Hi,
Have to get out this story because i want to help others.
My start was in Feb 2016, i was in a stage in life there i wanted to do the thing that have triggered me since i was little boy. I haven't started before because of the media/people around me have told that nobody can live of trading.
My gut said f.. them.. And started research where to start. It took 2 month of research to pick Tim Sykes. He was the one that have success in this business and show trade by trade! And i really like the transparency. So i joined the Challenge 08.april 2016.
It took me little over 3 months to go over all the dvds, and into all this we have 2-3 weekly webinars. I started with a norwegian broker, and the trading was awesome the first 3 days (lol) and my 2800$account was up to 3800$ hit 1200$ in 40minutes friday 22.July. And life was just so great that weekend, after all the study and everything i got it! Yes!
Yes, you can imagine what happened.. I was fast setback to 2800$ and my profit was gone the week after.( The marked always humble you when you get to cocky ) And in top of that my brokers took 1000$ in fees. Yes, hard start. But i had some savings. Took the money out. And took some money out of my saving account and opened a IB account. And the first thing i did with my `big account`17.000$ was to almost chase Tim G to short $UPLMQ overnight, but i didn't because i was fresh into the dvds. And i research the stock and it had earnings that night. 1 sec i was thinking Tim G had some inside info so i had a fast thought to go all inn short, but i didn't. (it gapped up the day after) Tim G had a bad loss on this). But over to me i was set in a order above the ASK after the close on $OPGN if a idiot just took a marked order and hit the ASK. Yes, my 750$ mistake! My order was a sell not buy.. I was down 1500$ but manage to get i down to 750$. I was just like, wtf.. I was the idiot. But this shit f.. with my head. And i was out of my trading, and my new challenge was the PDT. I stopped trading after some trades and losses, and got back too the drawing board. I took the travel over too the big USA to Orland to get to the conference. I went all in to the study. And manage to get the click feeling when i was studying the traderchecklist right before the conference. But i struggled with the feelings to push the button!
I manage to get over that and took my account from -3.950 back to - 3.000 and i was proud to get the wining % up to 47.44% and i feel that i got this. I started trading small and just not think on the PDT and my feeling just got chipped away and i was on the way to be a good trader. Then i Ordered the HTMM DVD and watched even more. (I recommend to start with this)
Then i decided to found my account to get over the PDT rule and i still have my limit from the very beginning if i go over 6k losses i have to take myself out of the game to not loss money i can't get back. I was like a kid on christmas morning, and my first trade was chasing! But i hadd a plan to risk 1-200$ in anticipation on a breakout over the morning high. fast mover, i got in and then i see the stock didn't do what i wanted and my Webtrader froze and i didn't manage to get in fast enough to get out with a small loss 1-1 1/2 min. And 500$ loss was a there. I didn't think so much over is right there. But this week i have lost too much on trades i didn't plan and didn't follow any rules. I was fucked in the head. (psychology) This morning $EMKR was up on earnings but to much to chase long and i just i short this! (wtf) and got burned/scared and took me out of the game! I can't trade for like 6 months! Way? This is a big setback to me! All because i didn't take the signs on my psychology fast enough! This feeling i dont want anybody else to have! If you are not well prepared in the head dont trade!
I got me trough the dvds with my work ethic!
I got my winning % up because i know the rules! And can stick to them!
But the error in my head took me out! I am in a bad situation in life and this got to me and my trading! When you feelings is negative your P/L i negative too! (Brett N. Steenbarger)
So this take me out of trading because i have to follow my rule to get out of the game when i got over 6K i losses (1000$ in fees)! Yes, 6k is much money and 6 months seems along time. But not in the big picture! =) I love trading but i have to work like a maniac to get money to get back in, i hope i can get it in 6 months and get my personal life back on track so my head is at the right place again!
I have get on wrong track 2 times and both are in the psychology area and you can't do anything without the psychology/mindset on the right track!
And how do i know all this? Because of my new role model Timothy Sykes! and his hard work to get the right mindset to people! In the video lessons and webinar he have told some books to read, and i have follow the instructions and read: The psychology of trading by Brett N.Steenbarger (there i pick up the problem i have now), Beyond greed and fear by Hersh Shefrin and How to make money in stocks by William J. O`Neil. And remember if i didn't have read this i maybe never have known whats `wrong to me`and just have got out of the game and never take it up again because it wasn't for me?? It think there is many that get out of the game and i dont blame them because this feeling i have now is not good. But i know whats wrong and i realized it too late to hold me in the game. But i am scared and freaked out! But thats the wrong reason to give up!
I hate to the person that failed in this game(the losser)! And i can assure you guys that i dont give up! I have what i takes and it will take little more time but i am coming!
So the lesson is study hard before you start and be so good that you pick up whats wrong before you make mistakes(not all because mistakes/losses is apart of trading) but big mistakes like mine! Have i just been in shape in my head i have take a day of after i hadd that `big loss`so i have coming back to the game and been mentally prepared i had NEVER take the trade this morning, and stick to my whatchlist that was like this: $EMKR up premarked on earnings and a multi year breakout above 6.80. Perfect entry on a dip at the marked open at 7 ish area if we got so much selloff. (When float over 20mill it use to get some profit taking after the open when we have a gap like this).
But my mindset was like this: I have lost so much this week so too accelerate my profit i just short if there are coming sellers! Sellers come and i shorted and the sellers just chipped away and my loss was a fact! 5 cent rule and it move so fast that i couldn't get out fast enough! So there i was cover into a morning spike! If i have hold to long i have hadd a much bigger loss. i didn't realize that i was out of the game before i was out of this. And my head has been just crazy too think way and what did i just did? So props to Timothy Sykes and his challenge i can see the big picture and spot my psychology error!
So tomorrow i have to cancel my STT and found back my money from IB and take my out of the game so i not get back in and give away more money before i have my head straight!
If you are still reading i apologize my language. But i hope you got my point!
And dont feel bad for me, it was my mistake and i have more time to go over the dvds and take notes one more time! =)
Regards Bjorn
well hate to see anyone quit, but if you need to get your head right, and restudy then you have to do what makes you ok with trading again. I also have lost only had a 1500.00 account brokers got alot, but my dumb mistakes caused that. so get you self right and hope you get back soon. God bless and be well! hope it all works out for ya.
Sorry to hear of your troubles, If you really love trading study and paper trade until you get some money into your account. Then start small like 1k. I actually think that the PTD rule is there to protect us from over trading and losing our money. I've been a student for 2 yrs, just renewed my 3rd year and I was saying to myself today that I'm glad I'm under the PTD because I would be tempted to overtrade. Overtrading and going too big are recipes for disaster. Stick to it and take it slow. Bes
Thanks for sharing. I wish you a successful comeback!
Take some study time_much needed time off !!! Then come back when you have a clear mind. It does work. And we all do lose at times, it's just a matter of realizing what was done wrong then learning from it. I have taken a few times two weeks off
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