Wow, first of all, today was just shit. I have not posted these 2 losing trades of mine which in total after commissions lowered my account by 100$

You're probably reading this and you see on the left that I'm in 43.99 loses - it should be 143.99 as I have not posted my trades yet, why am I writing this blog post before I posted my trades you might ask?

Usually I post my trades the same day I took them and update them the day after to include commissions and trading fees after my iBoss account has been updated but as you can see in the picture I have no idea how to post my trades because the math doesn't add up, I'll just look at my iBoss once it is updated and post them tomorrow.

 

Check out order 2&3, one is sell one is short - I chased weakness, I was a part of the washout I placed a limit order to cover my loss at 3.36 the price dropped to 3.34 so fast so I updated my order to 3.34 but I didn't cancel the previous order, result - I entered a short position, I have no idea how I got executed at 3.36 if the price was at 3.34 but whatever.

(Let's save the trading reviews for tomorrow after I post them)

I did not intend to short I did it on accident, but the funny thing is again me and my greed when I saw I'm unrealized 30$ gain I thought "hey wait this might crash and I could actually be profitable".

Stupid me, this was not my plan but I'm emotional and make impulsive decisions, just like a losing trader does.

I said to myself "oh well I could use r/g as risk on my short" it bounced and I exited 1 cent above r/g. This is the only thing I've done right but I should have not even done that because the moment I entered the short I should have covered, not let my impulsiveness take over, not let greed take over, not let my ego take control over me.

 

I want to write about my journey, and as I write someone might read these and share his opinions with me so this is where the ego also comes in,

I really wanted to make a blog post saying "I WON THIS TRADE!!1!",

I really wanted to be green on my profit chart

I really wanted to be "right" even though I knew all along I was wrong.

 

Anyway in conclusion I think this is stupid and if anyone is reading this he might be laughing or thinking I am stupid and it's justified, this is a personality trait of mine to laugh about and it is stupid.

On this video:

https://www.youtube.com/watch?v=8l5l1xsPgmk

 

I quote @MichaelGoode - "So many (new?) traders lose money on all these dumb trades"

 

My trades are so dumb, I made 10 trades so far 6/10 of them were "dumb trades".

I give myself credit - 4/10 of them were justified to take and had a setup but I screwed two of them up and those two are losing trades which could be profitable. So on that part I am actually kinda happy.

what were those 6 dumb trades fueled by?

-Revenge trades

-Impulsiveness and lack of calmness

-Wanting to be profitable ( I guess part of revenge trading )

 

Now everyone wants to be profitable that's why we are here but if you're a losing trader like me we should not focus on profitability, we should focus on consistency of being right.

 

On this interview with @kroyrunner:

https://www.youtube.com/watch?v=82IG1r2VwnY

 

Tim Gritanni said "Understand blowing up your account is part of the process, it will happen at least once"

To that I reply, I'm sorry I can't do that, but at this rate I will do that. So whatever I am doing right now I must stop, I mainly revenge trade, look to gain 10% to 20% on every trade, and let this will of being green interfere with my decision. So yea I will blow up my account at this rate but I'm not going to,

 

here is what I am going to do:

Based on these 10 trades so far I get a sense of direction of my future trades are going to be, I will change this direction by setting myself these rules:

1) limit of day trades - I am going to limit myself for one day trade max, whether I lose or win, I am not going to make more than one day trade at the same day.

2) share size increment - for every 5 trades, if 3 of them were correct I am going to increase my share size by 50

3) not making a trade - If I don't see a trade I am confident in I will not take it.

 

I believe sticking to these 3 rules is what will improve me,

cutting loses - I'm actually doing that pretty well (except $CNIT) 

well now that I think about it.. today I didn't really want to cut the lose even though I did, but really it's because ego and wanting to be "green", again I think these 3 rules will also make me more comfortable taking a loss.

 

Motivation

It is okay to start as a losing trader, I studied for 4-6 months so far and my first trade was a little bit more than a week ago, I am kinda confident in my knowledge it's limited obviously but as I wrote before 4/10 of my trades were justified and I screwed up 2 of them, this kinda gives me confidence in myself despite being in a 150$ total lose so far. Those 6/10 trades are exactly why I need rule #1 and #3

 

 

No successful trader starts flying off into huge profits I have to realize this, why was I using 500 shares on my trade on $AVEO today? no reason, heck I even used leverage now that I think about it I am so stupid ugh I cringe at myself as I write this blog post.

Even on my second trade on $SPWH I believe I went all in, this is why I need rule #2

 

Taking my studies to the next level

 

There is literally no reason why not to study everything you can

https://profit.ly/trades

You can literally review where people failed and where they were successful and implement that to your strategy

You can review statistics about your broker, here is mine:

https://profit.ly/broker/SureTrader

 

I looked at the statistics there most people lose there and after digging I believe more than half of them lose because over-trading. This is something to avoid to be those who succeed with that brokerage firm, and my 3 rules will help me.

Where as

https://profit.ly/broker/Interactive_Brokers

doesn't let you unlimited day trades so you can't over trade, and they take less risk over their clients. Check their statistics to learn more about them

 

Check your broker's statistics, see why and where people lose.

 

If you are a losing trader

 

Do you agree with my rules? where do you need to improve? please reply I am interested in learning with losing traders, because we can learn from each other and become better.