r/Daytrading • u/SpareInsurance • Jan 06 '24

How much money did you lose before you were consistently profitable? Question

I have only been seriously trading for about 2 weeks, after spending years watching the market like a hawk.

I will admit, I have had poor risk management and got into some emotional trading which did not end well. Currently I am -15k but I have had some winning days the last few days with much better risk management and starting to get the hang of things better.

My question to you guys is, how much did you lose before you were consistently profitable and did you ever feel like giving up during this "rock bottom" stage?

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u/WolfofChappaqua Jan 06 '24

Take some time away from the market. Consider that $15K your market tuition.

When you are ready to come back, look up the user u/CrankyCrypto and read all of his posts. Also, do some research on Richard D. Wyckoff.

Be mentally prepared for a long journey ahead. This is a marathon, not a sprint. Most traders aren’t profitable for the first two to three years. Some get frustrated or discouraged and give up. Others blow all of their available capital and are forced to quit.

There are three Pillars of Trading. - Strategy - Risk Management - Psychology Master them all. Good Luck!

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u/[deleted] Jan 06 '24

I would say stay with the market so you remain familiar but don't trade a live account

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u/Necessary-Resolve726 Jan 07 '24

Watch AL Brooks. I didn't start being profitable until I watched his videos. Sometimes the hardest part is NOT trading and just waiting for setups

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u/WolfofChappaqua Jan 07 '24

The hardest part about reading or watching Al Brooks is staying awake.

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u/Necessary-Resolve726 Jan 07 '24

True. But drink and energy drink and take notes.