Leaderboard

“You’ll never change your life until you change something you do daily. The secret of your success is found in your daily routine.” Day Trading requires a lot of discipline at your trading desk and off it. Make sure you are puttting in hard work on your daily routine to motivate discipline in your personal life as well. Exercise, Read, Meditate. Happy Friday from the local gym! Looking forward to a great Friday and morning Pre-market show!

That is great advise, forget the losses and let's focus on the process not the outcome on future trades you take.

Thanks Robert, thats my plan as for the rest of 2019 lol, 100 a day builds the account, and paves the way for jumping to full time.

@Fernando Samora We've all been there! You are definitely not alone. I would suggest forgetting about that loss. The moment you start thinking about "making it back" is when emotions enter the equation again. Focus on trading small and trading well. Your recovery plan sounds like a good start. Also look into Risk Controls to prevent these types of days from occurring. Best of luck.

Thanks Norm. New rule for the time being is 2 trades MAX per day. 100 USD goal per day. Just realized its around 20k per year. So for my first year that would be amazing since im still holding on to my current job.

Keep your head up, Fernando. We've all been in that place at one point in our trading careers. You have the right thoughts moving forward. Reduce size and goals as you get a feel for trading live money.

When first starting out or learning a new strategy, I would suggest respecting your original stop loss. This way you can get a feel for the signals that appear when the trade falls apart. As Mark Douglas recommends during the 20 trade exercise: make it mechanical and limit decision making. As you gain experience, you will start observing the above indicators that reduce the probability of your trade working out. This is where intuition allows you to get out of a trade early. Remember that you can always re-enter as commissions are cheap. The danger when doing this as a beginner is that it leads to getting chopped up and/or revenge trading.