I said I’d give updates since I blew my account last time and here is where I’m at after 3 weeks of trading again. Back at ground zero. I broke my rules and didn’t take the loss on two trades during Wednesday when the market moved nowhere and held to 90 percent loss. My setup was ruined and I could’ve walked away while it was consolidating but decided to hold. Thursday was another bad day both calls didn’t move much and today I decided to full port spy puts and took a nice 1k gain to get me back to green for the month. Here we go again slowly climbing the ladder maybe this time I can break resistance on my all time chart.
Rules I broke that screwed me up:
1. My size was too big. I aim to keep all trades same size but Wednesday my trades were too large
2. I didn’t exit when my plan failed.
3. I didnt exit when I passed my mental stop loss
4. Had 2 short term trades open at once on mobile.
Each round I do better but I relapsed and caved in to my gambling addiction.
https://i.redd.it/y1w0qxxq0wld1.jpeg
Posted by Doc_options
16 Comments
You mean your bets? You’re not trading, you’re just gambling lol
Poor asset allocation and risk management. At least you know what happened and hopefully learned from this
It’s a slow grind to the top. Control your greed and you will be successful. Understand you will lose at least 30% of all trades. If you all in it’s just a matter of time before you go BOOM no matter how hot the streak is before it.
That’s why they call it the beautiful game.
What were your plays Wednesday that you held through
It’s funny cause you ended up losing the money you made
Been there. Mistakes were made.
Hey I was up 500% until I took all those profits and dumped it on NVDA earnings. I could have gone with less but I got greedy. Now I’m only 80% up and any more bad moves will blow the account when I had established a decent safety cushion.
Best to learn the basics before 5 figures.
Something I’ve realized recently is that while traders have emotions, stop losses don’t. They trigger when you tell them to trigger, every time. The market is a dirty hooker and going in without a stop loss is like going in without a condom. Sure it doesn’t feel great but you know damn well why it’s necessary. Mental stop losses are the pull-out method.
two words. Stop Loss.
When you won, the other side felt the same as you do now. Now that you lost, the other side is feeling euphoria. Sucks to say but risk management is everything. Not your gains. Not your ego. None of that.
Wow!
I’m kind of in the same boat, was up for the week, then one day I just dropped back to start.
Did you go out of the money options or as you were on a winning streak, slowly increase the size?
By your list I did the exact same thing, didn’t really set a “mental stop loss” thought it was going to keep rising but got crushed and took an L.
Most relatable thing I’ve ever seen 