hello everyone I just blew my account… im about 3 years in and man this is not a huslte for the weak at heart …need some moral support , some help!!!
Paper trading is very underrated but one of the best things. One thing that I did was trade with a $300 account for 9 months in order to test a strategy that I was confident it worked, my biggest problem was me not the strategy. After 9 months of consistency, I was comfortable with making my account size bigger. I recommend you ask yourself whether you are the problem or if it’s the strategy and decide what’s the best way to keep yourself from yourself if you are the problem
You need to take a step back and let all the bad trades fade from your memory.
While they are still fresh you will keep making them worse.
If you have blown your account taking a break might be forced on you - it was me.
But taking an extended break was the best thing I ever did
Think about taking some break off so that you can start afresh. Meanwhile make up your mind, bring in some positivity, maybe work on your trading psychology, meditating can help for sure.
Once you feel motivated enough, take baby steps, start with demo trading or you can start with a small account and don’t forget to use a trading plan.
dont be sad, it happens and i am sure you will soon come over it
My moral support is to instruct you to abide by proper risk and money management. Do NOT risk more than 1% of your capital per trade, and don’t overtrade.
Even top pros will tell you if they exceed 1% they risk losing a hell of a lot more trying to recover - as what’s probably happened to you.
Nevertheless, I’m sorry to hear of your demise, Go out and celebrate life while you can and enjoy the break. There’s always another trade awaiting when you’re ready to step back into the trading pit.
Don’t beat yourself up, it’s a notoriously difficult endeavor, I’ve been in the situation many times before and have honestly only recently started to get a grip on myself after 5 years of properly trying (including some lengthy breaks after blown accounts), 6 if I include general reading and research before trading.
Notice how I said a “grip on myself”, the market isn’t going anywhere, you need to look inside and fix whatever it is that’s causing you these issues. Unfortunately, you won’t find it unless you really want to…How bad do you want success?
As others have said…take a break. Step away from the charts until you feel mentally strong to tackle them again. But don’t do what you’ve been doing for so long…change…Share with us, what are you doing now? Be honest and open, it’s the only way.
I’ve got rid of the notion of making quick money…making a daily amount… I’ve gone back to how I originally traded and wish I’d never have found the lower time frames…Trading Daily time-frame trends looking for entries on the 4hr…no lower, it’s a minefield until you’ve mastered yourself. Trade 0.01lots…no higher until you’re consistent. Slow growth is the key…start thinking long term my friend. Forget trading for a living, start thinking about making small increments to build a nice pot to trade from when you retire, it sucks but that’s the reality…and when you’ve finally realised it I think you’ll be surprised at how well you do.
My thoughts anyway
Do you know why you are blowing the accounts? Are you doing things that you know you shouldn’t be doing? Is it the same reason each time? Revenge trading, trading news, getting greedy after a couple of wins etc.? If you can get specific about why then maybe people here could offer more specific advice as to how to counteract that.
Take a break, change your trading style or strategy, then work on demo and then start again.