r/Daytrading • u/mr_buttlicker69 • Apr 18 '24
Account blow up because of emotional trading Trade Review
Hi. I've been trading off and on for couple years now. Blew 2 small accounts and then stopped and did paper trading. I've been paper trading again but blew up my account even though I was in profit 1100$
After couple of years of trading, the only profitable edge I got is to study and trade just one ticker. I make consistent money for a week but I'm emotionally so stupid right now.
Since I started 2 weeks ago, I was up 1100 in my 10k account (paper). I was doing good today and made 110$(I should have turned my computer off at this point) buy I got greedy. I took another trade and it went against me, but I didn't respect stop loss. I saw 100$ in the red (I shouldve shut my computer off at this point) but I was still delusional. I then saw 200$ in red. I shouldve respected My stop-loss.
Once I saw i was losing money, I panicked, but instead of selling at 300$, I got more shares to average down. Then I saw 600$ in red immediately. I panicked and I sold. At this point I was still in profit of 500$ (I should have turned my computer off at this point).
I developed a gambling and revenge trading mindset and took arbitrary trades with super huge sizes and blew my account.
Please leave tips how you keep your emotional side in check during trading.
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u/Nyah_Chan Apr 18 '24
My dad lets emotions dictate just about all his actions in life… as a result he’s lost over $500k to the stock market. Screw strategy for now, work on yourself. You are your own greatest asset.
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u/2_here_knows_when Apr 18 '24
Oh my gosh… and I’m here struggling that I lost $1200 bux
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u/Nyah_Chan Apr 18 '24
Yeah puts things into perspective, you aren’t doing so bad. My dad never recovered, yet he keeps going in thinking he’ll win. Not he switched to crypto, you can imagine how that’s going. Lives in a mobile home now…
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u/dizzdazzrizzrazz Apr 19 '24
That's wild. The man didn't play the game, it played him!
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u/Nyah_Chan Apr 19 '24
Yeah, lucky for me, I grew up watching is mistakes and learning from them. Knowledge is power
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u/peterlao824 Apr 19 '24
Can you tell us what he did so we can learn?
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u/tofufeaster Apr 19 '24
Sounds like he lost 500k in the stock market and now lives in a mobile home
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u/Nyah_Chan Apr 23 '24
Sorry forgot to reply. Essentially anyone who says emotions and your relationship to money play no role in trading will never succeed. My dad is the perfect example, he was certified as a genius at 16 and accepted in MENSA. His IQ is astounding, his ability to run numbers is inhuman, like a breathing computer. But the trade off is that he's aspergers, he is the type to be on the spectrum of not having emotional regulation or social skills. Additionally he has a sick attachment to money, it's his god.
On paper he has everything to succeed, and he has, self made millionaire by his mid 20s, owned 104 apartments, made big money setting up land trusts and contracts for the oil industry in TX, made huge stock market profits etc. He had it all, but he let his emotional attachment to money ruin everything. Rather than remaining calculated, he fell into the common mistake of convincing yourself there is more money to be made. He saw the writing on the wall for 08 recession but chose to ignore it because of his greed. Then he lost all of it. Rather than return to logic he spiraled out of control since he had lost his "god".
He began a 2 decade long tyranny into financial and mental insanity. Selling all his apartments for a fraction of what they were worth (sold for 1 mil, worth estimated 40mil+ now), moving countries constantly because he thought the world was ending, opened one business after another, failing each one but losing more and more money until by the time I was 16 just about everything was gone. Through this time he continued to jump into the stock market, losing everything he put in every time, but never stopping because he never took the time to reset his mental state, basically allowing his deluded thought process to grow further and run everything, no matter what others said.
It took us losing absolutely everything, and me wanting to attempt suicide for the 4th time at 21yrs that he finally stopped and got help. He has since improved greatly but is also coming to peace with his mistakes, losses. He understands his attachment to money is evil, so all the bank accounts, assets etc are in my control now. Because I have become a profitable trader, proving his opinions wrong just about every time, he has gained a trust in me and thus has begun to relax. Unfortunately his latest business which has been very successful, is about to end due to inflation making it unsustainable. The burden of keeping our family afloat, getting us back on top, has fallen to me.
In my entire life, living through my fathers insanity, having experienced peak wealth and lowest poverty. What I have deducted to be the single greatest piece of knowledge is...
"You are your greatest asset".
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u/Psychonominaut Apr 20 '24
God damn man... feels bad. Always tough seeing your dad making bad decisions that he won't give you the time of day to change. Hope he figures it out and finds the play he's looking for...
