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I’ll be honest, for the past few months of learning trading, trading demo accounts and testing strategies, I think I was making progress in terms of practising discipline in my trading, particularly in the areas of following my own trading rules.
Rules such as not overleveraging, revenge trading and a couple of other rules to help me become a better trader.
However, today, I messed up big time!
It was the last day of an evaluation for a prop firm account I was trading and I reduced the account from $9,970 to now, $9635!
That’s close to a 5% loss of a $10K account!
I think because I was under pressure to get the account into at least over $10K for a free reset I just disregarded my own rules and I now live with the consequences and regret.
If I had only I just followed my own rules, I probably would’ve lost about 10% or less of the losses.
One good thing though is that I feel bad, and disappointed with myself for messing up.
Although, it was a demo account, in my mind I treated the account like it was a real account.
At the end of the day, we’re still humans, and we make mistakes.
But the important thing is to learn from our mistakes and take measures to not make mistakes like this.
So, going forward, I’ve learnt a big lesson and made a commitment to myself to STRICTLY follow my own rules every time, no matter what the circumstances.
Now, if you want to increase your chances of NOT losing money in trading, then simply follow your trading rules.