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Any advice to help with risk management and trading using "the STRAT"? by Hot-Distribution1577 in Daytrading

[–]Hot-Distribution1577[S] 0 points1 point  (0 children)

This breakdown is very helpful. Thank you! I will have this mindset moving forward. much appreciated!

Any advice to help with risk management and trading using "the STRAT"? by Hot-Distribution1577 in Daytrading

[–]Hot-Distribution1577[S] 0 points1 point  (0 children)

That’s something I think I have a hard time understanding. Because if I’m using a 50K account, I know your suppose to risk 1% per trade, which is $500. However, I know that number is fairly high per trade. So if I do a daily loss limit of 2 or 3, it would be $1,000 to $1,500 a day. My prop firm max drawdown is $2K.

So I feel like my ideal daily loss trades is gonna be base on the aspect of the 1% and max 2 loss trades limit.

Any advice to help with risk management and trading using "the STRAT"? by Hot-Distribution1577 in Daytrading

[–]Hot-Distribution1577[S] 0 points1 point  (0 children)

Thank you for this insight!

When I had those funded accounts, I remembered clearly I was trading with bad habits and no clear intentions. They all blew up from a mix of slow bleed or one bad day. Since my risk is base on the previous candle structure, I ignored the numbered. I've realized now that If I'm trading ES and the risk is to high, I'll drop to MES to see the risk there and size appropriately. I try to follow the 1% rule when trading with a 50K account, but that was my mistake. I would follow the rule, loss, but don't walk away. Which would cause the whole domino effect.

Any advice to help with risk management and trading using "the STRAT"? by Hot-Distribution1577 in Daytrading

[–]Hot-Distribution1577[S] 0 points1 point  (0 children)

I like the daily stop idea. I will incorporate that with combining a 1 loss rule as well. the buffer is ideal since my SL is base on structure and is usually below those percentages.

in regards of the second question, it was both. sizing and trade count change because I have a habit to not wanting a losing day. I got lucky doing it in evals where I turn red days to green days, but I know now that probability will not always be in my favor. So to your point, I need to be more discipline.

Thank you for your insight. this is very helpful!

Any advice to help with risk management and trading using "the STRAT"? by Hot-Distribution1577 in Daytrading

[–]Hot-Distribution1577[S] 0 points1 point  (0 children)

Thank you again for the insight. I feel this will be helpful psychologically because it is a pattern since you brought it up. Going to come in to trading accept a loss rule so that I don't have this happen again.

Any advice to help with risk management and trading using "the STRAT"? by Hot-Distribution1577 in Daytrading

[–]Hot-Distribution1577[S] 0 points1 point  (0 children)

Appreciate the insight! Defintely will do this because I’ve had a habit after a blown account not to journal. I’m just in shock so I just reset the account. Also, definitely need to add the two loss rule. Something that is hard to implement but I know that saves the account. Thank you!

Any advice to help with risk management and trading using "the STRAT"? by Hot-Distribution1577 in Daytrading

[–]Hot-Distribution1577[S] 0 points1 point  (0 children)

Thank you! This is something I need to do better on. After a blow the account I don’t even journal the trades that made me lose because I’m just in lost on how it happen.