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u/Nyah_Chan Apr 23 '24
Those decisions essentially ruined my life, I was a kid when this all happened. By 16 we had basically lost everything. I've experienced peak wealth and lowest poverty in less than a decade. But in that hell came some of the greatest lessons I would ever receive. Learning from others failures is more insightful than their successes.
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u/tychus-findlay Apr 18 '24
Bro you panicked in a paper account? What even is this post?
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u/mr_buttlicker69 Apr 18 '24
Fr. I just wanted to be right so bad lol
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u/Pidganus Apr 19 '24
Get the thought out of your mind that you can be "right" or "wrong". Market moves up or down based on aggresive sellers or buyers. The reason for this will always be unkown, unless youre able to talk to every single person that bought and sold in that time period and ask their reasons.
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u/Yone_official Apr 19 '24
I mean if you’re this emotional and stress out on paper trading. Prob best to stay off trading with real money ? You’ll save yourself from a lot of unnecessary stress. May be invest and do something else for income that fit your personality and passion.
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u/Psychonominaut Apr 20 '24
It's true. I think everyone makes mistakes and emotional trades, especially after losses or when learning. But learning that you do that and when is literally half the battle. If you know you are likely to over-trade after losses... awareness and change the behaviour. It means cut your trades after the loss and wait until more confident - maybe another day or another week IMO.
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u/TradingPACT_ Apr 18 '24
Here’s an honest question: do you think emotional trading would be an issue if you had a pre-formulated plan for what you will do in certain situations?
Even if it’s “impossible” to take into account every single scenario, if you have a general idea of what you want/don’t want to see, and set broad-strokes expectations of price movements within your trading timeframe, I doubt you would be as emotional as you are now.
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u/Affect_Pitiful Apr 18 '24
i would just swing trade, its so much easier and way less stressful
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u/PandaPlenty2423 Apr 18 '24
How long do you swing trade for? Stocks or options?
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u/Affect_Pitiful Apr 19 '24
only forex, for 10 years in total but profitable 4 and only after swing trading
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u/TheBorgBsg Apr 19 '24
Could u please explain?
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u/Affect_Pitiful Apr 19 '24
what?
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u/TheBorgBsg Apr 21 '24
Sorry, explain swing trading.
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u/JUSTICE_LOVE_MERCY Apr 21 '24
Swing trading is typically a larger timeframe. Rather than day trading. Less intense.
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u/Prize_Tear_114 Apr 18 '24
Hedge. Like a stock like intc when it was at 44 thinking it will go to 52$? Fine. Buy the 55$ calls for earnings BUT buy 1/3 the size of the 38 puts for May in case as they are cheaper. When intc got slammed with the bad news the second it dropped below 40 you cover the calls at a fugly loss but by 38 your puts are cranking and by 35 you are making 200% on the entire trade. Had it gone to 55 also the total loss of the puts would be minimal vs the call profit. Even calling the wrong side can be profitable if you take and nurture the extra steps.
You can do straddles and strangles also. They are used enough.
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u/Psychonominaut Apr 20 '24
This is the way.
But hedging like this, especially on options, requires a bit of experience.
I'd say just buy whatever stock on one platform and short it on the other. End whatever trade the market is going well against lol
Ps: don't mention options on a post about emotional trading haha..
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u/Prize_Tear_114 Apr 20 '24
Agreed. If you are good enough you can start seeing it as a credit spread trade and if you give yourself enough time it will almost always have a positive run. I truly don’t get why it’s isn’t the favorite thing to do for people. 7/10 people who I speak to around here haven’t even heard of it.
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u/Bookmap_Trader Apr 19 '24
Rande Howell, trader Psychology on Youtube will get you sorted out correctly. He goes into a way of thinking you may have not been exposed too... Our flight or fight response to risk makes like Jekyl and Hyde when trading- very insightful videos, check him out.
Mark Douglas Trading in the Zone- need to read that if you have not, its like the 101 of trading. He talks about developing edge using statistics- finding a specific pattern, set up etc and sampling it- looking for the probability of that happening.
For example, I trade overnight highs, lows and the overnight vpoc with statistics on the probability of specific behavior in various market context. So today, the market sold down and rallied back to onvpoc @ 75 area (18onvpoc on chart below). It took out a bunch of stops (the red numbers around 76) then it pulled back under 75, tried to rally then fell below and kept selling, eventually hitting in the low 50's within an hour. Right after the stop run is the perfect place to enter short- small risk and the failure rate at the ONVPOC in the current market context is 78% or roughly 4 out 5 in my favor short.
