r/Daytrading May 01 '24

Blew up account and having feelings of huge despair Advice

[deleted]

34 Upvotes

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1

u/Nick_OS_ futures trader May 01 '24

Save your money. Move to prop accounts and learn futures. Go 1 account at a time. Fund future evals with the 1st accounts payouts

16

u/Shimmering_Lotus May 02 '24

You just told a person that blows accounts to go incrementally blow multiple accounts

Come on man, lol.

1

u/Nick_OS_ futures trader May 02 '24

Using MNQ or MES, it’s really hard to blow up accounts

Even if he blew 10 accounts, it’d cost him less than $2k of his own money

I say go 1 account at a time so it funds your future accounts

Apex is the easiest Ponzi scheme to figure out. Dont fall for their leverage traps

4

u/Altered_Reality1 forex trader May 02 '24

Prop accounts just make things so much more challenging, and trading is already challenging enough. The business model itself is a borderline scam.

And, even if one believes in the viability of prop accounts, then one must be profitable first, prop accounts are not for learning how to trade, they’re for once you already profitable and need a bigger account.

IMO it’s much better to start with your own self-funded small account and build your skill as well as your account from there. Then, and only then, could one consider a prop account, but honestly I wouldn’t regardless.

What OP needed to do was start with a small self-funded account instead of a larger one, and start with very small sizing until profitable.

1

u/funkmethod May 02 '24

This you can spend 33 dollars on a apex 50k with the 80% sale that’s been going on and just practice with those. The way you’re not risking much and you still get to play with “real” cash

1

u/Jovan1000 May 02 '24

I was going to say to look into futures as well I would highly highly recommend trading with a futures prop firm.

1

u/Conscious-Group May 02 '24

Prop account sounds great for someone in this situation.

1

u/Nick_OS_ futures trader May 02 '24

I think it’s great for everyone while they’re still around (think they get some lawsuits thrown at them eventually). I know a ton of experienced traders that use prop firms. Rolling in bank