Idk where to even start. I'm looking for advice, motivation, or similar stories. For a little context, I'm 25 years old turning 26 in November, I still live at home and am being supported by my family to pursue my goals of becoming a successful trader. I've been trading full-time since June 2018 and 2.5 years part-time before that. Last year I traded 33million dollars and ended up with $7000 in losses, $2,249 from trades and $4,213 in commissions. My average green and red days are $300-400 I managed to get up $2500 in the first two and a half weeks this year. The fourth week I took an $1800 loss one day and the week after I took another $1600 loss. Fast forward to today and I'm down -2302 for the year and only $174 away from my account being locked out due to the PDT rule. Total over the last 3.5 years I am down $17,000. Im not focused on making the money back, I know that if I just become consistent then the money will come. I'm mentally in a rut right now due to my performance over the last 3 weeks and slightly "Burnt out" from showing up every day for the last 3.5 years and making no progress monetarily. I planned on trading till June and if I was still struggling then I would switch to part-time and start working on real estate or something. However, nothing is more attractive to me than being a trader, the money and the time freedom make this my favorite career option in life. If you were in my shoes what would you do? Do I fund my account and switch to paper trading for a week or two to get back in the zone? Do I lower my size to 100 shares and start with my back against the wall? Do I fund my account and go on a "vacation" while the funds settle to clear my mind? Or my least favorite option do I throw in the towel early?
I suggest you take a break from trading, get some sort of good paying job and revisit trading at a later date. I have traded off and on for 18 years and every time I have come back to the game it is with fresh ideas and renewed enthusiasm.
Please excuse me for being blunt, but most retail traders have negative edge once commissions and spreads are included. It does not appear that you have a positive edge. What do you think your edge is or could be? In the absence of an edge you should stop trading and pursue a normal career, while still researching the markets and trading on a low-frequency basis if possible.
Here is the important question. What will you do differently from now to June? The same trading will likely create the same results.
Looks like you have negative expectation and even if you trade $1,000,000, you will still lose it all! Like a gambler in Las Vegas, you are guaranteed to lose! It is not because you are in a rut but, your trading system is pretty bad! Fix your trading system before even going back into the market!
The hardest thing for a business owner is often to take a lose and close shop. It happens often, where the owner pours good money after bad in pursuit of his dream while the ship continues to sink. The line where you need to stop is never marked and a very personal decision. You are young so you Also need to calculate opportunity costs into the equation. Take a long break think it through.... good luck I wish you the best.
I'm not entirely sure as to what is causing the negative results. I trade breakouts mainly which does add a higher risk to my trades. Today I took TWTR short at 9:33 and closed 22 cents green. Then I took NFLX short at 9:38 and ended up in the money about 40 cents before it reversed on me. I took TSLA at 9:54 due to fomo and again got 40 cents in the money before it reversed. Then I took another trade in NFLX at 10:00 again 40 cents in the money than it reversed.
And then what really pisses me off is I let fear control me from time to time. I was short NFLX @ 10:47 @346 and closed for .40 cents. Also, I was just in FB short at 167.5 and closed at 167.35 since it had that little pullback to 167.7 and I didn't want to take a loss of even a penny. I know what to look for and I pick good trades I just manage them poorly.
Read this and see if you can relate: https://www.aaii.com/journal/article/market-wizards-advice-doing-the-uncomfortable-thing.touch
From my experience: people how really have a dream, who want to reach a certain goal, no matter what, who dedicate all their effort to something special... they would never even consider to throw in the towel, to give up. This possibility does not exist to them. Because of this, because of the dedication and willpower, they sooner or later fulfill their dreams. So regarding the fact that you are already considering to throw in the towel, that you have no idea how to continue, regarding the fact that you already have accumulated some losses and are running out of money and/or support, I suggest you actually throw in the towel, at least for the moment. Do something else, make some money, support your family a bit to give something back for the time they supported you, make some more money, save some nice amount, and in the meantime, which will probably be months and years, you can look back and rethink your trading adventure and then, if you really want, even come back and try it again.