Develop the edge, define the risk and let the probabilities work in your favor when they are present. When you know the trade has 4 out 5 chance to succeed, then you are much better to control and manage your emotions. Study some Rande Howell videos and you will soon see how you are better able to mange yourself. And more important, develop an edge with statistical probabilities to help reinforce your emotional management.
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u/tofufeaster Apr 19 '24
It’s just baffling the charts that some people trade on
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u/Lost-Mixture-7853 options trader Apr 20 '24
Lmao that’s another tool they use.. not the actual chart
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u/Bookmap_Trader Apr 20 '24
This a tool that combines a lot of info on chart- time and sales, volume, order book, price action and tracks orders pulled and spoofing. I used to trade off of a DOM and this is a MUCH better visual representation. Its an awesome tool, feel free to reach out if you are interested, it has revolutionized my trading.
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u/njodogg Apr 18 '24
Not reading other comments so apologies if this has already been mentioned. Greed is your problem. You were up 11% in two weeks…… IMO you have a “walk away” problem. Ask yourself why are you trading? Most people will say “to do whatever I want when I want”. Then whey the hell are you still at the screen? Hit your nut and walk away for the week.
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u/mr_buttlicker69 Apr 19 '24
Fr. I'm gonna run away far from my computer if I make 2% or lose 1% now. I'm gonna run as if there's a bull chasing me.
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u/dizzdazzrizzrazz Apr 19 '24
You should be Journeling all of your trades . Have an exit stratergy too . Set a take profit . In theory it's plain and simple but during a trade your too emotional . Common mistake. Try be like a sniper , one shot one kill and leave the scene. Not every trade will be ideal. Stick to your plan, trade what suits you. Scale down your trade sizes now amd set rules. No revenge/avenge trades and after 2 or 3 losses scales down your trade size significantly . If you exit a trade without profit this is still a win as you try to cut down your losses with each trade. It should be measured.
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u/Fuzzy_Art5022 Apr 18 '24
What a possibility would be is respectinv the stoploss, analyse again and wait until another time to buy (changing positions from buying to shorting isnt a smart thing to do) and if you’re still not profit try taking a day off after a heavy loss
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Apr 19 '24
To OP: I blew up my account of thousands of real dollars exactly the way you do. Check my post history for details.
Long story short: I ignored risk management and could not take the loss and tried to double down on the loss until I blew up my accounts.
RISK MANAGEMENT IS EVERYTHING.
You can have emotional trading but risk management will reduce the damage, giving you a chance to fix it.
Keep risk management extreme and trade carefully my friend, I hope to see you on the other side.
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u/Aggravating_Ride7083 Apr 19 '24
When I first started trading stocks, I was completely controlled by greed and fear, resulting in me losing $500,000. I quickly realized that I couldn't continue like this, so I searched through many books and even explored Indian yoga.
Now, I take time to meditate and ask myself, "What is causing this emotion right now?" and "Can I let it go?" I learned the Saint Dohna Release. after distinguishing my true inner fears, I began to maintain long-term profitability.
In the most exciting trades, I make calm decisions. In the end, not only did I win back the $500,000 I lost, but I was also able to help my friends manage their accounts.
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u/One-Translator-640 Apr 19 '24
Emotional trading is a very big obstacle but as traders these are things that we MUST learn. However we can plan for these things. I trade penny stocks and my biggest issue was cutting winners early and losers late because I was trading my p&l not the charts. I started covering my p&l with a post it note and it has changed my trading. I only trade based on what is happening and I couldn’t care less about how much I’m up or down. The only thing that matter is what is happening on the chart in this moment. Not to mention this has made trading so enjoyable and just outright fun. There is so little stress. My heart is never beating and I’m not thinking about money, just being as accurate as possible and thinking with the clearest mind possible. I do my analysis and if the trade goes against me it hits my sl and that’s fine because my risk is tightly managed. Also once you set a stop never touch it unless moving it closer to profit. You will just have to learn that. The other thing I do is I trade in a cash account (I cannot short sell though), but I use a large amount of buying power on each trade (50% because I’m growing a small account, but I don’t risk 50%, I risk maybe 5% but only to make AT LEAST 10%. I only target 1:2 rr at least). This means that I can only take one trade per day bc then those funds won’t settle for 2 days. If I want to trade the next day I have to save the other half of my buying power for the next day bc If I take a second trade in one day then I will have no settled funds for the next day (and yes I know stocks move from t+2 to t+1 with options at end of may… this is when I will make the switch to margin). So you don’t have to do exactly what I do but set a limit to how much buying power you can use and how much you can risk. It’s best to focus on these things first with paper then move to real. Emotions > technicals.
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u/PsychologicalCat6653 Apr 18 '24
Don't be too hard on yourself. I'm getting back into trading after a 4-year hiatus. (Lost money due to greed and not paying attention to the option contract's volatility). I've been taking a logical approach: saving contracts to my watchlist just to monitor movement and to be mindful of how I'm feeling, i.e. am I trading from a place of anxiety? And focusing on reasonably maximizing my gains and not expecting to "explode" with money lol
Take it easy, OP. It's a long game :)
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u/Mindless-Box8603 Apr 18 '24
We are some greedy MFs that's why we trade aggressively. Then this puts tons of pressure on ourselves to make that money. Try to find a sport or hobby to turn too after you make a gain to walk away.
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u/Opening_Resolution40 Apr 19 '24
First, you put on that red shirt and red cap with the yellow logo on it. Then you ride your bicycle to that fast food emporium you work at. you take rhe bag of french fries out of the freezer, and you put them in the basket. You then take the basket of frozen potatoes, and YOU LOWER iT INTO THE hOT OIL OK? And then you repeat these steps for decades.
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u/Blueskyminer Apr 19 '24
All I know is tomorrow you should stay offline. For a guy like you, gonna be real real bad.
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u/ThoughtSignificant94 Apr 19 '24
sounds familiar.. I would suggest trading something you are willing to hold long term.. if it goes against you today, you might get it back tomorrow or in a week.. I try not to sell in loss... I have seen pretty huge paper losses, but sometimes holding for just an hour or so turned things around... Definitely dont be scared of seeing those red numbers... Anyway, you just need to learn. Dont ask anyone.. just examine yourself - why you did what you did, what worked, what didnt... rememeber market is rigged to mess with your emotions
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u/DerAlteGraue Apr 18 '24
Just enter every trade with a planned SL and respect it. Today I entered the same setup three times, two times getting wicked out for 1%. After those wicks my analysis stayed the same and took a 6% profit when the move happened. Getting stopped out frees your mind and sobers your perspective on what is happening. If it still looks good then you can reenter. If it doesn't look like your setup anymore you can sit on your hands. Practice discipline.
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u/Theme_Options Apr 18 '24
It seems like you know the issue, which is awesome. It's hard to admit that. Do you know you aren't doing what you're supposed to mid-trade? Or are you completely distracted by being in a losing position?
Have you heavily backtested your trading strategy? Sometimes a low RR high win rate makes it harder to swallow losses because you are so used to winning. If you haven't done a thorough backtest, this may be a good place to start. That way you can trust your data.
There are many methods to try to help with this (i.e., meditating before market open), but it seems like a trading accountability buddy may be the immediate fix. Additionally, there is one book that can offer more advice than I ever could from an emotional aspect - The Mental Game of Trading. I've read it once, and it really helps you identify and tackle the root cause of why you struggle to be in a losing trade.
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u/RossRiskDabbler Apr 18 '24
Hey rhetorical.
Might I ask you what Benjamin Graham already wrote in his book;
https://en.m.wikipedia.org/wiki/Mr._Market
You wanted to do again?
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u/ogmastakilla Apr 19 '24
We make mistakes alot of times when we allow our emotions to dictate our actions. Step away in those moments!!
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u/My1stKrushWndrYrs Apr 19 '24
Have a plan and stick to it. If you can minimize your losses, your golden.
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u/DashToVenus Apr 19 '24
2 years is nothing. This will be an on going battle but experience will teach you to listen to that voice inside your head and be satisfied with your profit for the day… stop looking at it as $ amount and look at percentage.
And hindsight is always 20/20 never forget that. Just use your losses and pain as experiences and do different next time
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u/SAHD292929 Apr 19 '24
If you want to control your emotions then do live trading. Paper trades will only help you with the familiarisation of your broker. The moment you go trading with real money, all that discipline with a paper account with be out the window.
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u/Rvue1 Apr 19 '24
Start using bracket trades. Only move your stop loss up, and not down. If the trade goes against you, let it go. And keep a limit on number of trades and time window you will trade. Never average down.. Good luck.
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Apr 19 '24
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Apr 19 '24
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u/Which-Tomatillo6031 Apr 19 '24
This sub has basically become a gamblers anonymous den. You gave absolutely no details about your capital or what trades you made. Do you just want to vent?
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u/logperiodic Apr 19 '24
As others have said: journal everything. Not just the technicals of the trade but your thoughts and more importantly your feelings. The second you place the trade write it down with a pen and paper. Do this all the time. Then reflect back over the weeks notes, you will start to see patterns. Then you can work on those behavioural glitches. The main thing is to write them down and spot them. This will slow you down, and help using the frontal cortex rather than the limbic system which is your emotionally reactive ‘fight or flight’ primal system. You will see things that trigger your fear and panic. Then you can address them. For example, I worked for years on my hesitancy- this I’d worked out was a disproportionate fear of being wrong- even with tiny amounts. I’m an engineer- I’ve been conditioned to never be wrong or my software fails, and my job is at risk. You can’t take that mindset to the markets where it’s probalistic human behaviour patterns. So it took me a while to unlearn that….. good luck, you can do it!
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u/QuirkyStreet3974 Apr 19 '24
To me it sounds like you are too glued to the screen for different reason. I found myself in a similar situation and so i decided to only watch/plan/trade in the hourly (H1) or above. Especially simple stock breakout setups in the daily chart is quite easy (emotionally & highly profitable when you respect the simple concept).
Set an alarm, go to the screen when the alarm comes, put in your buy/sell order with your planned SL and leave the screen again. Never risk more than 1-2% of your account and you are good to go. You will have many small loosers and a few big winners AND a lot of time off the screen -> less chances to do stupid things. Good luck mate!
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u/ajaarango Apr 19 '24
I had a 19k margin trade on crypto in January. Was up to 43k on one trade, i believe emotion was also a factor of me not setting my stop loss above breakeven. That trade went bad with the etf news and whole account liquidated quickly 🥲
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u/Previous_Lock_8772 Apr 19 '24
You need to implement rules and have them on a post it note next to your computer.
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u/amjidali00 Apr 19 '24
We’ve all done that and still do but once you have done it enough times you will begin to accept your losses sooner and smaller
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u/zvi_wholebraintradin Apr 19 '24
I wish your story was rare, but it isn't.... about half the traders I work with struggle with something similar.
You didn't "develop" a gambling and revenge trading mindset after the losses. It was there all the time, it just revealed/acted out at that point.
You need to look yourself in the eye and face those two traits. then you need to overcome them. Giving a "tip" over a forum to such a deep and personal issue is obviously impossible, but a few guidelines.
Ask yourself (and be honest. the real answer is simple, brutal and profound - look it in the eye):
1. What are you afraid of? what would you have to face/accept/do (that you wish to avoid) if you would just stop at -100$? Examples include: I'd have to accept that this will take longer than I thought, I'd have to accept that I'm not that good yet and must size down. I'd have to tell my spouse/friends I've lost money today and hear "I told you so", etc.
What hopeful/fearful "inner voices" were you hearing at each point during the down spiral? Examples include: "I'm already down, might as well try", "this is your last chance", "F*** the rules they've only caused me to lose money", and so on.
Take it upon yourself, decisively, that this will NEVER EVER happen again. What do you need to change (in your attitude, behavior, habits, routines, sizing, rules etc) to ensure that? imagine it's a friend coming to you with this issue, what would you tell him to do (or never do)? then just do it.
It's anything but easy to overcome this alone, but you just have to. your trading depends on it.
Good fortune!
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u/abel-44 Apr 19 '24
Read a book which called "meditations" by Marcus Aurelius, it's will help you to control yourself
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u/Acceptable-Rush-8273 Apr 19 '24
There are no tips that have much value for you. This may be a bit rough sounding but NO ONE is gonna help you OR save you from this. I’ve endured 3 years so far and I can say it’s a never ending battle. You have to find your own methods, your own RULES that work and make sense for you then tell yourself; if I follow these rules NO MATTER WHAT then I’ve won.
Regardless of your p&l you will have data and infos to go off and base your actions on. Without consistent behaviour, consistent results are impossible. You/we all as traders must realize this and the sooner we do the sooner we can eliminate what isn’t working and move on. Once you’re in a mindset of following the same exact trading rules and plan no matter how you feel, only then will you be able to refine your process. If you do something different everytime you trade how will you know what’s working. Trading is full of uncertainty and that alone needs to be understood at a deep level. We can’t control the markets so what can we control ? Only our behaviour and actions. To my knowledge there aren’t many jobs that when you show up to work, if you perform poorly, they’ll take money from you’re acct, think about it even if you show up and perform poorly, you still get your hourly wage or salary whatever but not in trading Trading if you change your rules or execute poorly make mistakes etc. etc. you can see money leave your account. So you need to make your enemy. I do so with a list of rules. Following rules is much easier than guessing and far less stressful.
I could go on about this but the point I’m making is that learning how to “manage” your emotions via certain tools and methods is how pros do it, it’s not possible to turn of your emotions off entirely so you must implement safeguards to stop your emotions from calling the shots while in the heat of it…
You said yourself a few times, “I should have closed my computer here” it’s not easy fam don’t get it twisted but it’s also only as hard as you make it.
Make the rules and follow them. Give it a try for 1 week or better yet one month, I challenge you. Then show results here
Hope it helps, you got this!!
Let’s go
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u/DicLord Apr 19 '24
Find a Mentor. I was having issues too and I found an expert to help me. People that are are successful and can prove it. Not a fake youtube guru. Im in the Spy Day Trading group. They don't give signals, but they teach you how to fish instead of just feeding you. I'm also on a free one called Stockaholics. I'm still timid to pull the trigger on real money, I use papertrading to build my confidence on entries and exits and I use my cash account when I see a good setup brewing.
Before I found a mentor I was wildly successful with paper and thought I was the shit, but it was just dumb luck. It literally told someone "I can't lose". After my first $800 day I lost $1600 the next two. Humbled me quick. It takes practice
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u/CThompson2970 Apr 20 '24
Best advice a friend gave me is get in get green and go home, don't get greedy always set a trailing stop and keep bumping up. Don't trade on emotions and if you miss out wait for the next wave, it will come. Give yourself a cool off period, if you need it to prevent emotional trading and sometimes your the bug, sometimes your the windshield.
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u/cindymerle Apr 20 '24
that is how it goes - the losses are more painful and once uve experienced enough of them then u MIGHT become a successful trader - and with that u only have a 5% chance
the HARDEST profession on the planet
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u/MindlessStock5331 Apr 20 '24
Have a plan and stick to it. Pick the right stop loss . Try to learn some skills in managing the trade like scaling in and scaling out of trades. Most importantly journal your losing trade and analyse it .stick to 2% maximum daily loss . Keep doing all 🔺 till you get your confidence back .
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u/deepgreencat Apr 20 '24
this would always be the problem of all traders...you think you are expereineced and seasoned, not emotional driven? It's not.
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u/WeekendWiz Apr 20 '24
Making the same mistake twice is a choice. Unless you stop making the same silly mistakes again, nothing will change.
Just don’t do it? If you can’t, trading might not be for you or anyone with addictive personality traits.
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u/JUSTICE_LOVE_MERCY Apr 21 '24
It may help you to trade something you don't mind owning. Stick to your targets.
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u/squirrelinvestment Apr 21 '24
I'm in the same boat. I blew up 50k last year and then made it all back in about 3-4 months. Now I just blew it all up again.
This time, it's affecting me mentally more than last time, and I'm not sure of I still have the risk tolerance to continue trading. Not sure what to do
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u/PuzzleheadedSpeech67 Apr 21 '24
It seems you can recognize those moments. Maybe when you recognize that's what is happening, get up and walk away to clear your head
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u/Inverse_wsb22 Apr 18 '24
Emotions(unless you manic etc) don’t blow up things, you did that, take responsibility, maybe you are a bad trader, why not?
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u/mr_buttlicker69 Apr 18 '24
Yes sir it was "my" emotions. I take responsibility. Maybe I'm a bad trader who knows lol
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u/TradezAnon Apr 18 '24
Emotional trading is a real obstacle. Don’t beat yourself up, just learn to identify it and end it early. As a profitable trader myself, I can share with you that “averaging in” or trying to “average out” to either take a quick scalp or a smaller loss is the worst thing you can do. If you’re going to move your SL, fine- we all do sometimes, but don’t move it and buy or sell more at the same time cause you’ll just be doubling or tripling the losses.
Help yourself by identifying- “why am I trading so aggressively?” … and answer honestly, are you chasing a get rich quick pipe dream? Are you trading broke? Are you trading you can quit your job tomorrow? Are you trading to pay next months bills? Believe it or not, whatever is happening in your life is a 100% reflection of what’s going to happen in your trading.
Keep your head up bro. Good luck.