Hi all, I’m trading for many years but yet to be consistently profitable. What keeps happening when I am profitable is I’ll have a bad day or two or three and blow my account, again. So I’m going to keep a journal of sorts here where I’ll jot down ideas and thoughts about my trading day, hopefully it will help me become profitable. Part of my problem is I’m trading very small accounts, mainly because I don’t want to fund a large account until I’m consistently profitable and because the account is small I have the added anxiety of a couple of losses will blow the account, dunno maybe a larger account would be easier. But my problem with that is if I have one of my meltdown days where I lose all self control I’ll blow every last penny in the account no matter how big it is.
My goal is around 50 pips/week give or take, I know if I’m only taking A trades this is possible, my problem is I take too many C trades which to me are trading against the trend, buying into resistance or selling into support and revenge trading. I only trade Dax, Nas and Dow.
So I was trading a demo account for a few weeks which was going ok, then I went on holidays and enjoyed forgetting about everything, stresses of life, work, family, trading etc. I came back from holidays feeling refreshed and funded my small account, 3 days later I’ve blown the account again.
First day trading markets were a bit crap so didn’t mind too much when I ended the day down 60 pips, yesterday I over traded and took about 6 C trades which cost me around 160 pips, if I didn’t take these I would’ve been up about 40 pips instead. Today I was up around 60 pips by 3pm and was thinking I should quit while I’m ahead but took one trade on the Dow which I closed manually for a loss of 20 pips only to see it then go in my direction for 100 pips. Really got annoyed with this so ended up taking 4 C trades which cost me about 140 pips, if I didn’t take the C trades I would’ve been up 40-50 pips today instead of having a blown account again.
One thing I noticed before holidays was I’m very stressed, as in tight chest, sometimes feeling a bit light headed stressed. This is work, life, family and trading causing this but think I’m getting too stressed while trading, really noticed it today. I always use stops when trading so know how much I’ll lose but think it’s always in my mind how small my account is and how easy it is to blow it. So I’m going back to demo for a week or so and going to try and manage my stress with meditation before I blow myself up with stress instead of my trading accounts.
Plan is to just jot down my thoughts on my trades here to see if it will help my trading. At this stage I’m very conscious of how much time and effort I’ve put into this that failure is not an option, I simply have to get profitable and know if I rigidly stuck to my signals, trading plan and rules I’ll be profitable but I am my own worse enemy…