These are mutually exclusive goals. If you really want to be a better trader you will have to accept that what you have lost is gone and forget about trying to make it back. You have to focus first on learning how to trade and how to protect what you have. Then you can move on to trying to grow your account which will require that you size your trades appropriately for your account.
You need to stop trading and build your account back up. You have to change your mindset: getting back to break even is a gambler mindset. Trading for greatness is my mindset. I'm not sure how to help you. But, I will lay out a plan: 1. Stop trading 2. Built your account back to 60k. 3. Develop a trading system and do something 100% different then anything you've did. I mean if you pick direction, go dollar neutral. If you were hedged, do something different. Everything must change -- at least for initially. You can reflect on your lessons later. If the 60k represented a large part of your capital then it will be difficult to become a great discretionary trader. However, you have proven yourself capable of risking a lot of money: you may be more suited to system trading. The problem is you don't have a system. it didn't have to be your problem but has proven to be your problem. You need to focus on your strengths. Find whatever you win at and only do that. Never let yourself get busted. It is time to reload or quit. It will help your psychology. If the 7k is really all you have left then withdraw it, spend it. Build your account back. There is no glory in losing.
You hit the nail on the head, psychology is the key! By now you already know the basics and right from wrong but, you got to TRUST yourself. Here is a simple formula: 1) Grade your trades 1-5, 5 being excellent. 2) Since your capital is small, choose a strategy and stick with it until you have at least $20k. 3) Learn to trust yourself. Best of luck!
You've taken some large over leveraged losses. Trade future options instead. They will slow the game down and limit your losses to premium while giving you the opportunity to hit a home run. Learn to trade/scalp inside an options covered range. It will force you to adhere to your risk and money management plan.
Thank you for your post! Yes, I did read a few books sim traded for a week or two and then jumped into the market and then I was swimming eye deep in oil. I could not see an inch in front of me. Lesson learned hopefully. I have no discipline while trading, I see a signal based on an indicator and check to make sure I am with the trend on a longer chart and then I get in, lately, for the last 2 months or so, the trade almost always goes my way but since I have been trading small to protect my $7K that is remaining, I make chump change on a win, there are times I could have let the trade run for a while and would have been profitable but when the price comes back against me I get out. Like I said, I have realized though that every trade is unique and that anything can happen after I enter a trade, I think I need to work on myself to be completely clear headed to know when to get out and when to let it run. You figure I continue trading small after I sim trade for a couple weeks? Thanks. I trade Forex.
Sorry, the sentence is convoluted. I meant, I can trade now, the fear is gone because I trade mini lots in Forex but maximum win or loss is at $100 per trade for me, at this rate I'll take me decades to recoup my losses, although I'm not completely focused on that, I want to become a better trader first.
Thanks for the post. I trade Forex now but I did start with stocks then moved to futures (which really did me in) but now have moved to forex in the last 4 months and the losses have been smaller and i've won here and there.