October 7th, 2022 (-$102)

disciplined_daytrader
Lesson/Review
Oct. 7, 2022, 3:53 p.m.
Oct. 21, 2022, 12:04 a.m.
Day Trading: Small Caps & Large Caps,

October 7th, 2022

-Yep lost another 100 fucking dollars. I need to start asking myself if trading is truly worth it because I am approaching this like a gambler now and I dont know if I can stop.

1st Trade: Trend Reversal Long

-Broke trend, took long, was up almost 50 on it, didnt sell, added into the move, sold first half at perfect low (-$35) held the rest for the bigger move higher, was breakeven multiple times, sold the second half at another perfect low (-$70).

Lesson: stop being a daytrader

Lesson: stop going for trend reversals on -2% down days. too much momentum to downside. trend continuation always works much better.

2nd Trade: Trend Reversal Long

-Broke trend again, took long, hit stop.

Lesson: If it didnt work the first time probably wont work the second time

Takeaways:

I have never been so discouraged from trading in my entire career so far. I have lost over $700 in the past 2 weeks and this week alone I lost about $400 which is just ridiculously too high considering I havent even had a green month yet this year above $200.

Something drastic has to change or I am going to lose my entire account. I have no idea what to do from here other than size down AGAIN (50th fucking time) and just take it slow AGAIN. I need to do what I did in the first 3 weeks of september. Small size, Tight targets. I truly dont know though. For now I think its best for me to walk away but I physically cannot walk away from trading. I love it so much and I know that I am going to have times like this where I cannot get anything right but man I dont know how long I can financially take this pressure. Its weighing on me in ways that I would have never imagined.

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winkler Oct. 9, 2022, 5:08 p.m. moderator

This is a heavy post.. I'm not even totally sure what to say. For me trend reversals are super tough, I only try and follow the trend. Also going long and short in one day is super pro level. I've heard humbled trader says she would also not recommending shorting and going long same day. Figure out the trend frontside, backside, sideways and trade accordingly. Maybe a bit of time off would be good. I'm not crazy about sizing down, might be better to just trade in a sim actually than size down.

disciplined_daytrader Oct. 10, 2022, 12:20 a.m.

im gonna try out webull with a 5k account and try to make it a "challenge" and see if i can grow it without the pressure of having a bigger account. Plus im about to put 5k into an airbnb on the family property for glamping stuff so its really nice to work on something other than trading for the weekend. Ill probably be trying my best to work more on the glamping thing for now and still trade but not all day, and just keep it really basic and not care much about profits. If I can get a second income and have it make me my monthly expenses then im sure trading would become 10x easier. gonna be so hard to walk away from trading for a little though

winkler Oct. 10, 2022, 7:38 a.m. moderator

All that makes a whole lot of sense. Removing the consequences of trading will be a massive win.