to enter / exit the market. I also tried to predict the turn. It’s really tough especially counter trend xD I have lost accounts in a day like this. I’ve lost one during the first COVID break of course. We can’t win every day. We need a max loss that is an emergency stop for the day and stick to it. Maybe twice the average daily win amount. Something not too tight but not too big neither. Tomorrow is another day.
Absolutely incredible that is took you nearly 5 years of going nowhere to realize that the combines are bullshit. You would have gotten a lot farther along if you had simply traded your own funds. OY!
I was honestly waiting for this, because your equity climb was looking too nice! Happens to me all the time. Something changes in the market, the usual signals and setups don't follow through, psychology starts to change, then risk management is removed. After that it's usually a huge loss. You're still up though, so you can still turn it around.
Analyse the strength of the Trend and jump in immediately if strong. Otherwise wait for a Pullback? Great Thread @Sekiyo I forgot you had this running.
I just passed another combine to try out the copy trading, never done this before. Turns out I cannot copy trade to an XFA from my live account. Oh well, I guess I have a backup funded account now in case something were to happen with my live account .