I keep blowing up accounts

From your remarks it looks like you should stay away from the shorter time frames. Anything less than the hourly chart should be avoided. There is too much noise, unless you have a solid methodology. Let me know if you would like some ideas. Good luck with your trading going forward.

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Possibly. It would certainly slow things down and allow more time for better decisions. As would lower leverage. I actually do use weekly and daily candles as directional filters, but yes, I do execute on the smaller timeframes.

But I believe there is noise over all timeframes, proportionate to that timeframe. If you are a swing trading using daily candles and holding for weeks, you can still get stopped out on noise from NFP, CPI etc, just as day traders trading 1 minute bars can get tagged on market opens or smaller news events.

I find it hard to reconcile that technical analysis works on the longer timeframes, but not on the shorter (assuming adequate liquidity). Either it works or it doesn’t. To be fair, I don’t think you are saying this. You do qualify by saying “unless you have a solid methodology”. Perhaps you are right that I am just trying to drive a car that is too fast for my current skill level.

Unfortunately the choice of timeframe and leverage is a function of account size. Ideally I’d have millions in the account and be trading longer timeframes with no leverage or stops. Small accounts push one out on the risk curve. Of course this is dangerous, but it does come with the benefit of increased incidence if looking to forward test or gain more frequent exposure to trading psychology decisions.

Personally, I don’t see the benefit of trading longer timeframes on smaller accounts, unless trying to establish a track record. I feel you need to take on more risk with smaller accounts, knowing the risk of ruin is high, in the hope of catching fire and building account size, and which point you can pare back the risk. The problem is often that you never do that haha, you can’t adjust and end up dancing with who brought you.

This has been my problem over the last year. Still swinging hard as the account and position size grew. 4 or 5 times I built meaningful amounts and went for the jugular. I was wrong every time lol. I’m sure there was an element of greed involved. I am ok that I took the risk (perhaps one day I will be right), but I was unable to admit when I was wrong and threw good money after bad at a losing idea. This is what I am trying to prevent. I also need to get better at laying down hands no matter how invested. The sunk cost fallacy is killing me.

You have to be introspective ,this is alot of BULL :ox: . Regarding timeframes,you need to change your psychology and money management.

Probably most accounts are blown because new traders place a trade without a stop or removing the stop(possibly adding more to their loss)Without having enough experience or know how.

I’ve always been thinking about this.

I’ve heard that 90% of new traders lose 90% of their capital in the first 90 days of trading.

What if there was a way to enforce strict trading?

where you set rules in place to help you stay committed to being disciplined in the market

Consider utilizing automated trading systems or managed account services to enforce predefined risk limits and mitigate the impact of lapses in discipline during trading.

That’s why many brokers separate wallet from trading accounts. You can set daily or monthly limit by yourself using that separation. However if you can’t stick to your limits then it’s a gambling problem and you should train your discipline instead.

Darthvarder brother, I went through the exact same thing. It almost teared me up seeing your situation. Its amazing how people can be so similar. Please talk to me, I wish we can just talk personally.