I'm so disappointed in myself, I have a 27000 dollar account. I've been working on my strategy for about a year full time and when it came down to it I couldn't pull the trigger with real money. On average I'm risking less than 10 dollars a trade.. Every time I haven't pulled the trigger when I know the outcome, I would have made at least 30-80 dollars. After blowing up last year It changed me though. It's not even that I lost that much at all. My account is bigger now but it's not my money, it's my dads. He doesn't even really care if I lose money as long as I'm trading with real money but I can't even pull the trigger with 100 shares on a 3 dollar stock. He even tries to convince me to use 1000 shares. How can I get over this? I'm convinced it's an issue with my first couple of trades, If I could hit a decent trade or couple trades I'll be on my way. But I feel like I'm waiting for a perfect trade that probably won't come very often. Should I be betting with 50 shares instead? I don't want everybody to think I'm flaking out of my trading. I also remember being very cautious starting out with paper, but now I'm even more cautious. Also, commissions with my new broker are only 1 dollar a trade, so small size isn't a problem really
If you blew up an account before then you don't really have a true fear of pulling the trigger. You just don't want to blow up again, esp. with your dad's money and that is commendable. You know that there will be some losses! The best traders in the world have some losses. So get used to having losses that are under control. Just get in there and start risking 0.25%. Do you have an edge? What is your plan for risk management? Those are two things you really need. Do you have them yet?
I simply love the smell of uncertainty ================== So.., it appears you get it... The mkt.., each trade's outcome -> is uncertain - you.., me..., every other trader - never knows ============= Now you must build the trust in yourself to always act in your own best interest Ya fucked that trust when you blew up (been there.., done that) Now ya gotta rebuild it RN
Well, last time I blew up using his money with much larger size. The market had changed after I first started with real money and I was in way too big for the time period. My fees were also much higher. I created a brand new strategy after losing and my new strategy is extremely mechanical, basically I find 1-2 chart patterns and base all of my risk off of certain points on the chart. So at times max risk is 1-10 cents and maybe 20 cents on a larger stock. But my reward is usually much higher, if I don't chicken out. Of course there will be loses I'm sort of just wondering what some other traders did who struggled to pull it? Is there anything really wrong with using 40-80 shares on a trade? depending on the stock price. So more shares for a lower priced stock. The worst thing is losing a ton of money with large size and having to make it back with small size
If you blow, there is somthing you are doing not good. I will tell you my experience. I doubled my account in 5 days. Next week, I blew in one trade. BOOM! I make the market a party. Luckely i had withdraw a half.
To me, it's all about having money you've made in the market and basing your risk off of that. I don't really think it makes too much of a difference betting with 100k if you've made 500k trading. likewise, I haven't made anything, I've lost. I definitely think my new strategy works and I'm confident in it. It's really share pricing that has me concerned, and spreads. Kbio had a dollar spread, even though I knew it would be a huge blow out. I wouldn't bet on that
check out non gamblers anyonomous. It's a help group for shell shocked gamblers and traders and horse bettors who have blown up and now are afraid to take any risk whatsoever