I finally blew up an account - futures io
futures io



I finally blew up an account


Discussion in Psychology and Money Management

Updated
      Top Posters
    1. looks_one Sandpaddict with 19 posts (32 thanks)
    2. looks_two Gauer with 8 posts (16 thanks)
    3. looks_3 goodoboy with 7 posts (8 thanks)
    4. looks_4 redbarntrades with 6 posts (24 thanks)
      Best Posters
    1. looks_one blew with 35 thanks per post
    2. looks_two bobwest with 21.5 thanks per post
    3. looks_3 matthew28 with 18.5 thanks per post
    4. looks_4 Sandpaddict with 1.7 thanks per post
    1. trending_up 19,295 views
    2. thumb_up 781 thanks given
    3. group 1,154 followers
    1. forum 198 posts
    2. attach_file 2 attachments




Welcome to futures io: the largest futures trading community on the planet, with well over 125,000 members
  • Genuine reviews from real traders, not fake reviews from stealth vendors
  • Quality education from leading professional traders
  • We are a friendly, helpful, and positive community
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts
  • We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

(If you already have an account, login at the top of the page)

 
Search this Thread
 

I finally blew up an account

(login for full post details)
  #191 (permalink)
 tvaughan4 
Los Angeles CA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: NQ
 
Posts: 18 since Jul 2020
Thanks: 17 given, 25 received


xplorer View Post
First, this is common to many. Not that it's any consolation.

Second, I have seen you posting a lot on one of Lance's journals. He has posted a lot of helpful resources that helped him when things went wrong. These resources include also videos. You could also reach out to him, he is very helpful.

Lastly, have you checked the Trading Psychology section? There are people sharing some frustration including what you are going through, but also how they deal with various aspects of revenge trading.

If you haven't, I suggest you check it out.

I need to revisit Lances videos and posts. You are right, theyre very helpful and insightful.

I have not seen the Trading Psychology section. I will have to find it. Any particular section I should look for? Sounds helpful as well.

Thanks

Reply With Quote

Can you help answer these questions
from other members on futures io?
What are the main Eurobond futures and their respective …
Traders Hideout
Does anyone have the code for Anchored Vwap to use in Qu …
Traders Hideout
Google Keyword Search Alerts
Traders Hideout
 
Best Threads (Most Thanked)
in the last 7 days on futures io
Vinny E-Mini & Algobox Review TRADE ROOM
45 thanks
Design a DayTrader Scalping Order Flow Indicator
22 thanks
Daytrading.Coach Review
15 thanks
AMA: FuturesTrader71 (FT71) / Morad Askar - Ask Me Anything
9 thanks
The Wheel Strategy on Options
9 thanks
 
(login for full post details)
  #192 (permalink)
 xplorer 
Site Moderator
London UK
 
Experience: Beginner
Platform: CQG
Broker: S5
Trading: Futures
 
xplorer's Avatar
 
Posts: 5,515 since Sep 2015
Thanks: 14,034 given, 13,775 received


tvaughan4 View Post

I have not seen the Trading Psychology section. I will have to find it. Any particular section I should look for? Sounds helpful as well.

Thanks

Well, turns out this thread is already in the Psychology section. My bad.

This is the main page for the section:

https://futures.io/psychology-money-management/

The other thing you can do:

1) click on here to search
2) type "revenge trading" in the search box
3) Click the box "Forum" (you will find this right under the search box) and type "Psychology", you will get "Psychology and Money Management". Select that forum
4) Now click on search

You will get all the related posts in the psychology forum about revenge trading. I'd recommend starting from there.

Good luck.

Reply With Quote
The following 2 users say Thank You to xplorer for this post:
 
(login for full post details)
  #193 (permalink)
Gauer
garopaba + santa catarina
 
 
Posts: 45 since Aug 2019
Thanks: 9 given, 59 received



tvaughan4 View Post
Just did it again. Erased 2 weeks of work (50% of account) with one bad day. Seems to be a running theme. Every 2-4 weeks. Broke all my rules. Too many trades, too much size, moved stops, went right through daily loss limit etc. Really frustrating. Feels like if I could only get a handle on these fairly infrequent, but brutal, days that Id be ok. The day felt fine and as usual all of a sudden it felt like out of nowhere I went crazy and before I knew it I had huge size on and was in the hole. Then the rationalization started and that always ends well. I need to implement a system that will stop me from myself on these days where I lose it. Some sort of hard circuit breaker. Any help would be appreciated. Thanks.

Get the book "The Mental Game of Trading" by Jared Tendler, it has a system to correct your flaws. Best book I ever read on trading psychology.

I guarantee it will answer all your questions.

Reply With Quote
The following 3 users say Thank You to Gauer for this post:
 
(login for full post details)
  #194 (permalink)
 Anagami 
Legendary Market Hustler
Cancun, Mexico
 
Experience: Advanced
Trading: MES
 
Anagami's Avatar
 
Posts: 918 since Dec 2010
Thanks: 652 given, 2,122 received


tvaughan4 View Post
Just did it again. Erased 2 weeks of work (50% of account) with one bad day. Seems to be a running theme. Every 2-4 weeks. Broke all my rules. Too many trades, too much size, moved stops, went right through daily loss limit etc. Really frustrating. Feels like if I could only get a handle on these fairly infrequent, but brutal, days that Id be ok. The day felt fine and as usual all of a sudden it felt like out of nowhere I went crazy and before I knew it I had huge size on and was in the hole. Then the rationalization started and that always ends well. I need to implement a system that will stop me from myself on these days where I lose it. Some sort of hard circuit breaker. Any help would be appreciated. Thanks.

