I think everybody has to read more than once what Jim shared above. It contains so much information that you might not be able to understand completely how deep it is. Seriously, wow.
I read a very good book, recommended here in different post, called “trading in the zone”. Very good reading about our own beliefs. But even though that book doesn’t touch so many topics as Jim.
I also experienced the same problems, probably as everyone else. I’m getting much better but takes time. You have to create new habits and beliefs.
The market never do anything wrong, it’s us who receive that information emotionally.
Steve, I really recommend you to keep practicing before you try to get funded. This type of accounts need a lot of self control if you want to succeed. You are not going to be consistent only because you say you have to. If you're not consistent now, you're probably won't be it under pressure.
The problem if you are not ready, you’re not only going to loose money, you’re also going to get frustrated, get mad with yourself, question everything you know and probably create bad habits. It may help you but generally I would say it could do more hurt than good.
One way to go through this is practicing until you don’t have any doubts about how to do it. The day you’re ready is the day you’re not trying to figure out nothing. You know what time frames you like, you know exactly what is your strategy, your risk, everything.
If there is any part you’re trying to figure out, the day you have a loss you’re going to question it, try to adapt and change, but on the move. Maybe that was not the problem and you fix what was not broken. It’s like trying to build the plane while you’re flying it. Again, probably you’re going to question everything you do.
For example, Steve, I think you’re probably over trading, revenge trading and all the symptoms Jim mentioned. The trade you mentioned clearly was for the wrong reasons. I don’t know if you’re aware of how you described it (because I have done it before I could bring it back) but it says a lot. You didn’t enter because price was in demand for example, or because any Fibonacci ratio, you enter because you wanted more profit. If you’re looking at your account balance, you’re more worry about that than what the market is telling you.
How do I know that? Because we all make the same mistakes. If you loose a trade, you probably want to make another one to recover that loss, right? At least, if you still didn't hit your daily loss, right? And if you get profits, probably you don't let your winners run, you take profit as soon as you get "enough", right? But right away you feel you could get more... Wrong reasons... Trade the chart, not your account balance.
I think that once the markets start to make sense, once you accept the losses, once you figure out your whole strategy, then you don’t need to think that much.
I don’t think how to press the brake of my car, I just do it. At the beginning, I had to think about not pressing it to hard, too soft, too soon or too late. Now, I just do it.
Keep practicing and be aware of your thoughts. If you open your computer thinking "am I'm going to loose today?" you're probably will.
If you know you're edge, you know when you have a loss that you were playing odds. This time was not in your favor but in the long run it will.
Good luck and good trades!
Sebastian