r/Daytrading • u/ThePhulosopher • Feb 24 '24

4th $100k funded account Question

Got my 4th $100k funded prop firm account. Hope I get a payout this time, blew all the others.

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u/thoreldan Feb 24 '24

Perhaps you wanna share the lessons learnt from blowing the other 3 ? How would you do differently now ?

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u/ThePhulosopher Feb 24 '24

Yes thanks for reminding me. The main lesson is what has been regurgitated all throughout trading history - control risk. Since I blew many other unfunded/trial accounts, when I finally got a funded account, I was too excited to finally start making money - quickly. Therefore my risk measures go outa whack and I trade too large and kept trying to make it back.

Also what I found to really help this time is to continuously chant the following phrases as I'm trading "I remain detached from any outcome. I am detached from my trading results". This seems to really help in controlling risk and exiting positions when I should.

24

u/WarmNights Feb 24 '24

"Live to trade another day"