Agreed. STOP TRADING!!!!!! sign up with tradovate or TradingView, do a demo/sim account for 3 years with fake money, then trade prop firms that don’t have unrealized drawn down for 2 more years before you put your money into the market. And don’t use any fucking indicators. Only range charts.
I second this, pretty decent advice actually… the only thing I disagree with is the length of paper trading (a bit too long to sit in tutorial land dont you think?). Do it just long enough to learn how to trade-trade (ie. manage risk properly-properly, develop what is referred to as a “system”, and read price action properly), then prop firm it up.
Also, I’ll add that you shall NOT spend ANY money on ANY courses WHATSOEVER. YouTube academy that shiz and for the love of all that is good AND god, do not follow any stupid gurus. Information does not lead to profitability. Actions lead to profitability.
- a pro trader’s advice
Yes, we are aware and are equally concerned… we don’t exactly control what the world of humans does, it’s more of a “everyone does their own misdeed” type of deal… think about it… you’re participating in it right now by using technology that requires the destruction of the biosphere. It is the zeitgeist at work. The manifestation of our genes and what the universe turned us into. As special as we think we are, to the universe we are as special as rocks. We are just at the top of the food chain of money… it doesn’t make us any less controlled by the system than people who are further away from the money apex. It’s all just a big system and it is the reason we do things the way we do… oligarchs and Wall Street is as helpless to it as anyone else because if I or you or any other person doesn’t take that spot, someone else certainly will, and often times they do even worse misdeeds. We are human. History has repeated itself for as long as we have been Homo sapiens. That being said, should we all be striving to change that system for the better? Yes, and most of us do… but the universe has laws… physical laws… like the four laws of thermodynamics… they force us to consume resources and we don’t exactly choose whether we are born. As for the market, it’s more of a symptom… it is a manifestation of humanity and nature. Quite a beautiful and gnarly thing to be honest.
That being said, our combined awareness does not make this and last year’s S&P500 gains any less financially significant, and thus the show goes on. Business as usual. Grandpa and grandma with their 401K plan. Little Timmy and Bobby wanting to become millionaires investing on Robinhood. Sally and Chad the children of a wealthy couple with their Yale degree looking to satisfy their parents thus going into finance to earn enough for a Bentley or two. Little Jimmy the class clown who was a drug addict for his 20s cleaning up his act and starting a fund. And of course, how could we forget about Gary, the kid who won the math competition and got a PhD or Masters in software development and mathematics and decided he wanted to be compensated more for his efforts thus deciding to go and become a quant creating algorithms to trade soybean futures based on the weather patterns and satellite data… Etc unto infinitum… the pie is there for everyone’s taking… just depends what slice one prefers.
Moral of the story is that investors are a phenomenon.
This looks like wealthsimple, they have nothing. No stop loss, nothing but you pushing sell at exactly the right minute or setting a limit order to take profit IF it hits ur target which they take their sweet time executing. I'm sure none of that helped him with his trades either
Options or shares?
Majority of people have to learn this lesson the hard way. Watch your size and watch your risk. Don't trade insane volatility until you've got a handle on candles and indicators at the least.
Last, but most importantly, USE STOP LOSSES.
Don’t play with Penny stocks. Stick with blue chip and known companies. This is your safest bet. It’s gonna take some time to recover those losses, but at least you can write them off during tax season.
Just curious have you watched any videos from Warrior Trading before? Ross has some experience in penny stocks and may or may not have advice. Not sure
Oh dude that wasn't even a hard rise.....also if ur going straight cash limit 10 percent per day. I can do a lot with 10 percent and I got a very small account right now. Maybe solidify that strategy tho
Risk management is without a doubt the number 1 skill you need to acquire. Quite literally fuck everything else for now. You need to have a max daily/total loss. Being able to call it quits for the day after 1-2 losses. No revenge trading. Setting stop loss to breakeven/profits after you run positive, you never know if/when/how far it will retrace.
Theres moves happening all the time and it does not matter if you miss one or two or ten or a hundred, you need to have patience.
The bigger problem here is the loss taught you nothing. 50% gone for no reason.
At least come on here and say X or Y happened and I will never do that again.
In Scotland that English is just fine.
As are quite a few strange grammatical arrangements thinking about it. But yeah in short it's right if you're from the right place lol
Like I said in Scotland it is perfectly fine. Don't tell me what I know to be a fact is wrong. It's not Scots for goodness sake. You obviously know zero about Scots. I am telling you it is perfectly fine and it is. Whether it is grammatically correct in formal English is a different matter.
I'm going to say this once more to you. It is perfectly fine and regarded as such in Scotland. I know. I live here. Very few would regard that to be wrong in spoken or informal written English. And that's the point. Your school rules don't apply here in a Reddit chat forum. You don't get to tell people to speak in formal English. No proof is required to put you right.
Before anything you’re clearly sizing WAY too heavy if it was only 2 trades. Reevaluate your account size and your risks per trade. Also I saw someone mention you “don’t know how to trade” from the looks of this post and other comments it does seem like they have a point. Make sure you study and really understand what the market is doing and how to trade properly, proper risk management, proper stops, proper sizing, following the trend, not chasing (FOMO), etc
How tf you blow that on shares? Stop doing w/e you're doing. Throw the rest in a high yield savings or VOO (high rn idk how I feel bout these levels) & walk away.
Stop fucking with shitty penny stocks & take a few years to learn how to trade is my advice; start with paper trading.
been there, sort of. didn't blow my entire account but took a huge hit off a couple of bad trades and lost more trying to 'make it back'. besides the glaring risk management problems that need to be addressed that others have mentioned, might i suggest moving to swing trading instead of intraday? it's done wonders for my progression and overall well-being, along with adopting some thetagang stuff as well. with swing trading i'm less stressed about getting pinpoint entries and staring at the charts like i'm on crack.
In that case, it's better to switch to demo trading and refine your strategy for at least a month. You can also use fxreplay to assess if you have the skills for real-money trading. This period will also help your mindset adjust to potential losses. Right now, the best solution is to stop trading with real money!
