No I totally understand where you’re coming from risk management is the essential tool I feel that doesn’t get enough recognition. It truly takes a few bad losses to mess up your whole mindset & psyche on trading honestly. I’m glad you’re now in a better position to understand and now you understand that longevity is the main goal. We all have things to constantly work on while we are trading, no one is perfect and I rather someone admit their wrongs and start fixing them. It only makes you a better individual and trader as a whole.
Good luck Gilas, im guessing you are qualifying via 5%ers based on the terms you referenced. I have just started the process myself and may set up a journal here at babypips. Wishing you all the best!
Happy New Year everyone!
Was not supposed to trade. Did not follow my plan. Did not look at the daily charts and market structure. Took positions way bigger than I normally do. Went too aggressive. Lost a bit early on and went into drawdown in later trades. It was only luck that I was able to recoup the losses and make a small profit.
Must do better this 2019. Now at 2.85% of the 6% goal.
Ideas for Jan 2
Very hopeful
USDCAD short
GBPCAD short
Hopeful
GBPUSD short
AUDUSD long
NZDUSD long
GBPAUD short
EURCAD short
GBPNZD short
GBPCHF short
Not that hopeful, need good signals for entry
EURAUD short
EURUSD long
EURNZD short
Note these are just my thoughts and are not trade recommendations. For each of these I will be looking for my own signals of when to enter and exit, and I will not be taking trades in all of these pairs.
Thinking of trying out 0.03 entries instead of just 0.02. Still have not made up my mind, as the wife says why change things when they seem to be doing ok. But the loss of discipline on 31 Dec tells me I am losing patience and perhaps the increase to 0.03 will address this by letting me feel that I am moving forward somewhat.
Nice one Gila,
Happy NY. Opened the charts myself, as Im starting the qual process today as prev mentioned. Im only using 0.01 for qual as I need 40 trades as a min as per the rules. Just starting my thread today here at babypips. I refuse to use the other toxic forum place known as FF
In regards to your lot sizes if you drop it down it will keep you further away from the max DD we can have which I think is 4%. Im sure you will be funded soon!
My hands are shaking. What a crazy market!
Lost $127 yesterday during the Asian session. Broke all my rules. Moved stops, added to losers, saw bad news and did not act, took too large positions, took too many correlated trades, traded with no sleep. Went from 2.85% to 1.57% in just a few hours. No discipline + no control = large loss.
Felt really bad. Went out daydrinking, got pretty inebriated, went home in the afternoon and got some sleep. Woke up at 10pm (+8 GMT) and started trading again, cautiously. Made $31 back and was pretty happy with myself. Continued trading, shorted AUDNZD 0.1 total and went long EURUSD. Got out of EURUSD with $1 loss before market closed, held on to AUDNZD.
Suddenly all AUD and NZD pairs went crazy. AUDNZD dropped something like 300 pips right before my eyes. 0.04 of my positions hit TPs for decent 50 pips each more or less I think but price kept dropping and dropping. Finally it stopped dropping, spreads were around 70+ I think, but decided to close and was able to make myself act. I closed near the bottom of the crash! Wow! This is the first time something like this has happened to me.
Wanted to try to go long but was too nervous, having never traded anything like this before (no news that I know of). Not trading anymore for a few hours, my reservoir of luck is definitely low if it hasn’t been all used up already.
Now up to 3.23% of the 6% goal.
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Over halfway there my friend! Keep it up
After having that lucky trade with AUDNZD, had difficulty with the volatility of the market today. Had many trade ideas that eventually went my way but got stopped out in GBPJPY twice and once in GPBCAD. Closed my USDCAD short WAY too early and missed out on 120 pips. Did not re-enter in GBPCAD, did not take the EURCAD short trade. Lost around 50$ but made back some of the losses, around $30 I think.
.
Account is now back to being 2.92% up. I have to accept that is just a normal part of trading, that there will be wins and losses.
Hit a rough patch of trading and am struggling a lot now. Account is at -0.6% from the $10K starting capital they put in the account. I had a series of losing days, which wiped out all the gains. Trying my very best to maintain the account as it is at -3.5% max drawdown computed from the high water mark of +3.23%. At -4% max drawdown I lose the account 
If I were to draw lessons here, I would say I was unable to adapt to the market and forced my view instead of taking the cues the market gives.
Thinking about it though, I have made positive strides in the past 6 weeks in managing my risk. In the past I would have wiped out 50-70% of my account when I hit rough patches. Worst case scenario if I hit the max drawdown limit and lose the account I’ll be down $400, not an earth shattering loss, and have made some progress in managing my risk and my psychology.
Wish me luck.
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I’ve come to this conclusion as well.
Ultimately the keystone to successful trading.
@Gilas , been reading your journals. Thanks for posting.
KC
Good luck!
Sounds like you’re being objective and emotions are in check.
KC
Came across your journal and was wondering if working for the Prop Firm has worked out for you?
Thanks