I had an extremely tough time this morning trading. I couldn’t get anything going, impatient, discipline was nowhere to be scene and my risk management was terrible. On my 7th trading in the Funded Trader Preparation I almost gave it all away. Now I’m stuck between a rock and losing it all.
Let me break it down for you. So today I lost a net of 172 ticks (-$1720) and that put me about 27 ticks away from my daily loss limit AND my weekly loss limit. So this means if I have another bad day this week anything over a 27 tick loss its game over I’m disqualified, I hit my weekly loss limit. The smart thing to do here is to not trade for the rest of the week and continue next week on Monday right?
Here is the other kicker, all of the rules get evaluated on the 10th trading day. As of today my overall account balance is -$1120 and I have to have it above zero on my 10th day or else you guessed it game over again. So I have three days to get my account above 0 not hit a weekly loss limit or a max drawdown but that doesn’t matter because I only have about 26 ticks and it’s all over anyway.
Oh ya and tomorrow is Wednesday, that means its inventory day and my worst trading performance comes out. At this point I’m not sure what to do, I know I should stay away until next week so at least I can give myself a chance on gaining back the quity.
On the other hand I need to make up the losses within three trading days anyway, I can’t afford to lose either way so does it really matter? This is a very tough situation and I need to make a plan going forward. I hate to fail this close, sadly it won’t be the first time. I know Im due for a great trading day, and even more so on a Inventory day, If I do tak a trade as soon as I reach about 20-25 ticks loss thats it for me and I will try again next week.
Trading is a difficult endevour and it demands you beign at your best 100% of the time. Thats what it takes to pass TST and become Funded.