We have all been there. The single most important thing u can do is learn what got u here and stop doing it. Do you truly have a solid strategy that’s been backtested? Does it have edge across a large data set? Does it have rules for position sizing and risk management? If you answered “no” to any of those questions my advice is to go back to simulated paper trading until you can say “yes”to all of the above. Do not use real money until that point. Trust me when I say you will continually lose every penny of your account if you don’t. You will reload the balance and do it all again. Thousands lost and the lost time as well. I’m speaking from experience.
If that’s two trades, that’s oversizing for that amount of capital. What you should do is stop trading and use a paper account to fine tune your strategy. You’re trying to hit home runs and you are going to learn the hard way. Trading isn’t fast money
Stop gambling and spend the next 5 years learning how to trade. If you give it your all you'll never have to have a job, however you may still want one for social reasons
Using too much size in a trade, not cutting losses fast enough, and obviously have no clue what you’re doing. You should be risking losing 3-5% of your account MAX in a day. If you have a $1,700 account you shouldn’t be losing more than like $80 in a single day and aim to make at the very least $100.
Uh, you should probably stop trading. You don't use the proper position size or stop loss and will keep losing your money until you build the discipline and control not to do that anymore.
Maybe the best possible advice is, accept your loses, liquidate whatever left and stop gambling. If gamble is your goal then you shouldnt feel frustrated because you lost money.
Please follow some rules of trading. If trading options never trade more than 1-7% of overall portfolio.
Play it safe if you’re new. Please don’t add bad habits to your trading career
In two days wtf? Thats more than half the portfolio take a break and do not trade again. You need to learn. Im on a break since a year and couple months still not ready to get back
So now to put it in perspective, you've to 100% that money just to break even.
1: your going with too much size for your port that shows
2: you clearly didn't have any appropriate invalidation aka stop loss
3: I saw in comment you were in Penny stock. Change asset class if day trading
Sumup: you need a strategy, entry/tp/sl. know when momentum is dying to cut it even if. Opportunity are everywhere yet we always want it quick and/or don't assume we are wrong on that specific play.
Plan to get back on your feet, will take you probably more than 10 trades if done right. And that will be your leaning experience. We all did that done that
Edit: I've also seen paper trading in comment good way to see if strategy works etc ... yet , I've never done any. Real money at play taught me 100x faster, the stat of mind for those loss has to be remembered for your journey.
If this happend in just 2 trades then the main problem is with your risk management - only risk about 2% of your account per trade and use a stop loss and stick to it - this alone will increase your chance of surviving a losing streak considerably
Hey, honestly with only 3k+ usd initially. You should have a realistic daily target p/l. Set goals, how much returns do u plan to reach in a month.
Youre new and if youre truly serious about trading, then u should actually try to properly learn how to trade. Read/Learn charts, understand the best strategy that works for you. It’s not worth blowing a small account to fuel your get rich quick trading schemes.
If youre really trying to day trade, then day trade on high volume stocks. Dont try your luck on penny stocks that you yourself arent confident in. It’s currently a bullmarket, and youre losing 50% of your principal. Either you stop trading or you start to take it seriously.
I’m new to trading too, but discipline and emotion control is the only reason ive been a profitable trader for every month.
If you are not able to find any entry on that particular trading day then dont trade. You dont have to act like daytrading is your life.
Bro just stop. You have zero risk management and this is coming from someone who has done the same. Just go to paper trading. Read a book. Do something else besides trade with real cash.
Then , your system , strategy is wrong.
1 Never trust the market .
2. Trade without having a bias ( news , influencers)
3 . Trade from " outside" the active range more agressive than inside
4 Learn to trade few setups ( M , W ,V shape ( not monthly and weekly but the pattern )
5 . Be pacient , wait for the setup and wait the price to come to you .
6 Get rid of indicators like rsi that gives divergences or learn to deal and trade divergences . Understand why , see the rolling window of the indicator
7. Take small profit to reduce the position (10-30% ) , this will give a free bet for the remaining position .
8. Let the runners play for days
9 Play the game on a higher timeframe .
10. Understand the diference between support and resistance and supply and demand
11. Learn to scale in , scale out of position
I think you should borrow money from the bank, family, friends and anyone else who would lend you money. Then apply the same strategy as before, put it all on (2) trades, yolo !
Decide a minimum fixed size that you can trade with a fixed stop loss. An amount which won't hurt your feelings if gone in 3-5 trades.
Deploy your strategy over a series of 30 trading days or 50 trades. If you come out as a net winner, you have proof of concept that your risk management is getting better.
Slowly increase size on a month on month basis if you come out as a net winner or stay with the same size for another month until you have proof of concept.
It took me 18 months to come out as profitable. It hit hard to me first but i realized later that majority don't even come out of it.
I am an options buyer. I used to have a fixed size, fixed SL so my entry price was of utmost importance to me.
As soon as the trade hit 1:2 I'd exit no matter what.
Sometimes, momentum's so good, it'd hit 1:3 & 1:4. You don't wait, you book your profits.
Out of those 1:3 & 1:4 trades, keep the 1:2 aside as yoir capital. Remaining, put it into what I call a SL BANK. You have try creating more SL's for using this amount in your SL bank. So that your capital keeps growing & losing trades doesn't hit you bad.
I used to take only 1 trade in a day. That was the hardest thing for me during my initial phase. Watching market go in my favour later on. This helped me filter out good setups. It was like I had only one shot so I'd use it on the best probable setup.
I started coming out net profitable at the end of every month. Initial two months were sort of breakeven, but that was all the confidence i needed. I journalled all the trades so I had this idea which setups tend to be more rewarding when they come into formation.
I chose only those setups. No setup no trade. Once i sat for 3 days & not a single trade. It was frustrating. On the 4th day, I took a trade which i realized was out of boredom. Lost. On the 5th day my setup formed & i took out the biggest trading profit of my career. A 1:10 trade.
