you're taking the first step in the right direction. Trading is a system 2 activity, not a system 1. What this experience tells you is that you need to create space between your trading thesis and trading execution. I would spend some time to focus on developing and refining a legit strategy using a paper portfolio for some time. It will take you a long time to train discipline (stopping yourself from doing something stupid) so creating impediments is key (such as a checklist or make someone else a gatekeeper for trades).
2.5 years is nothing. Less than 1% I would say succeed in less than 3 years or 5 years even so don't be too hard on yourself. If you are serious about trading, keep doing it. Go back to drawing board for a trading plan/system, go to demo. Once it's proven successful in demo, start in live trading in small small positions until it's consistently profitable then gradually gradually increase the trading positions.
%% I ground down an account to $0 when i started short term trading single stocks; mostly not a good plan for me ; but proved what i knew= markets are not random. I did , you did faaaaaaaaaar worse than random. [2] I lose less + make more with ETFs including some cash ETFs, sometimes QLD,SPY,XLK..... [3] Revenge trading is one of the best ways to blow up an account; many time the trend changed ,so that's adding much more to a wrongful bigger mistake. 4] Trading can be one of the toughest ways to make money in the 5 businesses I've have had. 5] Good thing i kept my cash metals business 6,7] Revenge trading with leverage maybe the fastest was to to blow up an account. 8 ] You can stop that or the market will stop you, eventually. .Revenge trading=attempt to get rich quick. Hope this helps
How much did you lose in total? The harsh truth that a new trader either doesn't know or doesn't believe (thinking he's special) is that 2.5 years is nothing in this game for a retail trader starting out on his own without a mentor or proper guidance. Only snake oil sellers, charlatans and want-to-be gurus on ET will tell you otherwise. For someone trading professionally or with a profitable mentor it may be different, but still, there's no substitute for experience and 2.5 years is not much, really. Good. So now you know your main problem. Profitability is simply a matter of math where a positive expectancy determines if you make money or not. That's either a very high win rate (hard to achieve consistently) or outsized profits relative to losses. From what you tell it seems like you have both a low win rate and small profits relative to losses. The result is a net loss. What's uncertain is if it's because you don't trade your system/method (assuming you have one) correctly or if it is mental blocks that are causing it. I would assume it's a combination of not having a proper method and psychological issues as a result which again will compound your losses. The one thing you have 100% control over is that you can stop trading real money and stop losing money. If you enjoy the game and are prepared to keep going for years and know that it's likely to take you years, by all means keep going. I've been in your shoes many times and in some ways I'm still there. The main difference for me is that I learned to run my winners such that I usually get ahead if I'm on top of my game. However, what I've realized is that short term trading really is a very marginal game and it's only too easy to make mistakes. You really have to be on top of your game all the time. If you have a shit day at work you're still paid. If you have a shit day as a trader you blew your account. In summary, if you want to continue you can do so, but know that you likely have a long way to go still with no guarantees at the end of the road. If you keep going, stop live trading for now and focus on learning and improving. If I have one regret it is that I was impatient and didn't spend more time practicing in the simulator and lost too much money in the process. PS: It's quite possible that swing trading may be easier than day trading, so maybe something to consider. Best of luck either way.
Brevan Howard Grounds a Few Traders After Losses in Bond Rout The macro hedge fund firm grounded at least three traders Energy hedge fund Westbeck Capital has also hit loss limits Brevan Howard Asset Management has grounded some of its traders to stem losses after the collapse of Silicon Valley Bank triggered wild moves in the bond market. The macro hedge fund firm curtailed the betting of at least three money managers after they hit maximum loss levels, according to people with knowledge of the matter. The traders all specialized in rates trading, the people said, asking not to be identified because it’s private.
Which is more flawed: the stop loss Required or the operater's execution skills? If you decide to take this seriously, screenshot for your own possession and use each entry you have made going back at least your most recent dozen trades. 1) IF the operator had honored the stops to the letter, no sooner, no later, would the result have been profitable? This is valuable information to leave on the cutting room floor. Go analyze your performance "as done" rather than "as planned". 2) What other errors did you commit having to do with those particular entries and others that you should have taken but did not? Enter too soon? Entered too late? Did not enter? Entered without the setup being triggered? Operator error entering or exiting the trade, (hit wrong button, set stop wrong, ...)
You need to move on. At your age, your greatest risk is opportunity loss. What further time you waste on trading can be much better spent in developing other, more marketable skills, that will serve you and your family into the future. The issues you've experienced are not at all uncommon. But you need to know that the path from where you are now, to one of consistent profitability, can take years. Or more likely, never.
IF this (linked) is too much trouble or pain for you to do https://www.elitetrader.com/et/thre...onditioned-to-lose.373192/page-2#post-5780747 THEN you are strongly advised to follow lindq's advice above.