Here we go, I felt right. This is a mental game for sure... Fucked myself today, lost 75% of the ToS account. How would I do that?
Few weeks ago I've found out that in a lot of cases I lose only when I listen to somebody, because I don't understand the trade and just blindly take it. So I seriously decided do not listen to anybody, close all the discords and chats during the trading hours. What do you think happened? I consistently had mostly green days and was growing my account even though still made a lot of mistakes. Today when I've done trading Tasty account (which was okay until I lost all my gains in one trade, but at least I wasn't red), I've got a notification from Discord to my cellphone from a chat that Tesla's specific price looks sweet and it's a good point to short it. What do you think I did? Ignoring chart, ignoring the fact that I HATE trading Tesla and I've mentioned that a lot of times already, I still shorted it with 75% of my account. Once I did it, of course it reverses and never go back. I was angry on myself that I broke my own rule do not listen to anybody, didn't wan to cut my loss and said I will either loss everything or I will wait until it will reverse. Of course it didn't. I still have those options but we all know how time goes against us the chance I will take my money back is extremely low, I don't even know how deep should it drop tomorrow because I bought PUTs right at the today's bottom plus the stock was volatile thus contracts were expensive.
Honestly I don't even care about money that much, I kind of feel relief that I will not trade with ToS anymore because I hate how it lags, but what I hated of course that I'm just stupid idiot and can't be disciplined for a long time. It happens with EVERYTHING, I start to control myself or improve something in me, but slowly during some time I do it worse and worse. I created my journal right after that stupid trade as an addicted person who needs to learn how to be disciplined every day without exception. I will write down my thoughts about the day every evening, need to do it at least for 2 months now, without exceptions.
Yeah, one more thing. Because of the stupid trade, I was not able to trade my setup! And it occurred right after I bought those PUTs because it was divergence. I even bought CALL but didn't hold it for a long time because it was stupid holidng PUTs and CALLs at the same time. If I was just patient and traded only my setups without rush, I would be able to make 50-100% with that divergence. But I decided to listed to somebody and throw my money to random trades.
I will not specify the percentage that I've lost because I still didn't sell those contracts, I will provide my profits\losses tomorrow for two days.
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I have a bad system it's a fact, but I was pretty consistent lately, the problem with me is that I can be consistent for a long time but after that I lose my focus and lose all the profits I had in one day... Thanks for the advice, I work on it but it's not easy.can i offer some humble advice ? .....
never ever ever ever ever lose more than 10% of your account in a day
set your risk accordingly and stop if you hit it
if you continually losing you have a poor system and need to find a better one ....reducing loss % will keep you in the game for a while longer......good luck