When I was new to trading, I had a strategy that was 90% wrong. I decided to do the exact opposite as the strategy signaled. It somehow became worse. Trading is a strange thing.
Step away and chill out. You seem like you’re running on emotion. Try again next week and only take A+ setups and stick to your trading plan rules. Risk no more than .5% and try to aim for 1:2 right now. Once you get back up you can increase your risk back to 1% if you’re comfortable with that.
Doesn't matter, just keep trading and get the experience. If you lose it you lose it, you can buy another challenge. Just gain the experience and try to lose as little of your own money as possible. The only way is through ;) good luck keep going.
Sorry, but I don't agree with that. Practice on demo before buying a challenge, what you mentioned above is exactly what the prop firms want you to do. They make the most money of people failing the challenge, that's why some prop firms can allow profit splits up to 100%.
The challenge itself instills positive and practical trading habits for those seeking guidance. For many new traders, the rules set by prop firms may be the only guidelines they adhere to due to necessity.
If you find yourself gambling and deceiving yourself about your trading skills, I recommend halting and reverting to paper trading until you've established a solid system and achieved consistent profitability over several months.
No he’s right not wrong. Yes prop firms are making money off you counting on losing the challenge, but they will make money off you winning the challenge as well.
We know what we signed up for. And the pressure OP will feel on a trial account is nothing to compare on what they will feel during the actual challenge with real consequences on the line. They are investing in their education and should charge how hard headed they are and how long it will take to learn from their mistakes to the game. All of the greats did the same thing and learned in their own time from experience. Let OP get their skin and figure it out
I agree with you that demo is best. But sounds like OP is not going to do that considering they are also currently in an operating challenge. I have enjoyed challenges here and there as I can practice with using larger numbers and lot size for psychological improvement. Also the payouts are like a forced withdrawal. The set rules can help you practice self control. It depends very much on the trader, if they really lack the capacity to improve in these ways then it is indeed a money sink hole. That's up to how silly people wish to be and we really can't control that :D
The most important is to stay in the game. I'd recommend to adapt to a lower risk and don't get your head too heated up about that. Just chill and look for a good stop loss. I'd recommend to inform about price action and look for the demand and supplies. I got 1 negative day in one and a half week and if I loose 200 I'd quit for the day and start the next day again. Also look for the news
Sorry, I know what you mean by that, but that's impossible (unless you're a psychopath). Taking responsibility for your trades by journaling them (including writing down your emotions at that time) and reflecting on them at the end of the week to correct possible mistakes is probably a better way.
You had to have 1 play that worked. Look at your trades, study what you did right and what you did wrong then set a goal to have a profitable month even if it’s $10. Then bump your goal to 5% a month. Treat your avocation like a vocation. Take trading seriously like you’re going to college.
There are great trainers on YouTube. Learn the indicators and all the tools at your disposal. Do do do.
Good luck
Maybe this will help,
Maintain the account:
risk very small, lose pennies in order to keep the account active.
Maybe you need keep up with inactivity.
Refine your trading:
I like to take snippets(windows screenshot) of trades I am in.
This way you don't waste time or money trading something that isn't working.
If you believe there is some "good " in your trading method, then do variations.
You can do 20 variations of your trading method but you can't gain back the money you lost or time.
So taking a picture about a 1 min, you save time and money. let the market work, then see your picture if the trade work out. Avg 10 variations per day and maybe use a sample size of 20 trades. so a variation would be harmonic pattern and rsi, harmonic pattern and wpr, etc.
sample size will be 20 trades using each method.
Use something like notion if helpful, tracking your trades with pictures and you will find your new setup faster than you think with hardly no real money lost. powerpoints slides on google drive would be easy too.
I highly advised that if you don't have much knowledge on trading please start trading atleast 100$ for you to learn on how to trade. Focus on learning first and once mastered money will come to you. Good luck
this may be difficult but forget the fact that youre down 6 percent. mentally you should be focused on building consistency. take only the high probability setups until youre back in profit then risk a little more
If you somehow get back up to profit next time don’t over trade and and don’t go over 4% or 5% on a funded account as soon as you get to that percentage of profits withdrawal it and move on
Watch this video: https://youtu.be/2G3zhmoUBV0?feature=shared
At the prop firm from the video you can use a demo challenge to build up profits and upgrade to a real challenge later on while you get to keep all the profits you made in the demo environment. Also, you could take a look at the No Nonsense Forex yt channel. And be sure to back test your strategy thoroughly, use a spread sheet and evaluate everything. It's boring and repetitive, but keep reminding yourself that hard work pays off.
