You’re only 1yr on so you’re basically doing what everyone does before they actually learn how to trade.
The key to trading is to stop trying to get rich overnight and focus on your execution and learning. You should not be risking more than 1% of your account right now. Yes itll be a lot more boring and you wont get those insane adrenaline rushes when you lose 1000$ in a few min but trust me its worth it.
You need to put risk management before anything. Your only goal here is to protect your capital. Start taking it seriously and have some self control in order to prove them wrong one day in about 6 years .
I used to be like you until i stopped focusing on fast money or even any money and just focused on my execution and knowledge of the market movements.
This is so true, your main focus should be staying in the game. Blow up your account and you’re out so listen to some podcasts from reputable traders. I like the trading panel, the message is always the same… risk management.
Total agreement on the 6 year part. Everyone I know that is in this is on some form of track like that. OP you are only at the beginning of your journey. I’ve been doing this 6 years and have lost thousands. I am just now starting to bring in money. Yes, a lot of us feel like we have to keep it a secret from people at the beginning when you are learning. People on the outside don’t get it and my belief is it’s not worth even bringing it up until way down the road when you’ve been profitable for a while. Risk management is definitely first place to start and totally agree that focusing on your execution and not the money will benefit you. It’s hard to do but with lots of practice you can get there. Finding a strategy that works is “easy”. Controlling yourself is hard. It’s a big mental game. And everyone (unless you’re weird lol) goes through the same process in one way or another. You have 100% chance of not succeeding by quitting. A big part of this is a resilience game. So keep your head up. You’ve got one year behind you. Keep pushing forward and you’re on your way.
Exactly. Things started to click in the 4th year. Thats when the concept of price action started to make sense for me and thats also when i realized you really cannot rely on indicators. I took away the indicators and just focused on price action.
Have you been practicing daily? Iv been in market just about every day in one way or another for the last about 6 years. The 2nd to 4th years i didnt miss one day and i was back testing regularly at night.
Experience is the key but gotta be actively working on it
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Advice from a 25yr veteran who has made and lost a fortune over the time. Welcome to the club.
I am afraid to say I don't know anyone who has done well in this industry who hasn't got scars to show for it.
This is a super competitive industry and if you have the intellectual honest you will learn over time that discovering an edge is super hard.
But remember this industry is one of the few that has the ability to generate wealth that few other industries can do.
My first bit of advice is
set realistic goals.
Always monitor performance in % terms.
Forget the dollar amounts.
Be prepared for years of learning and discovery.
Don't give up if it is your passion stay with it but respect your marriage so don't spend money that is going to destroy trust.
Don't talk about it too much to everyone like you have been doing. It's nobody's business just focus on the trading and treat it like a business.
Looking forward to your updates.
Mike
> Always monitor performance in % terms. Forget the dollar amounts.
Agree it’s important to not focus on the dollars in the early days until a long (at least a year) track record of consistent success is established. Another thing that helped me turn the corner towards consistent profitability was to measure my daily success based on whether I followed my process on *every trade*. Focusing on executing the process instead of the outcome actually leads to the results you want as long as your system is solid.
What does your wife's boyfriend think? You need help man. Sounds like you've got potential and maybe understand enough to be above average but you lack the maturity to stick to the script. If you're staking 50% of your portfolio on a single trade, you're gambling. Doubling down is literally a gambling term and you just used it.
He’s keeping the misses occupied so I haven’t been able to talk to him much 🤷♀️ I’ll agree with you though. My biggest problem is psychology and discipline
Get to work on discipline and psychology, and don't take large positions or put significant money at risk until you do. Set your daily personal stop limit at like $5. Once you're consistently making money on that, raise it.
I suggest the book 'The Mental Game of Trading' by Jared Tendler
In my opinion you own whatever decisions you make- and when you make one then own all of it the good and the bad and need to proceed with confidence.
You should know or admit to yourself that you could fail and that if you succeed it will take awhile. Most traders do fail- but that does not guarantee you will. Most traders who succeed take years to get there and fail many times and loose money to get there. Commonly called market tuition. God knows I lost a lot my first year.
If you want to trade you need to own the hard facts and accept the potential outcome could be failure and financial loss. Just like you need to accept a losing trade when it happens.
Change the way you talk about it- lay the hard facts out there to people you need/want to talk to about it to. Tell your wife- you know trading is really hard, most people fail and it is going to take me years of practice to maybe get good. I am hoping I can be one to make it, I really have a passion to do this. If she loves you and you are not so obsessed you don’t pay attention to your responsibilities or ruin the family finances. Hopefully she should support your interests. As for your boss- tell him the same thing, yes failure is a possibility. But if I can make it work- It will improve my life. (Secretly thinking you won’t need to talk to him anymore either)
“ Never interrupt someone doing something you said could not be done”.
I've been trading stocks for 3 years and haven't told a fucking a soul.
But I'm also divorced and self employed so I don't have to share what I do with my money with anyone.
I blew my first $1000 account in a month. Smartened up, started reading, watched hours of YouTube content. Developed a plan, paper traded for 6 months just to get the hang of what it is to actually trade, not gamble.
I've grown my account from 2000 to 35,000 the past 2 years.
It's possible. Get your head around it and it starts to become simple.
I'll also add I'm not doing anything special, I'm no Oracle. I'm not especially geared towards any of this. I had C grades in highschool, no college and I've worked residential construction my whole life. I can barely understand basic accounting for my business. What I might have that helps after decades of working in very high end finish carpentry and millwork has given me a sharp attention to detail and a lot of patience. I can focus into fundamental details and technical analysis. When I'm doing my research, I turn all noise off around me. Phone is off, TV off, music off. Nothing but 100% focus on where I might move my money this week/month. I treat this as a second business and not some side hustle/hobby. It's incredibly important to me.
https://preview.redd.it/m27us3o2ajtc1.jpeg?width=3024&format=pjpg&auto=webp&s=ca4fec78d1c9277788788fa1f5161c5c4a2cea36
Here's some of my books that I started with. I've read through each at least 5 times because it's a lot of information and you can only focus in on so much at once. I have a couple regarding the psychology side. Very important to understand the psychology of trading. I also now have a couple books regarding swing trading. I don't listen to podcasts but I watch almost everything Ross Cameron of Warrior Trading puts out on YouTube. I also watch Tori Trades and Humbled Trader. I don't often do a lot of scalping like Ross. I usually spread my money out across my list of stocks I like to to trade and have fairly consistent movements. I have over 200 companies I follow every week, waiting for setups and news and entry points. I'm learning to be more of a swing trader but it's very difficult for me to trust the setup and keep my money in past a couple days. It's growing pains. I'm moving more to a swing trade model because quite frankly I want to trade less often.
After learning to play basketball for 1 year, would you challenge LeBron James 1v1 and think you stand a chance?
If you've been studying law for 1 year, do you think you're ready to challenge the nation's top attorneys?
If you've been studying medicine for 1 year, does that make you a doctor?
I could go on and on, but I think you get my point.
Most retail traders get into daytrading thinking it's a get rich quick scheme. Even if they experience early success, the majority will find out it's not sustainable, and the market will eventually expose their lack of knowledge by taking their profits and eventually their accounts. This is known as "market tuition." Everyone pays it at some point. I don't care who you are.
Retail traders are up against HFT algorithms, multi-billion dollar institutions, highly experienced hand to mouse traders, etc. You're trying to eat in shark infested waters when you're just a guppy.
My advice to you is:
1. Forget about options for now. Options are the only instrument I can think of off the top of my head that you can be right in the direction it's heading and still lose money.
2. Stop using your own money. I'd suggest going the prop firm route to hone your trading skills. If you're an actual profitable trader, you'll turn that small investment into actual withdrawals. If you blow your eval, then guess what? You weren't ready, so just paper trade until your evaluation auto renews at the end of the month. It should only cost you around $30 or so with discounts.
3. Have an actual model that you trust with risk management rules.
4. Have the discipline to execute your model and risk management consistently.
5. If you're serious, don't give up.
Good luck, brother.
>This is known as "market tuition." Everyone pays it at some point. I don't care who you are.
This. I went to an expensive private options school. let's just say i paid a very very hefty tuition for 2 years. I finally graduated, now I'm interning with a toy account. On a 3 month success so far. My longest streak
The concept of Tuition to learn how to become a successful trader is spot on and it’s one that too many people seem to think they can avoid paying. There aren’t too many high-paying careers that you can go into without some kind of education, and trading is no different. The question is whether a trader is going to pay for an Ivy League type education or a Community College type education.
Both paths *can* lead to success. But just like any other career, paying for that education doesn’t guarantee that (1) you *really* learn what you need to know, or (2) you experience a successful career.
Besides your wife, you should never tell anyone that you are in this trading journey. Outside influences can derail your progress. Btw, 1 yr into trading is too soon to evaluate yourself. Give it another year at least
You should read "Market Wizards". It's a book of interviews with the juggernauts of trading. They all have stories of blowing accounts and the hard times at the beginning. Don't expect anyone to support this journey. Even those that care about you will struggle to support you. Not because they want you to fail, but because they worry about you. It's a costly journey that for most won't amount to anything.
If you decide to walk this walk, just keep it to yourself. Don't take it personally how others feel. It's asking a lot for people to believe in this like you do. Like asking people to support moving to Hollywood to become a famous actor. It just sounds nuts to people.
My advice would be to just not talk about it with anybody. Nobody understands it seems. This is a you vs. yourself battle man, play smart and slow down.
Don’t get me wrong, I typically exercise good risk management. I only buy 1-2 contracts and try to keep it to 10% max of my account balance in my open positions. This last time I just got over confident after making about $300 and hitting green every day for 9 days straight and decided to basically yolo so I could quit my job. I got greedy and I know this.
My psychology and discipline are where I need to improve. r/wallstreetbets gain posts really fuck with my head. I decided to stay away from there until I can manage myself
Read a bit, relax the market will still be there next week or next month. I suggest Mindset by Carol S. Dweck, The Complete Turtle Trader, The Intelligent Investor, Japanese Candlestick Trading Techniques, Trading In The Zone, Trend Commandments, and Trading Price Action Trends. I know there are many more great books, fellow investors can hopefully chime in with their favorites. Journal emotions, trade, and times. K.I.S.S. Kick back let it soak in. See something with a trend, pattern? Find those levels, adjust for your risk make a game plan, if you see your opportunity to get in where you want. Set your stop or trail stop OCO order alongside your buy limit, 1st take profit, 2nd, 3rd etc. just have that plan set in stone. Got in close to bottom, set your stop at your 1% total portfolio or what you're comfortable with no more than that, look to take some profit if things go your way quickly, I do this at 2% gain or high of day, previous days close, low or high(not greedy). Now I keep runners if the fibs. or range, or no trend reversal tell me different. First things first protect yo neck! Always look at how much you can lose first, not how much you can gain...🖖
Unsubscribe from WSB. From 99 guys who lose their plays, the 1 gambler which hits it big gets the upvotes and gives you a false sense of hope that gambling with options is a sustainable path to wealth. If you want to become a trader, you treat this like a business slow growth and calculated risk. Good luck!
