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think interms of elliott wave theory your Acount has just retraced 50% ie. 2nd wave now comes the 3rd wave that is going to break 1st high 2x+ times that too with high speed , just be discipline .
Interesting point comparing fibs to profits. There is also the variation where the 3rd wave only goes 21% or so above the first point A of first wave, then could drop down as the 4th wave below point B of the 2nd downwave. So it may be good to be careful around that 121% point progress of the 3rd wave so it continues to the 61.8% target i.e. 61.8% above the original equity then hopefully trade to keep it a 1st wave with small retracements(the ideal smallest and few drawdowns) to prevent it from becoming a future possible wave 2 to B. Assuming comparing trade equity performance to ABCD fib/elliot waves.
Sorry about your loss OP. Best of luck on persevering. I remember there were a few stories about traders who have overcome massive losses on futures.io (formerly BMT). I sometimes re-read this thread to help with perspective.
At least you only lost half. Painful but not the end. I blew out a couple of accounts years ago. Cold sweat, shame, have to tell my wife, fetal position kind of moments. Feels horrible when it happens but those experiences taught me things that help me succeed today. There are just certain things I will not do because know the black hole that it leads to. Just take a step back and revaluate everything you are doing. For me it meant moving from discretion to mechanical then to developing that mechanical into an AT system. Part of the reason for doing that is I recognized certain flaws in my makeup that just do not allow me to trade in a discretionary manner. Some people can but I can't and had to face it or keep getting wiped out.
"The day I became a winning trader was the day it became boring. Daily losses no longer bother me and daily wins no longer excited me. Took years of pain and busting a few accounts before finally got my mind right. I survived the darkness within and now just chillax and let my black box do the work."
Thx for the support. I feel different after this. This experience taught me a really big lesson that I can not experience anywhere else.
I would not give a damn about the loss if I was alone but account was shared with my wife so that added extra frustration.
I am returning normal mental state as days pass by. I will start when I feel normal.
I know for fact Infinity futs - https://ninjatrader.com/ - used to lock you out hitting day loss limit. If I remember correctly one could set an agreed $ amount or a %. After hitting the daily limit they would lock you out and either you wait till next day or have to call in. No longer with them, it was a group account running a system which did not work so lost some $$$ however not that much and was a good learning experience...
Not sure if they have DAX though, but call them and find out if you can open an account from Turkey and if still lock you out or not.
We could open an Infinity account from Alberta/Canada which is not possible for many brokers in the US.
I love to be a Canadian however when it comes to trading it is a tough place to be.
You traded for 10 years, with seems to be some success. It would be a mistake to give up. Ease back with 1 contract. If Infinity is not working from Istanbul or won't trade DAX, try IB /Interactive Brokers/ they won't lock you out /they would start to sell your contracts as soon as you are not compliant with margins/ but their platform would work with Ninja or Multicharts and both can be defaulted to a bracket order. IB might have on their DOM default bracket but not sure since I always use NT/MC for DOM trading.
Hope this helps,
atata
note: after typing above did some digging, yes Infinity does support DAX futs and Turkey is on the list of countries when start opening account process...
That sucks, and I can empathize with your pain. Like many have said, you really should take some time off... and in my opinion, that is weeks not days.
I know some may think you were over leveraged, but if I read this correctly you weren't... you just didn't have your regular protective stop that caused a big loss which then lead to the second error of revenge trading. It would be interesting to know how much of that 50% loss was due to revenge trading and not to the first error.
I would also recommend journaling everything you are feeling about this. Write it all down. Get that emotion out of you and onto paper. Be brutally honest. Be humble and willing to learn. Almost all the top pros I hear about, including Ft71, they journal... so we should to. I am guessing with 10 years experience that you all ready do this.
(ps. you mention having a similar incident happen a year ago with no protective stop in place, but just not as much account damage... just how much has it happened?)
Lastly, celebrate that you were able to stop at 50% loss. Many guys couldn't, and they would keep on trading until it was all gone. I commend you for stopping.
I may be rambling, but it comes to mind that when you do start trading again, I would be very small... because you will need to build your confidence back up live and real time. Your brain will probably still feel this hurt...
