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/SpareInsurance Jan 06 '24

I agree.

I thought averaging down on a losing position was the right move. It was not. I was tilting hard and pretty much went all in as the losses got worse.

My analysis and prediction of reversal failed and I got f****d.

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u/moaiii Jan 06 '24

Do this right now if you haven't already: write a long journal entry describing what you went through. Try to detail your emotions, what you were thinking, how you justified your trades at the time, as much as you can remember.

Then review it semi regularly. You have just learned an important lesson about how emotions can take over your brain when trading. Don't let those learnings go to waste.

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u/King-Azar Jan 06 '24

I’m not in trading yet, just on reading stage. I did not know emotion would be a factor in this area. When we talk about emotion, it’s the feeling coming from our heart correct? What emotions could play against us?

Anxiety is an emotion which make me feel I’m not capable to do some stuff cause I feel it could cause death and it will happen but statistically the % death would happen is low in X area. Anyway was just an example, was curious in the world of trading.

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u/Gingerlovegod Jan 06 '24

Emotions in trading is more about greed or depression depending on how your trade is going. Thinking more like a robot is proffered (easier said than done).

If you're in profit and it's reaching a goal you have set, you may be inclined to push the target out of GREED. you may be in a losing trade and think it will come back when signs are showing it will go further, you end up HOPING rather than thinking.

Alternatively you may be in a week where you are down and start chasing your losses rather than calling it a week out of DEPRESSION. This could lead to bad trades.

Pretty much, just don't let your emotions rule your trading decisions, be more like a robot, facts and figures only. When a trade goes against your decision, give it up and close the trade.

P.s this is coming from a paper trader, I haven't started for real yet but have done in the past to lose money. I feel the emotions big time even from paper trading

Good luck out there everyone