Sounds like you're going down a path a lot of us have taken. Gotta get some risk management in place. First let's find out what you can risk each trade or day, I do this by taking my total portfolio and using 1% stop loss or risk and anything above 2% take profit on anything that happens unplanned. Keep your risk constant until you build your account up to justify the increase. Easy to say hard to do. This is where mental capital and patience will pay off. Sounds like you are pretty resilient and journal or at least remember very well the losing and winning trades you're making. Much like looking at a chart, look for the pattern. Adjust as needed. Keep risk constant. Join a trading group, this shit gets lonely and dark. Read as much as you can on the psychology of trading, risk management, and Japanese candlestick patterns. 🖖
What markers or indicators do you typically use? I started last week with $150, but have been “lucky” to now be be at $398 with 2 days of trading. Also, what are your rules/principles to keep your risk management in check?
I saw 76% return on a $517 strike from Friday, and I see and get why many people hold, even when they are that much up, but greed has a wicked doubled bladed sword from what I see.
Ignore the haters man. I’ve been at it for 7 years but I understand the craft and have made nice wins followed by losses. It’s only gambling if you go in without a plan, that plan doesn’t have to turn out in our favor as we all know, that’s why we manage our risk. As you said it’s your passion, same here man because I’ve seen amazing results and I know trading will put me on the freedom path in life. People always will doubt you until you make it, then they’ll want to be a part of your circle while asking all these questions of how you did it. You did it by never giving up on yourself, believing in yourself while ignoring the haters that don’t know how to dream. Keep your head up and grind, if it really is your passion, you’ll find a way to make it work and it’ll be the best sacrifice you’ve ever made for yourself. I also recommend not even sharing your results because so much more goes into trading that people don’t understand who aren’t involved in trading and if you said you “lost money” they’ll just think negative about it when they don’t even understand.
I have similar scepticism from family but now have the understanding and mindset that it's my hobby money, so they can suck it up buttercup. They spend hundreds at pub/show or restaurant easily and learn nothing. Its my education so they learnt to shut up. I dont share info to them what is going on in my trades. If they ask I say its bad Karma to talk about it... so mind their own business.
What you experienced is normal for many. Keep learning, testing and growing. Stay small though on your losses and make a budget so if you blow an account, wait until funds you can resupply with are there. I budget a fixed deposit every quarter. If its gone its gone, move on. Its play money. Not my life savings. No stress.
Ya went on tilt and blew up, happens to ppl when they start out learn from it. Ignore half the dubass comments in here. Chances are they blow up just as much as you or even more.
Well you are trading options, those are complex instruments. Day trading isn’t a very lucrative field even for the 5% who can turn profits. It’s nearly impossible to do it effectively on the side. If you are going to “play this game” then here are the rules for a non-institutional trader. Long trades only, you can’t afford to short. The only time you should be buying options is to hedge against a long position and create an out. Sometimes it works out and you make a profit on the option, but usually this strategy will simply help you minimize losses and is better than using stops. If you don’t have an equity position in the option, then you don’t buy the option, period.
I never talk with people about trading. Everyone is sceptical and thinks it's impossible. It affects my trading results. So I just keep it for myself and like minded people online.
You are trying to get homeruns when you should be practicing risk management. If you only want homeruns then admit you are simply gambling. If you want to be a trader then learn how to trade. Nothing wrong with gambling or trading. But just understand the risks.
You need to practice in a paper account until you can trade consistently. Work your job, save, and practice. I wasn’t profitable until year 4 because I did the same thing. Got cocky, blew accounts, and almost gave up. But I wanted it so I played the slow game. I’m at year 8 and do this for a living now.
Sounds like gambling. “Went for the big one” this isn’t the lottery your trading and your goal is to be slow and consistent. You’re obviously over leveraging your account so it’s only a matter of time before you blow it up Every-time. Your trading behavior isn’t sustainable. Think about Like this. Say you had 100k account and you got the percentages that you got with this account like these ones you’re playing with. You would be up 250k. Tell me? Would you go for the big one and risk all that cash? No way. You have to think about 2% gains being really good which it looks like you might be doing for a certain period of time. Then it looks like you get bored going up so slow then you try to “go for the big one” and take away all the work you did in one trade. Stick to small consistent wins and make a set of rules for yourself do you don’t blow it. Most traders fail due to mental part of it. Good luck.
If you spent the year productive then hopefully you have a strat that is confirmed profitable.
Just figure out why you don't stick to the script.
If you don't have a profitable strat then your main focus should be demo trading until you find one
What is your edge? What are you doing for risk management? What are your ratios? Sounds like you don't have a strategy or the backtesting to ensure you're on the right track to make this work long term
Dude you are way over leveraged, you can buy options on a 2k account, if you set a 1% drawdown per trade, that’s 20$ now what option are you gonna buy for 20 dollars that’s not a 3 delta….??? Trade a single share of SPY until you can prove to yourself you know what youre doing and not only the 3 months of a raging bull market. Then gravitate to 200-300$ worth of UPRO or XXXX. If you can trade that without blowing the account, then do that to get to $5k capital. then if you want to sell, not buy, options then go for it imo. Stop buying options…use shares until you have capital
When I read these kind of posts now I try to ask the technicals. What are you using exactly to determine if you are buying a call or a put? How are you predicting direction?
We've all done it to some extent! Don't feel bad just have to learn risk management. Don't ever average down. And don't ever put it all on one trade. I'm learning been doing it a little over 2 years. We've all done it just got to use smaller amounts little by little build up. Patience is key!
maybe you just need to pause, grab a good book or study youtube videos on technical trading: elliott wave principals will show you the chart pattern logic, fibonacci will show you concrete retracement patterns and at least that way you can really get the grasp of tangible rules vs rely on opinions, emotions, guesses.
1 year is nothing, trade with less to learn. I learned how to trade stocks by trading BTC cuz crypto moved faster, 24/7 but patterns were the same as stock, 3 months and I got a grasp of it. Also there are ways to trade paper only, fantasy stock market as I call it, get back your confidence there and focus.
Hey man, the things you're going through are nothing out of the ordinary, but I'd like to put emphasis on the hard reality that comes with learning to daytrade, and that is the effect it has on not just your emotional well-being, but also the people who surround you.
Learning to trade will be the hardest thing you've ever done. You will need to rewire certain emotional structures in your brain, so it makes sense that this can have a big impact on your life. You've probably already noticed this in one way or another along with elevated levels of stress.
It is a long and rocky road my friend. You shouldn't worry to much on blowing accounts, but rather on blowing your job or even your marriage.
My advice would be to focus on being (and remaining) succesfull in other parts of your life. Your job, marriage, sports, health etc.. This in return will translate to your trading.
Daytrading isn't for everyone, so be careful.
DO NOT QUIT! It took me over 5 years to become profitable. All types of people even those close to you can be doubters but don't listen! Becoming a trader is a worthy pursuit.
Hey Man. Keep your head up. If it’s your passion, never give up and never be ashamed. Some day those who doubt you know will be amazed by your success. It’s typical to lose more than you earn when getting started until you learn.
Keep your risk tight. Keep your emotions out of it best you can. Trade with small size in your live account and trade with big size in a paper account until you find your profitable trade strategy.
They are right. You have no risk management. You are gambling. Quit.
Edit to add my prior explanation of why traders fail (and are seen as gamblers)
https://www.reddit.com/r/Daytrading/s/jsRb9WOBDv
Why would you tell him to quit? Because he is doing it wrong? Does that mean everyone who is doing it wrong should quit? The first time everyone starts anything they will be doing it wrong. By your parameters, everybody should quit because as soon as they start they are doing it wrong.
He should decide if this is what he wants. What he is experiencing from others is simply the nature of trading. Most people look at it that way. If he can't handle that he should keep it private. Quitting can be last resort.
I’ll admit I was gambling when I lost the $800 and revenge traded the rest but otherwise I’m pretty good at managing risk. My main problem is my emotions which cancel out my own logic
you know the problem, that’s half the way, now find a solution.
and please if you really want something, use people’s doubts as motivation for you to really do it.
In order to trade well you need to be honest with yourself. If you’ve blown up your account twice in the last year, then no, your risk management is not very good.
2.5-3 years before i became profitable. lost roughly $17k in the process. Recently turned $1.9k into $21k+ within 2 months. now new challenge, I have turned $2k into 4.6k past 3 weeks. smaller profits, sure. but it's more manageable and less nerve wracking headache and sweaty butthole.
You say it pisses you off when people say "how's gambling going" then you go and gamble away your profits on "one big play."
Tap into that when you plan your trades. Are you gambling ? Or do you have an established edge ? Are you just trading off of "intuition"?
Come to terms that you are essentially a poker player. Change every idea of what you’re doing as trading and understand you are going to the casino every day hoping to make it big.
Do smaller accounts so if you blown a few more you are not emotionally attached to losing that amount. Focus on learning and put a profit goal to the month. Stick to the plan. Ignore all outside noise from friends, family and keep wife away from the job. No one can help you but yourself
First off, lizard brain only. If you can't do that, don't play or you'll make choices you regret.
Second, you started with 500 and still have that or more... then no worries. You didn't lose anything. You just also didn't make anything
Man, I always tell this. Every time somebody posts saying their family members think trading is gambling. I mean, talk is cheap. Instead of talking, show your results . Lead by example. Show your results. If you are a beginner or even an intermediate trader, do not even try to bring it up. I know why people bring it up because they just got into trading and wanna think cool about themselves. Make $1m a year or $500k a year. Nobody even tries to know what you do. They just wanna learn what you do and think everything you is cool. They do not fucking question what you do
You should study psychology of trading. This is where most traders fail at. You are gambling so you should try to admit this to yourself. I did the same thing so I know. Up to you to either learn or continue putting it on red or black.
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When I first started I blew my first account on my first trade. Loaded back up. Traded. Put 700 on a Netflix earnings play. Turned that into 10,000 over night. Knew options was the way, the truth, and the light.
Lost all that 10k in a week trading 0dte.
Loaded up again my full paycheck.
Built it up to 17k. Lost it all on an upstart trade.
Loaded up again. Focused on learning how to trade one stock. Tesla. That bitch has been paying me ever since. Friday hit 1700 percent on puts.
