Fellow Traders,

So I initially started trading in early July of this year with CAD $1,000.00 and I managed to blow it up within a month's time roughly. The three main reasons were: Commissions (CAD $24.99 per trade), Exchange Fee (CAD vs. USD) and Trade Losses.

It's a very humbling experience and an eye opener when you see that your account is practically zero. However, I have learnt a lot since I first started trading and some of my biggest lessons/mistakes as a new trader are as follows: 

 

Emotions: It's one thing to paper trade and a totally different thing to actually trade. When your emotions are at full swing it's much harder to sometimes make rational decisions and that was one of my biggest issues.

 

Don't Follow Others: I noticed that I started following a lot of hype that was created in the challenge chat room and started trading based off of that even though I had my own plans which I started ignoring and I didn't prepare enough for those impulse trades.

 

Didn't Cut Losses: Even if I had the best plan and proper executions I didn't cut losses on time and constantly tried to convince myself that I will as soon as it reached the next support level (which never came...sadly!)

 

Hope Isn't A Strategy: This goes hand-in-hand with the above topic and I ended up holding onto my shares longer than I should have which badly hurt my account more than anything.

 

My game plan for the rest of the month is to fund it with roughly CAD $1,500.00 and start all over again but this time I AM learning from my mistakes and be more focused on my strategies and follow the plan and the chart rather than doing all the dumb mistakes that I did even though I read and saw videos about it...ironically!

I would love to hear from anyone who has had their accounts blown up as well and how they dealt with it and how they're doing now and what new strategies they've adapted.

Let's keep the conversation going...NEVER GIVE UP!

 

Avi.