Was scalping smallcaps with up to 200% leverage. Did very good at the start where I turned $500 into $3600 in 3 days. Then a bad day came up (where I also messed up my hotkeys) and blown 90% of my account. That's when I decided I needed to take risk management more seriously.
Decided, I will implement a 2-5% rule next time and just build my account a little slower. Higher than the standard recommendation but an drastic improvement from the 200% leverage where I can lose up to 10% on that position or more (in a worse case scenario) due to high volatility.
Although, the majority of my losses was likely between 2.5-10%. In hindsight, it was still very reckless. It just takes 5-7 losing trades or around 30% of my account to trigger and leave me in a compromised mental state to trade.
Decided, I will implement a 2-5% rule next time and just build my account a little slower. Higher than the standard recommendation but an drastic improvement from the 200% leverage where I can lose up to 10% on that position or more (in a worse case scenario) due to high volatility.
Although, the majority of my losses was likely between 2.5-10%. In hindsight, it was still very reckless. It just takes 5-7 losing trades or around 30% of my account to trigger and leave me in a compromised mental state to trade.
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