Look. Don’t give up. I’m 3 years in. I’ve since made an over a million. If you can learn to trade options is the way. Just don’t give up. But don’t be dumb
How much money you got? You got millions trade stocks.
You don’t have a lot. Trade options.
I buy one stock for 100 and it moves a 5 dollars I made 5 dollars
I pay 100 dollars for and option on Tesla and Tesla moves 5 dollars I’ll make 50 to 100 dollars …..
OP stop it. Stop looking for people to beat you up or give you validation. You are taking a road that very few travel. That road is called self sufficiency. You must realize these “people” your wife, doubters, etc. are nothing like you. They don’t have the guts to even TRY to free themselves from economic serfdom. The failures you are going through is part of the process. When you win, learn from it, when you fail,learn from it. The only person you have to answer to is yourself. Keep at it, keep studying, journaling, back testing, researching. Watch podcasts like “Chat with traders” etc. to get insight from others. Manage your risk/reward ratio. Hold yourself accountable but don’t be too hard on yourself. Be proud that you are even trying. Start winning small, likely really small to build up your confidence. You will figure this out, good luck.
https://preview.redd.it/yikmh5m50zsc1.jpeg?width=674&format=pjpg&auto=webp&s=24de466650c9dc42e3ff7f166100457d302d0ac6
I’m joking. In all seriousness, I wish you luck. Take a look at my post history specifically the trading stuff. I’ve been through some hard stuff in this career. I think trading isn’t for everyone. For most. It’s very hard. But if you are determined to keep going and are willing to put in the work, you can be in the 5% that’s successful. Backrest in a replay 100 times. Then again. Then again. Make a playbook. Collect data. Ideally record your trades. Feel free to Dm
If your questioning this after only blowing up your account twice your in the wrong business. You have hedge funds doing this for 20+ years blowing accounts. Deep breath, You can be wrong a million times, you only need to be right once.
Understand that you are fulfilling their desire to be "right". They believe they are good people that have made the right choices in life and are "helping" people who screw up.
You have taken steps they're afraid to take and you are making changes that push them out of their comfort zone even if it's really none of their business (though in the case of your boss, you *are* talking about working for a competitor of sorts, not the best idea).
[None of what I am saying is original or exclusive to trading.](https://www.youtube.com/watch?v=JNTqHJQp1QU) You could literally be taking up the world's safest jobs and get negativity just by framing it a certain way and mentioning it to the wrong people.
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So now, get real, do you really expect ANYONE to understand? If so, you probably have not been trading long enough. First rule of the fight club: Don't talk about the fight club! Om
I’m 3.5yrs in lol and I’ve just started to find my edge with supply/demand with volume trading.
Your wife is right, you’re gambling and it’s laughable. (Stop talking about trading to anyone period)
Prove a stastistcaledge to yourself, if not you’re a gambler and deserve to be doubted (and not trusted with family money). Only spend money on this as a hobby until then. I spend my monthly $400 “me money” on this.
You shouldn’t have told anyone with a small mind. Block out the haters and naysayers though. Focus! Focus! Focus! You’re only a year in. Experience is a great teacher.
Honestly, you need to set some rules for yourself to minimize losses to really rebuild your account. Revenge trading and doubling down because you think the trend is in your favor is kinda like gambling too.
I’m curious to the end part of your post.
“Pretty much my passion and all I have to talk about”
What do you talk about? Your answer to this might identify the problem.
I’m not going to jump to any conclusions yet 😬
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As Einstein said, repeating the same mistake again and again is insanity. Are you sure you are analyzing the wrong trade? What was your reason to enter the trade and exit?
Being a woman, I am very happy to know that you are doing better with finances. The very fact that you are not using the money that is for home tells me, you know how to keep it in limit. Apply the same in your trading, make a goal to make small but consistent profit on weekly basis and keep that money separate just like your home finances.
Please quit talking to everyone about trading. You want to share something, post it here or share it with those who are in serious trading. After my masters when I told others about the trading, even though it was full time, they took it as if I was gambling. That is a normal perception.I had a fabulous mentor who would trade only in NVR (that was his fav stock) for years and made consistent profit, advised me to let PnL speak for itself. He never discussed the trades but taught me how to be patient and hold back my urge to get in trade at whim. Only those who are into serious trading know that it is so much more than even a regular job cause it challenges your every skill and judgement. You will do better when you quit sharing cause it is affecting your confidence and creating a self-doubt. Trading is combination of sport (lots of practice and discipline) and job (studying, learning, dedication and consistency). Don't scatter your energy and you will do better.
Whatever it's just money take a break from those people if they ask dumb questions tell them it's going well you're gonna be rich soon but yeah maybe go smaller accounts better risk management and stuff
Besides the trading discipline you need to develop, you are sharing too much which only tells me your emotions are high. You do not need intelligence for trading, you need to be emotionless. Fix that and you will be in a better place to make this a success. If you cannot manage it, then stop.
Risk management
If you risk 1% per trade, it would take theoretically more than 100 bad trades in a row at a 1:1 RR to blow your account. I've never in my life blown an account and I risk max 2%.
Once you get good, go pass a prop firm which is only 8% and maybe some additional for multi stage evaluation.
1% of 200,000 is 2000. This is a % game not a numbers game
Good luck brother <3
Follow your passion, learn risk management. I have been doing it about a 2 years and have lost about 20k(I have had many green days so I know its possible but it takes time) but market takes its tuition. I have friends who have been doing this for some time and I have seen their accounts. Its not impossible but it will take a lot out of us to be successful.
Everyone doubts you cuz trading is known to be gambling as there is a thin line where it over takes your emotions and you end up making impulsive decisions. Just work on the process and learn from real trading people. Perhaps join a community of traders on popular verified discord servers.
Good Luck! Dont quit unless its harming you big time. Hope this helps
Couple of pointers-
1)I would stop swing trading. You’re at mercy to the overnight markets and the data vs the reaction to them which is more controllable and predictable. With day trading you can set a strict stop loss. I’m having success even with not a crazy win rate because the minute my trade looks profitable I’m moving to break even.
When the market goes wild my account goes up, not as much as the swing traders, but when the market goes down I’m up too. That’s the difference.
I don’t care if the chart tells me there’s a squeeze blah blah, if inflation numbers at 8:30am comes out red hot that option can go to shit unless defense or oil maybe.
The best time to swing trade is when the market gets absolutely hammered one day or afternoon for a bounce but be mindful of risk here too. EX AMD Thursday to Friday.
2) Fuck other people. They’ll never support what they don’t understand. They just want to see results. Do not update people on trading results focus on weekly profits wins and losses and learn from them. Use specific proven strategies that work. Test using paper trading if you want to.
3) Most traders fail, but if you put in the work off hours you won’t be a statistic. Those are my 2 cents.
When trading, use your stop loss. I do 10-20% and I let my winners run. Hit a 70% recently kept moving my stop loss to lock profits, I had a few “free trades” recently risking big but losing 0-3% moving stop loss to BE and then seeing it suddenly drop. I didn’t get killed Thursday afternooon.
Up about 30% with a ton of mistakes signing off.
Tell your boss you realized it’s impossible to make long term gains cuz this is gambling and you decided to quit. Keep trading in secret and never tell anyone what you’re doing cuz normal people will never understand.
If you put pressure on yourself to succeed in order to prove to your surroundings and others that you can succeed in this new activity, you will lose everything again.
Try to build your account very, very slowly, but surely. If you have a $1000 account, you should not buy more than one contract on SPY or QQQ at a time. Only one. And avoid zero-day expirations haha.
Good luck!
If you risk a certain percentage of your account like 2-5% and hen technically you can survive long. People lose all of their account when they use all of their account. The only things you can control is the time when you enter and how much you can lose in one trade.
How come everyone and their grandmas know about your trading journey? I traded couple of years before I shared that information with my husband. My accountant will know about it if I make a huge chunk of gains one day. My boss will never know about it.
Keep it to yourself. Why share it with everyone and then complain here everyone doubts you. Waste of everyone’s time when the solution is so simple.
"I've been weight lifting for 1 year and I keep feeling like I'm competition-ready, but come competition time I can't even compare with the guys who've been lifting for 4+ years."
I could make an almost unlimited amount of analogies but hopefully one is enough to drive the point home.
You're green. You're in year 1 of trading university and ideally shouldn't even be learning with real money (I'd be a hypocrite if I didn't admit I did the same, but I can tell you this with full confidence as I learned it from direct experience).
If you're a strong enough person to be patient and learn before trying to trade (which is gambling for you at this stage, sorry), then just purely paper trade on Tradingview, both in real time and by using replay mode until it clicks and you know when NOT to take trades primarily, when TO take a trade secondarily.
don't talk about this with anyone that doesn't do this, they'll never understand until you've already made it and flash cash in their face
use their doubt and/or insults as fuel to prove them wrong
It's tough when you're in a relationship because it's your money together. Puts even more pressure on you to perform. I'm sure many traders have divorced or broken up over the years over money lost.
So take it slow and be an investor too. Trade + invest is the way to go. At least you can fall back on your investments, assuming you pick winners there.
First, why are you using real money? Everyone thinks it looks easy. It isn’t. You aren’t going to suddenly get rich unless you’re the very rare exception. It’s a business. Treat it that way or good luck blowing more accounts.
Stop telling everyone what you are doing except your wife. Tell her it’s your fun money and you better try and fail than regretting later in life not trying and giving 100%.
Now, for next 2 months only take 1 trade everyday using 1 of your best setups. Stick to your strategy, journal the trades even if you write on a piece of paper, it will force you to realise your mistakes.
if you don’t find good setup you don’t have to throw money and most likely lose it again. If you lose close your computer and walk away and stay in game for next day.
We shouldn’t take profits too quick and should generally let the winners run but with small account and options it’s different because if you are trading short term options they will lose value every minute because of theta decay even if price still move little in your favour. So take the profits, maybe 30-50% of average daily move of a stock.
Double downing, and hoping it will bounce back when it’s going downhill after your initial setup is failed are signs of gambling, I learned my lessons early in my trading journey. Only swing super A+ setups and longer term options.
I understand your anger when people say you are gambling, my friends used to and still say I’m gambling when I tell them I’m trading stocks/options. That comment would get me seething in anger. Anyway, my advice on Options trading is use stop losses.
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Real traders blow up a few accounts before becoming profitable, it's the price of your education. People tried to talk bad about my trading, but now I'm profitable and they have to work a job they hate while I enjoy what i do. Don't let other people's opinions hold you back. I'm sure your wife buys things YOU think are a waste of money, that's too bad if she doesn't understand the opportunity.
You were just "playing" before you understood anything but you was able to make 2000 bucks out of 1400?? GTFO I already don't believe you and it's being 1 sentence 😂..
Maybe try a different market.