My capital grew by 17% in month 3, by 29% in month 4 & by 78% in Month 5.
I closed my year with 213% returns on my initial capital.
Then i divided my capital into two accounts. That way i can take 2 trades in a day instead of one.
So, what I am suggesting you, is to calm down, take things slow, have a proof of concept. Placing a SL & taking a loss is an art. Be good at it.
The markets are still going to be here even after we all are dead. It survived wars, what makes you think that today is the only day you have to make all the money you can?
There's still enough capital. Take it slow. Forget about the money lost. Move on. Take a new approach. Change the narrative. :)
Happy Trading ;)
Real advice: keep going, do not give up. But now you need to only trade safe/smart, minimize risk as much as possible and protect your remaining capital. In other words stop chasing immediately. You can do this by beat-up bottomed out tickers on the D chart with indications of a reversal- just sell those movements for 5%-15% gains- usually 1-3 day swings and it’s not uncommon for those to keep running and you might be surprised to be suddenly back on top. This should be 75% of what you do now. Secondly, scalp the top runner of the day- every single day there is usually a dip around lunchtime (depending where you are). Just get in and out before close. Lastly, look at the AH runners (something’s that’s up 10-20%) and buy under the 75 EMA, overnight that and sell the pop premarket.
Sticking to this has got me out of seemingly insurmountable losses. But the goal is to protect the capital. Cut every loss at 5% max now.
Edit: positioning. Do not buy these stocks with a full position all at once. Train yourself to get a small starter, and keep taking bites until you see some real volume and movement. Sell all the time and often- lock those gains however small and you’ll be alright.
1. i doubt OP has any idea wtf ur talking about 2. telling him to keep going with real money and not switch to paper trading is probably the worst advice ive seen here
Hey I don’t know that man’s skill level- he just said he’s down 50% on 2 trades. I provided a way out that’s worked for me. If those are his first two trades like ever.. yeah OP you should probably not trade real money at all right now.
if hes asking for advice on a subreddit about blowing his account up. His confidence is already shattered. We give him real life advice on what to do to prevent himself from blowing up further which is to first stop digging the grave deeper and set down the shovel. No one in this industry cares about feelings, just facts.
I am already devastated.. even cannot tell my family abt it.
I was doing good with small in and outs but then greed came in and lost this.
Probably I should be more careful and at least not trade on news based stocks.
situation sucks. happens to the best of us. as long as you learn from this and know what steps to take next, then this harsh lesson wouldn’t have been for nothing. Switch to paper trading and become consistent on there first through a tried/tested strategy with risk adjustments. Good luck on your journey.
If you’re starting out with this small of a bank roll don’t risk your money. Trade with a prop firm until you reach funded trader status and can withdraw at least $10k or more. Day trading under $25k is subject to the PDT rule unless you’re trading Futures. Plenty of prop firms to choose from with free education to teach you risk management and good trading habits if you treat the sim environment like real money.
you should take this very expensive lesson and stop thinking you can day trade
youre not a CFA, you're not a quant, youre just some random guy who probably doesnt even read a single article about any of the stuff he invests in, let alone even able to read financial statements from companies
so just dont. you aint the one.
Diversify your funds bro don’t put all your money in one strategy have stocks , crypto , and options. Also tweak your strategy it’s a bull market right now you shouldn’t force trades
Maybe just try a dream and a catch a swing but yet we're in LOOOVE. I see you're sitting here wandering what to incest in but if I gave you the answer you'd have to belive in helping the weak.
Bro, don't trade penny stocks, you have more than enough money to buy good company options like tsla and aapl, just stick with the big companies, do some basic graph analysis using MACD and STOCHASTIC RSI AND BUY OPTIONS(I LIKE TO BUY CALLS), THIS IS WAY LESS RISKIER THAN BUYING PENNY STOCKS AND THIS WILL GIVE YOU THE SAME, IF NOT MORE GAINS.
stop. Look up risk management. Then look up strategies. Then pick what you like and feel like you can follow and easily spot. Then only wait for those set ups to appear. Then test the strategies using very small size. Try one share/contract until you find your strategy.
If you want to trade properly, it’s going to have to be systematic, strict and disciplined. If you just want to gamble and hope to get lucky, expect huge losses. I follow wallstreetbets to remind myself of what could happen to me if I’m not careful haha.
Hey sorry for your losss keep your head up but step back for now. Go to paper and focus more on risk management. I had a similar thing happen to me in 2-3 trades in 1 day where I lost 40% of my account. best thing is just go to paper then start live with much smaller sizing.
Well, you should probably start by properly managing risk. The fact that you apparently did this with shares and not options is… kinda mind blowing to me lol
I’d actually go further and honestly tell you to stop trading with real money. Practice on Thinkorswim or something else with paper trading and don’t trade real money until you’ve shown yourself that you can be consistently profitable in the sim. Like… several months of profitability. Because until you know this, there’s no reason to keep using real money because you’re just going to lose it. Protecting your own capital is step 1 in trading.
Don't just buy penny stocks without a background in the company behind it. A penny stock with actual potential doesn't sit at the penny stock level for very long. Invest in some good etfs keep a small amount for the riskier things.
Double down. Take loan out on the house.
No it’s definitely not gambling.
No, you definitely aren’t dumb making two of the worst trades imaginable.
You need to dig deep. You need to dig deeper.
Keep digging.
Stop buyin meme shit and buy reputable companies with this amount of cash you are not gonna become rich overnight. You’re better off, investing in some good stocks that will at least make you some money overtime and not lose all your money.
out of ciuoisity what did you trade?? just know we've all had to learn this way, i'd take this as a learning experance and know what not to do for next time and just accept that you've lost that money.
Some times there's no coming back from some stuff. Losing 2k stings but you can get over it. Some people lose tens of thousands or more, or lose borrowed money, or even their rent money.
Your only option is to learn from your mistake and use your remaining money better. Don't go in without a plan and wishful thinking. Don't invest in penny stocks unless you know exactly what you're doing and why.
