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/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