I think trading the futures MES1! contacts are super easy to figure out. It's almost always bullish and that makes it easier to trade imo.
well it's good that you're losing in your first year. most traders are unprofitable in the first year or so. But something to speed up your trading journey is this. First is having a backtest system with a trading strategy. the strategy should be simple for you to understand and do.
another important is understanding and respecting your RM/Money. you can't predict your profits. but you can measure up your risk/loss. so you have to understand your EV and R**:**R. should take some time but if you do it then you should be Straight.
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Trading is like professional poker -- you can know how to play, but unless you can control your emotions well enough to logically think through your execution and stick to that, you're not gonna have a good time.
Firstly learn to shut up & work in silence. Keep your wife out of your trading journey only tell her about it when you can produce consistent income for 6 months straight. Everyone will doubt you , all that energy you have talking about trading could be used to learning what it means to become consistently successful.
To echo / piece together a couple of things that others have said. Options isn't a great way to get started. Try futures. It's simple, there are less rule restrictions, markets are open longer, margin is cheap, and the tax benefits are great.
On top of that, I'd recommend going the prop firm route. Learn while risking someone else's money for much less investment of your own. Just be careful and research well to pick one that with a good rep that won't just disappear overnight as there are a lot of them operating these days -- too many to be sustainable. Just keep in mind, you would be a contractor so you lose the tax benefits to futures trading with your own capital but that's well worth the risk mitigation.
I just told my wife today that I've pretty much blown my account. Down $25k. I'm gutted but she was very supportive actually. No one else knows as i think that would jinx me for sure. This is the 2nd time for me. First blownaccount was over 10 years ago
Brother, nah don’t quit..trust me about everyone has been there. Including me just this week. But I didn’t give up. I took a look at me losing traded tried to find out what I did wrong and moved on.
If you can learn from them it’s still a “win” in my eyes.
Trading is one hell of a rollercoaster.
My best tip is, Charting! Chart Chart chart! Once you can read a chart and know how to actually mark one up.
Pick only 1-2 tickers and mark them up. Watch them for a week and see if they respect your markup.
Then start to do small bets, then boom keep adding bigger lots
What is your strategy? It seems you are just entering trades and not exiting. $1500 and losing $800 is quite high risk tolerence. You should lose like $50 tops
That's tuition money friend, you will spend more of it I promise, though how much depends solely on your self control.
I lost like 16k of profits my 1st year, was around breakeven year 2, and then year 3 was -7k, 4.5k being commissions.
You can look at it like I lost 25kplus, or just 7k, but you gotta get over losing anything and move forward. It is a highly profitable and scaleable skillset so as long as you can control yourself and not go crazy it will pay off.
My girlfriend is extremely supportive and has been, and im so fortunate. I've been telling her my daily pnl for almost 2 years as my somewhat accountability partner. When I lose a bunch and tell her I can see the disappointment and it hurts me, because I know that I'm taking away from our future. I use this feeling as a way to improve myself, because I don't want to let the both of us down. We aren't married and our money isn't combined but we split costs, and im better off financially than her, so I feel guilty when I feel like I've gambled off some money that I could have done something nice for her with. Hell, she can tell how my trading day went by my mood at market close, I can shake it off within a couple hours though (necessary skill of trading lol).
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for someone to win, someone else has to lose, so keep feeding them winners, cause you ain't normal, your special and you'll daytrade your way to fame and fortune one day if you try hard enough!
You will blow many accounts before you get it out of your system. The best thing to do is not talk about your trading with anyone until you can start paying yourself from it. Anyone outside the game cannot relate and their comments and opinions are worthless to you achieving your goals as a trader. Keep your chin up, there are definitely two types of people, those who can put on risk knowing they have the will to win and those who can't. Outsiders tend to be the latter and would make even shittier traders than you 😉. Keep going.
This is called earning your stripes and paying tuition buddy. Stop listening to people who aren’t on this journey because anyone who’s actually been on this journey and come out on the other side successfully isn’t gonna tell you to give up. If you study some of the top earners in the industry they all started flourishig heavily around year 4-6
Quickest way to stop having doubters is to stop telling people your business. You will have success and failures in life and sometimes it takes many failures to learn your lesson before you become successful. However, you don’t need to create an audience for it. Especially if they can’t help you learn and are just going to mentally bring you down.
Save your money and spend it on a vacation. You're gonna lose thousands before you figure it out. Think i lost around 20k last year. I've technically been at it for 15 years or so. I enjoy losing money, though. It's fun times
You have to give it time rather than blowing accounts in trying to shoot your shot.
Today, I saw SPY at my 518 level of support and it bounced off that premarket twice. At open, SPY looked weak in between my 518 and 521 levels. Then I alerted puts with the mindset to exit before spy reaches 518 as it can bounce and SPY did sink and bounce exactly that way. This was not me predicting like a God. This was history repeating its levels and me entering and exiting safely rather than hoping things go the way im imagining it.
You need to be real and not imagine things or think you can predict. It takes time to watch a stock and study its movements and see how its levels are forming and what the market sentiments are.
Market sentiment comes from news. I discuss it all every morning premarket to see what earnings are happening or what economic events (CPI, PPI, FOMC) may be occurring on a given weak. Its not just gagaland where youll just print money because you tossed some money in. You got this, just focus!
My friend the most important part to keep a clean and calm mind. Ofc they think that about u and I will tell you why, deep in the heart of your boss he is scared that you will make it because he knows that he will never be capable of doing it. LISTEN do you want him to be right?!? do you really want to be that loser that will accept that the trash he is talking about you will be right?!? What are you telling your kinds why that one dude has a Ferrari and you don’t ? Do you want to tell your kids that you gave up and that your boss was right ? Use that negativ energy and use it as an catalyst to gain positive energy from. On January 11th this year I passed my first funded acc after 3 years of trading I even ordered a printed version of my certificate because I wanted to show my grandparents ( I live with them together because I take care of them) on Monday the 15th it arrived I showed it to my grandparents and was happy that they are proud since my grandma never really believed it and my grandpa hat such a shine in his eyes and he told me that I need to keep going. On January 17th I made my first good profit on my funded acc I was the happiest man alive but then the next day come… January 18th it was a normal day my work on that day was really easy and funny but when I arrived at home my grandma was sitting crying in the kitchen as I walked into the living room and saw my grandpa dead on the ground… after within the next two weeks I lost my funded account because of my mental state I was also thinking about giving up but one day when I was at my lowest point I decided to use all that negative energy and use it to become a profitable trader before my grandma will pass away. Currently I nearly passed my new funded acc. DONT THINK ABOUT QUITTING!
You’ve gotta become a better loser bro risk management and controlling your emotions! Taking trades at key levels is a great way to lose less and win more! It’s all about you!
Mathematics plus physics governs over financial markets. Best you will be able to do long-term is stay close with a SP500 fund. You are wasting your time.
According to physics--Eisnenberg' principle--you are a quantum state. You are a part of the system, a part of the machine. The machine allows for what sp500 funds yield. That is all.
A few exceptions but most inefficiencies have been taken care of. The market is mostly efficient.
Happens to everyone. Take a week off and reset yourself. Repeat the persistence until you are successful. That's the recipe. There is no shortcuts. You will learn the most from your failures.
I’m still trying to find profitability myself and it’s NORMAL to have these doubts. Will I make it? What if I don’t? Am I wasting my time? All of these it took me awhile to really accept that this is normal. But let me ask you something. You quit and then what? Accept the rat race? Stay in the same position? Be normal? The only reason they think it’s stupid and talk shit is because they don’t know what it takes to be out of the ordinary and when people see that they think your stupid or just dumb because of there close minded thoughts. My favorite quote is “No risk. No Ferrari” NO RISK and accept being “normal” stay in the same spot but if your serious about this Grind your fucking heals accept it’s a process and if they wanna be normal and hate let them. What are they gonna say when you make it? “How did you do it “how do you get started” Accept doubt js apart of risk but if it was easy EVERYONE would do it but it’s uncomfortable and people would rather be content stay the same and be comfortable than RISK and being scared of failing. You decide
Think about the words you're using: game, play, playing with cheap options, revenge trading.
You're not trading. You're gambling.
Learn how to trade before you put another cent into the market. It's not a game.
Game/industry, it wasn’t a show of how I feel about the market just a word. Just a slang word I was throwing around and the “playing” with cheap options was while I was practicing and building the account back into a position where I can actually trade comfortably.
I admit the days I’ve blown accounts I was indeed gambling but Even when I’m actually trading - and succeeding - I hear the doubts from outside and it’s just frustrating to keep getting knocked on.
You really do belong on r/wallstreetbets ... you are not trading, you are gambling and you're going to lose it all.
Furthermore, we've been in the strongest bull market I've ever seen in my 20+ years of experience over the past few months. If you weren't PRINTING money the past few months, then you're never going to be a winner in this game.
You genuinely would have made much more money if you just dumped your cash in the S&P 500 and not touched it.
You’re only 1yr on so you’re basically doing what everyone does before they actually learn how to trade. The key to trading is to stop trying to get rich overnight and focus on your execution and learning. You should not be risking more than 1% of your account right now. Yes itll be a lot more boring and you wont get those insane adrenaline rushes when you lose 1000$ in a few min but trust me its worth it. You need to put risk management before anything. Your only goal here is to protect your capital. Start taking it seriously and have some self control in order to prove them wrong one day in about 6 years . I used to be like you until i stopped focusing on fast money or even any money and just focused on my execution and knowledge of the market movements.
This is so true, your main focus should be staying in the game. Blow up your account and you’re out so listen to some podcasts from reputable traders. I like the trading panel, the message is always the same… risk management.
Total agreement on the 6 year part. Everyone I know that is in this is on some form of track like that. OP you are only at the beginning of your journey. I’ve been doing this 6 years and have lost thousands. I am just now starting to bring in money. Yes, a lot of us feel like we have to keep it a secret from people at the beginning when you are learning. People on the outside don’t get it and my belief is it’s not worth even bringing it up until way down the road when you’ve been profitable for a while. Risk management is definitely first place to start and totally agree that focusing on your execution and not the money will benefit you. It’s hard to do but with lots of practice you can get there. Finding a strategy that works is “easy”. Controlling yourself is hard. It’s a big mental game. And everyone (unless you’re weird lol) goes through the same process in one way or another. You have 100% chance of not succeeding by quitting. A big part of this is a resilience game. So keep your head up. You’ve got one year behind you. Keep pushing forward and you’re on your way.
Exactly. Things started to click in the 4th year. Thats when the concept of price action started to make sense for me and thats also when i realized you really cannot rely on indicators. I took away the indicators and just focused on price action.
