Back to the drawing board. I know that breaking rule number #1 is paramount to keeping your trading career alive but for some reason I keep breaking this rule. I watched my p/l go down all day long. This hold and hope strategy doesn't work. Well, down to $2K from my initial $10K. On to the next trade
I found myself in the hole with tons of debt throwing money at options contracts losing for years. I didn't start to find success until last year when I switched to prop firm trading Forex. There's no chance you lose 80% of your account because they don't let you go past the 10% loss mark and some 5%. This enforces discipline whether you like it or not!
I say all of that to say that I had to inevitably break all of this down and learn my edge and I had to do it fast or I would just keep having to reapply for prop firm challenges which COSTS. I had many brainstorming sessions lasting several hours, mostly without food, racking my brains with this stuff to figure out a consistent edge. You also need to know your best time to trade and have a cutoff window.
I'm really glad I could catch you during this weekend before Monday rolls around and you lose even more. This February can go really interesting or it can go really badly depending on the trader. I hope you taper off that remaining 2k slowly and learn to gradually grow it. It's not about any 1 day of trading. It's about making it month over month. Try to take that 2k and ONLY make or lose around 20-50 bucks a day for a while to gain skill and confidence. Do you want to survive February?
That's what it ultimately becomes a question of... you're going to need those survival skills. I really hope that I could be of help to you. Us traders need to stick together because this is so hard as it is. If you need anything or would like a question answered then feel free to reach out. Happy trading and good luck out there!
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