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Some time ago I was a student pilot, I was able to solo and fly alone. One day I took of and was at about 3000Ft. I have my own construction business, new wife, baby, income property, relationships. I was thinking about all this stuff. The next thing I knew, I had lost 1500 feet of altitude in seconds, I was disorientated. ( Short a long market !!). Couldn't pull it together. Humans have no sense of direction. I was confused and in big trouble. I radioed for help and got the plane down quickly.
I HAD LOST FOCUS. I was not aware of what I was supposed to be doing. The traders we retail traders compete with have classes on awareness, focus and managing the emotions. We learn by the seats of our pants. If one is obsessed with anything else (drinking, drugs, business ,job relationship). You will loose. You must be centered emotionally and spiritually to focus on trading. Good luck. Get up and fight. FOCUS OR DO NOT ENTER.
Great comment! Ever since being a kid in grade school, I now know that I've always been a little on the ADD side. So how do I keep my focus? My trades last only 1-5 minutes max. I can keep a focus that long.
I'm very new to this but had one question that was churning in my mind as I was reading through everything. I'm currently working through some combines and have been pennies away from being funded, actually being able to transfer real cash over, plus had a small personal account that I placed some government stim money in. I blew that cash and am starting over. Nothing major but loss to my current personal income ratio...it definitely stings. Up front I know it's, well most, not real cash yet and just extra "monopoly" money but it still stings me as if I blew real money. I have to fight the "I need this money" side of it because that becomes a cry of desperation and puts me in that revenge mode all the way to the giving up and placing a hail mary trade.
So thank you for your honesty in opening up on this.
That one question i had which you basically answered here was how come you let so much equity sit in there? Based on Futures trading I know you do not need that much cash in hand to cover most of the margins. But, I do see you are trading stocks and although that is not something I trade I understand the margin requirements are different.
All emotion and psychology aside, if you would’ve had a daily lock out limit with your broker this wouldn’t have happened, period. Make it a percentage
I been blowing up accounts for three years now and just knowing that there is a bottom is such a relief
This is going to keep happening to you over and over and #2 is the reason (the part about once your account is back). You care about your balance and trade different because of it. Your mindset at $10k should be no different than $10 or $10M. You cared about your balance in a drawdown and traded with desperation to just get back to a specific number. Instead of caring about your balance concentrate only on your trade performance.
Don't worry about getting "back" to a specific amount the psychology of that can really mess you up. If you start doing that it should be a red flag to you to stop trading just like the feeling in your stomach on a loss or heart pumping in any trade. If you last long enough eventually you will do these things on instinct. Read "Reminiscences of a Stock Operator" book over and over it will help you identify red flags and talks specifically about this issue while being almost 100 years old.
Cleveland, OHIO! I'm in Columbus. Hit me up if you want to chat, seriously.
In 6months I also took $7k to $185k! (I am a GOD), and then blew up 9months later. God I dreaded that talk with the wife.
(ノ◕ヮ◕)ノ*:・゚✧
I was going to share a bunch of advice, but reading through the comments, it looks like one trader or another has said everything I would have said.
With that being the case,
CHEERS!
P.S. Take a break man. I couldn't stop either, so I know you won't listen, but I got so much better when I took a step back and examined what I was doing well, and what areas needed improvement.
God you're going to hate me. But it sounds like you need to get back to work. I'm not going to waste your time with a bunch of cute and positive accolades. Live, Learn and move on. What's done is done. You obviously know what you're doing. No one gets lucky in this business.
Now, pick yourself up, put on your Big Boy pants, and enjoy the journey.