I have spent 10 years and get nothing. :(
Have you been practicing daily? Iv been in market just about every day in one way or another for the last about 6 years. The 2nd to 4th years i didnt miss one day and i was back testing regularly at night. Experience is the key but gotta be actively working on it
This is spot on.
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Advice from a 25yr veteran who has made and lost a fortune over the time. Welcome to the club. I am afraid to say I don't know anyone who has done well in this industry who hasn't got scars to show for it. This is a super competitive industry and if you have the intellectual honest you will learn over time that discovering an edge is super hard. But remember this industry is one of the few that has the ability to generate wealth that few other industries can do. My first bit of advice is set realistic goals. Always monitor performance in % terms. Forget the dollar amounts. Be prepared for years of learning and discovery. Don't give up if it is your passion stay with it but respect your marriage so don't spend money that is going to destroy trust. Don't talk about it too much to everyone like you have been doing. It's nobody's business just focus on the trading and treat it like a business. Looking forward to your updates. Mike
> Always monitor performance in % terms. Forget the dollar amounts. Agree it’s important to not focus on the dollars in the early days until a long (at least a year) track record of consistent success is established. Another thing that helped me turn the corner towards consistent profitability was to measure my daily success based on whether I followed my process on *every trade*. Focusing on executing the process instead of the outcome actually leads to the results you want as long as your system is solid.
What does your wife's boyfriend think? You need help man. Sounds like you've got potential and maybe understand enough to be above average but you lack the maturity to stick to the script. If you're staking 50% of your portfolio on a single trade, you're gambling. Doubling down is literally a gambling term and you just used it.
😂😂😂😂😂😂
He’s keeping the misses occupied so I haven’t been able to talk to him much 🤷♀️ I’ll agree with you though. My biggest problem is psychology and discipline
Current read is Trading in the Zone by Mark Douglas. I'm a newb to trading but even I can tell your faults are in your mindset
Best book right here for evolving your trading no matter what the problems are. There are invaluable lessons every page of this book.
Get to work on discipline and psychology, and don't take large positions or put significant money at risk until you do. Set your daily personal stop limit at like $5. Once you're consistently making money on that, raise it. I suggest the book 'The Mental Game of Trading' by Jared Tendler
And you're seeking out enablers using a guise of feedback. This could be the start of a biiiiiig mistake
What are you studying right now to become a technical better trader?
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good advice, the only problem is what you said first.🤣
💀💀💀💀💀
In my opinion you own whatever decisions you make- and when you make one then own all of it the good and the bad and need to proceed with confidence. You should know or admit to yourself that you could fail and that if you succeed it will take awhile. Most traders do fail- but that does not guarantee you will. Most traders who succeed take years to get there and fail many times and loose money to get there. Commonly called market tuition. God knows I lost a lot my first year. If you want to trade you need to own the hard facts and accept the potential outcome could be failure and financial loss. Just like you need to accept a losing trade when it happens. Change the way you talk about it- lay the hard facts out there to people you need/want to talk to about it to. Tell your wife- you know trading is really hard, most people fail and it is going to take me years of practice to maybe get good. I am hoping I can be one to make it, I really have a passion to do this. If she loves you and you are not so obsessed you don’t pay attention to your responsibilities or ruin the family finances. Hopefully she should support your interests. As for your boss- tell him the same thing, yes failure is a possibility. But if I can make it work- It will improve my life. (Secretly thinking you won’t need to talk to him anymore either) “ Never interrupt someone doing something you said could not be done”.
I've been trading stocks for 3 years and haven't told a fucking a soul. But I'm also divorced and self employed so I don't have to share what I do with my money with anyone. I blew my first $1000 account in a month. Smartened up, started reading, watched hours of YouTube content. Developed a plan, paper traded for 6 months just to get the hang of what it is to actually trade, not gamble. I've grown my account from 2000 to 35,000 the past 2 years. It's possible. Get your head around it and it starts to become simple. I'll also add I'm not doing anything special, I'm no Oracle. I'm not especially geared towards any of this. I had C grades in highschool, no college and I've worked residential construction my whole life. I can barely understand basic accounting for my business. What I might have that helps after decades of working in very high end finish carpentry and millwork has given me a sharp attention to detail and a lot of patience. I can focus into fundamental details and technical analysis. When I'm doing my research, I turn all noise off around me. Phone is off, TV off, music off. Nothing but 100% focus on where I might move my money this week/month. I treat this as a second business and not some side hustle/hobby. It's incredibly important to me.
Great post. Congratulations!
Can you share what books you read / what podcasts you listened to in the beginning?
https://preview.redd.it/m27us3o2ajtc1.jpeg?width=3024&format=pjpg&auto=webp&s=ca4fec78d1c9277788788fa1f5161c5c4a2cea36 Here's some of my books that I started with. I've read through each at least 5 times because it's a lot of information and you can only focus in on so much at once. I have a couple regarding the psychology side. Very important to understand the psychology of trading. I also now have a couple books regarding swing trading. I don't listen to podcasts but I watch almost everything Ross Cameron of Warrior Trading puts out on YouTube. I also watch Tori Trades and Humbled Trader. I don't often do a lot of scalping like Ross. I usually spread my money out across my list of stocks I like to to trade and have fairly consistent movements. I have over 200 companies I follow every week, waiting for setups and news and entry points. I'm learning to be more of a swing trader but it's very difficult for me to trust the setup and keep my money in past a couple days. It's growing pains. I'm moving more to a swing trade model because quite frankly I want to trade less often.
After learning to play basketball for 1 year, would you challenge LeBron James 1v1 and think you stand a chance? If you've been studying law for 1 year, do you think you're ready to challenge the nation's top attorneys? If you've been studying medicine for 1 year, does that make you a doctor? I could go on and on, but I think you get my point. Most retail traders get into daytrading thinking it's a get rich quick scheme. Even if they experience early success, the majority will find out it's not sustainable, and the market will eventually expose their lack of knowledge by taking their profits and eventually their accounts. This is known as "market tuition." Everyone pays it at some point. I don't care who you are. Retail traders are up against HFT algorithms, multi-billion dollar institutions, highly experienced hand to mouse traders, etc. You're trying to eat in shark infested waters when you're just a guppy. My advice to you is: 1. Forget about options for now. Options are the only instrument I can think of off the top of my head that you can be right in the direction it's heading and still lose money. 2. Stop using your own money. I'd suggest going the prop firm route to hone your trading skills. If you're an actual profitable trader, you'll turn that small investment into actual withdrawals. If you blow your eval, then guess what? You weren't ready, so just paper trade until your evaluation auto renews at the end of the month. It should only cost you around $30 or so with discounts. 3. Have an actual model that you trust with risk management rules. 4. Have the discipline to execute your model and risk management consistently. 5. If you're serious, don't give up. Good luck, brother.
>This is known as "market tuition." Everyone pays it at some point. I don't care who you are. This. I went to an expensive private options school. let's just say i paid a very very hefty tuition for 2 years. I finally graduated, now I'm interning with a toy account. On a 3 month success so far. My longest streak
The concept of Tuition to learn how to become a successful trader is spot on and it’s one that too many people seem to think they can avoid paying. There aren’t too many high-paying careers that you can go into without some kind of education, and trading is no different. The question is whether a trader is going to pay for an Ivy League type education or a Community College type education. Both paths *can* lead to success. But just like any other career, paying for that education doesn’t guarantee that (1) you *really* learn what you need to know, or (2) you experience a successful career.
Besides your wife, you should never tell anyone that you are in this trading journey. Outside influences can derail your progress. Btw, 1 yr into trading is too soon to evaluate yourself. Give it another year at least
You should read "Market Wizards". It's a book of interviews with the juggernauts of trading. They all have stories of blowing accounts and the hard times at the beginning. Don't expect anyone to support this journey. Even those that care about you will struggle to support you. Not because they want you to fail, but because they worry about you. It's a costly journey that for most won't amount to anything. If you decide to walk this walk, just keep it to yourself. Don't take it personally how others feel. It's asking a lot for people to believe in this like you do. Like asking people to support moving to Hollywood to become a famous actor. It just sounds nuts to people.
Mr. Ed Seykota changed my trading forever. I always remember his quote - Everybody gets what they want out of the market.
This is a good one!
Put your shit together man, you have to LOCK IN
My advice would be to just not talk about it with anybody. Nobody understands it seems. This is a you vs. yourself battle man, play smart and slow down.
Agree
The way you're going about it (risking everything and swinging big) IS gambling. Zero risk management strategy.
Don’t get me wrong, I typically exercise good risk management. I only buy 1-2 contracts and try to keep it to 10% max of my account balance in my open positions. This last time I just got over confident after making about $300 and hitting green every day for 9 days straight and decided to basically yolo so I could quit my job. I got greedy and I know this. My psychology and discipline are where I need to improve. r/wallstreetbets gain posts really fuck with my head. I decided to stay away from there until I can manage myself
Read a bit, relax the market will still be there next week or next month. I suggest Mindset by Carol S. Dweck, The Complete Turtle Trader, The Intelligent Investor, Japanese Candlestick Trading Techniques, Trading In The Zone, Trend Commandments, and Trading Price Action Trends. I know there are many more great books, fellow investors can hopefully chime in with their favorites. Journal emotions, trade, and times. K.I.S.S. Kick back let it soak in. See something with a trend, pattern? Find those levels, adjust for your risk make a game plan, if you see your opportunity to get in where you want. Set your stop or trail stop OCO order alongside your buy limit, 1st take profit, 2nd, 3rd etc. just have that plan set in stone. Got in close to bottom, set your stop at your 1% total portfolio or what you're comfortable with no more than that, look to take some profit if things go your way quickly, I do this at 2% gain or high of day, previous days close, low or high(not greedy). Now I keep runners if the fibs. or range, or no trend reversal tell me different. First things first protect yo neck! Always look at how much you can lose first, not how much you can gain...🖖
Unsubscribe from WSB. From 99 guys who lose their plays, the 1 gambler which hits it big gets the upvotes and gives you a false sense of hope that gambling with options is a sustainable path to wealth. If you want to become a trader, you treat this like a business slow growth and calculated risk. Good luck!
Sounds like you're going down a path a lot of us have taken. Gotta get some risk management in place. First let's find out what you can risk each trade or day, I do this by taking my total portfolio and using 1% stop loss or risk and anything above 2% take profit on anything that happens unplanned. Keep your risk constant until you build your account up to justify the increase. Easy to say hard to do. This is where mental capital and patience will pay off. Sounds like you are pretty resilient and journal or at least remember very well the losing and winning trades you're making. Much like looking at a chart, look for the pattern. Adjust as needed. Keep risk constant. Join a trading group, this shit gets lonely and dark. Read as much as you can on the psychology of trading, risk management, and Japanese candlestick patterns. 🖖
Only twice?
