Some of you guys are simply just too nice. This is like watching an addicted gambler throw his life away. Neke, I'll be quick, you got no discipline, your strategy sucks, you constantly countertrend and enjoy adding to losers, which, no surprise makes you a loser. Stop trading before you lose it all. Sorry I was blunt I see no reason to cover the painful truth. No Heat
what doesnt kill you... only makes you stronger... hmm.. but the dilemma in trading is.. the next thing to kill you will be another STRANGE BLACK SWAN, FLASH CRASH, BASH ,, MELT UP . sorry down.. which you wouldnt in your wildest dreams account for..! and what doesnt kill you , only makes you poorer. . RIGHT now the choppiness of the markets and the seperation of WALL St. from main st reality must be at its peak.. but wait. something different will happen next week.. It is getting increasingly impossible to trade profitably -consistently in the current markets!
Insanity; doing the same thing over and over again and expecting a different result. Well, sad to see that your winning streak ended with a massive (~10%) loss, giving up roughly all of your gains over the previous three weeks. :eek: You still have plenty of capital left. You really need to cut your size down until you get this worked out. Preserve capital, the first rule of trading. You're honest with this thread which give you tremendous cred with the people that follow it. Now be honest with yourself. This system has failed. Go back to square one and when you're ready to trade with real capital start small until it proves itself worthy of more size. Good luck.
This is painful to watch. Many experienced and successful traders have given you good advice about stopping and you probably will also not listen to this advice. Take out 90% from your account to protect yourself.
ABSOLUTE BEST advice here... Leave less than 10k in the account until you have 8 weeks of consistency.. If you cannot/don't do this you are truly addicted. The track record this year is long enough to accept and enforce a REAL fix. YOU MUST reduce what is available for you to trade to nearly nothing OR take a month off. Also remember, there are other ways such as swing trading that over time make as much/more money that day-trading with a LOT less stress. There are superstar traders out there that don't day-trade.
I made a similar mistake in May that cost me $100k in two days...i agree about moving on, but for me it was necessary to take two weeks off to disconnect from the anger & revenge, to reconsider my approach, and to recommit in a very serious way to risk controls. If i had not taken that two weeks off, it would not have been possible. I am not cured, but I am at least in remission and have been for over five months, and the reduction in volatility and steady but satisfying profits have been just rewards. Point is, sometimes if you've violated rules and convictions as flagrantly as this, it deserves a bit of time for some soul searching before proceeding....at least, I believe that to be the case.
^ he started with over 400k, and you want him to trade on 10k or less? lol, thats a joke, if not insulting. A 10k account to neke might as well be zero.
True.. but since he won't take the time needed off it's the next best option... 30k fine also. There is a VERY rewarding aspect of taking time off.. you find you CAN live on without trading. You cannot trade effectively when you cannot take time off.
I think if Neke can't take the time off given all of the severe, and fundamental mental mistakes he has made, then he has a gambling addiction. It's obvious that emotionally and mentally he has regressed and is making mistakes that are emotionally driven, the same kind of mistakes that all amateurs make. This is despite his years of successful trading. He is mentally and emotionally drained and needs to take a break. If he can't recognize that he needs to take a break and recharge mentally and emotionally, he has a gambling addiction, and he needs to seek help. If he is unable to stop trading to take a mental break, that means that he is sitting in front of his computer thinking "Okay, this time will be different." Or, "If I stop now, then I will miss a big gain." These are clearly the signs of an addict. I really hope Neke can find the inner strength to take some time off.