I honestly think that unless I make what my current losses are ($7,506.97) in a day I wont be happy. Now this is pretty much impossible being that my account is usually about $500 until I lose it like I did today. How can I be happy making a few hundred dollars a day and not feeling the need to make up for all my losses in a day. I started off my day great today being up $280 by 10:20 on my $565 account. I feel if I had someone to show this too I could stop and say, hey I made $200 today in an hour and I could control myself. I use to be disciplined, obviously I was since I was in the military but for some reason impressing myself is not enough. Help with this if anyone has had this problem. Thanks
Taurus you make some good points. Also, paper trading is a good way to try to learn consistent set ups
Definitely set your limits bro. As a combat vet myself, it was discipline in the Army yes, but this is a new type of discipline. You are talking more mental fundamentals when dealing with money. Limit yourself, and don't try to get rich quick. A good 250-500$ a day is what most dream about anymore. Trading with a 5000 account as mentioned and using up to 10% on day trading is enough.
I recommend that you fund with at least 10k to start but you'll be PDT restricted if you're American. It's better to have 30-40k if you want to day trade equities. For futures, I recommend 5k or better 10k per contract.
RE: the percentages, if you're underfunded, you'll realize that you're risking a lot. If you're using all of your funds,then you're taking on too much risk. "Never put all of eggs in one basket." It's better to risk 1k to 2k on 10k+ vs 500 on 1k account.
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