Welcome to the 4th quarter of 2020. We are almost done. What could possibly go wrong in these last couple of months? I mean besides our President being diagnosed with Covid-19? It's the beginning of the month which generally means...PAY DAY! So I got to reset my Funding Talent account. I started on my third aggressive model yesterday. Third time is a charm, so they say. Another post about that later, this post is about my second aggressive model account, and how I royally screwed it up. My first wk trading I grew my account from $25,000 to $64,000 I spent the next week trying to get to $75,000. You remember the slogan, tricks are for kids? Before I continue let me explain how the aggressive model works with Funding Talent.
So I'm inconsistent, despite trying to be consistent with lot sizes I know the length of time I keep trades in differs. Josie (Hey WCW) pointed out to me I was inconsistent and recommended I switch to the aggressive model, when I requested an account status check. My first account I believe I blew the same day. I think this was the day my laptop died, I was doing school work with my daughter and I got the black screen of death. My open trades ran me into drawdown, I don't believe I was using a stop loss. Back to my second account. Alright, I made a great profit. Over the next week I gradually lost a little bit at a time. Maybe I had a couple of winning days, I always made sure that I did not break the only rule I knew I would have a problem with, and that's the 10% daily drawdown rule. So I made sure not to lose more than $2,500 any day. So from $64,000 to $57,000, I was trying to phone trade my way out of this mess I made, side note: I'm not a great phone trader, not at all. When I look at MT4 on my phone I see something completely different than when I'm looking at MT4 or Trading View on my laptop. By the time September 25th rolled around my profit was only up about $20,000, this is where I wanted to keep it, I told myself alright, I will trade as normal, and try to increase my profits a little bit. I wanted to risk less than 5% of the original account balance. $1,250, but my emotions got the better of me. 1,250 lost during Asia I gave it up and came back later. I just knew I was right with the direction of GOLD it was going down. When momentum started to pick up I dropped a couple of positions. Did I mention that my phone also has a cracked screen? In my eagerness of trying to drop a standard lot, I opened up a 100 lot position. Lord... let me tell you how sick I was, that the last 2 wks of sticking to the only rule that mattered had gone down the drain. I felt physically ill. September 26th was supposed to be my first payout, and I blew it. 100% completely on me. I was overtrading, and I didn't have to be in the market. I was already above that 5% drawdown goal I put in place for myself. With a $25,000 Funding Talent account it only takes $3,750 to unlock the live account. I had already passed this mark, I traded everyday and up until that moment I had stayed below the 10% daily max loss rule. The 26th I kept busy with life, and it wasn't until the 27th or 28th that I saw an email I missed from Josie. Customer Support sends you out an email when you are due for a payout, or to tell you that no you don't qualify. Mine said I didn't qualify because I had a risk violation. Here is the screenshot that was attached to it. I'm going to hang this up somewhere, and carry it with me to remind myself of the consequences of overtrading. The trade that took me out is at the very top, as you can see the trades below it are significantly less. A heartbreaker, but coming off this loss I know I would do better the next time around. In this screenshot you can see the time, I closed it within seconds, and closed the other trades after that. That commission fee alone took me over the 10% drawdown violation. Thankfully, I'm no longer sick when I look at this. I had to remind myself that I need let go of the losses, just as I'm able to let go of the wins. The email of shame, but I know that the next one will be the one I've been waiting for.
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AuthorJust a woman, who has known how life changing forex trading could be for a while. I've finally found my path to the life changing part. This is my journey. ArchivesCategories |