MikeC21

Stepping away temporarily. Could say I already blew up. Despite the profit shown here on profitly, it doesn't account for the commissions and fees etc on etrade. Even after over 580+ trades I still was still repeating mistakes. Going to take some time studying more and make a plan when I come back to stock trading. Day trading is ridiculously hard. I thought I could succeed "quickly" just because I had a quirk for t/a, f/a, extremely proficient with computer/tech, meticulous, observant, and much more. I saw a tweet today from a trader which said: "If you don't take it seriously with the little $$$ you're starting with, you won't take it seriously with a lot of $$$". Which was dead true with me. Many times when I had small positions or anything under $1k in a stock, I tended to not care as much and saw it as a experiment. Disregarded any large % gain. Even with $500, I wouldn't cut my losses even if I was down 10%-50%. I'd just watch. Anyways, going to take a few months off from stocks / day trading. Currently investing in Crypto. Supposedly this is the bull run year since 2017. Don't want to miss it.

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MikeC21

11 straight losses. 11! How do I always manage to buy near top and sell at bottom or near the dip areas. THEN it always bounce back up. Reading back on my blog post, just seems like I've been on a decline since late January. Not able to break the losing streak and just losing money consistently. I see other traders in the chatroom having success and it doesn't help me much. I do my best to block it all out and just focus on myself and use the chatroom for extra eyes in the markets. Nearly 600 trades and I'm still making mistakes and still have not found my "winning pattern".

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MikeC21

My April recap; red. -$673. Compared to February and March which were also red, this April was MUCH less loss. But it was only less because I traded much smaller sizes. My overall win rate for this month was 36.25% ( 29 wins / 51 losses). Obviously not happy with this month. Small things I noticed; weeks that I traded LESS, I came out green. Weeks that I traded ALOT, I came out red. Trading is hard. Real hard. Few blog post ago I mention I was gonna stick to trading like Tim. Wait for breaking news and panic dip buys. This month there wasn't much great breaking news that I was able to catch. I've been very reluctant to hit the panic dip buy plays too. Statistically a lot of my winning trades are panic dip buy plays. But for some reason I'm scared. Scared of it dipping more and taking a huge loss because I'm not able to cut loss fast enough OR not being able to make the right call to average down or not. Going to review my trades again and see what I come up with.

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MikeC21

When under the PDT you are restricted with how many trades you can take, thus making sure you take very selective trades. But at the same time very stubborn when cutting loss because you don't want to lose your trade already. When over the PDT you tend to take some boneheaded plays because you CAN and keep going, but slowly those losses on bonehead plays adds up. THEN when you get near 25k you are literally back against the wall doing your best not to fall under that. Thus trading small size for thinking you'll take small loss. But wins will be small wins. You get impatient and take MANY trades because you CAN. Thus brings you back into a vicious cycle of trying to grow your account.

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MikeC21

So far I'm not in a big red zone. Given recent market conditions and significantly less plays I've managed to survive so far. I've stuck with small sizes, about $600 to $1,500 on many trades. Still trying to get a groove back. I've also went thru all my trades since January and categorized them. Many use a spreadsheet, but since I track my trades by screenshots/snip's, I've copied those trades and dropped them in different folders. EX: Winning Trades= Breaking News>Breakouts>Bullish Momentum>Consolidation entry>FOMO chat/twitter>Overnight>Panic Dip Buys>Chart Patterns>etc etc. I've done the same for losses. So I get a better understanding of what I tend to do and not do. What I'm good at and not good at. What I need to trade and what to avoid. Etc. Also with Breaking News play, I'm trying to quickly distinguish what is good and what is not. Let's just say I've been doing my best to study and adjust this month. Trust the process.

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MikeC21

Come April I need to improve my overall win rate percentage. I also need to stick to a consistent cash/margin amount on trades. Trades I'm focused on are like Tim's primarily: Breaking news and Panic dip buys. I found it hard to sit on my hands and wait for those plays tho. We'll see what April brings. Need to keep in mind the overall market too. Talks of recession, inflation, bubble market and all.

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MikeC21

My biggest losses came from poor OTC swing trades and desperate gambling panic dip buys. I still remember the $GME one. Looking back on that, I could've rebought on the way back up. But didn't cuz I was too devastated and out of mind. Mid February till the end of February I felt like I tried "too hard" to win back losses which ultimately made me lose more. March I tried to reset myself and trade small and consistent. First week I messed up on a big swing loss AGAIN, threw me off. Second week was the $GME loss. Those 2 trades messed me up bad.

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MikeC21

Ended March red. Big bummer. Things I notice was even tho I was able to cut my losses quickly, my size at many times irregular. EX: I may lose 2-3% a trade, but some where off $1,500 and some at $5,000. Also on a good note, I feel like I don't hesitate to cut a loss like I use too.

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MikeC21

So far this week I'm trading differently. I'm trying to trade like Tim. I'm sticking to panic dip buys (which hasn't been many lately. Many just failing tickers.) and breaking news plays. I must identify which news will PUMP and which will be duds. I'm not even bothering with charting and anticipating breakouts etc.

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MikeC21

Today was bad. Just added to my extremely poor trading streak since mid February. Today got caught long trying to panic dip buy $GME. Once again feeling devastated and desperate. (The loss on $AITX was actually a $70win, due to wash sale etrade had my cost basis at a crazy higher price which I wasn't.)

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