Hello traders,
I just want to tell you my story, so some of you will not make the same mistakes and just to make things clear for me. I started with doing paper trading for like 2 months in this two months I learned how this stocks move and made me able to recognise the chart patterns. Overal I made something like $500-550 papertrade profits. After this two months I was at the moment where I thought it isn’t that hard at all let’s trade with real money!
At 18 september I made my first long trade on LAKE on which I lost $70 but learned my first lesson.
Papertrading is a lot different then trading with real money, even I traded very seriously with my papertrade account. When I entered my first trade my heartbeat rised up like crazy, at that moment the emotions began to take over for sure when the stock went against me. I forgot all I know about trading all I was able to think about was exit that ugly trade.
A problem I had a several times is that I recognise a pattern which could go up and i’m thinking of buying it, But my mind is telling me I should wait maybe it drops. After this moment the stock rises and I tell myself see that was an good entry! And I’m thinking of it buying it again on a small dip. At the begin I had here the same voice in my head telling me that it can drop. And you guess it the stock went up again. After this point I would believe the stock would do this again on the next dip. But when I entered the trade it suddenly don’t run that much further go up a few cents and drop below my entry point. Because that entry point wasn’t an A+ I actually chased the stocks I figured out afterwards.
Things I learned so far:
- Don’t trade when not thinking clear
- Be patient, when buying and when selling
- Be more confident about my thoughts
- Trade strong stocks, don’t go long when stocks show signs of weakness
- Work on my emotions, don’t let them take over
- If it was easy everybody was a profitable trader
I wanne thank Timothy and the chatroom for their great support.
best regards a proud profit.ly subscriber
Very interesting !! Learned a nice bit from reading that. I am basically in the exact same boat as you!
Taming my emotions has been the nardest part of learning to trade. People will tell you "Don't trade with emotion" but some of us simply don't have a choice we're just wired that way. There's a book called Trading in the Zone by Mark Douglas that has been hugely helpful in helping me harness my emotional energy and use it for good. I still suck as a trader but I'm not the emotional mess I once was and my trading is improving.
@teentrader we are here to learn from each other :). I know by learning, learning and learning we will get out off this sinking boat, This boat were we're in now isn't the millionaire boat.
@todddunnigan Yes that is a great book I'm reading that book at the moment. After my first trade I knew directly I need to work on my emotions, gonne read that book a several time's to understand this totally. It sounds so easy, but we need to rewire our brains to profitable trader brains.
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