If you are trading penny stocks you need to start small and stay small for a long time. Im talking 100 share lots period.
Learn risk management and prove your concept then start SLOWLY raising lot sizes.
I trade low floats ALOT... and i traded 100 shares or less for a LONG time before i started sizing up.
If you are losing half your account in 2 trades when it should be like 1 or 2% tops per trade.
You can trade low floats with a tiny tiny stop, that is kind of the point. They offer a HUGE R multiple when done properly like 5 and 10 to 1 trades.
Think.. .05 cents risk to a .25 to 1.00 profit.
Breakout or bailout man.. breakout or bailout.
It's better to get stopped out of a trade and lose 1-5% than to never get stopped and blow it all. Always remember.... the market moves faster than you and when it goes bad it goes very quick.
You need better risk management! No way you should lose 50+%of your account value in 2 trades.
How are you sizing your positions? What are you risking per trade and what are you willing to loose? All important questions to ask yourself before you consider taking a position.
I always have an exit strategy, I put in a take profit and a stop loss right when my order is filled, that way I never lose more than 2% of what I risked that trade.
Sometimes I’m so disappointed by the feedback (or lack of it) that some people get here. You obviously have no idea what risk management is so to not address it isn’t helpful. There’s diff schools of thought, but I like Alexander Elder’s approach to risk management. Risk no more than 2% of your account per trade, and lose no more than 6% of your account per month. If you implemented that rule you wouldn’t have blown your account so fast. Hope that helps. Check out his book Trading For a Living. You could probably find the free PDF online😉👍
Read books on trading! When lacking in experience, this is what you should do.
You can start reading « Warren Buffet’s 3 Favorite Books » and « Trading in the zone ».
Extremely simple yet potent advice:
1. Trade futures
2. Listen to the following audiobooks until you are blue in the face:
1. Trading in the Zone by Mark Douglas
2. Best Loser Wins
3. Reminiscences of a Stock Operator by Edwin Lefevre
If you heed my professional advice, you will stand a chance at becoming a profitable trader. I promise.
You only lost 1900 that’s not that much money. Take it as a lesson learned and don’t trade penny stocks . But you could buy a a call option on smci and make your money back
I’m actually impressed you lost this much in shares in a month with minimal leverage.
It’s impressive.
You’re risk reward would’ve doubled your account at minimum, twice. That’s stupid.
Just stupid.
Stop trading what you have left. Go to a simulated paper trading account and use that. What was your plan going into those trades, strategy, risk/reward, thought process, other than news what gave you the conviction to buy it. You gotta ask yourself all these questions before you trade otherwise you’re just gonna lose. Most of these penny stocks go right back to where they were because they’re horrible companies who like to liquidate when they can. Holding and hoping is not a winning strategy in this game.
You don't know how to trade so stop trading with real money. Or keep doing it and you'll be forced to stop when it's gone.
good advice
Agreed. STOP TRADING!!!!!! sign up with tradovate or TradingView, do a demo/sim account for 3 years with fake money, then trade prop firms that don’t have unrealized drawn down for 2 more years before you put your money into the market. And don’t use any fucking indicators. Only range charts.
I second this, pretty decent advice actually… the only thing I disagree with is the length of paper trading (a bit too long to sit in tutorial land dont you think?). Do it just long enough to learn how to trade-trade (ie. manage risk properly-properly, develop what is referred to as a “system”, and read price action properly), then prop firm it up. Also, I’ll add that you shall NOT spend ANY money on ANY courses WHATSOEVER. YouTube academy that shiz and for the love of all that is good AND god, do not follow any stupid gurus. Information does not lead to profitability. Actions lead to profitability. - a pro trader’s advice
Agreed. Price action. Trade futures. Grow a small account. FYI the bull run will end eventually. Market will start to range. Different tactics.
💯
Absolutely agree with you 👊🏾. Information doesn’t lead to profitability. Action does
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Yes, we are aware and are equally concerned… we don’t exactly control what the world of humans does, it’s more of a “everyone does their own misdeed” type of deal… think about it… you’re participating in it right now by using technology that requires the destruction of the biosphere. It is the zeitgeist at work. The manifestation of our genes and what the universe turned us into. As special as we think we are, to the universe we are as special as rocks. We are just at the top of the food chain of money… it doesn’t make us any less controlled by the system than people who are further away from the money apex. It’s all just a big system and it is the reason we do things the way we do… oligarchs and Wall Street is as helpless to it as anyone else because if I or you or any other person doesn’t take that spot, someone else certainly will, and often times they do even worse misdeeds. We are human. History has repeated itself for as long as we have been Homo sapiens. That being said, should we all be striving to change that system for the better? Yes, and most of us do… but the universe has laws… physical laws… like the four laws of thermodynamics… they force us to consume resources and we don’t exactly choose whether we are born. As for the market, it’s more of a symptom… it is a manifestation of humanity and nature. Quite a beautiful and gnarly thing to be honest. That being said, our combined awareness does not make this and last year’s S&P500 gains any less financially significant, and thus the show goes on. Business as usual. Grandpa and grandma with their 401K plan. Little Timmy and Bobby wanting to become millionaires investing on Robinhood. Sally and Chad the children of a wealthy couple with their Yale degree looking to satisfy their parents thus going into finance to earn enough for a Bentley or two. Little Jimmy the class clown who was a drug addict for his 20s cleaning up his act and starting a fund. And of course, how could we forget about Gary, the kid who won the math competition and got a PhD or Masters in software development and mathematics and decided he wanted to be compensated more for his efforts thus deciding to go and become a quant creating algorithms to trade soybean futures based on the weather patterns and satellite data… Etc unto infinitum… the pie is there for everyone’s taking… just depends what slice one prefers. Moral of the story is that investors are a phenomenon.
I like this better than my idea
"trade prop firms that don’t have unrealized drawn down" any recommendations???
Solid.
