The biggest challenge in becoming a profitable trader is mastering your mind so you can overcome your emotions. You need to be able to make the decision on when to open and close a trade based solely on your trading plan. The three biggest emotional challenges are:
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It’s official 🎉🥳🎉. I won first place in the Topstep Octagon Streak. Thank you @Topstep and @MichaelPatak for the opportunity to trade a Live account and participate in the Octagon.
@PalmzPlayBook Nope, I locked my account as soon as the market opened lastnight. I didn’t want to touch it until I requested my payout. I’ll start fresh Sunday late night.
Trading is a challenging way to make money but if you can continue to improve and really take the time to evaluate what’s holding you back, you can succeed. My issue was psychological but once I refined my strategy so I had very clear rules, and actually started following them, I noticed a huge difference in my trading.
I found Topsteps DLL really helped me learn that I could take a loss and make it back the next day so I started using my own smaller DLL set to liquidate only. Unfortunately I didn’t have it on today because I’ve been doing pretty good at managing it myself lately and I got wrecked 😬 I’ll be turning it back on before I take another trade.
Well, I have good news and bad news… for the first time since I got me Live account, I hit DLL today -$4500. Traded horrible, no excuses. Oversized and then revenge traded trying to make it back. The good news is, and it’s not official, but I think I won 1st place in Topstep Octagon streak. Will not touch the account again until I take the payout. That was the original plan and my horrible trading cost me $2250 of my payout. I guess the market decided it wanted to humble me. Back at it next week and will be sizing down until I show myself I can be disciplined again.
@DevS1040@Topstep@MichaelPatak I didn’t want to say anything about where I was in the standings until I was pretty sure I could hold first place. It was very exciting though and hard not to share. So very grateful for the opportunity.
Thank you. I’m an introvert so I’m usually not very talkative but I share my story so that hopefully other people can learn from my mistakes and not have to go through what I did before I finally changed how I approached trading. If you have a tested strategy that works, follow it. Size appropriately so you can afford to take losses and you will be amazed at how quickly things come together.
I love to trade but I could not afford to keep trading if I didn’t change. I invested a lot of time and money into learning trade so the thought of quitting was devastating. It was my rock bottom and when your back is against the wall, you do what you got to do to make things work. Topsteps DLL and other risk management tools really helped me.
In the middle of July I hasn’t taken a payout since April. I was getting the XFA and almost getting a payout and then blowing it. I ended up doing quite a few back to funded on the 150k accounts and it got expensive quick. I was ready to quit but gave it one last try. I committed to following my plan and it changed everything. I went from almost quitting to being profitable in two months.
@outsidesigma2@Topstep@MichaelPatak No big secret and nothing you haven’t heard before I’m sure. Accept and cut your losses, size appropriately and follow your plan. I still struggle with all those things but I’m getting better and once you start seeing the results, it gets a bit easier.