Hey fellow traders,
I'm reaching out to find an accountability partner to navigate this journey together. I've been trading for several years, and while I've had my moments of success, I now realize my strategy was quite blind and ill-prepared. Currently, I have the luxury to focus full-time on trading, but it's a challenge to pace myself instead of diving in headfirst, which I know will lead to losses. I have enjoyed listening to Tyler's podcast while I am at the gym and admire the fact that he is able to practice without real money. However, that's not something I can consistently do.
For about a month, I've been trading every morning but try to stop early to focus on studying and refining my approach. My goal is to develop a mixed strategy: starting with momentum day trading and, when the volume slows for the day, shifting to swing trading with a focus on options (which I am currently clueless about but see their potential).
One of my biggest struggles is turning big green days into bigger red days due to carelessness. I've also fallen into the habit of averaging down when trades go against me, which adds stress even when it works out. For example, this week I had daily goals of $100, which going into today I achieved 3 out of 4 days. But on Wednesday, I lost $2,700 by being beyond reckless. That day I was up $600, thrilled, but took a quick loss that cut it in half. I chased it, ended up down $1,000, and chased a different stock until I was down $2,700 for the day. Going into today, I needed $1,942 to break even for the week—a huge longshot—but I found a situation I believed in, went all-in, and was up over $2k! I really should have stopped, but ended the day only up $402 due to a series of poor decisions on a stock that resulted in a $1,871 loss. Now, I'm down $1,540 for the week, which is frustrating, but could be worse. Next week, my goal is $200/day from day trading, but I'm aware that my losses may overshadow my gains if I'm not much more careful. (Sorry for rant but wanted to decompress in hopes the shame will help me to learn from my clear mistakes.)
I'm looking for someone, or a few people, to share experiences with and learn from each other. If you're also striving to improve your trading strategy and think we could hold each other accountable, let's connect!
Happy trading,
Jared