Agree dont have discipline ..rather did not follow the discipline that is part of the system .. Still newob on way to "get it" ..greedy humans cannot be disciplined in few months..will take few years. Till then will keep on getting such hits.
If this is true...I am amzingly sorry for you...sincerely. Question is...how much did you have in your account to begin with?
Geesh...60k lose as a newbie trader. That's a lot different than a veteran trader that knows how to make that kind'uv money back after such a loss. By the way, you should pay someone 25k per year to sit next to you with a taser with the approval to zap you whenever you lose your discipline. That'll save you a ton of money each year and make sure you wear boxing head gear for the times your head slams hard on the floor. Thus, if you truly believe it'll take years to get discipline...hire someone to enforce discipline now (seriously). Mark
Take some time out. At least 1 or 2 weeks, but as long as 1 month if needed. It always works. Also, work on a "plan B" to your trading, like, "if I had to stop trading now, I would ... (look for a job, start a company, etc) and work on it - that will make you see how much you love trading and don't want to do anything else. When you are ready to come back trading, start with risking a smaller amount than usual, like 50%. it always works for me. Good luck!!!
FWIW, we were up about $29,000 in the overnight session which we could have hedged and locked in 95% of it (it is more complicated than this but it is essentially correct). We went for the fences instead. By EOD, we were down $17,000, a $41,000 swing. What do we do? Shake it off, stay centered, and decrease shares.
I understand all of people posting here are experienced traders. I have just started this year with prop firm and learning to trade. What I always wonder is liquidity issue as we trade 100 shares now with risk of 2-4 ticks. Can anyone answer this question. If I trade/ scalp very liquid stocks with 20 to 100 million shares traded daily between 9:45-11:30 a.m. EST New York time with 10 000-20 000 shares, will I have liquidity issues while scalping? Thank you
Based on date and not a daytrader, could had been a hefty options position. Needless to say you can still prove the disaster day to confirm this is real and not some of the typical ET drama queen posts.
I risk no more than 1% of my account on any one trade; Maybe 2% max if the risk reward is high, e.g. 1:4 + This IS a basic risk parameter For me, a 60K arbitrary loss limit, means I would be sporting a 6M account. With 6M, I'd be clipping coupons, not day trading. Consider employing a the basic risk parameter; if not, invest in a 5 dollar pair of scissors!