Steen | Profit.ly

Took a huge loss ($13,942) on BTX on the way up. Started recovering this week with small gains. When I saw BTX dropping I got FOMO and sized in too large, took a bigger loss than expected ($500), then obsessively revenge traded. Since the TKAT loss, I'm at a point now where (if I stick to my plan and rules) I would be profitable. All my losses are from emotions. I'm going to try a new thing: Every 15 mins a timer goes off and I need to answer these questions: 1. How is my mental and emotional state? Who is in control - me or emotions? If emotions - cut everything. 2. Is every stock I'm in something that's part of my plan and strategy? If no - cut. 3. Am I sized in correctly? If no cut to size. 4. Should I call it a day? Is this good enough? I'll update profitly with my actual pnl soon but TBH I can't stomach posting such large losses and seeing the negative profit. cc: @Steen

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alexstark - Mar 20, 2:22 AM

I blew up. Took a $3500 loss shorting TKAT and made all the mistakes in the book. Taking a week off to relax and refocus. Will upload trades on return. I'm reducing my risk from $100-$500 down to only $10. I haven't earned my risk level and need focus on consistency. I have a system that I'm gamifying in order to enjoy trading with the much smaller risk. Below is a sample of the rules. Each risk level corresponds to a. color and is the color of apple watch band I'm wearing. Each new level comes with a reward. @Steen is joining me on this journey! Wish us luck :) $10 - pink $50 - white + fancy dinner $100 - orange + new table $250 - yellow + fancy santa barbara $500 - blue + hawaii vacation $1000 - green + increased wedding budget $2500 - red + europe trip $5000 - black + ??? $10000 - metallic + buy a tesla w/ all the goodies >$10000 Quit job and enjoy financial freedom How to move up? 10 R for 10 trading days Must win 8 out of 10 trading days How to stay the same? Win or breakeven >= 5 out of 10 days No big losses < 10R for 2 weeks How to move down? Win/breakeven only 4 out of 10 days -2R on any one trade

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alexstark Mar 20, 1:54 PM

Slight modification to the above which is that we're going to do 10R per 20 trading days, all weeks must be green, and eliminate any of the $25xxx levels as we'll spend more time per level.