$10k Crypto Daytrading Account

[noahcos 63]

I've been daytrading full-time for more than 2 years now. I've made money in some periods, but i always ended up giving it ALL BACK due to over-trading and poor risk management.

Now i've decided to commit seriously to consistency and rigid risk management. I started off with a horrible mindset and it was only natural that i lost everything i had. It for sure is a character building experience.

I trade the price action. Over time I've collected a fair amount of setups&concepts that provide consistent returns. I have a decent system that makes money, but admittedly, for me it's still a struggle to execute properly. There is a BIG gap between my theoretical profits based on my system and actual results. BUT i am getting better and better every day, trying to close the gap!

My main focus will be on

 

1. Risk management
2. Always in control, always trading. Stay away from hopes and wishes
3. Trade only setups with edge. Focus on those low risk, high reward trades. Make sure to cash in on the winners and minimize the losses
4. Go with what is, adapt to the situation
5. Minimizing mistakes, learning from them, not repeating them again

 

I will start with a 10k$ account. I will likely trade mostly futures, but also spot cryptocurrency.

Risk management rules(max loss):
Setups on less than 1H timeframes: 50$-65$
1H setups: 100$
4H+ setups: 200$

Max daily draw down(300$)

I will try to update daily. I won't be posting actual trades, but i might reflect a bit on the day and post daily PNL. If not, then i will do it at the end of every week(depending on how busy the market will be!).
Just because i am daytrading does not mean i will take trades every day. I will only enter when i have a setup with edge according to my system.

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[charlnut 33]

Day 1: We got off to a bad start. I did not get in on a breakout long on ETH and Bitcoin, so no profits there (despite the fact that I should have according to my system), but I did not act on it (probably due to all the chop that had been happening prior)

+70$ DAILY PNL

Up on an altcoin trade, which was also not a good trade. The risk was $50; if it had been $200, the profit would have been 280 dollars. The RR on the trade was not favorable. Maybe I took profits too soon.

If I spot a trend, I may decide to hold the trade for a swing.

With the risk management that I mentioned in the post, if I had simply followed the system without thinking, I would have made around $1700 for the day.

[charlnut 33]

Day 2:
I didn't do anything. There were a few trades that i should've taken and would bring me atleast 500, but i hesitated, didn't want to act. Atleast i didn't do anything stupid.... Until the evening. I lost my focus, i was really tired and i impulsively bought into a narrative and did a stupid trade that immedietly costed me 43$ and then another mistake that costed me 31.7$. THOSE WERE NOT TRADES WITH EDGE.

DAILY PNL:
-74.7$

Anyways we are onto day 3 now... I have some longs, let's see how they play out.

[charlnut 33]

Day 3:
The long from day 1 ended up materializing, BUT GUESS WHAT... I was not tracking the stupid ticker anymore. Would've been quick and painless trade, 200 risk, 600 return in half a day. Coulda shoulda woulda.

DAILY PNL:
+461$

Anyways had 2 longs... I decided to realize one of them at 461$ profits(risk was a 100, thus 4.6R return). The other one has roughly 75$ risk and i will let it run. I was not watching the screens, if i had, i could've exited earlier for probably roughly 150-200$ extra profits.

Also i think i should let the trade i realized run because it has a higher timeframe momentum, BUT i HAVE TO realize some of the profits in case the other trade goes south... Don't want to be left empty handed, it's happened SO MANY TIMES. But feels like market conditions have changed now(it was miserable chop before, kinda seems like a trend now)

 

 

 

 

 

 

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[charlnut 33]

Day four: Damn!!!

I trailed the $75 long yesterday (should've just let it run with the original stop loss) and was stopped at the bottom of the wick in breakeven. If I had let it run with the original stop loss, I would have made $300 and would have closed the trade here.

I took another long yesterday evening before going to bed, but only risked $65 because I was *unsure*, whereas I should've risked $200. Also, I closed it right away for 38$ (for some inexplicable reason... guess I was tired??)... Anyway, the trade worked out nicely; we'd be up around 350 right now if it hadn't worked out.

I woke up three times in the middle of the night (not to mention... it was completely useless)... and I was extremely tired this morning. Wasn't in a good mood. I didn't follow through on the usual routine (meditation, etc...)

