what a difference 3 months and a whole lot of studying makes! i referenced 3 trades in this post because they are the 3 that were the catalyst for turning things around for us. when we started trading in the millionaire challenge we jumped in with what we thought was a whole lot of existing knowledge. i am sure, looking back, that it is the same mistake that many others make and the reason so many fail. we were fortunate enough to recognize the problem in time to save our account. the final straw was the $SRAX trade referenced.
after the $SRAX trade we made a decision to cut our position sizes back drastically and to study a whole lot more before we made any other plays. we were down over 14k at that point and decided that we either had to turn things around in the last month of the year, or completely pull out of trading.
we started trading small, but were still stuck in one position. we got into $BTCS near the beginning of our trading and didn't understand how to read the chart patterns. we bought 50k shares at .18 and didn't realize we should have immediately turned around and sold at .23 when it peaked. instead of bailing on this we held. (not what we are taught, but we were new and thought it would surely come back up) we held through the low of .089 and waited and watched. during this time we studied how this stock worked and knew that past performance indicated it would spike once a month. we knew they were in the process of a merger so we hoped we would get a spike (notice we used both the words held and hoped here...NOT how we are supposed to trade, but this was such a great learning experience for us, regardless)
after 2 months we finally started seeing the spike we needed and started taking profits. this turned out beautifully for us, but it certainly is not the norm for it to turn out this way. these two plays were the catalyst and pivot points for us turning toward profitable!
our hope was to be even for the year, but because we have learned so much during these 3 months, we also knew that we were not going to take unnecessary risks to get there. we had a great final week of the year, ending the month with only 2 red days and the rest green or no trades. 3 green weeks out of 4 (the first week is when we cut losses on $SRAX). we aren't green on the year, but we continue our bounce back to green.
our goal for 2018 is to be green by the end of january and to make 500k by the end of the year. needless to say, our new years eve weekend will not be spent partying, but studying! you have to be willing to do what most people are not, so that you can achieve what most people do not!
we are working on our new trader workstation in our home, making goal posters for the year (trips to take with our kids, charities to support, bills to pay off) so that we do not lose sight of what we are working for!
we are going to more aggressively document our process as well, so that others who might feel like they can't recover from losses can see how we have done it! we love the support we have received through this community and look forward to giving back as we become profitable.
happy new year and best wishes in 2018!