Dilemma,
BACKGROUND:
3rd year trader, final month. I'm stuck with an account up 124% on year made within a 2 month period, but still down for life by 40%.
I feel I've come along way and am on the verge of my first profitable year, but I will be prone to make the same errors and lose what I have achieved as I have done in prior years. But I know it takes 3 years on average to get profitable if you don't quit (which I'm too stubborn to do) and this is my third year finishing....
Timeline:
2008-I began live trading 8/30 with 10,000 balance. In September, with the financial crisis, and market volatility movements, I learned little beyond the basic risk on/risk off concept and blew out my account with confusion by Christmas.
2009, I won 20,000 at a casino used that money +10k to re-open. I lost it ALL, when I was convinced Euro/JPY was going to TOP and refused to put a stop loss, well it did TOP for the next 3 years, just 40 pips shy of my stop loss.....but meantime I lost 30k!.. I learned you must always take losses before they outweigh a winner. An expensive lesson, but I learned I must always decide EARLY that I am wrong, and be "ok" with it.
2010- I traded demo, learning how to take profit and set realistic stop losses. I also learned how to trade different timelines, watch for econ news and ended up with 20% return on demo. Modest, but I was learning and targeting with small levels. Eventually, I re-opened up a small account with 3k, lost 2k with withdrew, back to demo. More lessons learned.
2011 - Jan-July= Promotion, tax rebates, and bonuses gave me extra cash, and I opened another account.
Initially, I put in a test amount of a few thousand, lost half of that over a 3 month period, but learned how to trade using longer term S/R levels. After further market study, I put in a new $$$$$ balance, and over a 3 month period DOUBLED it using my new methods. I then went on vacation, with a some limit orders and no TP or SL, oops!. This ended up causing a huge loss in my account, and I went on a huge losing streak revenge trading. Being on vacation = no trading....lessons learned. I lost my all profit and had only 50% of initial balance left. I withdrew again.
PRESENT - I had not been trading or following the markets. After a refresher course, I opened the account again and needed a couple weeks to remember my lessons/adjust so I lost my first few trades, and lost my discipline of tight stop losses and letting winners run, I drew-down 60%. I took 2 weeks off, only working on discipline. Finally, I then returned, refocused and ready to trade with discipline precision and no fear.......That was 10 weeks ago.
Since that time, I have traded 1000 times, won 70% of my trades, with a R:R of 1, again using my Supp/Res and breakout manual strategy and have been "lucky" to catch the euro/market volatility the right directions, and have made 25-50% weekly returns.
NOW....What should I do?
Should I factor in that, it has been almost exactly 3 years, and just now, I feel I finally truly understand all the complexities...and have good money management, always setting SLs and TPs (but I do risk 5%-8% per trade). and continue on to consistent profitability?
reduce risk and target a lower return%?
quit and withdraw my account?
Have I "arrived" by the mere fact I've already reduced my risk, began growing consistent profits, cut my losses (after tragedies) AND have paranoia that I AM RETURNING TOO MUCH??
Any advice, I know alot of you are going through or hopefully HAVE gone though something, and now that it "appears" I can see the "profitable" side, may have some tips on getting there and staying.
Cheers,
BACKGROUND:
3rd year trader, final month. I'm stuck with an account up 124% on year made within a 2 month period, but still down for life by 40%.
I feel I've come along way and am on the verge of my first profitable year, but I will be prone to make the same errors and lose what I have achieved as I have done in prior years. But I know it takes 3 years on average to get profitable if you don't quit (which I'm too stubborn to do) and this is my third year finishing....
Timeline:
2008-I began live trading 8/30 with 10,000 balance. In September, with the financial crisis, and market volatility movements, I learned little beyond the basic risk on/risk off concept and blew out my account with confusion by Christmas.
2009, I won 20,000 at a casino used that money +10k to re-open. I lost it ALL, when I was convinced Euro/JPY was going to TOP and refused to put a stop loss, well it did TOP for the next 3 years, just 40 pips shy of my stop loss.....but meantime I lost 30k!.. I learned you must always take losses before they outweigh a winner. An expensive lesson, but I learned I must always decide EARLY that I am wrong, and be "ok" with it.
2010- I traded demo, learning how to take profit and set realistic stop losses. I also learned how to trade different timelines, watch for econ news and ended up with 20% return on demo. Modest, but I was learning and targeting with small levels. Eventually, I re-opened up a small account with 3k, lost 2k with withdrew, back to demo. More lessons learned.
2011 - Jan-July= Promotion, tax rebates, and bonuses gave me extra cash, and I opened another account.
Initially, I put in a test amount of a few thousand, lost half of that over a 3 month period, but learned how to trade using longer term S/R levels. After further market study, I put in a new $$$$$ balance, and over a 3 month period DOUBLED it using my new methods. I then went on vacation, with a some limit orders and no TP or SL, oops!. This ended up causing a huge loss in my account, and I went on a huge losing streak revenge trading. Being on vacation = no trading....lessons learned. I lost my all profit and had only 50% of initial balance left. I withdrew again.
PRESENT - I had not been trading or following the markets. After a refresher course, I opened the account again and needed a couple weeks to remember my lessons/adjust so I lost my first few trades, and lost my discipline of tight stop losses and letting winners run, I drew-down 60%. I took 2 weeks off, only working on discipline. Finally, I then returned, refocused and ready to trade with discipline precision and no fear.......That was 10 weeks ago.
Since that time, I have traded 1000 times, won 70% of my trades, with a R:R of 1, again using my Supp/Res and breakout manual strategy and have been "lucky" to catch the euro/market volatility the right directions, and have made 25-50% weekly returns.
NOW....What should I do?
Should I factor in that, it has been almost exactly 3 years, and just now, I feel I finally truly understand all the complexities...and have good money management, always setting SLs and TPs (but I do risk 5%-8% per trade). and continue on to consistent profitability?
reduce risk and target a lower return%?
quit and withdraw my account?
Have I "arrived" by the mere fact I've already reduced my risk, began growing consistent profits, cut my losses (after tragedies) AND have paranoia that I AM RETURNING TOO MUCH??
Any advice, I know alot of you are going through or hopefully HAVE gone though something, and now that it "appears" I can see the "profitable" side, may have some tips on getting there and staying.
Cheers,