Trading systems and methods You haven't really mentioned anything about your trading system or approach, but I'll be happy to give a few pointers if you're interested. The key thing with day trading, IMO, is to be disciplined enough to wait for the right opportunity and only then to execute. I still struggle with this for sure. But if you can eliminate all those early entries and impulsive trades you'll go a long way. Regardless of your approach one thing we can't escape as traders is math. If your risk/reward is 1:3, you can still make money if your win rate is below 50%. Meaning you don't need to be a fantastic trader as long as you make sure that for every 5 or 10 points your risk you're taking home 15 or 30 points. Hell, even with a 1:2 ratio you can get ahead with a low win rate. Now, if your R/R is 1:1 or even worse, you're risking 10 to make 5, you need a 80-90 % win rate. If you drop below 70 %, you're toast. Which is more difficult? Psychologically, a high win rate may feel better, but I think it's more difficult to be consistent this way. This is a subject for debate of course. The best is a higher win rate and a positively skewed R/R if possible, but that's Elite Trading. Bottom line: If your R/R is proper you can still get by even if you don't get it right more than 50 % of the time. The key to accomplish this is to simply wait for the prime set-ups.
I was a silence reader of your thread recently and what you're posting so far is indeed worrisome. Believe me from a guy who went through this many times before that getting frustrated and emotional in trading will only lead you to more destruction. It took years to correct my bad trading habits and years to build my own trading system to allow me making money eventually. I even relocated to a 3rd world country to live for a few years while struggling with trading. $500usd that you use to pay your rent in NYC would be enough to cover monthly rent and foods in that 3rd world country I lived in. Well, I still had a lot of savings during that time, but living there helped me to control my emotion so I could improve my bad trading habits as well as focusing on developing my trading system.
Find an evening or overnight job while mastering your trading techniques since you don't have any savings at the present. If you're that desperate to get a funded account, heck I don't mind to help you pay for one under your name and helping you to pass it. BTW, I still maintain few funded accounts for few reasons, but I rarely trade in those accounts these days. Only take a trade here and there to keep those accounts active. You got to find a job to keep your emotional in check first
I spent so much time creating a trading strategy that I just recently (few years ago thanks to these funder firm evaluations) starting stop brackets so I'm late the game on that aspect. I understand your points.....very valid points. I think the problem stems from looking at short TFs. I'm a swing trader by nature, and did fairly well until of course, I did not which was due to not having stops in place. The other thing that tripped me up was the 5-pt stop. I need to get back to trading fewer contracts with a higher stop.....25-pt SL. That was when my ratio was very good. But alas, it's more impatience than anything. I'm 44 in a few weeks and I've dedicated about half of my life to this game. I will not give up. Thank you very much for your kind words and thoughts. I will PM you so that we can chat later this week. Rare to find a decent person on these forums but you have retroed my faith in humanity.
I still have 3 more days to pass my evaluation before the monthly renewal kicks in. Not the ideal situation but as bad as my recent trading has been. In the past, I would lose personal accounts on the regular, and when I first started with these funder firms, I would reset a few times a week. No resets this time. 39 straight trading days.
Amazing determination and discipline. Thank you for the kind thoughts. Your 3rd world country mindset is something that I can absolutely relate to. Thank you for sharing.
Wait a minute, something I never noticed before. You have 3 days left to hit 9K profit, or they will reset you?