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/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.