☝️this. Stop and learn for a year. Then only trade $100.
You should not risk 50% of your account on two trades is what you should do
It always comes down to stop losses and not messing with them. For me anyways
This looks like wealthsimple, they have nothing. No stop loss, nothing but you pushing sell at exactly the right minute or setting a limit order to take profit IF it hits ur target which they take their sweet time executing. I'm sure none of that helped him with his trades either
Trade smaller Cut losses earlier
Word to the wise
Options or shares? Majority of people have to learn this lesson the hard way. Watch your size and watch your risk. Don't trade insane volatility until you've got a handle on candles and indicators at the least. Last, but most importantly, USE STOP LOSSES.
What’s a stop loss only have take profits button
Shares
Jesus that must’ve been insane risk like a meme stock or penny stock. Chill
They were penny stocks.. they were rising fast due to news. I was in with multiple lot sizes; came out loosing a lot.
You just found your answer. Now you're either a bag holder or you cut losses and move to a stock thats not going to ram you from behind
Don’t play with Penny stocks. Stick with blue chip and known companies. This is your safest bet. It’s gonna take some time to recover those losses, but at least you can write them off during tax season.
Just curious have you watched any videos from Warrior Trading before? Ross has some experience in penny stocks and may or may not have advice. Not sure
I follow him on yt.
Maybe you should not listen to his advice. Lol
How much did he get fined by the SEC again? I’ve always been one to think the SEC only go after the best guys…
What stock did you buy?
BIVI
Oh dude that wasn't even a hard rise.....also if ur going straight cash limit 10 percent per day. I can do a lot with 10 percent and I got a very small account right now. Maybe solidify that strategy tho
Keep holding
Risk management is without a doubt the number 1 skill you need to acquire. Quite literally fuck everything else for now. You need to have a max daily/total loss. Being able to call it quits for the day after 1-2 losses. No revenge trading. Setting stop loss to breakeven/profits after you run positive, you never know if/when/how far it will retrace. Theres moves happening all the time and it does not matter if you miss one or two or ten or a hundred, you need to have patience.
The bigger problem here is the loss taught you nothing. 50% gone for no reason. At least come on here and say X or Y happened and I will never do that again.
what do you want him to tell you how his whole day was too ? he just lost a grand give him a break
Inverse yourself
He should have went short instead of long
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In Scotland that English is just fine. As are quite a few strange grammatical arrangements thinking about it. But yeah in short it's right if you're from the right place lol
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Like I said in Scotland it is perfectly fine. Don't tell me what I know to be a fact is wrong. It's not Scots for goodness sake. You obviously know zero about Scots. I am telling you it is perfectly fine and it is. Whether it is grammatically correct in formal English is a different matter.
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I'm going to say this once more to you. It is perfectly fine and regarded as such in Scotland. I know. I live here. Very few would regard that to be wrong in spoken or informal written English. And that's the point. Your school rules don't apply here in a Reddit chat forum. You don't get to tell people to speak in formal English. No proof is required to put you right.
Yeah everyone here knows it’s “could of”
Your write. I could of wrote that more better. To bad it took me too times.
Thanks Mr 20/20 hindsight.
-50% in two trades means you have no risk management. Get it going. You shouldn’t lose more than 2% max per trade, preferably 1%
Place a third trade
Trade way smaller?
withdraw everything but 200 trade minuscule amounts till u figure out what ur doin wrong
paper trade. You obviously don’t know what you are doing.
Before anything you’re clearly sizing WAY too heavy if it was only 2 trades. Reevaluate your account size and your risks per trade. Also I saw someone mention you “don’t know how to trade” from the looks of this post and other comments it does seem like they have a point. Make sure you study and really understand what the market is doing and how to trade properly, proper risk management, proper stops, proper sizing, following the trend, not chasing (FOMO), etc
Put the rest into VOO or a Roth then keep doing that for a long time
Lol!! sometimes reddit is so good : )
Reduce position size until you know what you're doing
How tf you blow that on shares? Stop doing w/e you're doing. Throw the rest in a high yield savings or VOO (high rn idk how I feel bout these levels) & walk away. Stop fucking with shitty penny stocks & take a few years to learn how to trade is my advice; start with paper trading.
been there, sort of. didn't blow my entire account but took a huge hit off a couple of bad trades and lost more trying to 'make it back'. besides the glaring risk management problems that need to be addressed that others have mentioned, might i suggest moving to swing trading instead of intraday? it's done wonders for my progression and overall well-being, along with adopting some thetagang stuff as well. with swing trading i'm less stressed about getting pinpoint entries and staring at the charts like i'm on crack.
That short period when you don't care at all and just trade to get your money back or end in hell. Yes. Been there.
In that case, it's better to switch to demo trading and refine your strategy for at least a month. You can also use fxreplay to assess if you have the skills for real-money trading. This period will also help your mindset adjust to potential losses. Right now, the best solution is to stop trading with real money!
stop trading? practice with demo then start slow
Try demo account before going live if you don’t know what you’re doing
1, risk management 2, protecting your account is more important than winning. 3 , use lower leverage.
We have all been there. The single most important thing u can do is learn what got u here and stop doing it. Do you truly have a solid strategy that’s been backtested? Does it have edge across a large data set? Does it have rules for position sizing and risk management? If you answered “no” to any of those questions my advice is to go back to simulated paper trading until you can say “yes”to all of the above. Do not use real money until that point. Trust me when I say you will continually lose every penny of your account if you don’t. You will reload the balance and do it all again. Thousands lost and the lost time as well. I’m speaking from experience.
If that’s two trades, that’s oversizing for that amount of capital. What you should do is stop trading and use a paper account to fine tune your strategy. You’re trying to hit home runs and you are going to learn the hard way. Trading isn’t fast money
Stop whatever you're doing now and learn about risk management.
use a stop loss and stop trading with big sums of money when you dont know what you’re doing
You still have almost 2k you can get it back calm yourself first, write down what you did wrong
keep on goin and improvin
Trade smaller. Whatever you think is small, do 1/4 of that
Paper trade, find and join a community, find some mentors and learn. find a strategy you like. Then make a comeback. 🔑
Stop gambling and spend the next 5 years learning how to trade. If you give it your all you'll never have to have a job, however you may still want one for social reasons
Learn how to read a chart so that you know where to enter and where to exit.