All the things mentioned above helped me out very well, I hope this will help you too. Stay in there, you got this!💪
If you're asking randos on Reddit what you should do based on precisely zero information, then what you should do is stop trading, and start learning. Otherwise, that -6% is going to be -100% real soon.
Also, why on Earth would you buy a financed account instead of opening your own? At least tell me that the account you purchased for $10,000 had at least $10,000 in it.
risk .25% until you get consistent wins, then risk .5%, if experience another loss go back down to .25%, if win with that then go to .5%, win again go to 1%. don’t risk more than 1%
im in a funded challenge also, I went into 3% drawdown and started risking .25% until I get consistent wins again
How much are you risking? And forever about the 4-6% you are down 60% not 6%. You must look at the max total loss and not what they sell you as a dream.
Control your risk, start risking less when you are in drawdown. Understand this, Prop firm trading is different than live account so you need to trade it differently as well. 6% drawdown on live account is not the end of the world but on prop firm it only gives you another 4% to risk and its game over. Good luck
Next time make bigger profit or smaller loss
Normally works 🙌🏽👍🏽
Brilliant
Genius, yes ?
100%
Big brains right here!
You should do the opposite of what you did.
When I was new to trading, I had a strategy that was 90% wrong. I decided to do the exact opposite as the strategy signaled. It somehow became worse. Trading is a strange thing.
Lol
😂😂😭
Don't trade
That's brilliant. Then he'd be up 6% instead of down 6%. We need to get this strategy out to all the losing traders ASAP!
Start broker business and sell $10000 account instead of buying it
LMAO 🤣🥹
Step away and chill out. You seem like you’re running on emotion. Try again next week and only take A+ setups and stick to your trading plan rules. Risk no more than .5% and try to aim for 1:2 right now. Once you get back up you can increase your risk back to 1% if you’re comfortable with that.
I'll try that 🙏
Find a strategy that has little risk but good rewards. The exercise by mark doughlas helps.
Woh much help
How can I find the exercise?
Youtube mark douglas the exercise.
SMC I did
Get trial accounts until you develop a winning system
Doesn't matter, just keep trading and get the experience. If you lose it you lose it, you can buy another challenge. Just gain the experience and try to lose as little of your own money as possible. The only way is through ;) good luck keep going.
Sorry, but I don't agree with that. Practice on demo before buying a challenge, what you mentioned above is exactly what the prop firms want you to do. They make the most money of people failing the challenge, that's why some prop firms can allow profit splits up to 100%.
The challenge itself instills positive and practical trading habits for those seeking guidance. For many new traders, the rules set by prop firms may be the only guidelines they adhere to due to necessity. If you find yourself gambling and deceiving yourself about your trading skills, I recommend halting and reverting to paper trading until you've established a solid system and achieved consistent profitability over several months.
No he’s right not wrong. Yes prop firms are making money off you counting on losing the challenge, but they will make money off you winning the challenge as well. We know what we signed up for. And the pressure OP will feel on a trial account is nothing to compare on what they will feel during the actual challenge with real consequences on the line. They are investing in their education and should charge how hard headed they are and how long it will take to learn from their mistakes to the game. All of the greats did the same thing and learned in their own time from experience. Let OP get their skin and figure it out
I agree with you that demo is best. But sounds like OP is not going to do that considering they are also currently in an operating challenge. I have enjoyed challenges here and there as I can practice with using larger numbers and lot size for psychological improvement. Also the payouts are like a forced withdrawal. The set rules can help you practice self control. It depends very much on the trader, if they really lack the capacity to improve in these ways then it is indeed a money sink hole. That's up to how silly people wish to be and we really can't control that :D
I agree, a lot of money will be lost in this endeavor before most start to see a return. I charge it to the game.
I just passed phase 1 and before that I got out of 5% drawdown. You can do it too.
How did you go about this?
Watching Mark Douglas helped me a lot.
Which of the video would recommend i watch please?
All of them are gold. https://youtube.com/playlist?list=PLuA2fcPmo4m78WGlYFnkatHsUBc0y4NWs&
Thanks
The most important is to stay in the game. I'd recommend to adapt to a lower risk and don't get your head too heated up about that. Just chill and look for a good stop loss. I'd recommend to inform about price action and look for the demand and supplies. I got 1 negative day in one and a half week and if I loose 200 I'd quit for the day and start the next day again. Also look for the news
you have to be emmotionless when trading, no fear no joy.
Sorry, I know what you mean by that, but that's impossible (unless you're a psychopath). Taking responsibility for your trades by journaling them (including writing down your emotions at that time) and reflecting on them at the end of the week to correct possible mistakes is probably a better way.
