Account Blown Again
This trader blew his account 25 times!
Blowing Trading Accounts
Now and then I don my armour, take a deep breath, and venture into trading Facebook groups to see what people are posting.
I was scrolling through one and came across this post…
5 blown accounts… That’s a pretty poor performance by any standards. Anyway, what did people have to say in the comments?
“Keep it in demo until you master your strategy”
“Take some time off”
“Lower your size”
These are decent answers. All good advice.
Sadly it went downhill from here…
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“Use XXX EA you can pass 9 out of 10 times”
“Ive blown hundreds get back up”
“I’m on my 62nd haha don’t worry”
Wow, ok so there are a group of traders just hammering through accounts not learning anything.
As a side note that’s the danger of these cheap-funded challenges, people aren’t taking them seriously because they cost so little. There’s no real skin in the game.
Perhaps that’s a discussion for another time.
What should we say to this dude who has blown up 25 accounts?
- Take a break and step back. He’s probably emotionally charged and starting again now won’t allow him to think clearly.
- Go back and work out what’s causing him to blow up accounts. Too much risk, adding, refusing to take a loss, overtrading? What is it? Use those accounts as a learning tool.
- Come up with a plan. Does he have a strategy? Does he have a plan? If not he should take as much time as he needs to devise a simple clear plan with ONE strategy.
- Start to take this business more seriously. This guy needs to elevate his standards. He can’t expect to compete with traders who are treating this correctly. Zero chance.
- Find something outside of trading to boost his discipline. Ok so we don’t know why he blew up, maybe his strategy sucked, but even with a sh*tty strategy if your risk management is on point, you won’t blow up. So his discipline probably needs some work. What can he start to do each day to build that muscle?
- What else? What advice would you give to a mate who told you he’d blown 25 accounts?
Keep those standards high, it’s what will separate you from the crowd…