happy trading, everyone. 
Trader P/L 2011
- Thread starter d08
- Start date
Posting my blown out account just for the sake of transparency and learning...I know main probs were too small to begin for one. I dont think it would have helped if I would have been able to watch market either (have a demanding full time job(s) also. final trades I had in the money aapl and goog august calls at the end of July which went worthless since I was waiting for them to come back which never happened.
Thanks for posting.
It's like a mini-drama.
In the beginning, the hope. Then reality strikes as you slowly start losing. You redeposit with determined resolution. But keep losing. Redeposit. Lose. Wait, a big score, I've figured it out. No, another loss, when will I learn! More losing. Redeposit. Losses keep mounting. Small wins to keep the hope alive. But losses always outnumber the wins. In a final all-in moment, bet big. WoHH!, big score. But the morning after, reality comes calling. The losses return. Eventually resignation.
Seriously, you make way too many trades (from your Android, no less). Cut down on the number of trades and look for quality trades. Look back at your good trades and try to see why they worked. Here's a tidbit, it's said that trending markets only occur 30%. If you like high wins, look at countertrend trades, but if you prefer trending markets, look for bigger risk:reward plays.
It's like a mini-drama.
In the beginning, the hope. Then reality strikes as you slowly start losing. You redeposit with determined resolution. But keep losing. Redeposit. Lose. Wait, a big score, I've figured it out. No, another loss, when will I learn! More losing. Redeposit. Losses keep mounting. Small wins to keep the hope alive. But losses always outnumber the wins. In a final all-in moment, bet big. WoHH!, big score. But the morning after, reality comes calling. The losses return. Eventually resignation.
Seriously, you make way too many trades (from your Android, no less). Cut down on the number of trades and look for quality trades. Look back at your good trades and try to see why they worked. Here's a tidbit, it's said that trending markets only occur 30%. If you like high wins, look at countertrend trades, but if you prefer trending markets, look for bigger risk:reward plays.
1/2/2011 1:00:00 BAL Cash balance at the start of 02.01 "4,030.32"
Year to Date Commissions "$3,155.60 "
Well. I hope this would be a learning lesson for not over trading with a small account. With an account of this size, you have to be very selective with your trades, have a daily or weekly goal( I mean realistic goal) and be in a tight scalping mode...
I hope you don't get discouraged from this experience and come back smarter, experienced and with bigger leverage account. Good luck.
Don't forget to show your loss for tax purposes and write off the commissions. It will help a bit...
Year to Date Commissions "$3,155.60 "
Well. I hope this would be a learning lesson for not over trading with a small account. With an account of this size, you have to be very selective with your trades, have a daily or weekly goal( I mean realistic goal) and be in a tight scalping mode...
I hope you don't get discouraged from this experience and come back smarter, experienced and with bigger leverage account. Good luck.
Don't forget to show your loss for tax purposes and write off the commissions. It will help a bit...
At least you are smart to start out with a small balance. One learns just as much on a small account as on an account size 10x larger.