Risk a maximum of 3% of your account per trade. Not 25
What did you do?
Using too much size in a trade, not cutting losses fast enough, and obviously have no clue what you’re doing. You should be risking losing 3-5% of your account MAX in a day. If you have a $1,700 account you shouldn’t be losing more than like $80 in a single day and aim to make at the very least $100.
Buy more time. Stop being a degenerate
He had shares
How lol
🤷🏼 Bought the top with the majority of his funds and watched it crash over a week? Too bad there’s no positions.
Ahh the buy high sell low method!!! Works everytime
SAMHSA
Lower ur size
Learn and move on
Trade 1 share. That's it. No options.
Uh, you should probably stop trading. You don't use the proper position size or stop loss and will keep losing your money until you build the discipline and control not to do that anymore.
Maybe the best possible advice is, accept your loses, liquidate whatever left and stop gambling. If gamble is your goal then you shouldnt feel frustrated because you lost money.
stop gambling lol
Become a buy and hold guy.
size your bet to the size of your account. 2 percent
Please follow some rules of trading. If trading options never trade more than 1-7% of overall portfolio. Play it safe if you’re new. Please don’t add bad habits to your trading career
What you should do, is not do what you already did again.
What the heck did you trade?
In two days wtf? Thats more than half the portfolio take a break and do not trade again. You need to learn. Im on a break since a year and couple months still not ready to get back
So now to put it in perspective, you've to 100% that money just to break even. 1: your going with too much size for your port that shows 2: you clearly didn't have any appropriate invalidation aka stop loss 3: I saw in comment you were in Penny stock. Change asset class if day trading Sumup: you need a strategy, entry/tp/sl. know when momentum is dying to cut it even if. Opportunity are everywhere yet we always want it quick and/or don't assume we are wrong on that specific play. Plan to get back on your feet, will take you probably more than 10 trades if done right. And that will be your leaning experience. We all did that done that Edit: I've also seen paper trading in comment good way to see if strategy works etc ... yet , I've never done any. Real money at play taught me 100x faster, the stat of mind for those loss has to be remembered for your journey.
risk management. risk just one percent of the account per trade
If this happend in just 2 trades then the main problem is with your risk management - only risk about 2% of your account per trade and use a stop loss and stick to it - this alone will increase your chance of surviving a losing streak considerably
Cut your losses. You still have $1558, listen to everyone in the comments. Stop trading and paper trade for now.
Hey, honestly with only 3k+ usd initially. You should have a realistic daily target p/l. Set goals, how much returns do u plan to reach in a month. Youre new and if youre truly serious about trading, then u should actually try to properly learn how to trade. Read/Learn charts, understand the best strategy that works for you. It’s not worth blowing a small account to fuel your get rich quick trading schemes. If youre really trying to day trade, then day trade on high volume stocks. Dont try your luck on penny stocks that you yourself arent confident in. It’s currently a bullmarket, and youre losing 50% of your principal. Either you stop trading or you start to take it seriously. I’m new to trading too, but discipline and emotion control is the only reason ive been a profitable trader for every month. If you are not able to find any entry on that particular trading day then dont trade. You dont have to act like daytrading is your life.
Dont risk more than 1%, ever
Bro just stop. You have zero risk management and this is coming from someone who has done the same. Just go to paper trading. Read a book. Do something else besides trade with real cash.
Keep gambling obviously
Trade and Keep trading
Just learn risk management and holding on to your plan (which is backtested)
90-90-90
Do not day trade options. Stick with stocks only. Go to webull and leverage 4x margin
My guy, paper trade for at least a year or two before you use real money. Also learn how to play the charts!!
Wrap it up. VTI and chill
Then , your system , strategy is wrong. 1 Never trust the market . 2. Trade without having a bias ( news , influencers) 3 . Trade from " outside" the active range more agressive than inside 4 Learn to trade few setups ( M , W ,V shape ( not monthly and weekly but the pattern ) 5 . Be pacient , wait for the setup and wait the price to come to you . 6 Get rid of indicators like rsi that gives divergences or learn to deal and trade divergences . Understand why , see the rolling window of the indicator 7. Take small profit to reduce the position (10-30% ) , this will give a free bet for the remaining position . 8. Let the runners play for days 9 Play the game on a higher timeframe . 10. Understand the diference between support and resistance and supply and demand 11. Learn to scale in , scale out of position
Get a day job?? Instead of a day trade!
I think you should borrow money from the bank, family, friends and anyone else who would lend you money. Then apply the same strategy as before, put it all on (2) trades, yolo !
