Should I quit?

Consider reading " Trading in the Zone" By Mark Douglas. This book assisted me greatly when I was doing the same "stupid things".

 

well said.

This is different from sim and your read on the market are not strong enough to have you keep winners and dont chase moves.

Typical newbe trading and I am not saying it to be mean but by doing all the right things like trading on sim, save enough to not trade with scare money, they are still not good enough. You still need one more hurdle to overcome and that is self control.

Until all components are there, it's very tough to be consistent. Good luck.

 

I was just about to recommend the same book.

Bottom line is winning traders THINK differently from losing traders. They understand risk management very well and are mentally prepared for a trade turning against them. If you aren't able to define your risk and accept it then you will never win.

 

Stop doing those things.

 

It depends if you can automate your system or not.

I have some of the similar problems in that I revenge trade, increase lot size, break rules, and fight the trend.

You need to come up with some money management rules not just trading rules, and follow them.

For example, how much are you going to risk per trade. What account size do you increase it, if you have less money in your account now, you actually need to decrease size until you make it back up.

Also, include how many times are you going to trade per day no matter if you have losses or wins. Also, note that all systems have draw downs, the problem comes into to place on how we handle the drawn down to not make it worse.

See if you can incorporate some of the above into your trading. You need to trade your system as if it was automated if you are unable to automate it. I have an edge based system but don't know how I would go about automating it.

 

in some cases its like asking a manic depressive to be happy....capiche?

 

More importantly, especially for day trading:
HOW MUCH ARE YOU GOING TO RISK PER DAY ?
IOW: What are your "caps","limits","threshholds" ?
I met a great trader that was winning on average about $1000-$1500 per day in index futures. However, he started this year off disasterously.....with HUGE losses one day a week....about $9 to 10k !! I told him to consider quitting after a $2k loss for the day. He said he was afraid he would lose the next "golden" opportunity (yeah, right...what about the risk though ?).
I'm not sure he followed my advice to the letter, but he has scaled back his size and is now knocking down about $500-$1000 per day with no huge losses any longer.

 

Then he should quit:

One of the gurus defined "idiot" and "moron."

An Idiot makes stupid mistakes

A moron repeats them.

Is he an idiot or a moron???

 

Trader-Troll28, is that you? :eek:

 

Just like fishing, everytime you throw the same hook into the water, there will be some gullible fish going for it.