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1. You are allowing a reward for a negative! Which is going to a revenge account. no
1a. You still get to trade... Wrong
2. You are paying for a demo account with unrealistic fills and no headaches
3. You are thinking you need a company to control you and your parameters
4. You seem like this is just fun and games because with a demo account even if paid for that's really all is it.
5. Open an fx acct and trade the smallest pip available in real money!
6. I am not making this personal just my 2 cents
7. You need to stop trading after mistakes like all day or for a week
9. Imagine you get a DUI. Then because you got a DUI there is a special town yoget to go to and drink and drive with all the other DUI driver's! That's a revenge DUI town!
Wth.
Trading is as simple as the hamsters and rats running mazes for rewards. Maybe you like the punishment or the agony? Some do.
Anyway thanks for sharing and hope you get more skilled over time.
Hint. Watch water boil with no clock or phone from start to finish without looking away. If you look away start all over again.
Why? This builds patience and discipline and puts you in a trading zone where time tends to stand still. If you can't do this I wouldnt even think about trading because it takes discipline.
If you want to pay me to monitor you while you watch the water boil I only charge 50 dollars and you can pay me onky 25 dollars when you screw up and break my rules but I will monitor you again ok! If you do this successfully 10 times I will fund you with a new pot and 2 cups of water. If you look away though I will need my pot mailed back to me but you can keep the water and drink it.
Understand ???
Can you help answer these questions from other members on NexusFi?
Any individual that has a "revenge trading account" as an answer to his own emotional instability; and coincidentally overestimates his abilities and his knowledge, is a long, long, way from ever becoming a successful trader. OP definitely needs to re-think his decision to trade; and, if he chooses to continue, he needs to re-think the "process" and focus less on the "outcome" Otherwise, he'll become just another short-lived liquidity provider and useful idiot.
Honestly I'm puzzled at the reaction to my 'revenge account' idea. Let me copy from one of my earlier posts to explain what I'm trying to do with it:
"The revenge account is a trick I play on myself. It's not meant to allow me to indulge in bad behavior but rather to improve in circumstances where my judgement is off. How?
- It makes it ear[s]ier to recognize the times when I'm not in my 'regular' mental state. This could be the result of an unexpected loss, a windfall gain, exhaustion, or boredom.
- When I switch accounts, I still get to trade, which satisfies the impulses coming from my lizard brain. But the risk is mitigated because there's no consequence to busting a revenge account except the $27 fee.
- Without risk, I tend to trade without fear.
- In previous revenge accounts I'd trade full lots on dubious setups. But over time I've started using more reasonable trade sizing and picking better entries, and most importantly, not letting losses run just to see what happens - despite the trigger event that caused me to switch to the revenge account.
- By doing this repeatedly, my behavior in the revenge account is starting to change. My revenge trading is improving.
- In time I hope the revenge account will become just another account that I'm trading for profit."
If revenge trading is heroin, the revenge account is methadone. The aim is to stop completely. Nicotine > nicotine patch > stop smoking. Ben & Jerry's > Halo Top > stop eating junk. Something meant to facilitate transition to more productive behavior.
This is an experiment, and I'm not pushing anyone to try it. I'm in the middle of a multi-year effort to develop as a trader, and I don't purport to have the answer to revenge trading.
I have 2 funded accounts with Leeloo. I've been trading one for a week, and another for 2 weeks.
This is probably the best stretch of trading I've done. I've been scalping for a point or two, mainly entering on 2-legged pullbacks and traps. I try to make 2-5 points a night in each account, trading one contract at a time. I no longer attempt longer-term swing trades with micros.
If I get a good result during the London session, I won't stay up late for the NY session. Today I made +9 points early, so I'm done for the day.
If I have a bad start during London, I'll scalp into the NY open, which is 12:30am for me here in Australia. Soon it will be 1:30am due to daylight savings. At that point I'll need to curtail my trading to get sleep for my day job.
It appears to me that you are simply providing an "outlet" for your revenge trading, and not addressing the root cause(s) for it. Even if you have a temporary respite from this behavior, you will inevitably have relapses unless you identify the source of the problem, and modify the behavior. In addition, I would focus more on the "process" of your trading and not the "outcome." If something is not working, take it as signal, that perhaps you should start over, only this time more intelligently.
Scalping is a fool's errand. Most new traders choose to scalp because they are undercapitalized, risk-averse, and have little understanding of the market. The shorter the timeframe the more random is the price action (news and algos dominate), the more the model risk (what works today, may be gamed out, and not work tomorrow), and, the greater the capacity issues (it's more difficult to scale your trading).
Scalping also reinforces quick profit-taking, because most scalpers trade for average. Again, they are more concerned with the outcome of their trading, rather than the process! Along with a high win rate, asymmetric gains are critical for success. It's also a very crowded space. You are competing against HFTs and algos, and that doesn't provide you with a level playing field. Unless, you are extremely talented the friction will kill you, that is the vig and slippage will be impossible to overcome. I liken it the Red Queen in Alice in Wonderland. You will be pedaling harder and harder just to stay in the same place.
Part of the reason I’ve stuck my neck out here and posted a candid journal is to hear from other traders. If you have something to post, I’d be grateful to see it, even if it’s criticism delivered bluntly. If you just want to say ‘hi’ that’s great too.
If you enjoy lacing your post with insults, put-downs, suggestions that I stop trading etc., your time would be better served elsewhere.
No need for a kumbaya drum circle here, but please be polite.
There’s enough toxic behavior elsewhere on the web, if that’s what you enjoy.
It is not necessary for discussions to get to this point. All members are reminded of the forum's commitment to civility and professionalism, including toward people they disagree with. These standards will be enforced if necessary.
@Mordecai, if you believe someone has overstepped, do not take it on yourself to reply or to school them. Report any issue to the moderators by left-clicking on the person's name in the name block of their post, and select "Report this post" in the drop down. You will be taken to a page where you can report the issue to the mods. We read all reports and act on them as we think is necessary.
Also, you can select "Ignore" in the drop-down. That will place them on your Ignore List (which you can edit in your User Control Panel), and you will no longer see their posts, nor will they be able to post in a thread that you have started. This is often a simple way to defuse issues.
Everyone, please maintain the level of professional courtesy that is expected of members of the forum, and that permits productive exchanges to take place.
Thanks.
Bob.
When one door closes, another opens.
-- Cervantes, Don Quixote
