Yeah, I gotta say, I've lost a total of 3k, but it has lasted my trading career for 9 months, 20% drop in 50k sounds..... yikes, just insane to me. Of course, if you can afford to lose 20% of 50k, then so be it. But... I don't know about that. Sounds suicidal for a trading career.
Many good advices here. Maybe I'm wrong but you seem to be too attached to you capital. Scalping is the top game, if you don't have the mental you're done. You will blow up your account whether you have an edge or not. You know, scared money.... Don't trade if you don't have enough money or can't afford to lose it. Trade smaller. Smaller enough not to be afraid to lose.
That literally destroyed everything I believe in myself and it took me several months to study my psychology and trading mistakes. It is a very painful experience.
kming, Been there. I suggest, until you can become more disciplined, you should always use mechanical stops on NASDAQ and sound alerts on NYSE (Make sure the sound alerts are LOUD). To be successful you have to trade like a machine. It's hard, but you have to overcome taking your stops off. Once you get in the pocket it will be automatic. Try to see how many times you can adhere to your stops before you break the rule-- do it enough times and a habit will be formed. Good Trading
Sorry about that, yeah, I guess you could say I'm in a similar position, except your 50k starting capital, is equivalent to my 5k starting capital that I was able to dedicate to trading. The best way to learn is to learn from your mistakes, you had a huge one, never let it happen again no matter what. Every day I'm still tradin, i'm learning something new. Just take it as the cost of doing business, and move on. If you let it haunt you, well, it won't be good for your trading career. Trade small until you are consistantly profitable with your size, and then slowly move up. That is all the advice I can give you from personal experience, the more experienced guys can help you out more.
Yes. I believe that is the right attitude. I am aiming at making a living and the loss I consider as tuition to the real market eduction that I am getting. Painful as it is, I am recovering from the losses at a very gradual pace. Now I am trading 1 contract and 200 shares of $40 stocks instead of 1000 shares or 5 contracts that I used to do. The method I follow seem to be profitable when I can endure the risk.
You win some and you lose some...move on and shrug it off...Not that trading is gambling or anything like that...
Well i officially got my cheque today from my prop firm ( as they pay on the 7 and the 21 ) The manager literally called me like 8.11 in the morning i was fast a sleep ( hehehheeh ) and he was like your cheque is ready please come and pick it any time i was like wtf !!!!! I am luck i am not in of the firm where i have to call them every time by the way i would like to list up my losses and + i had and suggestion and opinion are welcome Jan 12 -82.06 jan 13 +204.49 jan 17 +224.36 jan 18 -76.32 jan 19 +194.84 jan20 ( -1786.05 BLACK FRIDAY ) dow-200 naq -50 jan23 +65.94 jan24 +107.16 jan25 +108.56 jan26 +113.87 jan27 +163.81 jan30 +87.87 feb01 +67.95 feb02 -625.08 : ( feb03 +87.84 feb06 -47.07 feb07 +11.57 feb08 -75.85 was up+$200 gave all backand (-) with these result what would u you guys say should i give a try again - ? ALl these are net result - comm and sec and ecn fees
Hey Osorico [futures trader] Thank you very much for your suggestion I should have used strick money managemnet Loss of $1700 is not a joke I should have lost -$200 and should have sold my position no matter what but i felt the market will come back Holding on to loosers : ( Other wise the friends who saw my PL said i was doing good as i didnt have -$100 loss a day only leaving the 2 big losses : (
This was EXACTLY what I was talking about. Forcing yourselt to "think" about getting out of a trade. Should have stops put in, or at the very least, determine a stop mentally that you WILL get out no matter what. Got to figure out how to protect yourself from your lack of control of your emotions as well. Hopefully you will recover.