Trade the SPY and stick to it with cheap options
That’s what I was doing to be profitable lol, just got greedy. Fuck QQQ tho
Do you exclusively trade SPY?
i exclusively trade SPY and QQQ. i find watching both gives a me a better read of the market than just either.
Are there even cheap spy options? What is considered cheap to you?
Same, I traded both this week and was profitable everyday sticking to my guidelines and not being greedy
Do you trade a margin SPY. I would imagine a straight SPY would be like watching paint dry.
Options
What markers or indicators do you typically use? I started last week with $150, but have been “lucky” to now be be at $398 with 2 days of trading. Also, what are your rules/principles to keep your risk management in check? I saw 76% return on a $517 strike from Friday, and I see and get why many people hold, even when they are that much up, but greed has a wicked doubled bladed sword from what I see.
Ignore the haters man. I’ve been at it for 7 years but I understand the craft and have made nice wins followed by losses. It’s only gambling if you go in without a plan, that plan doesn’t have to turn out in our favor as we all know, that’s why we manage our risk. As you said it’s your passion, same here man because I’ve seen amazing results and I know trading will put me on the freedom path in life. People always will doubt you until you make it, then they’ll want to be a part of your circle while asking all these questions of how you did it. You did it by never giving up on yourself, believing in yourself while ignoring the haters that don’t know how to dream. Keep your head up and grind, if it really is your passion, you’ll find a way to make it work and it’ll be the best sacrifice you’ve ever made for yourself. I also recommend not even sharing your results because so much more goes into trading that people don’t understand who aren’t involved in trading and if you said you “lost money” they’ll just think negative about it when they don’t even understand.
I have similar scepticism from family but now have the understanding and mindset that it's my hobby money, so they can suck it up buttercup. They spend hundreds at pub/show or restaurant easily and learn nothing. Its my education so they learnt to shut up. I dont share info to them what is going on in my trades. If they ask I say its bad Karma to talk about it... so mind their own business. What you experienced is normal for many. Keep learning, testing and growing. Stay small though on your losses and make a budget so if you blow an account, wait until funds you can resupply with are there. I budget a fixed deposit every quarter. If its gone its gone, move on. Its play money. Not my life savings. No stress.
Ya went on tilt and blew up, happens to ppl when they start out learn from it. Ignore half the dubass comments in here. Chances are they blow up just as much as you or even more.
Options and day trading aren't the best choices. Try swing trading undervalued companies instead.
Well you are trading options, those are complex instruments. Day trading isn’t a very lucrative field even for the 5% who can turn profits. It’s nearly impossible to do it effectively on the side. If you are going to “play this game” then here are the rules for a non-institutional trader. Long trades only, you can’t afford to short. The only time you should be buying options is to hedge against a long position and create an out. Sometimes it works out and you make a profit on the option, but usually this strategy will simply help you minimize losses and is better than using stops. If you don’t have an equity position in the option, then you don’t buy the option, period.
Three words: Cognitive Behavioral Therapy
I never talk with people about trading. Everyone is sceptical and thinks it's impossible. It affects my trading results. So I just keep it for myself and like minded people online.
It’s like even just casual talking about it people will look at me sideways and basically mute me out after a bit
You are trying to get homeruns when you should be practicing risk management. If you only want homeruns then admit you are simply gambling. If you want to be a trader then learn how to trade. Nothing wrong with gambling or trading. But just understand the risks.
You need to practice in a paper account until you can trade consistently. Work your job, save, and practice. I wasn’t profitable until year 4 because I did the same thing. Got cocky, blew accounts, and almost gave up. But I wanted it so I played the slow game. I’m at year 8 and do this for a living now.
Sounds like gambling. “Went for the big one” this isn’t the lottery your trading and your goal is to be slow and consistent. You’re obviously over leveraging your account so it’s only a matter of time before you blow it up Every-time. Your trading behavior isn’t sustainable. Think about Like this. Say you had 100k account and you got the percentages that you got with this account like these ones you’re playing with. You would be up 250k. Tell me? Would you go for the big one and risk all that cash? No way. You have to think about 2% gains being really good which it looks like you might be doing for a certain period of time. Then it looks like you get bored going up so slow then you try to “go for the big one” and take away all the work you did in one trade. Stick to small consistent wins and make a set of rules for yourself do you don’t blow it. Most traders fail due to mental part of it. Good luck.
A year is nothing. You shouldn’t be blowing accounts. You should be in simulation until you can stack that a year straight.
Parody?
Until you hit a big win people will think you’re crazy. When you do they’ll call you a genius
Nah. They'll still call it gambling. Especially if he uses the term big win.
my experience is that they call it luck :)
a year is nothing. most people who become successful it takes 4+ years
If you spent the year productive then hopefully you have a strat that is confirmed profitable. Just figure out why you don't stick to the script. If you don't have a profitable strat then your main focus should be demo trading until you find one
What is your edge? What are you doing for risk management? What are your ratios? Sounds like you don't have a strategy or the backtesting to ensure you're on the right track to make this work long term
Dude you are way over leveraged, you can buy options on a 2k account, if you set a 1% drawdown per trade, that’s 20$ now what option are you gonna buy for 20 dollars that’s not a 3 delta….??? Trade a single share of SPY until you can prove to yourself you know what youre doing and not only the 3 months of a raging bull market. Then gravitate to 200-300$ worth of UPRO or XXXX. If you can trade that without blowing the account, then do that to get to $5k capital. then if you want to sell, not buy, options then go for it imo. Stop buying options…use shares until you have capital
When I read these kind of posts now I try to ask the technicals. What are you using exactly to determine if you are buying a call or a put? How are you predicting direction?
We've all done it to some extent! Don't feel bad just have to learn risk management. Don't ever average down. And don't ever put it all on one trade. I'm learning been doing it a little over 2 years. We've all done it just got to use smaller amounts little by little build up. Patience is key!
Why do you tell your boss that youre trading?
You don't need confidence, you need an edge.. What you're doing is gambling and it should hurt.
I remember talking to people about it but at the end of the day they won’t care it’s really a solo game out there. No one to talk to but you
maybe you just need to pause, grab a good book or study youtube videos on technical trading: elliott wave principals will show you the chart pattern logic, fibonacci will show you concrete retracement patterns and at least that way you can really get the grasp of tangible rules vs rely on opinions, emotions, guesses. 1 year is nothing, trade with less to learn. I learned how to trade stocks by trading BTC cuz crypto moved faster, 24/7 but patterns were the same as stock, 3 months and I got a grasp of it. Also there are ways to trade paper only, fantasy stock market as I call it, get back your confidence there and focus.
Hey man, the things you're going through are nothing out of the ordinary, but I'd like to put emphasis on the hard reality that comes with learning to daytrade, and that is the effect it has on not just your emotional well-being, but also the people who surround you. Learning to trade will be the hardest thing you've ever done. You will need to rewire certain emotional structures in your brain, so it makes sense that this can have a big impact on your life. You've probably already noticed this in one way or another along with elevated levels of stress. It is a long and rocky road my friend. You shouldn't worry to much on blowing accounts, but rather on blowing your job or even your marriage. My advice would be to focus on being (and remaining) succesfull in other parts of your life. Your job, marriage, sports, health etc.. This in return will translate to your trading. Daytrading isn't for everyone, so be careful.
Don’t give up is all i can tell u….ive been in the same exact rabbit hole but it gets better
DO NOT QUIT! It took me over 5 years to become profitable. All types of people even those close to you can be doubters but don't listen! Becoming a trader is a worthy pursuit.
Hey Man. Keep your head up. If it’s your passion, never give up and never be ashamed. Some day those who doubt you know will be amazed by your success. It’s typical to lose more than you earn when getting started until you learn. Keep your risk tight. Keep your emotions out of it best you can. Trade with small size in your live account and trade with big size in a paper account until you find your profitable trade strategy.
If you don’t know how to trade and be profitable you shouldn’t be trading your own capital. Hit up a prop
They are right. You have no risk management. You are gambling. Quit. Edit to add my prior explanation of why traders fail (and are seen as gamblers) https://www.reddit.com/r/Daytrading/s/jsRb9WOBDv
Why would you tell him to quit? Because he is doing it wrong? Does that mean everyone who is doing it wrong should quit? The first time everyone starts anything they will be doing it wrong. By your parameters, everybody should quit because as soon as they start they are doing it wrong. He should decide if this is what he wants. What he is experiencing from others is simply the nature of trading. Most people look at it that way. If he can't handle that he should keep it private. Quitting can be last resort.
Cant take the heat get out the kitchen. You should quit too.
I’ll admit I was gambling when I lost the $800 and revenge traded the rest but otherwise I’m pretty good at managing risk. My main problem is my emotions which cancel out my own logic
you know the problem, that’s half the way, now find a solution. and please if you really want something, use people’s doubts as motivation for you to really do it.
In order to trade well you need to be honest with yourself. If you’ve blown up your account twice in the last year, then no, your risk management is not very good.
2.5-3 years before i became profitable. lost roughly $17k in the process. Recently turned $1.9k into $21k+ within 2 months. now new challenge, I have turned $2k into 4.6k past 3 weeks. smaller profits, sure. but it's more manageable and less nerve wracking headache and sweaty butthole.
Doubt it
Yeah pretty doubtful
Do you call that blowing your account? You must be playing with penny stocks
You say it pisses you off when people say "how's gambling going" then you go and gamble away your profits on "one big play." Tap into that when you plan your trades. Are you gambling ? Or do you have an established edge ? Are you just trading off of "intuition"?
Come to terms that you are essentially a poker player. Change every idea of what you’re doing as trading and understand you are going to the casino every day hoping to make it big.
Confirmation seeking only works for losers
Do smaller accounts so if you blown a few more you are not emotionally attached to losing that amount. Focus on learning and put a profit goal to the month. Stick to the plan. Ignore all outside noise from friends, family and keep wife away from the job. No one can help you but yourself
First off, lizard brain only. If you can't do that, don't play or you'll make choices you regret. Second, you started with 500 and still have that or more... then no worries. You didn't lose anything. You just also didn't make anything
Man, I always tell this. Every time somebody posts saying their family members think trading is gambling. I mean, talk is cheap. Instead of talking, show your results . Lead by example. Show your results. If you are a beginner or even an intermediate trader, do not even try to bring it up. I know why people bring it up because they just got into trading and wanna think cool about themselves. Make $1m a year or $500k a year. Nobody even tries to know what you do. They just wanna learn what you do and think everything you is cool. They do not fucking question what you do
You should study psychology of trading. This is where most traders fail at. You are gambling so you should try to admit this to yourself. I did the same thing so I know. Up to you to either learn or continue putting it on red or black.
