Well... it's been a long climb up from the rabble of a trader I thought I was just months ago, but I'm finally green again in total profits! At one point I was negative more than $7k, and so it's been a long grueling process to claw my way back up to positive, and I no doubt am better for it.
So what did I do to get back here? I removed all the noise, all the greed I had in trying to play every stock, and finally settled on focusing on consistent and solid plays.
I stopped posting watchlists here, ultimately because I felt like half of it was just proving a point that I thought I knew what I was doing. Instead, I focused on building out watchlists in a way that worked for me and made sense given my daily schedule.
I stopped playing all sorts of setups, and decided to focus on one setup that I've found I'm most comfortable with (breakouts). They're the easiest for me to identify, and they're the easiest for me to play while trying to get actual work done on the side - I just set an alert and wait for the level to get close before I start watching more closely. And although breakouts has been my main focus, it's actually helped me identify other solid trades simply by forcing me to be focused. By having one potential breakout on watch I can see if/when it drops to a significant support level and I may play the dip, or if it's a news play then I refrain from just jumping right in and I wait for a pullback and next breakout, etc.
And lastly, I stopped wanting everything. I still have a LOT to learn, and by taking it slowly (vs. trying to attack all plays all at once when I first started), I'm allowing myself to learn my own process. to find what I'm good at and get better, and find what I'm so-so at so I can continue to improve.
As with any typical chart, I have no doubt there will continue to be ups and downs in my learning, but to be where I'm at today, given where the market has been, it gives me great confidence that I'm heading in the right direction.
Next up for when I post a blog? Let's target getting back to 50% win rate baby!
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