On AVERAGE . . . . . . . . . Yes, if interpret it that way . . . I can’t say it is wrong.
Retrospectively, I realize that I engaged in excessive trading yesterday. I continued trading until 3 am and only managed to get three hours of sleep from 3 am to 6 am. This lack of rest may have been a significant factor contributing to my extremely poor performance today. Out of the 29 trades I made, many involved averaging down on losing positions in an attempt to break even—a practice commonly known as “catching a falling knife.” Additionally, despite experiencing initial losses in the morning, I succumbed to the temptation of revenge trading by using huge positions size. Unfortunately, luck was not on my side this time around. Looking back, I acknowledge that I committed several trading taboos that ultimately negatively impacted my results.
For consolation, I take solace in the fact that I manage to stick to FTMO’s trading objectives, which limit losing more than 10k in a single day. Despite the challenges I faced, I managed to exercise restraint and applied the brakes when my losses reached approximately 9k. In hindsight, this can be seen as a close call and a responsible decision on my part. All is not lost, I’m still 4k above water, with 12 trading days to go . Traumatic day for me indeed, i must admit.
it still speaks very highly of you that (unlike many/most people!) you have the perceptiveness, self-awareness and integrity to acknowledge it both publicly and (more importantly) to yourself - IMO this speaks really highly of your long-terms prospects both here and with trading in general!
well-deserved solace, too - you’re right!
far from it!
may i confuse the issue still further by suggestion a third option? you could try to be slightly “more aggressive” on the 6 mid-week days and less so on the 6 Mondays/Fridays (there being 6 of each left)? it may sound weird, but i think it’s maybe not a ridiculous idea?
absolutely - very clearly - that’s both the TOP priority and the bottom line!!
these challenges with a time-limit are really stressful!!
Given the prevailing bearish sentiments towards the USD and the dovish stance of the FOMC committee, specifically with regard to Governor Waller, coupled with the fact that the price is currently trading below the mean of the most recent longest 4-hour candle, it is difficult to envision a scenario in which the price would experience an upward movement.
This is so unbelievable.
I added some more short positions; however, I overleveraged and received a margin call, resulting in the closure of my position. In the heat of the moment, I panicked, coupled with clumsiness. I even closed my 1 short position manually, even though it hadn’t been automatically closed. Then, on the 5-minute chart, I witnessed the price crashing down, confirming that my initial prediction was correct! I quickly opened another short position and managed to maintain a balance of $200,000. However, to my disbelief, the price hit my stop-loss order precisely at 138.120. Even if I hadn’t closed my initial short position prematurely, I would have still been stopped out. What is wrong with me? Nothing seems to be going right.
The unlimited time period only applies to newly purchased challenges from now onwards. Since mine falls under the old scheme, I still have to complete the challenge within 30 calendar days.
This raises the question of whether they are raising money for cash flow purposes or if they truly believe that more than 90% of traders will fail the challenge, even with the unlimited time period.
i see - i’m so sorry, i hadn’t appreciated that when i posted above - i thought i was sharing good news with you
well, it depends what you mean by “cash-flow purposes,” i suppose: i’ve always assumed (and said) that all these funding companies make their primary income from the fees of people failing the challenges
that doesn’t make their business model illegitimate, though, if they’re honest
(my own opinion of FTMO is that they are completely honest)
the general industry statistics, i believe (some of them more or less proven and/or independently audited) are that time-limited challenges have a success-rate around 8-12% and with no-time-limit ones around 20-25% succeed
the entry-barriers to these things are so low that they’re almost non-existent, and there will always be a lot of people who don’t trade quite as well or consistently as they believe
i believe in you, Alpha, and i think (and very much hope!) that you’ll get there!!
Having read your thread from the start my diagnosis is your skill is fine. You just have to stay away from trading don’ts and your next challenge will be a breeze. Good luck and good trade.
Really? Not at the moment…a complete noob now. No, i’m actually worse than any newbie right now…
At one point, i was actually up +6k. Yet, i refuse to book profits. Went back to break even level, I refuse to give up and Hold till my stoploss. Refusal to accept i was wrong. I’m a complete idiot!
no wish to pick a fight with you, here, but you are far from that, and many forum members (and i’m sure countless others in your life) know it
you’ve had an awful run, rotten luck and maybe made some errors - who hasn’t been there? i know i have, several times, and so have we all, whether we admit it or not
you now just need to stop beating yourself up and start concentrating on recovering the 6% you’re down before the expiry of your challenge; we are willing you on!
you have, i think, 9 full trading days left before expiry, and less than 6% to recover? ok, you maybe need a little bit of good luck (which you’re well overdue, on any assessment!) but it’s by no means impossible for a man of your calibre and fortitude
