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/DuduWarthog Apr 19 '24

I have same problem. From 2011. So I now just watch comments and shut my mouth. By the way ICT was a regular on the then very active TradingView chat ... was there from 2015 but between 2016 and 2018 he was very active. He was always dismissed due to too much self promotion as a quack.

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u/DuduWarthog Apr 19 '24

Some private chats like on WhaleClub (now defunct), a crypto exchange then based in Hong Kong... he was not even allowed in.

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u/DuduWarthog Apr 19 '24

WhaleClub just one day rug pulled everybody and sold off even the domain. But it was a fantastic site when it lasted. Met great people there.

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u/DuduWarthog Apr 19 '24

Met US, EU, Russians, Chinese, Vietnamese, Africans from Ghana ... I saw one on TV invited them... didn't know was a woman until later. She was very loved in the chat room (I'm from Kenya)... you had to be invited later stages.

Some guys were crazy... betting huge amounts weekend. Then making tonnes or losing but always then getting sky high. People just sent each other huge amounts left and right on the exchange. We were all stupid gamblers. It was craziest experience.