Look up the Sedona Method, and use it to completely clear all your mental space.
Then regroup and start again.

You are never in the wrong place... but sometimes you are in the right place looking at things in the wrong way.
Reply With Quote
The following 3 users say Thank You to Anagami for this post:
 
(login for full post details)
  #195 (permalink)
geekeeOne
Tucson, AZ
 
 
Posts: 3 since Jul 2021
Thanks: 3 given, 10 received


tvaughan4 View Post
Just did it again. Erased 2 weeks of work (50% of account) with one bad day. Seems to be a running theme. Every 2-4 weeks. Broke all my rules. Too many trades, too much size, moved stops, went right through daily loss limit etc. Really frustrating. Feels like if I could only get a handle on these fairly infrequent, but brutal, days that Id be ok. The day felt fine and as usual all of a sudden it felt like out of nowhere I went crazy and before I knew it I had huge size on and was in the hole. Then the rationalization started and that always ends well. I need to implement a system that will stop me from myself on these days where I lose it. Some sort of hard circuit breaker. Any help would be appreciated. Thanks.

I'd recently been there amigo so here's some encouragement. You're almost to the last step in moving forward and staying profitable. Keep pushing and learn to relax before you step up to the chart; like a professional sports players mindset.. keep your mind on your charts price action along with entry/exit rules then stick to them.
The two biggest changes happened for me when 1) I started to diligently back test my entry signals and triggers (this will eliminate a lot of yhe over trading) and 2) I started counting wins/losses over watching the account grow (this will get your mind away from thinking about the money.. think about nothing but your trade when trading)
I hope it helps buddy and good luck


Sent using the futures.io mobile app

Reply With Quote
The following 6 users say Thank You to geekeeOne for this post:
 
(login for full post details)
  #196 (permalink)
 tvaughan4 
Los Angeles CA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: NQ
 
Posts: 18 since Jul 2020
Thanks: 17 given, 25 received


geekeeOne View Post
I'd recently been there amigo so here's some encouragement. You're almost to the last step in moving forward and staying profitable. Keep pushing and learn to relax before you step up to the chart; like a professional sports players mindset.. keep your mind on your charts price action along with entry/exit rules then stick to them.
The two biggest changes happened for me when 1) I started to diligently back test my entry signals and triggers (this will eliminate a lot of yhe over trading) and 2) I started counting wins/losses over watching the account grow (this will get your mind away from thinking about the money.. think about nothing but your trade when trading)
I hope it helps buddy and good luck


Sent using the futures.io mobile app

Thanks for this. Appreciate it. I have been doing these things for the past little while since the last blowout, and you are correct. They definitely help. My main 2 pain points are FOMO, I see a breakout that just takes off (NQ) and man is it hard just to sit there, or if its my setup but within the first 5 minutes of the open my rules say dont trade, but then to see it rocket up. My other pain point is losing. Not all the time though. So Im still trying to figure it out. Sometimes I take a loss just fine and sometimes it just makes me snap and I have to get it back. Not really sure why. For the moment Im doing 1 loss and done for the day to combat this and save myself, not ideal though. My plan only calls for 1-3 trades per day (2.5RR) so not terrible either. Still chugging along.

Reply With Quote
The following 3 users say Thank You to tvaughan4 for this post:
 
(login for full post details)
  #197 (permalink)
geekeeOne
Tucson, AZ
 
 
Posts: 3 since Jul 2021
Thanks: 3 given, 10 received


tvaughan4 View Post
Thanks for this. Appreciate it. I have been doing these things for the past little while since the last blowout, and you are correct. They definitely help. My main 2 pain points are FOMO, I see a breakout that just takes off (NQ) and man is it hard just to sit there, or if its my setup but within the first 5 minutes of the open my rules say dont trade, but then to see it rocket up. My other pain point is losing. Not all the time though. So Im still trying to figure it out. Sometimes I take a loss just fine and sometimes it just makes me snap and I have to get it back. Not really sure why. For the moment Im doing 1 loss and done for the day to combat this and save myself, not ideal though. My plan only calls for 1-3 trades per day (2.5RR) so not terrible either. Still chugging along.

anytime buddy! I think most of us are here to learn and mature as traders. Chug along buddy by following your rules, or risk that certain pain, you know through experience, of those big losses. Remember, you can't determine how much you can make, but you can control how much you lose through your rules

Reply With Quote
The following 2 users say Thank You to geekeeOne for this post:
 
(login for full post details)
  #198 (permalink)
 tvaughan4 
Los Angeles CA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: NQ
 
Posts: 18 since Jul 2020
Thanks: 17 given, 25 received


geekeeOne View Post
Remember, you can't determine how much you can make, but you can control how much you lose through your rules

That is great!!! Never really heard it like that before. Or not ready to hear it. Thats going to have to go in the notebook.

Reply With Quote
The following 2 users say Thank You to tvaughan4 for this post:
 
(login for full post details)
  #199 (permalink)
alan tsai
Taipei ,Taiwan
 
 
Posts: 1 since Apr 2021
Thanks: 25 given, 0 received

Thanks,Keep the loss ,Let the profit runing.

Reply With Quote


futures io Trading Community Psychology and Money Management > I finally blew up an account


Last Updated on August 5, 2021


Upcoming Webinars and Events
 

NinjaTrader Indicator Challenge!

Ongoing
     



Copyright © 2021 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, Ph: +507 833-9432 (Panama and Intl), +1 888-312-3001 (USA and Canada), info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts