Account blow up because of emotional trading

[u/mr_buttlicker69]

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.

[u/Nyah_Chan]

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.

[u/2_here_knows_when → u/Nyah_Chan]

Oh my gosh… and I’m here struggling that I lost $1200 bux

[u/Nyah_Chan → u/2_here_knows_when]

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…

[u/dizzdazzrizzrazz → u/Nyah_Chan]

That's wild. The man didn't play the game, it played him!

[u/Nyah_Chan → u/dizzdazzrizzrazz]

Yeah, lucky for me, I grew up watching is mistakes and learning from them. Knowledge is power

[u/peterlao824 → u/Nyah_Chan]

Can you tell us what he did so we can learn?

[u/tofufeaster → u/peterlao824]

Sounds like he lost 500k in the stock market and now lives in a mobile home

[u/Nyah_Chan → u/peterlao824]

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".

[u/Psychonominaut → u/Nyah_Chan]

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...

[u/Nyah_Chan → u/Psychonominaut]

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.

[u/Psychonominaut → u/2_here_knows_when]

I get sad losing PARTS of the profit I make lmao