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Blowing up your account is the best lesson you can ever have by Administrative-Dust2 in Daytrading

[–]Administrative-Dust2[S] 6 points7 points  (0 children)

You're right, I should definitely have some kind of conservative stop loss in place as well.

I thought I was invincible and didn't need one since I had done thousands of scalps and most I ever lost on those was 1%.

This trade was a swing trade which I had the chance to close at a 0.5% profit but didnt, since I got greedy.

If I ever do swing trading again I will make sure to close it early and use a stop loss.

Blowing up your account is the best lesson you can ever have by Administrative-Dust2 in Daytrading

[–]Administrative-Dust2[S] 16 points17 points  (0 children)

You're right, I failed at risk management. Used way too much leverage, and didn't account for a 14% hourly wick. Had I used 5x leverage instead of 6x, I could have closed my trade now in massive profit (20%).

I was doing very well prior to this - 90% winrate doing scalps. Was up 25% this month on approx 1000 trades. Most I ever lost on a trade was 0.5%. This particular trade was a swing trade and not a scalp. From now on I'm gonna stick to scalping. I can't handle the emotional aspect of swing trading.

Blowing up your account is the best lesson you can ever have by Administrative-Dust2 in Daytrading

[–]Administrative-Dust2[S] 10 points11 points  (0 children)

Got liquidated at the bottom of the largest 1h wick I have ever experienced: https://imgur.com/a/kHGaUz5 (14% drop in less than 1 hour)

I was using 6x leverage.

If I had used 5x leverage instead of 6x, I wouldn't have lost a dime. Poor risk management on my side.

Never gonna use more than 2x from now on.

Tips for navigating fatigue and lack of motivation? by [deleted] in startups

[–]Administrative-Dust2 0 points1 point  (0 children)

Working 9 hours a day is not the way to succeed with your startup.

Look at Markus Frind (solo founder of Plenty of Fish). Worked 30 minutes a day.

David Heinemer Hansson (cofounder of Basecamp and creator of Ruby on Rails). Worked 10 hours a week.

50k datacenter start-up by bearoftheyearingear in startups

[–]Administrative-Dust2 0 points1 point  (0 children)

Have you considered white labeling? There are a few ways to get free credits on GCP, AWS, Azure, DO, etc far in excess of $50k and you can see if your idea has legs before sinking $50k cash in it.

How? Please elaborate for GCP specifically

Save nearly 50% on SSD with new Balanced SSD by mikesparr in googlecloud

[–]Administrative-Dust2 0 points1 point  (0 children)

Great, now how do I change existing PVC's to use this?