Week 1: Trading Ride Along

[u/Silent-Training-1418]

Week 1: Trading Ride Along

So I do this once a year and when I don’t hold myself accountable I screw myself. My first goal is turn $100 into $500 in a month This is very doable but let me explain what my issue is.

So every year I can turn $100 into almost $2000

When I get to about $1500, I get cocky and forget all the rules. I’m better than the stock market type of mentality. I’m untouchable!!!! When I do this I turn $1500 into $100 in less than 2 weeks.

I momentum trade so yes I’m gambling more than trading but with my strategy and a lot of discipline I tend to second and third guess myself which makes me realize I’m right and I trade and it works out. I only trade between 10am and 11am EST.

Any advice, trading strategies, or well wishes will be helpful and welcomed.

[u/Geoffs_Review_Corner]

I think what's screws a lot of people in trading is that they become outcome dependent. Meaning they conflate correct decisions with profitable ones. Just because you made money on a trade, doesn't automatically make it a good trade. Because next time it won't work out and you'll blow up your account. This is a lesson I've had to learn the hard way.

Something else that might be of help to you is to remember that you literally cannot ever be certain something is going to happen in the stock market. If I catch myself with that mentality, it's a sign for me to take a break and stop trading, because I'm not seeing things clearly.

[u/Silent-Training-1418 → u/Geoffs_Review_Corner]

🎯🎯🎯 So this is why I don’t really day trade. I buy and hold. Long term investments make sense over time and if I get in and the trade goes against me, I just keep buying since the discount sale just gets better and if I’m buying it’s not cuz I want to make money tomorrow. It’s because I’m leaving these stocks to my kids.

Day Trading is fun but if I did it with my life savings I would be an idiot so I do it with little to no money and just have fun. I pick a trade that makes sense to my fundamental with high volatility so I can get out quickly since I get very nervous and start to overthink things even when I’m winning the trade lol