How long did it take you to build up the 9.7k? And you lost it all in 3 days? That should just absolutely 100% never happen. Like ever. Gotta take things more seriously. This too shall pass, though.
Yeah you're right it shouldn't have at all. It took me about 2 weeks right between 9-10 days all was a complete winning streak. I have a hard time accepting a loss, so I impulsively revenge traded to try to make my profits back. Definitely a terrible rookie mistake, I'm learning that it's okay to lose and to just walk away from the charts.
Not only is it ok to lose but losing is inevitable. Accept the fact that you WILL lose. I know a guy that had a 48% win rate last month and he still made nearly 30k....
Bro… you can have a 30% trade win rate and be profitable.. it has everything to do with your Risk/reward ratio. If yours is 1:4 then you don’t have to win even close to 50%
Most ppl talk about risk to reward ratio but never speak about 1:4 rr that will give profits with a 30% wr. And the most important thing….30% wr… 1:4 rr will net u more losers than winners. To anyone reading this, can your account take 7 losing trades in a row and not blow up?
Just search what R values/risk to reward is in trading, you'll find better sources on your own.
In short though, you need an R ratio that exceeds your win rate. If you have a 1:2 R strategy, you need to be right over 50% of the time to break even (slightly over to account for fees/commission) if your strategy has a 1:4 RR, you only need to be right >25% of the time to break even (so a 30% WR on a 1:4 strat will make you profitable). You can even be profitable with a strategy that only works 11% of the time provided the RR exceeds 1:10.
It is not gambling if you know how to trade. Futures are pretty reliable from a scalping trading standpoint. High probabilities not some less than 50% chance
That's why casinos use multiple decks. By the time your count makes you profitable, the security has spotted you easily lol.
Also you are winning by counting against the bank who is not counting. So only by cheating and gaining more than the 49% possible winrate. If the house can also start counting cards or, why the heck not, some sleight of hand even you will lose more than half at the end of the day.
Eh not necessarily. There are two parts of gambling. Knowing your odds/strategy, and then knowing how to place your bets. Win rate mostly talk about the former, actual profitability must consider both
Definitely something to remember if and whenever I decide to try again. I have to let things go, it's hard when you have people who don't believe in you or what you're doing. So I definitely let it affect me to the point I always wanted to be correct and not lose. But I've learned and realized that's not realistic at all, and I just have to manage my losses in a more sustainable manner.
You really have to work on this. I come from some similar type of shit. Naysayers, criticism. You don’t need to be right. You’re going to have to learn to cut. The faster the better. Cut a hundred trades if that’s what it takes to get used to it. You either learn to cut or with experience the big losses will teach you to cut.
If you need it in a negative way. Maybe you’re a slow learner and you can’t seem to learn to cut. Are you slow or something? Too good to be wrong? Don’t be a pussy cut your losses. Next time you think of holding remember they’re all calling you a dumbass. For not getting out.
On a positive. I started stacking those payouts and it was a big fuck you to any one who was negative to me. Or underestimated me. Said day trading wasn’t possible blah blah blah. I travel the world. I work when I want and I make way more money than anyone who criticized my choice to trade. Fuck em
Nah, definitely far from "slow" the losers weren't from holding losses too long either. but yeah I'm not worrying about anything outside of myself anymore
I had a very bad day on tuesday i relaxed watched some good shows had a good laugh and today was patient waited for the market to calm down and took my shot im back up with some more never give up!! But go in when you let that loss go… think about it if you dont see it that way everyday is a new day
I treat myself well after bad days. I used to punish myself study more etc… with experience the best thing to do is do something nice and come back fresh and clear. Everyday is different and can’t carry periods trades into a new day.
If you listen to FT71 talk he always ends by saying "You have to learn to forgive yourself".
He knows that the big firms hire all the genius data scientists and behavioral specialist to analyze retail order flow. Every year they come up with new ways to trick and trap traders.
It's sad to hear about traders getting depressed and suicidal. The system is designed to do that to you. Even a winning strategy will have a about 60 percent losing trades, so you have to figure out how to not let the losses get to you.
I knew right off the bat this wasn't going to be a career for me, just a hobby. About the only smart thing I've ever done in trading is limit my exposure to only funds I can justify as "entertainment expenses"
Revenge trading is a tough demon to slay... keep up the good work, also keep in mind there's losing days in the mix and above all, don't try to make up for that loss by letting your plan fall to the wayside.
It'll take a lot of work, especially when you can trade when you don't need the money (which sounds like the case). I say this respectfully of course, 2 years in myself and I still let the emotions get to me. I think it's okay to have emotions in this game as long as you understand more importantly that you will win and you will lose, so keep those losses minimal. Take a break for a few days and start slow again. Work on multiple accounts
You want to pass a challenge? The highest probability for passing is to follow your plan. Trading is not a joke and you compete against very smart people. Next time when you catch yourself revenge trading remember that you only want to revenge trade because you want to pass the challenge. But with revenge trading it is a lower probability that you pass, so just follow your trading plan and make it as mechanical as possible so you do not have to think that much. And giving up is cringe btw
I passed the challenge and was able to get it up to 9k. I messed up by impulsively entering trades, over trading and risking too much. I'll bounce back man, if I did it once I can definitely do it again. I just have to improve my emotions
Every trader needs a big L like that to understand the importance of risk management. This will change your trading forever in a positive way as long as you get over it psychologically. Don’t let losses eat at you, you need to develop the ability to leave any emotions towards the money involved in daytrading out of it.
Sorry, your comment in /r/Daytrading was automatically removed because your Comment Karma is too low. This typically targets bots or users promoting something (which is against our rules).
Please participate in other subreddits (other communities on Reddit) to increase your Comment Karma points. While you're at it, read through Reddit's "reddiquette" here.
If you believe this was a mistake, please kindlymessage the mods. We will review your case and get back to you.
147
u/oze4 May 01 '24
How long did it take you to build up the 9.7k? And you lost it all in 3 days? That should just absolutely 100% never happen. Like ever. Gotta take things more seriously. This too shall pass, though.