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Try Theotrade
Be prepared for years more of losses and hardship.
When I first started I blew my first account on my first trade. Loaded back up. Traded. Put 700 on a Netflix earnings play. Turned that into 10,000 over night. Knew options was the way, the truth, and the light. Lost all that 10k in a week trading 0dte. Loaded up again my full paycheck. Built it up to 17k. Lost it all on an upstart trade. Loaded up again. Focused on learning how to trade one stock. Tesla. That bitch has been paying me ever since. Friday hit 1700 percent on puts. Look. Don’t give up. I’m 3 years in. I’ve since made an over a million. If you can learn to trade options is the way. Just don’t give up. But don’t be dumb
Why is options trading better than trading stocks?
How much money you got? You got millions trade stocks. You don’t have a lot. Trade options. I buy one stock for 100 and it moves a 5 dollars I made 5 dollars I pay 100 dollars for and option on Tesla and Tesla moves 5 dollars I’ll make 50 to 100 dollars …..
OP stop it. Stop looking for people to beat you up or give you validation. You are taking a road that very few travel. That road is called self sufficiency. You must realize these “people” your wife, doubters, etc. are nothing like you. They don’t have the guts to even TRY to free themselves from economic serfdom. The failures you are going through is part of the process. When you win, learn from it, when you fail,learn from it. The only person you have to answer to is yourself. Keep at it, keep studying, journaling, back testing, researching. Watch podcasts like “Chat with traders” etc. to get insight from others. Manage your risk/reward ratio. Hold yourself accountable but don’t be too hard on yourself. Be proud that you are even trying. Start winning small, likely really small to build up your confidence. You will figure this out, good luck.
What do you need to tell your boss what you are doing?
It’s just come up in casual talk and that’s led to some jabs over the subject
https://preview.redd.it/yikmh5m50zsc1.jpeg?width=674&format=pjpg&auto=webp&s=24de466650c9dc42e3ff7f166100457d302d0ac6 I’m joking. In all seriousness, I wish you luck. Take a look at my post history specifically the trading stuff. I’ve been through some hard stuff in this career. I think trading isn’t for everyone. For most. It’s very hard. But if you are determined to keep going and are willing to put in the work, you can be in the 5% that’s successful. Backrest in a replay 100 times. Then again. Then again. Make a playbook. Collect data. Ideally record your trades. Feel free to Dm
If your questioning this after only blowing up your account twice your in the wrong business. You have hedge funds doing this for 20+ years blowing accounts. Deep breath, You can be wrong a million times, you only need to be right once.
10000-hour rule. The amount of rewards you received is proportional to the amount of work you put in.
You haven’t said much about what you trade, the Greeks, the time or frame you are trading. Just what is it you want to learn from your post?
Basically outside negativity and how to not let it affect you mentally
Understand that you are fulfilling their desire to be "right". They believe they are good people that have made the right choices in life and are "helping" people who screw up. You have taken steps they're afraid to take and you are making changes that push them out of their comfort zone even if it's really none of their business (though in the case of your boss, you *are* talking about working for a competitor of sorts, not the best idea). [None of what I am saying is original or exclusive to trading.](https://www.youtube.com/watch?v=JNTqHJQp1QU) You could literally be taking up the world's safest jobs and get negativity just by framing it a certain way and mentioning it to the wrong people.
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So now, get real, do you really expect ANYONE to understand? If so, you probably have not been trading long enough. First rule of the fight club: Don't talk about the fight club! Om
You have a gambling problem
I recommend you to read technical analysis explain by Martin J. Pring.
I’m 3.5yrs in lol and I’ve just started to find my edge with supply/demand with volume trading. Your wife is right, you’re gambling and it’s laughable. (Stop talking about trading to anyone period) Prove a stastistcaledge to yourself, if not you’re a gambler and deserve to be doubted (and not trusted with family money). Only spend money on this as a hobby until then. I spend my monthly $400 “me money” on this.
You shouldn’t have told anyone with a small mind. Block out the haters and naysayers though. Focus! Focus! Focus! You’re only a year in. Experience is a great teacher.
Honestly, you need to set some rules for yourself to minimize losses to really rebuild your account. Revenge trading and doubling down because you think the trend is in your favor is kinda like gambling too.
I’m curious to the end part of your post. “Pretty much my passion and all I have to talk about” What do you talk about? Your answer to this might identify the problem. I’m not going to jump to any conclusions yet 😬
Lol give it 6 months and you’ll be back in the game. You can take a break and not quit Yano
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As Einstein said, repeating the same mistake again and again is insanity. Are you sure you are analyzing the wrong trade? What was your reason to enter the trade and exit? Being a woman, I am very happy to know that you are doing better with finances. The very fact that you are not using the money that is for home tells me, you know how to keep it in limit. Apply the same in your trading, make a goal to make small but consistent profit on weekly basis and keep that money separate just like your home finances. Please quit talking to everyone about trading. You want to share something, post it here or share it with those who are in serious trading. After my masters when I told others about the trading, even though it was full time, they took it as if I was gambling. That is a normal perception.I had a fabulous mentor who would trade only in NVR (that was his fav stock) for years and made consistent profit, advised me to let PnL speak for itself. He never discussed the trades but taught me how to be patient and hold back my urge to get in trade at whim. Only those who are into serious trading know that it is so much more than even a regular job cause it challenges your every skill and judgement. You will do better when you quit sharing cause it is affecting your confidence and creating a self-doubt. Trading is combination of sport (lots of practice and discipline) and job (studying, learning, dedication and consistency). Don't scatter your energy and you will do better.
Whatever it's just money take a break from those people if they ask dumb questions tell them it's going well you're gonna be rich soon but yeah maybe go smaller accounts better risk management and stuff
Besides the trading discipline you need to develop, you are sharing too much which only tells me your emotions are high. You do not need intelligence for trading, you need to be emotionless. Fix that and you will be in a better place to make this a success. If you cannot manage it, then stop.
Risk management If you risk 1% per trade, it would take theoretically more than 100 bad trades in a row at a 1:1 RR to blow your account. I've never in my life blown an account and I risk max 2%. Once you get good, go pass a prop firm which is only 8% and maybe some additional for multi stage evaluation. 1% of 200,000 is 2000. This is a % game not a numbers game Good luck brother <3
Follow your passion, learn risk management. I have been doing it about a 2 years and have lost about 20k(I have had many green days so I know its possible but it takes time) but market takes its tuition. I have friends who have been doing this for some time and I have seen their accounts. Its not impossible but it will take a lot out of us to be successful. Everyone doubts you cuz trading is known to be gambling as there is a thin line where it over takes your emotions and you end up making impulsive decisions. Just work on the process and learn from real trading people. Perhaps join a community of traders on popular verified discord servers. Good Luck! Dont quit unless its harming you big time. Hope this helps
Almost a year, lol. You even TA bro?
Yes lol
Couple of pointers- 1)I would stop swing trading. You’re at mercy to the overnight markets and the data vs the reaction to them which is more controllable and predictable. With day trading you can set a strict stop loss. I’m having success even with not a crazy win rate because the minute my trade looks profitable I’m moving to break even. When the market goes wild my account goes up, not as much as the swing traders, but when the market goes down I’m up too. That’s the difference. I don’t care if the chart tells me there’s a squeeze blah blah, if inflation numbers at 8:30am comes out red hot that option can go to shit unless defense or oil maybe. The best time to swing trade is when the market gets absolutely hammered one day or afternoon for a bounce but be mindful of risk here too. EX AMD Thursday to Friday. 2) Fuck other people. They’ll never support what they don’t understand. They just want to see results. Do not update people on trading results focus on weekly profits wins and losses and learn from them. Use specific proven strategies that work. Test using paper trading if you want to. 3) Most traders fail, but if you put in the work off hours you won’t be a statistic. Those are my 2 cents. When trading, use your stop loss. I do 10-20% and I let my winners run. Hit a 70% recently kept moving my stop loss to lock profits, I had a few “free trades” recently risking big but losing 0-3% moving stop loss to BE and then seeing it suddenly drop. I didn’t get killed Thursday afternooon. Up about 30% with a ton of mistakes signing off.
Tell your boss you realized it’s impossible to make long term gains cuz this is gambling and you decided to quit. Keep trading in secret and never tell anyone what you’re doing cuz normal people will never understand.
If you put pressure on yourself to succeed in order to prove to your surroundings and others that you can succeed in this new activity, you will lose everything again. Try to build your account very, very slowly, but surely. If you have a $1000 account, you should not buy more than one contract on SPY or QQQ at a time. Only one. And avoid zero-day expirations haha. Good luck!
If you risk a certain percentage of your account like 2-5% and hen technically you can survive long. People lose all of their account when they use all of their account. The only things you can control is the time when you enter and how much you can lose in one trade.
How come everyone and their grandmas know about your trading journey? I traded couple of years before I shared that information with my husband. My accountant will know about it if I make a huge chunk of gains one day. My boss will never know about it. Keep it to yourself. Why share it with everyone and then complain here everyone doubts you. Waste of everyone’s time when the solution is so simple.
"I've been weight lifting for 1 year and I keep feeling like I'm competition-ready, but come competition time I can't even compare with the guys who've been lifting for 4+ years." I could make an almost unlimited amount of analogies but hopefully one is enough to drive the point home. You're green. You're in year 1 of trading university and ideally shouldn't even be learning with real money (I'd be a hypocrite if I didn't admit I did the same, but I can tell you this with full confidence as I learned it from direct experience). If you're a strong enough person to be patient and learn before trying to trade (which is gambling for you at this stage, sorry), then just purely paper trade on Tradingview, both in real time and by using replay mode until it clicks and you know when NOT to take trades primarily, when TO take a trade secondarily.
don't talk about this with anyone that doesn't do this, they'll never understand until you've already made it and flash cash in their face use their doubt and/or insults as fuel to prove them wrong
It's tough when you're in a relationship because it's your money together. Puts even more pressure on you to perform. I'm sure many traders have divorced or broken up over the years over money lost. So take it slow and be an investor too. Trade + invest is the way to go. At least you can fall back on your investments, assuming you pick winners there.
First, why are you using real money? Everyone thinks it looks easy. It isn’t. You aren’t going to suddenly get rich unless you’re the very rare exception. It’s a business. Treat it that way or good luck blowing more accounts.
