I just wanted to share my journey since it will be my 4th year this coming January since I learned trading and I’m still not profitable yet.
For context: I learned trading (SMC strategy) way back 2021, wherein I tend to believe in my own strategy. Fast forward after 6 months I became funded in MyforexFunds (way back when they still have 30 days time limit). I used to trust my trades when I was a beginner using order blocks as my POI and LTF order blocks as my entry.
When I passed my first prop firm, ego went right into my head; I felt like I could finally be rich!! However, I blew the account a day after I got the live account (imagine the stress). Now since that happened, I feel like I’ve been trying to win a prop live account up to this day but with no luck. I feel like I was revenge prop trading, failing more or less 20 prop challenges ($10,000 only).
Strategy hopped from here and there, stumbled upon ICT, still not happening. When I was a beginner, I used to win 10R +. Now I can’t even win and trust my trade idea of 2R.
Idk if I’ll just give up; I’ve already invested a lot of time and energy into this field.
Take a step back for a while. Relax your mind. You need a rest because this industry is very tough. Then after you get fresh air, come back again to the chart. That’s how I became profitable. Sometimes, lack of rest can result in mental instability leading to bad decisions. Have a good day
@Adair
This makes sense, because I’ve been trying to get back at those losses in challenges. That I keep on purchasing new challenges. How long did you actually take a rest? Been planning to take a step away also from the charts for a clearer mind.
@Winter
A week or two is good. No chart… not even a glimpse at it. Do what you enjoy… like gaming, movies, walking in the park… anything that makes you feel better.
@Winter
I went through the same phase, bro. The best you can do is rest for a little while (about 2-3 weeks) then come back to the charts. Don’t forget the psychological aspect plays into trading; gotta clear your head.
Have you actually thoroughly backtested any of the strategies that you’ve used to see if they’re viable? A lot of people that use SMC/ICT haven’t really done this and just trust that because it sounds like the strategy knows what it’s talking about, it must be a profitable strategy.
Also, funded accounts are IMO one of the worst things you can do to try to become a profitable trader. Open a small personal account first (even $100 will do) and become profitable trading small. After enough time of doing that, then you can try funded accounts again if you really want to go that route.
In other words: Show yourself what you’re doing actually works first, both in terms of backtesting and in live forward testing with your own small personal account, free from funded account rules and restrictions.
ICT has brought many exploratory concepts to the table. He has opened up charting to many people’s eyes.
Everything works, and everything also doesn’t work. Because a market structure shift can also be seen as a reverse draw on liquidity. Once you understand this, you will know there is no holy grail strategy that can keep winning.
What will make you profitable is NOT using ALL his concepts at once. It will wreck you.
Select a few, develop a strategy around it. Have a decent win rate and RR. Backtest.
You don’t have a very precisely detailed trading plan.
You don’t have a good risk management system (or you wouldn’t blow an account in 1 day).
You are asking the wrong questions…
It’s not about your feelings or trust or anything like that.
It’s all in the numbers.
You need to understand what profitable trading is… It’s a data-backed system with a higher probability of making returns over a large sample of trades using proper risk management.
If you had all the things I talked about above, you wouldn’t talk about your feelings and your ego and your trust.
The first thing you should do is limit your risk. If you lost a funded account in 1 day… there’s an issue in your comprehension of funding.
I would have to lose 20+ times in a row to lose my funded account. My data says, there is less than 0.1% chance of that happening.
Don’t worry one bit, because Michael will be deleting his YouTube channel, since he stated that Bitcoin will be going to zero and will never reach 100k, or else he would delete his YT channel.
@Lior
I like that this and it will stick with me; I used to stress my brains out telling everyone how important psychology is, but I never had an edge (just thought I did) and am still in the phase of creating my strategy. I’ve been in the game for 6 years .
@Lior
That’s some low IQ shit lol; psychology I would argue is 90% of it. Sure you have a good strat; are you gonna risk more? Close early? When it’s not at your TP/SL? That’s literally psychology.
OP is legit talking about revenge trading, and you’re saying that’s not psychology lmfao.
(just thought I did) and am still in the phase of creating my strategy. I’ve been in the game for 6 years