Trading with Ricky Day 17

Day 17

I was very hesitant to share today's journal. I experienced a significant loss this morning, and I allowed my emotions to take over, breaking all of my trading rules. This is especially embarrassing given my success in paper trading last month and the fact that this is my first month trading with real money. Through this trading journey, I've come to realize that I am naturally a prideful person, and I struggle to accept losses, which hinders my ability to learn from my mistakes. Nonetheless, I recognize the importance of authenticity in this journal for my own learning and for the benefit of those reading it.

Many people on social media only share their wins, creating false expectations. So, what happened this morning? Returning from a work trip, I only had one trading session last week due to being in the MST time zone, which is two hours behind the market. While this gives me some flexibility, it's challenging to wake up at 4:30 AM to trade after working late into the night. Though I don't want to make excuses, I know I don't trade well on little sleep, so I avoided risking it. However, being away from trading for a while made me a bit rusty this morning. Consequently, my trading program wasn't properly set up, causing my order for a potentially big win (ticker: OMH) to not execute. This missed opportunity left me feeling frustrated.

In a rush to recover, I impulsively traded another stock (VCIG) without considering crucial factors like volume flow, leading to a significant loss. This loss fueled my fear of missing out (FOMO) and anger, prompting further impulsive trades in an attempt to recover. Despite briefly turning a profit, my pride and greed led me to make more reckless trades, resulting in further losses.

Eventually, I managed to regain control of my emotions and made a successful trade based on my rules and solid fundamentals, ending the morning with a trade of modest gains (BMR at open). Reflecting on my actions, I realized that I made 16 trades with a negative 0.19% profit/loss ratio, disregarding my trading rules and allowing emotions to dictate my decisions.

One valuable lesson I learned today is that while it's important to recognize and understand emotions, mastering how to respond to them takes time and experience. Despite feeling tempted to quit this morning, I believe that enduring moments like these is crucial for success in trading.

I hope sharing my experience serves as honest insight for fellow traders, especially newcomers. It's my way of giving back to the trading community, and I'm grateful for the guidance and support of our mentor, who inspires confidence in my ability to succeed in this challenging endeavor.

This is mainly for me, but remember, everyone experiences losses at some point, and what's important is how we respond and learn from them. Being open about your struggles can foster a supportive community where people can learn from each other's experiences and offer encouragement during tough times.