Hi I work for a prop firm in NYC and I'm just having a lot of trouble dealing with the mental aspect of having a "downside." Right now its a very small downside because I've only been here for about 2 months but having that mental block in my head of knowing that I have to try to stay as far away from down $150 a day can get very tedious and mentally straining. The other day I was down over $1000 and they took my downside off and I ended up making $1100 back because I felt like I could take more risks and therefore get much more reward as well. Does anyone have a good method of dealing with this?
What's your commission rate? I am searching for a firm that doesn't require S7. by the way, what's the down side?
You have the wrong mental approach. Instead of thinking of losses or downside. Think temporary reduction in trading capital. Trade like a machine, no emotion just signals, set ups or whatever you utilize. Remember this well and never forget it. If your analysis is correct you will be on the rightside of the trade almost immediately and with very little if any "temporary reduction if trading capital". If not, reverse position or get out.