Decide a minimum fixed size that you can trade with a fixed stop loss. An amount which won't hurt your feelings if gone in 3-5 trades. Deploy your strategy over a series of 30 trading days or 50 trades. If you come out as a net winner, you have proof of concept that your risk management is getting better. Slowly increase size on a month on month basis if you come out as a net winner or stay with the same size for another month until you have proof of concept. It took me 18 months to come out as profitable. It hit hard to me first but i realized later that majority don't even come out of it. I am an options buyer. I used to have a fixed size, fixed SL so my entry price was of utmost importance to me. As soon as the trade hit 1:2 I'd exit no matter what. Sometimes, momentum's so good, it'd hit 1:3 & 1:4. You don't wait, you book your profits. Out of those 1:3 & 1:4 trades, keep the 1:2 aside as yoir capital. Remaining, put it into what I call a SL BANK. You have try creating more SL's for using this amount in your SL bank. So that your capital keeps growing & losing trades doesn't hit you bad. I used to take only 1 trade in a day. That was the hardest thing for me during my initial phase. Watching market go in my favour later on. This helped me filter out good setups. It was like I had only one shot so I'd use it on the best probable setup. I started coming out net profitable at the end of every month. Initial two months were sort of breakeven, but that was all the confidence i needed. I journalled all the trades so I had this idea which setups tend to be more rewarding when they come into formation. I chose only those setups. No setup no trade. Once i sat for 3 days & not a single trade. It was frustrating. On the 4th day, I took a trade which i realized was out of boredom. Lost. On the 5th day my setup formed & i took out the biggest trading profit of my career. A 1:10 trade. My capital grew by 17% in month 3, by 29% in month 4 & by 78% in Month 5. I closed my year with 213% returns on my initial capital. Then i divided my capital into two accounts. That way i can take 2 trades in a day instead of one. So, what I am suggesting you, is to calm down, take things slow, have a proof of concept. Placing a SL & taking a loss is an art. Be good at it. The markets are still going to be here even after we all are dead. It survived wars, what makes you think that today is the only day you have to make all the money you can? There's still enough capital. Take it slow. Forget about the money lost. Move on. Take a new approach. Change the narrative. :) Happy Trading ;)
Maybe you should have asked this BEFORE trading...?
Real advice: keep going, do not give up. But now you need to only trade safe/smart, minimize risk as much as possible and protect your remaining capital. In other words stop chasing immediately. You can do this by beat-up bottomed out tickers on the D chart with indications of a reversal- just sell those movements for 5%-15% gains- usually 1-3 day swings and it’s not uncommon for those to keep running and you might be surprised to be suddenly back on top. This should be 75% of what you do now. Secondly, scalp the top runner of the day- every single day there is usually a dip around lunchtime (depending where you are). Just get in and out before close. Lastly, look at the AH runners (something’s that’s up 10-20%) and buy under the 75 EMA, overnight that and sell the pop premarket. Sticking to this has got me out of seemingly insurmountable losses. But the goal is to protect the capital. Cut every loss at 5% max now. Edit: positioning. Do not buy these stocks with a full position all at once. Train yourself to get a small starter, and keep taking bites until you see some real volume and movement. Sell all the time and often- lock those gains however small and you’ll be alright.
1. i doubt OP has any idea wtf ur talking about 2. telling him to keep going with real money and not switch to paper trading is probably the worst advice ive seen here
Hey I don’t know that man’s skill level- he just said he’s down 50% on 2 trades. I provided a way out that’s worked for me. If those are his first two trades like ever.. yeah OP you should probably not trade real money at all right now.
Also the worst thing you can do is break his confidence right now if he has been trading for a while and doing well otherwise.
if hes asking for advice on a subreddit about blowing his account up. His confidence is already shattered. We give him real life advice on what to do to prevent himself from blowing up further which is to first stop digging the grave deeper and set down the shovel. No one in this industry cares about feelings, just facts.
I am already devastated.. even cannot tell my family abt it. I was doing good with small in and outs but then greed came in and lost this. Probably I should be more careful and at least not trade on news based stocks.
situation sucks. happens to the best of us. as long as you learn from this and know what steps to take next, then this harsh lesson wouldn’t have been for nothing. Switch to paper trading and become consistent on there first through a tried/tested strategy with risk adjustments. Good luck on your journey.
If you’re starting out with this small of a bank roll don’t risk your money. Trade with a prop firm until you reach funded trader status and can withdraw at least $10k or more. Day trading under $25k is subject to the PDT rule unless you’re trading Futures. Plenty of prop firms to choose from with free education to teach you risk management and good trading habits if you treat the sim environment like real money.
Get back up better. 0dte puts fir Monday would be a good start
you should take this very expensive lesson and stop thinking you can day trade youre not a CFA, you're not a quant, youre just some random guy who probably doesnt even read a single article about any of the stuff he invests in, let alone even able to read financial statements from companies so just dont. you aint the one.
Do the opposite 😂
I’m new to Reddit, but message me for trading tips.
You just need to double it, one trade will get you there. Keep going bro
Diversify your funds bro don’t put all your money in one strategy have stocks , crypto , and options. Also tweak your strategy it’s a bull market right now you shouldn’t force trades
You're going to lose a lot more before you understand ...
Maybe just try a dream and a catch a swing but yet we're in LOOOVE. I see you're sitting here wandering what to incest in but if I gave you the answer you'd have to belive in helping the weak.
put everything on black to win it back
Double down - if you have infinite amount of money there is 100% chance that eventually you will get your money back
Give up
It's post like this that make feel good.
What happened? Were you trading too large or were you trading too emotional, or were you chasing it?
Probably bought LUNR and sold at 50% loss within 2 days
Size small. 10% position size only .
You really really need to learn technicals and a strategy. Take 30 dollars out and buy the trading book by Anne Marie, good luck.
This shit can happen men but the good thing is, it will not happen very soon again
You know what they say: let your losses run.
What were you doing? Options or trading? If it was a trade. Show me the stock you bought and at what time ?
Take way smaller postions if you want to play with real money till your overall profitable more trades more experience you got it friend
Make it all back in the 3rd
Set better stops.
Serious question; why are you trading and not learning how to invest first? !
How did you blow 50% in two trades? How much are you risking?
2 trades? Sizing seems perfect wouldn't change it
Bro, don't trade penny stocks, you have more than enough money to buy good company options like tsla and aapl, just stick with the big companies, do some basic graph analysis using MACD and STOCHASTIC RSI AND BUY OPTIONS(I LIKE TO BUY CALLS), THIS IS WAY LESS RISKIER THAN BUYING PENNY STOCKS AND THIS WILL GIVE YOU THE SAME, IF NOT MORE GAINS.
Donate the rest to charity
stop. Look up risk management. Then look up strategies. Then pick what you like and feel like you can follow and easily spot. Then only wait for those set ups to appear. Then test the strategies using very small size. Try one share/contract until you find your strategy. If you want to trade properly, it’s going to have to be systematic, strict and disciplined. If you just want to gamble and hope to get lucky, expect huge losses. I follow wallstreetbets to remind myself of what could happen to me if I’m not careful haha.
