I began trading using lessons learned from Tim at the end of January 2018. With only a $6000 cash account the month of February returned a 74% win rate, $2800 profits with avg. $gain of $182. That part is all positive and why I love this trading strategy. The emotional part kicked in yesterday and today with PDT rule and the psychological aspects of cleaning up the account from wasted trades accumulated many years ago. My old bad habit trades (hold and hope) have been planking me square in the face with 70-95% losses. Determined not to give our wasteful government anymore tax money this quarter I decided it was time to unload some of those long time losers and accept failure. The many readings from Tim and the most recent from John Papa have taught me hope and hold is not a strategy. Needless to say my profits will now go from net positive to net negative which is tough for me to swallow. I love the concept of taking losses quickly before they become HUGE. To top this off I spotted $AAPL double topping yesterday so I bought 10 contract of 175Puts a bit early so I decided to add more when I was certain the move was in my direction. I was already at 2 day trades and when I was up about 10% and the price action was reversing I took profits on the 1st lot of 10 and held the second lot overnight. No problems here. Now at 3 day trades and all flags, bells and whistles going off in my account not to day trade another today I catch the exit on early morning spike for a nice $480 profit and proceed to watch for a new entry point which I found. Here is where the frustration kicked in overdrive as I proceeded to watch my newly acquired contracts increase 100% and I can not sell because it would lock my account as the 4th day trade. I should have walked away, but no I had to watch the slow and much anticipated decline in account value take place all the way to 4pm. Knowing I spotted the reversals for decent entry and exits was extremely encouraging and thankful for all the training from Tim and others here. However, it still hurts when you are trying to build your account and you can't take a couple thousand dollars in profits because of the PDT rule.
As I read your story, and review the lesson Tim has shared on many of his videos, Every trade is a lesson, the good ones, the bad ones, you should always learn from the bad ones, You know the lesson, what you should have done, the hurt comes when you know you should have been a winner, the lost of money sucks. stay focus it sounds like your well on your way. I'm following you so I can learn, I'm new and only have done a few paper trades, I will tell you it sucks on paper too. I have tons to lea
Thanks SKYisDLimit. I traded for almost a decade and never really made much money. I was one of those 90%ers that lost. Tim's training is the first more formal learning and since applying his lessons and those on this board my profits have been much more consistent. I have not attempted for any home runs, only singles. Good news is overnight 2 of my day trades cleared so I'm breathing a bit easier this morning.
Good, I have so many lessons to still do, I do paper trades only. But like you I have paid for services with very little wins, infact i lost tons. I feel Tim is much different, and i like his teachings.
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