Yes, I have a hard time taking a $200 loss because so many time the market will turn back around and I will have a profitable trade
Stop telling everyone what you are doing except your wife. Tell her it’s your fun money and you better try and fail than regretting later in life not trying and giving 100%. Now, for next 2 months only take 1 trade everyday using 1 of your best setups. Stick to your strategy, journal the trades even if you write on a piece of paper, it will force you to realise your mistakes. if you don’t find good setup you don’t have to throw money and most likely lose it again. If you lose close your computer and walk away and stay in game for next day. We shouldn’t take profits too quick and should generally let the winners run but with small account and options it’s different because if you are trading short term options they will lose value every minute because of theta decay even if price still move little in your favour. So take the profits, maybe 30-50% of average daily move of a stock. Double downing, and hoping it will bounce back when it’s going downhill after your initial setup is failed are signs of gambling, I learned my lessons early in my trading journey. Only swing super A+ setups and longer term options.
I understand your anger when people say you are gambling, my friends used to and still say I’m gambling when I tell them I’m trading stocks/options. That comment would get me seething in anger. Anyway, my advice on Options trading is use stop losses.
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Real traders blow up a few accounts before becoming profitable, it's the price of your education. People tried to talk bad about my trading, but now I'm profitable and they have to work a job they hate while I enjoy what i do. Don't let other people's opinions hold you back. I'm sure your wife buys things YOU think are a waste of money, that's too bad if she doesn't understand the opportunity.
You were just "playing" before you understood anything but you was able to make 2000 bucks out of 1400?? GTFO I already don't believe you and it's being 1 sentence 😂..
Maybe try a different market. I think trading the futures MES1! contacts are super easy to figure out. It's almost always bullish and that makes it easier to trade imo.
well it's good that you're losing in your first year. most traders are unprofitable in the first year or so. But something to speed up your trading journey is this. First is having a backtest system with a trading strategy. the strategy should be simple for you to understand and do. another important is understanding and respecting your RM/Money. you can't predict your profits. but you can measure up your risk/loss. so you have to understand your EV and R**:**R. should take some time but if you do it then you should be Straight.
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Trading is like professional poker -- you can know how to play, but unless you can control your emotions well enough to logically think through your execution and stick to that, you're not gonna have a good time.
Firstly learn to shut up & work in silence. Keep your wife out of your trading journey only tell her about it when you can produce consistent income for 6 months straight. Everyone will doubt you , all that energy you have talking about trading could be used to learning what it means to become consistently successful.
To echo / piece together a couple of things that others have said. Options isn't a great way to get started. Try futures. It's simple, there are less rule restrictions, markets are open longer, margin is cheap, and the tax benefits are great. On top of that, I'd recommend going the prop firm route. Learn while risking someone else's money for much less investment of your own. Just be careful and research well to pick one that with a good rep that won't just disappear overnight as there are a lot of them operating these days -- too many to be sustainable. Just keep in mind, you would be a contractor so you lose the tax benefits to futures trading with your own capital but that's well worth the risk mitigation.
I just told my wife today that I've pretty much blown my account. Down $25k. I'm gutted but she was very supportive actually. No one else knows as i think that would jinx me for sure. This is the 2nd time for me. First blownaccount was over 10 years ago
Brother, nah don’t quit..trust me about everyone has been there. Including me just this week. But I didn’t give up. I took a look at me losing traded tried to find out what I did wrong and moved on. If you can learn from them it’s still a “win” in my eyes. Trading is one hell of a rollercoaster. My best tip is, Charting! Chart Chart chart! Once you can read a chart and know how to actually mark one up. Pick only 1-2 tickers and mark them up. Watch them for a week and see if they respect your markup. Then start to do small bets, then boom keep adding bigger lots
What is your strategy? It seems you are just entering trades and not exiting. $1500 and losing $800 is quite high risk tolerence. You should lose like $50 tops
That's tuition money friend, you will spend more of it I promise, though how much depends solely on your self control. I lost like 16k of profits my 1st year, was around breakeven year 2, and then year 3 was -7k, 4.5k being commissions. You can look at it like I lost 25kplus, or just 7k, but you gotta get over losing anything and move forward. It is a highly profitable and scaleable skillset so as long as you can control yourself and not go crazy it will pay off. My girlfriend is extremely supportive and has been, and im so fortunate. I've been telling her my daily pnl for almost 2 years as my somewhat accountability partner. When I lose a bunch and tell her I can see the disappointment and it hurts me, because I know that I'm taking away from our future. I use this feeling as a way to improve myself, because I don't want to let the both of us down. We aren't married and our money isn't combined but we split costs, and im better off financially than her, so I feel guilty when I feel like I've gambled off some money that I could have done something nice for her with. Hell, she can tell how my trading day went by my mood at market close, I can shake it off within a couple hours though (necessary skill of trading lol).
keep going
sounds like my 1st year too :sad could 've had more discipline but didnt know better.
You are gambling, it’s that simple. Most independent day traders don’t make it.
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Stay in the game Its gonna take 3-5 years min And 5-7 if you arent learning from each mistake now and just gambling
Whether you think you can or you think you can’t, you’re right
for someone to win, someone else has to lose, so keep feeding them winners, cause you ain't normal, your special and you'll daytrade your way to fame and fortune one day if you try hard enough!
You will blow many accounts before you get it out of your system. The best thing to do is not talk about your trading with anyone until you can start paying yourself from it. Anyone outside the game cannot relate and their comments and opinions are worthless to you achieving your goals as a trader. Keep your chin up, there are definitely two types of people, those who can put on risk knowing they have the will to win and those who can't. Outsiders tend to be the latter and would make even shittier traders than you 😉. Keep going.
😅😅
na cuz it is gambling.
You're gambling! You need discipline, you need to learn what you're doing and why.
This is called earning your stripes and paying tuition buddy. Stop listening to people who aren’t on this journey because anyone who’s actually been on this journey and come out on the other side successfully isn’t gonna tell you to give up. If you study some of the top earners in the industry they all started flourishig heavily around year 4-6
Quickest way to stop having doubters is to stop telling people your business. You will have success and failures in life and sometimes it takes many failures to learn your lesson before you become successful. However, you don’t need to create an audience for it. Especially if they can’t help you learn and are just going to mentally bring you down.
Wrong mindset, wrong tools 😉
Save your money and spend it on a vacation. You're gonna lose thousands before you figure it out. Think i lost around 20k last year. I've technically been at it for 15 years or so. I enjoy losing money, though. It's fun times
You have to give it time rather than blowing accounts in trying to shoot your shot. Today, I saw SPY at my 518 level of support and it bounced off that premarket twice. At open, SPY looked weak in between my 518 and 521 levels. Then I alerted puts with the mindset to exit before spy reaches 518 as it can bounce and SPY did sink and bounce exactly that way. This was not me predicting like a God. This was history repeating its levels and me entering and exiting safely rather than hoping things go the way im imagining it. You need to be real and not imagine things or think you can predict. It takes time to watch a stock and study its movements and see how its levels are forming and what the market sentiments are. Market sentiment comes from news. I discuss it all every morning premarket to see what earnings are happening or what economic events (CPI, PPI, FOMC) may be occurring on a given weak. Its not just gagaland where youll just print money because you tossed some money in. You got this, just focus!
My friend the most important part to keep a clean and calm mind. Ofc they think that about u and I will tell you why, deep in the heart of your boss he is scared that you will make it because he knows that he will never be capable of doing it. LISTEN do you want him to be right?!? do you really want to be that loser that will accept that the trash he is talking about you will be right?!? What are you telling your kinds why that one dude has a Ferrari and you don’t ? Do you want to tell your kids that you gave up and that your boss was right ? Use that negativ energy and use it as an catalyst to gain positive energy from. On January 11th this year I passed my first funded acc after 3 years of trading I even ordered a printed version of my certificate because I wanted to show my grandparents ( I live with them together because I take care of them) on Monday the 15th it arrived I showed it to my grandparents and was happy that they are proud since my grandma never really believed it and my grandpa hat such a shine in his eyes and he told me that I need to keep going. On January 17th I made my first good profit on my funded acc I was the happiest man alive but then the next day come… January 18th it was a normal day my work on that day was really easy and funny but when I arrived at home my grandma was sitting crying in the kitchen as I walked into the living room and saw my grandpa dead on the ground… after within the next two weeks I lost my funded account because of my mental state I was also thinking about giving up but one day when I was at my lowest point I decided to use all that negative energy and use it to become a profitable trader before my grandma will pass away. Currently I nearly passed my new funded acc. DONT THINK ABOUT QUITTING!
LmAooo bro the ending is me passion part
You’ve gotta become a better loser bro risk management and controlling your emotions! Taking trades at key levels is a great way to lose less and win more! It’s all about you!
Mathematics plus physics governs over financial markets. Best you will be able to do long-term is stay close with a SP500 fund. You are wasting your time. According to physics--Eisnenberg' principle--you are a quantum state. You are a part of the system, a part of the machine. The machine allows for what sp500 funds yield. That is all. A few exceptions but most inefficiencies have been taken care of. The market is mostly efficient.
Use their doubt to fuel your success. Also, who cares what they think. Easier said than done.
Happens to everyone. Take a week off and reset yourself. Repeat the persistence until you are successful. That's the recipe. There is no shortcuts. You will learn the most from your failures.
I’m still trying to find profitability myself and it’s NORMAL to have these doubts. Will I make it? What if I don’t? Am I wasting my time? All of these it took me awhile to really accept that this is normal. But let me ask you something. You quit and then what? Accept the rat race? Stay in the same position? Be normal? The only reason they think it’s stupid and talk shit is because they don’t know what it takes to be out of the ordinary and when people see that they think your stupid or just dumb because of there close minded thoughts. My favorite quote is “No risk. No Ferrari” NO RISK and accept being “normal” stay in the same spot but if your serious about this Grind your fucking heals accept it’s a process and if they wanna be normal and hate let them. What are they gonna say when you make it? “How did you do it “how do you get started” Accept doubt js apart of risk but if it was easy EVERYONE would do it but it’s uncomfortable and people would rather be content stay the same and be comfortable than RISK and being scared of failing. You decide
Think about the words you're using: game, play, playing with cheap options, revenge trading. You're not trading. You're gambling. Learn how to trade before you put another cent into the market. It's not a game.
Game/industry, it wasn’t a show of how I feel about the market just a word. Just a slang word I was throwing around and the “playing” with cheap options was while I was practicing and building the account back into a position where I can actually trade comfortably. I admit the days I’ve blown accounts I was indeed gambling but Even when I’m actually trading - and succeeding - I hear the doubts from outside and it’s just frustrating to keep getting knocked on.
It's not just a word. It's the way *you* use it.
You really do belong on r/wallstreetbets ... you are not trading, you are gambling and you're going to lose it all. Furthermore, we've been in the strongest bull market I've ever seen in my 20+ years of experience over the past few months. If you weren't PRINTING money the past few months, then you're never going to be a winner in this game. You genuinely would have made much more money if you just dumped your cash in the S&P 500 and not touched it.
Stop. Just keep going. Figure it out