Hey gang, Goldlotus here again, how's everybody doing?

 

So it's been quite a while since I have posted anything. I'm trading in both the crypto and stock markets and having limited successes over the last couple of months. I have a few longs in crypto which were all intended to be 2 or 3 day ordeals at most, but the market hasn't been super strong and I now find myself in extended swing trades waiting for the market to come back up. I'm still up overall with my small crypto account but I'm currently down a bit on a few positions. I will release the next issue of "Crypto Trades" once I close out at least 1 of those.

 

 

Now, as for the stock market, I got my brokerage account opened right at the beginning of February but didn't make my first trade until the middle of March. I wanted to take a bit of time to get used to the speed and flow of things, much different from trading cryptos (except for the December madness that was kinda on par). I initially funded my account with $635 USD due to my being pretty broke and in debt. I know I'm starting myself at a disadvantage with such a small dollar amount but It's also (hopefully) going to force me to trade smarter and work harder, which I still really need as you will see.

As of the other day when I uploaded my first batch of trades to Profit.ly, I had 27 trades under my belt. However I have not been using a proper written out trading plan, or tracking setups, or my progress, or anything AT ALL thus far. I know, I know (slaps myself). I do read news and press releases from Yahoo finance as well as right in my trading platform. I look at charts in multiple time frames, but for the most part I think I'm usually still chasing morning runners. I don't seem to be really calculating the risk/reward off of support and resistance, I look at where support IS and see where I could drop to but I don't look up to see where resistance is above. I'm also really bad at remembering to look at the volume chart, I mainly just look at the overall volume in my screeners.

It should come as no surprise then that I had worked my account down to about $130 by the end of April, just a month and a half from my first trade. I deposited another $150 so that if I decided to not trade and just keep watching then I could at least cover my data fees for 2 more months. Well... I wasn't really content with just watching apparently. On the plus side, almost emptying my account was a good kick in the pants that I needed. I started trading better and getting much more disciplined with my entries and exits, protecting my gains and minimizing my losses, or so I thought anyways. I had made back about $100, but then I pissed it away again and ended the month $10 lower than where I started.

I must say I really love being able to see all of my stats now that I've uploaded my trades to Profit.ly. What I don't love seeing is my abysmal win rate of only 33%. That's twice as many losses as I have wins, no good!! My average win is $24 but my average loss is $27, bad but could be worse! My average trade net profit is actually a loss of -$10.14. Biggest gain $95.39, biggest loss $131.95. Now that I have these numbers staring at me I will use them as motivation to turn it around. I don't mind being down as I'm so new and still and have much to learn, but that 33% win rate bugs tha shit outta me! that I am not ok with, I'm going to focus on taking small profits when I have them instead of getting greedy and then watching the trade turn into a loss.

Thanks to learning from Tim and everybody else I recognize the mistakes I make as I make them, I just gotta get disciplined.

 

 

That's it for now, more to come soon, I promise. Thanks for reading

Alex