Then a friend told me the market would most likely fall. I guess it was just the fatigue and tiredness that caught me off guard. My mind was extremely quick to buy into the story. I don't usually fall for such nonsense, but it can happen quickly if I'm not fully focused. I veered away from trading the charts and into the narrative. The charts were telling me the truth, but my mind had bought some nonsense!!!

I had opened another long position in the morning at a risk of $200, but after hearing from a friend later in the afternoon, I immediately closed the position. I'd like to close the trade now, with a profit of 1.85R or +370. Instead, I closed the position at a loss of $14.

I put on two shorts at random, which cost me $35 and $12, respectively. At the very least, I've minimized my losses.
I was chasing some stupid long trades on lower timeframes as well and cut it at a loss of 18.6$. I was risking $50 and was lucky because there was no setup and I would've been stopped out...I was too impulsive to take the trade.

PNL for the day: -77$

[charlnut 33]

Day 5: Bitcoin skyrocketed, and I have nothing to show for it. Shame. It was clearly trending, but I was hesitant to FOMO in while the conditions were favorable!!! I was hesitant to take the plunge. WHEN THERE IS A TREND, YOU MUST GO WITH THE FLOW AND FOMO IN, PUSH THAT BUY BUTTON!

Anyway, I made one trade yesterday evening - a long on altcoin - and the target worked out perfectly and materialized by the time I woke up, but there were two issues with the trade.
1.) I only risked $60 rather than $100 on a 1H setup. 2.) I saw the opportunity but didn't set limit orders in advance because I was hesitant. Doing so would increase my returns to 3R, and risking 100 would result in 300 profits... I had to jump in later with a worse risk-to-reward ratio....

PNL per day: +130

[charlnut 33]

Day 6 of Week 2: Daily PNL +180

I had some nice trades, but I didn't manage one properly (didn't watch)... I missed out on roughly $400 in profits, and I actually ended up losing 110 dollars. And then I had a nice long on bitcoin, but I trailed the stop too tight and was stopped out at breakeven, when if I hadn't trailed it would've worked PERFECTLY and brought me nice 900 profits.

I was so proud of myself that I still found a trade, BUT I WAS LATE and the risk-to-reward ratio was NOT GOOD... so I only banked 330 and risked 100 on the trade.

I should be making $1000+ per day, but I don't seem to be there yet. I fall short due to a minor blunder or a lack of focus and persistence, and the end result is far from ideal.

I'm glad to end the day on a positive note because I was 150 dollars in debt but luckily managed to get out. The SL trailing was very expensive, because I should have been up 750 today if it hadn't been for a stupid mistake.

Previously, when I fuGG up, it would really irritate me and I'd quickly deplete the account. So, now that I'm aware of it, I'll try to stay focused on trading and MANAGING THE RISK. You can't let your guard down for even a second or you'll get FU*KED IMMEDIATELY.

[charlnut 33]

Day 7: Oh, no.

I haven't made any trades.

I took one random trade with no advantage and made 3.5$ profit, but it was stupid.

There were two trades I should've made but didn't.... The reason for one was that when I woke up, it was already slightly too late and RR wasn't the best...could still squeeze out around $150 with a risk of $50, and then there was another one where I hesitated.
The first setup was very clear, but the second was optional, so... it is what it is.

Not to mention that I had a really strong FOMO on bitcoin, thinking we were about to break out and then it crashed... I knew there was no edge to chase, but I still wanted to do it lol. I resisted the temptation.

PNL for the day: +3.5$

[charlnut 33]

Day 8: What the F##K am I doing?

It was one of the most frustrating days I've ever had.

DALY PNL: Down around -200$, possibly more; exact figures will be posted tomorrow.

I'm frustrated, but I'm not going to let it bother me. It was just a bad day; let's focus on doing the right things, such as taking trades with an edge, risk management, and so on.

That's all I need: those 3-5R trades.

ALSO, I made a major blunder today. Instead of just playing my trades with edge, I was literally betting direction on what I thought would happen. It took a huge mental toll.

[charlnut 33]

Day 9:
Didn't report for yesterday, that's because i took 2 trades but haven't closed any of them.

I could've bagged 280$ of profit and rebought with a bigger position though. But i was biased by the higher timeframes and did not want to act!!!

DAILY PNL:
+-0$


Have 2 trades going for me right now, i am long cryptos. I just want larger and larger position but i am already risking like 350$ combined there. I want to add more because i have high confidence in the trade, but i don't want to oversize. I probably should, but i have to respect the risks and thus i will not add to position.