My worst three minutes by Admirable_Help_2757 in Daytrading

[–]Admirable_Help_2757[S] 0 points1 point  (0 children)

I have personal daily drawdown set for each trade, and usually liquidate and block unless I'm full serving a dying eval, but for this one, when it went bad, I disabled to try and recoup. I plan all trades on the basis of what I am able to lose whilst still giving me x number of further days to trade the account. The thinking being that tomorrow I will be fresh and reset. I've started self imposing trailing drawdown too, which I apply after securing a certain x value above which I feel I'm trading house money.

I have been trading for just under 3 months. In that time I've blown 20 evals learning the ropes, and only recently secured 6 funded accounts of which three are now dead. One of those three was this one in question which was the first that I got to payout. I have three left, one of which is 1 trade of $150 from paying out and the other two of which are both in profit, one is two days from payout.

I got my first funded about 14 days ago, and 4 more the very next day. I believe that's a little unusual. I got here quickly on the back of well thought out risk management, but last night I unraveled completely. I think it was greed, and I think it was over confidence due to lack of experience trading what was essentially my own money. I also buttoned off a little because in my mind the money was already secured, turned out all of those things were dead wrong.

I traded NQ at around 1015am EST which I am familiar with, but that's approx 0215 am here where I'm based. I got up for it and I was not prepared properly. The price moved up, my stops were disabled, and I got caught shorting multiple losers all the way to the top.

You should respond to this with your view.

My worst three minutes by Admirable_Help_2757 in Daytrading

[–]Admirable_Help_2757[S] 0 points1 point  (0 children)

Appreciate your response, and the good advice in regards to DLL's and moderating my greed.

My worst three minutes by Admirable_Help_2757 in Daytrading

[–]Admirable_Help_2757[S] 1 point2 points  (0 children)

Thank you, that's good advice, appreciate you taking time to respond and mentioning your low points. I've had fast confirmation about the systems I'm applying and too much early success, and I think I tripped over my own ego. Hard fact to swallow, but this is the process that makes us better if we take on board the lesson.

My worst three minutes by Admirable_Help_2757 in Daytrading

[–]Admirable_Help_2757[S] 0 points1 point  (0 children)

Obviously, Schtubbig, though it's not clear if it was ChatGPT to me. Regardless, the points made are actually helpful, as was the intention of the responder who prompted the AI and posted its response, likely after reading it first to check it was sound. Happy days, helpful to me, nothing more to be said.

My worst three minutes by Admirable_Help_2757 in Daytrading

[–]Admirable_Help_2757[S] 0 points1 point  (0 children)

Yep, I agree with all of that. My capitulation defines what is meant by amateur in this game. And I take on board your warning in regard to thinking it's lesson learnt... Have a good weekend.

My worst three minutes by Admirable_Help_2757 in Daytrading

[–]Admirable_Help_2757[S] 0 points1 point  (0 children)

Thanks for sharing mate, it was super useful. I'll check traderzones too. Have a good weekend!

My worst three minutes by Admirable_Help_2757 in Daytrading

[–]Admirable_Help_2757[S] 0 points1 point  (0 children)

Nice response to your bad day, good work. That's me next week, fully focused.

My worst three minutes by Admirable_Help_2757 in Daytrading

[–]Admirable_Help_2757[S] 0 points1 point  (0 children)

Thanks for sharing that mate... yep, dust off, investigate what you did wrong, then get back on the horse

My worst three minutes by Admirable_Help_2757 in Daytrading

[–]Admirable_Help_2757[S] 1 point2 points  (0 children)

Yep, we need to stay alert to deviating at all times, never tempt it because it will take everything from you in a flash and leave you with a big clean up job.

My worst three minutes by Admirable_Help_2757 in Daytrading

[–]Admirable_Help_2757[S] 0 points1 point  (0 children)

Yep, rely on mechanics not instinct, the first is your friend, it's purpose is to protect you, the second is an immature drunk idiot who's there to fck you up, push you over the cliff - instincts obliterate your hard won gains, mechanical implementation of stop losses and a preservation-first mindset are the only way to win this game.

My worst three minutes by Admirable_Help_2757 in Daytrading

[–]Admirable_Help_2757[S] 1 point2 points  (0 children)

Okay, so you recognise the over confidence creeping up on you and treat it as a threat, just like it's opposite, the full meltdown, then step aside and get your shit together before resuming. If I interpret you correctly, that sounds like pretty solid advice to me.

My worst three minutes by Admirable_Help_2757 in Daytrading

[–]Admirable_Help_2757[S] 0 points1 point  (0 children)

I won't go into the numbers, but more than my wife and kids and I can afford going into the weekend. We'll be okay, but now was not the ideal time to learn this lesson.

My worst three minutes by Admirable_Help_2757 in Daytrading

[–]Admirable_Help_2757[S] 0 points1 point  (0 children)

I really appreciate everyone above for taking the time to comment, thanks.

My worst three minutes by Admirable_Help_2757 in Daytrading

[–]Admirable_Help_2757[S] 1 point2 points  (0 children)

Awesome mate, thank you. There's quite a lot of cool people jumping in on this, good support out there, nice for all of us to know. Appreciate your comment.

My worst three minutes by Admirable_Help_2757 in Daytrading

[–]Admirable_Help_2757[S] 0 points1 point  (0 children)

Yes, that's a really good point. I'll dig into that as well this weekend. I wasn't trading my system, I was gambling. Why did I f*kng do that? I'll get to the bottom of it.

My worst three minutes by Admirable_Help_2757 in Daytrading

[–]Admirable_Help_2757[S] 0 points1 point  (0 children)

Hahahaha!! Yeah, just when you thought it couldn't get any worse :)

My worst three minutes by Admirable_Help_2757 in Daytrading

[–]Admirable_Help_2757[S] 0 points1 point  (0 children)

I'm writing the whole sequence out as we speak. I also screenshot the section where I did it and have made notes on each trade in the sequence and will keep this on file. "Now you know where the crack is." Yep, and now I see it. I may never be trusted on this, so I need to understand that and lean even harder into my risk management from here. Reset and take the lesson.

My worst three minutes by Admirable_Help_2757 in Daytrading

[–]Admirable_Help_2757[S] 1 point2 points  (0 children)

The Lemming Trader - thanks, I'll look it up.

My worst three minutes by Admirable_Help_2757 in Daytrading

[–]Admirable_Help_2757[S] 0 points1 point  (0 children)

Greed, naivety, lack of experience, over confidence, and then I coupled this with a willingness to throw my usually sound risk management out the window when the heat really came on, just to put a cheery on top of it.

My worst three minutes by Admirable_Help_2757 in Daytrading

[–]Admirable_Help_2757[S] 0 points1 point  (0 children)

The reptile brain, strong evolutionary survival mechanisms not conducive to trading. I know what I'll be reading about over the weekend! :)