In my sim account I was trading with 100,000 not 10,000. I'll have to get used to the smaller profits and start looking at points instead of dollar figures.
-1187 for the day.... Was "on tilt" For the year I have been trading sim, I only had a couple days like this in the beginning. Different ballgame when real money is used i guess. I vow from this day forward to only trade 1 contract until I master this like I thought I did in simulation. I vow to stop trading for the day if I lose 4 points total , make 8 points total, or make 5 trades. Tomorrow is another day
Speaking from my experience losing money: you may be tempted to think that you can just ramp up how serious you are in response to losses. It doesn't work that way. I think it's better if you take a reality check and realize how important the $2k+ you've lost is.
Use only 1 contract max ! no more than 5 trades per day if that is your method how much is your stop loss per trade in ES pts ? how do you know your system has an edge to it ? how many trades were you doing per day on Sim ? were you cheating yourself when on Sim ? One year sim is still not enough time...you will lose if you keep going the way you have been thus far, stop now. But I guess this is how one really learns..... Best John
Stop loss is 2 points. target is 4 points or 6 points depending on the price/volume relationship I see at the time. I trade discretionary style based on trendlines, channels, support, resistance, and volume. I look for Failure to traverses, Breakouts, and failure to break outs in the channels. How does anyone know their edge works ? backtesting you might say. I have back tested different automated systems that work well in a bull trend and ones that work well in a bear trend. The trick is figuring out what the trend is ! easier said than done! I'm not going back to sim.... I've backtested and simulated till my eyes bleed . Someone told me I need to quit analyzing and just trade. I learned a good lesson today that I never learned from any sim. ALL advice is welcome ..... I need all that I can get.
I know what you're going through. I'm still trying to build up a stake to trade again. You need to know that if you're not patient and waiting for the best setups, you will be busted soon enough. You may have days where you don't take any trades and it's tough sitting through 6.5 hours and not pulling the trigger because your prey didn't happen along, but that's what it takes when you're hunting.
I used $3300 instead of 300k for a reason. I'm learning....... I'll get it down . Just a matter of when. Glad my account value dropping gave ya a good laugh. I do what I can.