There isn't any trader I know who don't go through a loss bigger then planned any now and then. In your case I would say 800 is not such a big deal. I don't have your stats but I guess your average profit day is around 150/200 usd. That means you can recover what you lost today in about a week. I'm now not telling you have or you will recover it in one week but just that what you lost today is compatible with your P/L.
What I don't understand is what you mean with 3 shots, and if you fail then you come back to combine. Well let me say that this is not the best way to put you at work. I had a prop trading company and I worked with good and bad traders, and as regards bad traders I never gave them 3 shots, I just let them work or let them go. 3 shots makes really no sense to me in this job.
But I really hope you succeed and you don't have to go back to combine. Stay focused and try to build your P/L one step at a time if these are the rules.
The following 6 users say Thank You to montanajtt for this post:
Maté - Take your time..
No trading tomorrow - relax and start from a good point next week.
Big players mixed up the markets - it is for window dressing on end of year.
Don't jump in like you did on normal months.
The following 4 users say Thank You to GFIs1 for this post:
we will see speaking frankly the market was acting normal in his in normal way. The only issue was myself. I never try to guess what happen only today I would like to make my way tomorrow to close the week but I will consider your advice speaking frankly it would be harder to wait or be sad about not to trade a clean setup than to make a good loss. Anyhow it is great to see when the weakest link in your trading is yourself
I assume you are saying this because of the TST rules forcing you to think like this. That will pass.
Fwiw (might not be much...) I noticed that your preparation and ideas were very clear about levels (e.g. you showed good ones) and strategy (e.g. you talked about one kill) when you were making the transition. Then, as you got into the funded phase, you seemed to lose that clarity a bit, traded more often and also more in the 'noise'.
I have a tendency to do this and have to think about it all the while, keeping down the number of trades and picking more selective locations.
I took a large leftfield drawdown last month (much worse than you, destroyed all Santa's presents), had to take a complete timeout to write out what had happened and get it out of my mind and body (local handwriting, seemed to get the emotion out better). Now I'm moving on again and will soon recover it.
Best to you, pick good trades, stay cool, keep the plan and keep on trucking!
The following 12 users say Thank You to ratfink for this post:
Out from the water with one foot. IT WAS CLOSE - Thank you Russel!
Oke. So here is the deal. The comissions from yesterday has been calculated overnight. So my balance droped to 219USD. If I go to red, I will not gain 2 free combine, but If I not try, than I am not a trader.
My stop is 10 tick, but I modifed for Russel sake to 8 tick because of slipage and everything. My usual profit target is 30 tick, based on same manner, I modifed it to 25 tick. Just to dont overpush.
So based on this I have only 2 shots. There is no reason or reality to go closer stops, so this is what it is. Bye bye 3 shots, 2 shots here you come...
I made a quick gift. Question, reenter or not on the same price level. Answer simple, yes. Picture good, it is a good to go:
Result: 1 gift, and 1 +37 tick winner trade.
See you on Monday, One foot is out from the water, but need to go back to 1000USD to feel comfortable again. Russel here I come my old friend, I have been missed you!
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