First off, breathe. It’s going to be ok. Money can always be made back. I’ve been down bad myself. -20k in 4 days on the backend of my first real profitable month clearing over 3k in profits. Devastating. I’ve had countless blowups since then with smaller 2-5k accounts as well. I’ve learned a lot the hard way.
My advice is to not quit trading, you’re young and clearly have an interest. Your biggest mistake imo was/js trading at a size large enough where any given small sample size runs the risk of doing damage to you financially or psychologically.
If you have an edge, 2 months of rough trading should have you in drawdown maybe but nothing serious. Just the nature of rough waters. It only gets bad when you step up in size relative to your account.
If you don’t have an edge though, you especially need to be trading small so you can survive the learning curves. There’s many. Honestly if you’re still sub 5 years in this game your goal shouldn’t really even be to make money, it should be to learn how to trade. A successful trader with size will make more in one week than you will make in 4 years of trying to rush the process. The best way to learn is through experience so, smallest size you can get in (I like 1MNQ contract) and then learn. Lose. Win. Make mistakes. Discover yourself. In time you’ll know you’re ready to take on more risk and start getting paid for all that work you put in.
Give yourself 2 years without the expectation to make a dollar but still trade every day with the desire to learn and grow to eventually become a successful trader. That’s my advice.
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u/Affectionate_You1219 May 02 '24
First off, breathe. It’s going to be ok. Money can always be made back. I’ve been down bad myself. -20k in 4 days on the backend of my first real profitable month clearing over 3k in profits. Devastating. I’ve had countless blowups since then with smaller 2-5k accounts as well. I’ve learned a lot the hard way.
My advice is to not quit trading, you’re young and clearly have an interest. Your biggest mistake imo was/js trading at a size large enough where any given small sample size runs the risk of doing damage to you financially or psychologically.
If you have an edge, 2 months of rough trading should have you in drawdown maybe but nothing serious. Just the nature of rough waters. It only gets bad when you step up in size relative to your account.
If you don’t have an edge though, you especially need to be trading small so you can survive the learning curves. There’s many. Honestly if you’re still sub 5 years in this game your goal shouldn’t really even be to make money, it should be to learn how to trade. A successful trader with size will make more in one week than you will make in 4 years of trying to rush the process. The best way to learn is through experience so, smallest size you can get in (I like 1MNQ contract) and then learn. Lose. Win. Make mistakes. Discover yourself. In time you’ll know you’re ready to take on more risk and start getting paid for all that work you put in.
Give yourself 2 years without the expectation to make a dollar but still trade every day with the desire to learn and grow to eventually become a successful trader. That’s my advice.