Ok...so you have discipline problems in that you take trades not part of strategy. Getting back to your strategy... Does your backtest results of the strategy (woodies CCI system) show a positive expectancy? If it does not have a positive expectancy, why are you using the method? If it does have a positive expectancy, why are you taking trades outside the trading plan? Mark
3 million dollars to 4500 bucks? Ummm.... my advice has changed. Close your account, put your cash in the bank and seek help via a 12 step program like gambler's anonymous. I'm not kidding either.
your account went from 7 figures to 4 figures. there is still hope. start with trading 1 lots/contract. become consistently profitable and then compound from there. in the mean time, get a part time job. instead of trading for living, make it a hobby. dont' try to play catch up for your losses. The money lost was your tuition fees. no ifs, no buts. don't rush it.
1 : yes i have discipline problem 2 : strategys i am trading now or have traded in past are profatble if i follow all the rules and take all the traded 3 :every nite when i look back at my charts and my entry and exits i know what i did wrong 4 :when trade is not working and going towards my stop i usuley go in hope mode that may be my stop wont be hit and i try to get out at b/e +1 tick 5 : on es emin i hava 8 tick stop and 8 tick target but it never go 8 tick my way befor pull back and i usuley take few ticks profit (i know i need to work on my entrys) I am in chat room and other traders trade 5+ lots and scale out and leave runners Lescor : i have though about closing my account many times in last few years . but looking back at my trades each weekend i am hopefull i can make it (i be happy to make $100 a day) 1 year ago i had $34k 2 year ago i had $120k,but now ib wont let me trade if my account go below 2k and i cant add more money because i only have few thousend in my bank account and i retired in 2000(sold my business and put all saving in shares), i can only trade 1 lot now and cant add to my losers or make them swing trades as i did in past,and i am using Hard stops now (because my broker wont let me trade otherwise ) so i now have little to lose.
loan finder: $3 million tuition fee when i retired in 2000 trading was a hobby for me i put every thing in shares for long term,but market kept falling and falling for years till i get out and go short.
here is the recap of my trades on thursday 15 feb 1st trade :short ym at 9.40 @12766 target 12756 ,stop 12775,trade weng againt me and to 12773 so i put ordr to exit12770 and get out for -4 ,normley i would have gone to hope mode and let the stop hit so good save. next 2 signles i dident take because it was nere 10.00am news,both would have been winners next trade i took went 6 ticks in my faver then it just going side way for 10 min so i took 5 tick profit,now i was up $5 but- $9.50 commision next trade:this is how i get in trouble it was 2.20pm and es had gone to new high of 12461 then quickley fallen 3 ticks so i put order to go short 12460.5 and target of 12459.5 and hard stop of 12461.5(2 tick above high) ,es traded at 12460 few times and after 10 min wait i dident want to get stopted so i took 1 tick profit, 10 more min later it went to my target of 12459.5.why i took that trade was to end green for day,but i was short nere high of day and i new i was wrong soon as i enter the trade,this is how i pick tops,i had the candle lit in the morning but it had gone off by 2.00 pm,soon as i exit for +1 tick i closed my computer for day,so i made about $4 net in 3 trades
I have some of the same problems as rasl, but hearing his story has given me a real kick in the arse.. This is a great thread thanks to all the contributors for their sound advice and rasl for sharing.. good luck mate..