the only way to have a big losing day,barring a rare catastrophe, is riding a loser....,u can ride a loser if its under your max loss,.....if it gets to your max loss,an amount you had predetermined was stomachable,then you just say it happens.......,if you went past that then its time to stop and do an ego tuneup, ......if it's not running right,it'll override common sense and put u out of biz...read the markets and read yourself,..if your not doing both ,.......then your lazy and in the wrong biz,..... find one that will keep u paying attention
The only way hes going to learn is when he runs out of money bcuz of his lack of discipline and stupidity. "A fool and his money shall soon be parted"
From experience ? Make 3 times the loss back on the next day. Never risk more than 2% on any trade and never lose more than 10% in a day. You were trading to much leverage. And last but not least NEVER SHORT A TDAY WITH A GAP ABOVE !
I noticed that big hit you took from your posts in the P&L thread. And I couldn't comment on your trades in that thread. Your problem is your strategies are all wrong and you will have more big losing days if you continue to trade that way. And you will blow out your account. You need to learn to take small losses and move on to the next trade rather than trying to always insist you have no losing trades by averaging in against a losing position. If you do that on a breakout or sell off, unless you have an enormous amount of money, you'll be wiped out. And even if you do have an enormous amount why trade that way? Your strategies are all wrong. You can make good money, very temporarily, even with bad strategies, but eventually, sooner rather than later, it will bite you and wipe you out. And your comment, "but I kept ignoring my instinct and wishing i would be able to at least break-even" says a lot. Wishing and hoping will kill a trader. The market always ignores your "wishes". It doesn't care. Wishing bad trades will come back causes you to babysit them as they get worse and worse until the pain is too big and the loss too big and you're forced to exit. And if you're really in DENIAL, which isn't a river in Egypt, you'll wait too long and blow out your account. The best way to get over a bad trading day, especially a really bad one, is maybe cool it until you fell ready to get engaged again. And especially analyze what you did that made the trade not work. What were you thinking before and during the trade? What made you enter the trade? When it went against you what did you do? What was your thought process? How else could you have acted when it went against you? Etc. etc. And this also applies to trades that go really well. It's called learning. This will improve your trading. Good luck.
I take an expensive beach vacation asap and blow money on sex-drugs-massages and anything else that feels good. This will put a â real money valueâ into the purpose of trading⦠instead of reading p&l statements online and watching your account go up and down (like chips in a casino). Then hopefully next time your in something, going a bit too far against u, u will remember the good things that money will buy-and blow yourself out for the loss instead of the disaster losing day!! Even if your fortunate to grow your account every month, I pull some money down and buy something useful or pay bills in advanceâ¦to remind me that your trading real money!
+2 I don't want this to come across as rude, just some advice. How long have you been trading for? When you post your charts I take a look at them but something that I always ask myself and you should too is, whats my plan for this trade? When I look at your charts I can't tell what your plan really is. Also just a word of advice, you shouldn't trade premarket or post market until after you have at least a year of fulltime trading experience. I feel like you might try to play the momentum (again I'm just looking at some of your charts), which isn't incorrect (momentum plays haven't been working that great lately, from what I have found). You need to also define what type of trade this is going to be, larger move, scalp, scaling into a position, range play, breakout play, fade ect... You should also have a defined plan BEFORE entering the trade, where is my out if I'm wrong, where is my target, what do I want to see to add more size, what don't I want to see.. Constantly be asking yourself questions while in the trade. When you start having a real plan with if/then statements you will trade with less emotion and your trading will improve because you already know your outs. Also once you are out of a trade, the previous trade shouldn't matter, if you made $1000 on it or if you lost $1000 it doesn't matter because you need to focus on the next trade. Go back at the end of the day to review your trades. If I'm not mistaken I think you recently bumped up your lot size to 2 contracts. I don't think this was incorrect, but just remember not every trade you should be maximizing your lot size on or have the same risk, different trades have different probabilities (this all comes back to having a plan before entering the trade). For example with me for my 'A' setup trades I might risk $500 on because I know I can play that trade well and expect say a 1:20 risk reward play, where as if its my 'C' setup I might only risk $150 because its only a 1:5 risk rewards play. What I do after a bad day, after I cool off, is I go over every detail of that day. I record my screen while I trade so I can easily go back and see the details. It helps me see if I just wasn't prepared for the day, maybe I wasn't discipline on my trades, maybe I was in the wrong stock (I don't trade futures so this is just my example), maybe I wasn't focused, maybe I didn't have a defined plan BEFORE I entered the trade. Then when I find a common thread I'll write about it in my trading journal. Also I find things I did really well that day and replay that. I personally will look at what I did wrong, but will focus more on what I did correct for that day as I find that helps me more then focusing on what I did incorrectly. Just remember the market doesn't know what you did the day before or the minutes before, its a new day, but you need to become more discipline with your trading. Good luck.