i see a lot of posts on here about blowing up accounts. gets me thinking about my first couple of years.
i had a decent strategy. i could find good setups. but my P&L curve looked like a heart attack. i'd make money for three days and then give it all back, plus more, on the fourth day.
i thought i needed a better indicator, a more complex entry model, whatever. i spent hundreds of hours backtesting stuff that didnt matter.
the real problem wasn't my strategy. it was that i had no "off" switch.
now my rules are painfully simple and have nothing to do with charts:
– if i lose two trades in a row, i'm done for the day. doesnt matter if the perfect setup appears 10 minutes later. i walk away.
– if my account is down 2% for the day, i'm done. hard stop.
– if i hit my daily profit target (which is modest), i'm also done. this was the hardest one to follow (still is sometimes).
i just close the terminal. doesnt matter what im trading. i log out of the bydfi app on my phone and i go do something else.
it feels like leaving money on the table some days. it's boring. but im not blowing up accounts anymore. and i'm still here. that's the difference.
a daily kill switch saved me more than any indicator ever did
byu/ryukendo_25 inCryptoCurrency
Posted by ryukendo_25
1 Comment
You already posted this earlier today using your other account, ArthurCastus.
https://np.reddit.com/r/CryptoCurrency/comments/1t1w7ev/a_daily_kill_switch_saved_me_more_than_any/