Hey guys. Ive never written a blog post and never really intended to.. but Im going to do one for my own sake to put my thoughts onto paper. So i started trading about 9 months ago, where I was losing very consistently for the first 3 months. i had managed to half my original 4000 dollar account by mainly going long and losing pretty much every single time. Then I started to short sell and found some success. I had managed to build the 2000 dollars I had left over up to over 6000 dollars in about 2 months. Then I had a HUGE loss where I got stubborn on a short and kept on adding(with leverage) to my position and managed to wipe away about 90 percent of my 6000$+ account. Thankfully my broker closed the leveraged portion of my position before I completely blew out my account. I then managed to build my account back to 2000 dollars then I went on a downward spiral in the next month and completely blew whatever was left of my account.

    I knew that I wanted to come back to trading, because i f****** love it, and knew the mistakes that I had made, but I didnt really have any money in the bank to start trading for a few months. So, I finally managed to save some money and funded my account with an additional 4000 in the beginning of this April. This time around, I had done a fantastic job and managed to turn the 4000 dollars into 20k+ within a couple weeks. However, within the last 2 weeks, the market has been extremely slow and it has really taken a toll on me because I had made so much progress in a small amount of time and now i hit a wall due to the lack of opportunities. Recently, I have been overtrading and taking very bad R/R opportunities and I have been losing. Today I had about a paper profit of about 3000 dollars on MTBC as it was cracking towards .95 after the huge run up. I did not take it, because I believed that if it aporached the .95 level again it would crack and I would cover my short into that. Instead, i covered about break even then went long( revenge trading). I got my ass handed to me as it cracked and ate about a 4000 dollar loss on the day. I feel very poorly about the last couple weeks, but I still remind myself that I am up more in this month than I was hoping I would be when I opened my new account.

    Anyways, the reason that I did not blow up my account today was because I did not add to my losing position! This is so godamned important! Even though my loss was large, I managed to hit the sell button. I know for sure that if I had added to my position I would have gotten even more stubborn and possibly lost my entire account on this one trade. Guys... do not add to a losing position.. EVER. If you get into a trade and it starts going the opposite way, that means you were WRONG. WRONG WRONG WRONG. Why keep adding if the market tells you that you are wrong? Sure.... sometimes the stock may come back. In fact, if i had added to my losing position today, instead of losing 4000, I would have came out with a profit. however, this is the reason that I blew up my original account. I have gotten much better at managing my losses and only adding to positions as it goes in my favor. I still have much to learn but I think that I am on the right path. Hopefully the momentum of MTBC will transfer to a stronger market in the coming weeks, where I will have more success. But if the market remains weak, I have to maintain discipline and cut my losses fast.

           Anyways, the number one rule I will carry out is to NEVER EVER EVER EVER EVER EVER add to a losing position. I will only add to a position which is going in my favor.