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I burn the challenge account near the goal


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I burn the challenge account near the goal

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  #1 (permalink)
ThescalperAnalyst
rome italy
 
 
Posts: 17 since Feb 2021
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I burned the challenge account for the prop house
And to think that I had closed a very positive month, I had made some good trades and I thought I was on the right path. And in the end today, with just one trading session, I was able to cancel a month's work. I completely blinded myself. I completely lost the connection with what I was doing. And above all I did not stop my position which has become great Now I'm here full of wounds thinking how I made all those mistakes.
If only I had a stop on the account I would have saved my job and instead I let my emotions and hope run wild and in the end I paid the bill and I thought I had passed this phase, but I'm still here, having to start all over again from the beginning.
How do you handle these situations. How do you recover from this state of mind.
Now I'm confused and the only thing I want to do is take it out on myself.
I managed the whole session in the worst way, making every possible mistake.
How will I not find myself in such a situation anymore?
I hope that some experienced trader can give me some advice and tell me the story of him in order to help me overcome this difficult moment.
Thanks to all the futures.io.io community


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  #2 (permalink)
 bobwest 
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ThescalperAnalyst View Post
If only I had a stop on the account I would have saved my job and instead I let my emotions and hope run wild and in the end I paid the bill and I thought I had passed this phase, but I'm still here, having to start all over again from the beginning.
...
I hope that some experienced trader can give me some advice....

Sure. You know what to do, actually: "If only I had a stop on the account I would have saved my job and instead I let my emotions and hope run wild...." So, set some limits on yourself that are more important to you than the impulse to trade, or to get back a loss, or anything else. The limits must actually stop you, or they are not going to limit you when you go off-balance, which you are guaranteed to do, as a human being.

Put another way: have loss control rules that are more important to you than making-money rules, because they are the only things that will ensure you can make money in the longer term.

It's not easy, of course, but it's how to do it. If you just do this, you will not go wild again, at least this far. Problem solved.

The other things you need are a method that works for you, which are your basic trading rules, and a detached attitude that keeps you not involved with the drama of winning and losing. But those will fail you if you don't chain yourself -- and i mean, as if you had actual chains and handcuffs, without a key -- to the rules that stop you from trading when you reach a pre-set loss limit, for the day, and also, for the week and maybe even the month.

Start there. Then make sure that your trading method and your attitude are OK, and get back to trading. This loss can be a very useful lesson, if you let it. Blaming yourself will not help too much, but this will.

So set that limit and never break it. If you can't do this, find something you can do other than trading. Sorry, that's how important it is. (As a fallible human being you may break it again... just make sure it's not by much, and go back to it as soon as you can, before you have lost too much.)

Good luck.

Bob.

When one door closes, another opens.
-- Cervantes, Don Quixote
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  #3 (permalink)
ThescalperAnalyst
rome italy
 
 
Posts: 17 since Feb 2021
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bobwest View Post
Sure. You know what to do, actually: "If only I had a stop on the account I would have saved my job and instead I let my emotions and hope run wild...." So, set some limits on yourself that are more important to you than the impulse to trade, or to get back a loss, or anything else. The limits must actually stop you, or they are not going to limit you when you go off-balance, which you are guaranteed to do, as a human being.



Put another way: have loss control rules that are more important to you than making-money rules, because they are the only things that will ensure you can make money in the longer term.



It's not easy, of course, but it's how to do it. If you just do this, you will not go wild again, at least this far. Problem solved.



The other things you need are a method that works for you, which are your basic trading rules, and a detached attitude that keeps you not involved with the drama of winning and losing. But those will fail you if you don't chain yourself -- and i mean, as if you had actual chains and handcuffs, without a key -- to the rules that stop you from trading when you reach a pre-set loss limit, for the day, and also, for the week and maybe even the month.



Start there. Then make sure that your trading method and your attitude are OK, and get back to trading. This loss can be a very useful lesson, if you let it. Blaming yourself will not help too much, but this will.



So set that limit and never break it. If you can't do this, find something you can do other than trading. Sorry, that's how important it is. (As a fallible human being you may break it again... just make sure it's not by much, and go back to it as soon as you can, before you have lost too much.)



Good luck.



Bob.



thank you so much for the advice and support. I am investing all my energy to transform my passion into my dream job. I love this world more and more every day even though I see its many difficulties. Unfortunately only experience and these sad lessons can make you grow as a trader. I know that the path that awaits me will be full of pitfalls and difficulties, but I am ready to fight to win. I have chosen in my life to do this job and I don't want to go back. I hope to start to be consistent, but above all after this lesson avoid or at least limit hard days like these. I think this is precisely the difference between an experienced trader and a novice.


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 cory 
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ThescalperAnalyst View Post
I...
How do you handle these situations. How do you recover from this state of mind.
..

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-Retreat, no shame in losing, he who fights and runs away, lives to fight another day
-Reset, you were the master now it's time to be a student of the market again
-Reiterate, this is a never ending cycle

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 Massive l 
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Let go of the need to be right or fear of booking a loser. Losers are okay. Take them. You can get back in. It's a game of averages.
Trade the market, not your emotions. Believe in yourself.

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 SBtrader82 
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ThescalperAnalyst View Post
I burned the challenge account for the prop house
And to think that I had closed a very positive month, I had made some good trades and I thought I was on the right path. And in the end today, with just one trading session, I was able to cancel a month's work. I completely blinded myself. I completely lost the connection with what I was doing. And above all I did not stop my position which has become great Now I'm here full of wounds thinking how I made all those mistakes.
If only I had a stop on the account I would have saved my job and instead I let my emotions and hope run wild and in the end I paid the bill and I thought I had passed this phase, but I'm still here, having to start all over again from the beginning.
How do you handle these situations. How do you recover from this state of mind.
Now I'm confused and the only thing I want to do is take it out on myself.
I managed the whole session in the worst way, making every possible mistake.
How will I not find myself in such a situation anymore?
I hope that some experienced trader can give me some advice and tell me the story of him in order to help me overcome this difficult moment.
Thanks to all the futures.io.io community


Sent using the futures.io mobile app

Don't worry this happened to me many many times and I've been trading since 2016. It takes time, and you must accept that this could happen at any level, and let me explain what I mean.
Imagine, instead of being involved in a trading challenge (I guess you are with topstep, earn2trade or any other similar firm) you have an account of 100.000USD which is not so much money in this sector, but not a negligible amount either. If you had 100.000 USD with the same mindset and bad behavior that you had, you would blow the account in one day. Given the current leverage rules, you could buy 100 NQ contracts and lose the whole 100K in minutes.

The reason for telling you this, is that no matter what level you achieve in trading you can always blow up, if you are with a prop firm you probably lost 100 dollars, you reset the account and you go on. Next time you will be wiser.

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