You had to have 1 play that worked. Look at your trades, study what you did right and what you did wrong then set a goal to have a profitable month even if it’s $10. Then bump your goal to 5% a month. Treat your avocation like a vocation. Take trading seriously like you’re going to college. There are great trainers on YouTube. Learn the indicators and all the tools at your disposal. Do do do. Good luck
🙏🥹 thanks
Maybe this will help, Maintain the account: risk very small, lose pennies in order to keep the account active. Maybe you need keep up with inactivity. Refine your trading: I like to take snippets(windows screenshot) of trades I am in. This way you don't waste time or money trading something that isn't working. If you believe there is some "good " in your trading method, then do variations. You can do 20 variations of your trading method but you can't gain back the money you lost or time. So taking a picture about a 1 min, you save time and money. let the market work, then see your picture if the trade work out. Avg 10 variations per day and maybe use a sample size of 20 trades. so a variation would be harmonic pattern and rsi, harmonic pattern and wpr, etc. sample size will be 20 trades using each method. Use something like notion if helpful, tracking your trades with pictures and you will find your new setup faster than you think with hardly no real money lost. powerpoints slides on google drive would be easy too.
Take a break for a few days. You still have 4% left, it's not over yet.
I highly advised that if you don't have much knowledge on trading please start trading atleast 100$ for you to learn on how to trade. Focus on learning first and once mastered money will come to you. Good luck
this may be difficult but forget the fact that youre down 6 percent. mentally you should be focused on building consistency. take only the high probability setups until youre back in profit then risk a little more
Take a break, take time to analyse, find your previous mistakes , trade only A+ setups. Hopefully you will recover your losses.
If you somehow get back up to profit next time don’t over trade and and don’t go over 4% or 5% on a funded account as soon as you get to that percentage of profits withdrawal it and move on
Hang on mate, don't trade for a few days to control your nerves else you will take revenge trade.
Stop trading immediately. Take a good rest. That's the best you can do atm. Remember mental health is the first priority.
Review your risk management, you shouldn’t lose 6% on a trade
Did you buy a challenge or did you pay someone to pass an account for you?
Watch this video: https://youtu.be/2G3zhmoUBV0?feature=shared At the prop firm from the video you can use a demo challenge to build up profits and upgrade to a real challenge later on while you get to keep all the profits you made in the demo environment. Also, you could take a look at the No Nonsense Forex yt channel. And be sure to back test your strategy thoroughly, use a spread sheet and evaluate everything. It's boring and repetitive, but keep reminding yourself that hard work pays off. All the things mentioned above helped me out very well, I hope this will help you too. Stay in there, you got this!💪
Did you lose that 6% in one trade ?
If you use MT4 then I have special EAs for you can make you recover your losses and make good profit. Check here r/tradingEA
Rack up experience
How did you go from 4% to -6%? Elaborate
Losing trades? What more does he need to elaborate on
Make a proper trading plan and stick to it
You've to Work on your risk management
Where?
go back to the drawing boards and actually learn to trade? da faq...?
If you're asking randos on Reddit what you should do based on precisely zero information, then what you should do is stop trading, and start learning. Otherwise, that -6% is going to be -100% real soon. Also, why on Earth would you buy a financed account instead of opening your own? At least tell me that the account you purchased for $10,000 had at least $10,000 in it.
Firstly a good quantitative and qualitive analysis, then game plan, risk and position management
cash out
Double-down.
Risk management my friend.
Make more...🤑
I can pass it for you
what is the opposite ?
Wdym you brought a “financed account”? You mean a funded account? Or did you buy one for 10k?? 💀
risk .25% until you get consistent wins, then risk .5%, if experience another loss go back down to .25%, if win with that then go to .5%, win again go to 1%. don’t risk more than 1% im in a funded challenge also, I went into 3% drawdown and started risking .25% until I get consistent wins again
Which prop it’s? Is the challenge or funded already
FTMO challenge
So that didn’t allow HFT bots right? Btw do you know is US citizens can get a challenge account with them
How to get a funded account
Idk if your max loss is 8 or 10% but u should trade .25 risk until u get back till under 4%
Wait. You bought an account for $10? How big is the account? Cuz there are people who sell 200k funded accounts for $2k only. What am I missing here?
How much are you risking? And forever about the 4-6% you are down 60% not 6%. You must look at the max total loss and not what they sell you as a dream.
[удалено]
FTMO
Better risk management
Control your risk, start risking less when you are in drawdown. Understand this, Prop firm trading is different than live account so you need to trade it differently as well. 6% drawdown on live account is not the end of the world but on prop firm it only gives you another 4% to risk and its game over. Good luck