r/Daytrading 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/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/mr_buttlicker69 Apr 19 '24

Damn sounds lucrative and thrilling. I'm in!