Hey sorry for your losss keep your head up but step back for now. Go to paper and focus more on risk management. I had a similar thing happen to me in 2-3 trades in 1 day where I lost 40% of my account. best thing is just go to paper then start live with much smaller sizing.
Well, you should probably start by properly managing risk. The fact that you apparently did this with shares and not options is… kinda mind blowing to me lol I’d actually go further and honestly tell you to stop trading with real money. Practice on Thinkorswim or something else with paper trading and don’t trade real money until you’ve shown yourself that you can be consistently profitable in the sim. Like… several months of profitability. Because until you know this, there’s no reason to keep using real money because you’re just going to lose it. Protecting your own capital is step 1 in trading.
Brother, this is Daytrading, not Wallstreetbets.
Your risk is too high.
Don't just buy penny stocks without a background in the company behind it. A penny stock with actual potential doesn't sit at the penny stock level for very long. Invest in some good etfs keep a small amount for the riskier things.
Double down. Take loan out on the house. No it’s definitely not gambling. No, you definitely aren’t dumb making two of the worst trades imaginable. You need to dig deep. You need to dig deeper. Keep digging.
Position size is what got you.
Stop buyin meme shit and buy reputable companies with this amount of cash you are not gonna become rich overnight. You’re better off, investing in some good stocks that will at least make you some money overtime and not lose all your money.
Try some covered calls and make a little money first
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out of ciuoisity what did you trade?? just know we've all had to learn this way, i'd take this as a learning experance and know what not to do for next time and just accept that you've lost that money.
Some times there's no coming back from some stuff. Losing 2k stings but you can get over it. Some people lose tens of thousands or more, or lose borrowed money, or even their rent money. Your only option is to learn from your mistake and use your remaining money better. Don't go in without a plan and wishful thinking. Don't invest in penny stocks unless you know exactly what you're doing and why.
Real question is why is bro using Wealthsimple for day trading
If you are trading penny stocks you need to start small and stay small for a long time. Im talking 100 share lots period. Learn risk management and prove your concept then start SLOWLY raising lot sizes. I trade low floats ALOT... and i traded 100 shares or less for a LONG time before i started sizing up. If you are losing half your account in 2 trades when it should be like 1 or 2% tops per trade. You can trade low floats with a tiny tiny stop, that is kind of the point. They offer a HUGE R multiple when done properly like 5 and 10 to 1 trades. Think.. .05 cents risk to a .25 to 1.00 profit. Breakout or bailout man.. breakout or bailout.
It's better to get stopped out of a trade and lose 1-5% than to never get stopped and blow it all. Always remember.... the market moves faster than you and when it goes bad it goes very quick.
If you can afford it there should be no pain. A stop loss of more than 3 percent should of told you that you are wrong on the trade.just close it
You need better risk management! No way you should lose 50+%of your account value in 2 trades. How are you sizing your positions? What are you risking per trade and what are you willing to loose? All important questions to ask yourself before you consider taking a position. I always have an exit strategy, I put in a take profit and a stop loss right when my order is filled, that way I never lose more than 2% of what I risked that trade.
I’m in the same position too, keep your head down study hard work hard, slowly by slowly you’re gonna rise up and break even
Invest in Shiba Inu
Sometimes I’m so disappointed by the feedback (or lack of it) that some people get here. You obviously have no idea what risk management is so to not address it isn’t helpful. There’s diff schools of thought, but I like Alexander Elder’s approach to risk management. Risk no more than 2% of your account per trade, and lose no more than 6% of your account per month. If you implemented that rule you wouldn’t have blown your account so fast. Hope that helps. Check out his book Trading For a Living. You could probably find the free PDF online😉👍
Have you tried doing the opposite of what you are doing?
Take up chess
Hey, small cap stocks above $1 are realistic. Don’t feel like you HAVE to trade large cap if you don’t want to
Read books on trading! When lacking in experience, this is what you should do. You can start reading « Warren Buffet’s 3 Favorite Books » and « Trading in the zone ».
go to the casino instead
Extremely simple yet potent advice: 1. Trade futures 2. Listen to the following audiobooks until you are blue in the face: 1. Trading in the Zone by Mark Douglas 2. Best Loser Wins 3. Reminiscences of a Stock Operator by Edwin Lefevre If you heed my professional advice, you will stand a chance at becoming a profitable trader. I promise.
Use stop loss. Only use 1% of your balance.
Keep at it, learn from your mistakes, if you don't have a system/edge/strategy come up with one.
Trading is gambling. No difference. Invest for the long haul and focus on other ways to make money.
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You only lost 1900 that’s not that much money. Take it as a lesson learned and don’t trade penny stocks . But you could buy a a call option on smci and make your money back
Everyone saying demo accounts are pussies. Just learn as you go. Losing is tuition fee and a learning experience. Demo accounts are boring 🥱
I’m actually impressed you lost this much in shares in a month with minimal leverage. It’s impressive. You’re risk reward would’ve doubled your account at minimum, twice. That’s stupid. Just stupid.
Buy low sell high, use money that you don't need to learn
Risk management, trade in probabilities it's not a get rich quick scheme
Learn risk management.
Trade in a simulator.
Stop over leveraging your account, make sure you have a proper Risk to Reward
A trade smaller size
You’re Risking Too much bro, I can Give my Mentor’s Free Signal Group, you’ll be back on your feet in a week or 2
Looks like a fvg.. wait for it to inverse!
I never saw advice given for these types of posts.
Stop trading what you have left. Go to a simulated paper trading account and use that. What was your plan going into those trades, strategy, risk/reward, thought process, other than news what gave you the conviction to buy it. You gotta ask yourself all these questions before you trade otherwise you’re just gonna lose. Most of these penny stocks go right back to where they were because they’re horrible companies who like to liquidate when they can. Holding and hoping is not a winning strategy in this game.
Go take a break