When to Quit Day Trading?

[Eric Dubs 1]

@Cees van der Heide How's your progress coming along? I'm going through exactly what you're going through, but with even less self control to avoid hulk days (I even just had one today taking sloppy trades over and over again). 

I'm starting to accept that I have to switch to a broker that has a Daily Loss Limit that I can't change myself. Yes there are risk controls in DAS, but it's way too easy for me to change them, and my current broker (TD Ameritrade) doesn't have risk controls at the broker level. My thoughts are that if I trade for a few weeks/months/years with DLL's that I can't change (unless I physically call my broker), I'll end the habit of over trading.

One idea for you would be, if your max loss is 3R and you keep hitting it and getting frustrated, what about making a DLL of 2R instead? 

[Michael McCausland 6]

It was super choppy early today.  I have been mounting up the losses and went back to sim where I just get sloppy.  I have added a walk away rule for myself  Two consecutive losses and I walk away or slip into panic riddled revenge trading  My walk is around the lake in my community.   I recommend that before you seek a new broker  After all, the broker's safeguards are not going to make you a more disciplined trader  Also, Dr. Katz chose this morning to talk about analysis paralysis.  That led to FOMO for me  

 

[Eric Dubs 1]

On 8/9/2021 at 11:40 PM, peterB said:

did you know that you can ask DAS to lock your risk controls so you cant change them untill you call them?

That was the solution! Thanks so much @peterB!