The 3 Honest Reasons I Blew up My Trading Account
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- Опубліковано 28 тра 2024
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At the beginning of my trading journey, I saw dollar bills EVERYWHERE. The opportunity to make money quickly was exciting. Who doesn't want to make money quickly? The idea behind compounding money sounded so easy; however, I ended up experiencing a BIG loss. I knew I would not be sustainable in the long run if I did not change my mindset. After this loss, it was hard to overcome fear. There are so many things I wish I could've told myself. In this video, I mention these things. Whether you are a new trader or a long-time trader, remember to take your time! Think of it like boxing. You have to go through the basics to avoid getting knocked out!
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Love this channel. I was doing well. I turned $3k into $35k in a month....lost it all yesterday. I was shorting and it was going up and up and up. I refused to get out because when I do, it will go in the direction I wanted. So I stayed in and it continued to destroy me. I'm very stubborn. Getting fedup.
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I started with 7000usd then increased to 13000usd after receiving my profit,
That is true I've been trading for years and it has been my source of income
I HAVE INCURRED SO MUCH LOSSES TRADING ON MY OWN...I TRADE WELL ON DEMO BUT I THINK THE REAL MARKET IS MANIPULATED... CAN ANYONE HELP ME OUT OR AT LEAST TELL ME WHAT I'M DOING WRONG ?
Same here, My portfolio has been going down the drain while I try trading,l just don't know what I do wrong
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This account honestly saved me. I was in a dark dark place 2 years ago losing all my savings during a market it was easy to make money in. And even though I didn’t have a lot in savings, had to go make everything back at a 9 to 5. I’m starting my trading journey again but with proper Risk Management, Technical analysis knowledge and fundamental. I always listen to you at work and it has motivated me to get back but with patience and discipline
Thanks for the reminder Alex. I've had a few rough days personally. Today was much better, but I traded from a loss to break even, which I'm blessed for. I always tell others, master the process and the proceeds will follow. I need to listen to myself lol. Great video. Thank you.
What a great video. I absolutely identify with everything you said. It makes me feel like I'm not alone. Thank you Alex.
Thanks for the reminder, really love what you are doing
Amazing tips! I’m so grateful for your channel Alex! Thank you immensely.
Thank you, bud. I always appreciate these videos. Keeps me from getting in my head too much about trades, and just do what I have to do.
Great. Thank you!
Thank you sir! Just what I need to hear!... Basics thats gonna forget easily! Dont force trades!!
Loving it! Thanks for sharing this Alex!!!! Much love
Thanks for the real advice and reflection! Appreciate it a lot!
Thanks for the video. I just had a day in the market today that you just described. I am encouraged to obey the rules you just laid out. Thank you!
Really needed to hear this. Thank you!
I love your channel and interviews man. Its awesome hearing all the stories and getting diverse advice.
At this time in my new trading journey I only subscribe and listen to folks who emphasize risk management. This content will never get old....i have to put some of this on repeat and share with friends who are starting. The B Sttory and The Trading Addict are my number one guys
very very helpful advices ... thanks Alex!
That’s what I needed to hear man. Trading today was rough for me, but this video helped put things into perspective. Back to back losses got me really frustrated, so it is a good reminder to size down and pick my battles. Thanks Alex!
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I lost 2k today in 24 hours as a first time trader.. it’s literally hurting my soul
Great advice, thanks. I recently got some big losses and decided to stop and do some reading, back testing and I will start trading a very small account to get some confidence back. I totally relate to the feeling of anxiet putting a single trade now, LOL.
Could relate to this a lot. Great video!! Makes me feel way better.
Thank you, trying to trust the process.. I needed this
love all your vids !!
Great message.
Thank you Alex ☺️ I am a big fan of you!
thanks for the MUCH NEEDED motivation !!! reasons i watch this channel
Thank you so much for the kind words BOA!
This channel is so legit. There’s so much truth to these lessons. I watch every day to help get my head right before trading. It really does help my mindset and results.
Great analogy with the GPS!
Omg wow, this was so so helpful. Thank you so much
thank you so much, i really need to hear that
Cus d'amato says confidence applied properly supersedes a genius. Boxing is very similar to trading. In trading small risk builds confidence. Even better cut loses quickly. Cus says 75% sometimes 90% of boxing is mental. Not physical. Fear is like Fire. Discipline, repetition, refining and belief, will allow you to control it. process over profits
Awesome video! I been having a rough time with all my loses lately.
Good vid man, great advice. Thank you
Great video and something all traders need to hear, especially us newbies. One thing I did that has helped me a lot is setting up my platform (I use DAS) for a daily max loss. If I hit it DAS will not allow me to take anymore trades. The immediate result is obvious - it saves me from revenge trading and taking big losses. But the great “side effect” I wasn’t expecting was that emotion that causes the revenge trade has all but disappeared. At first I would be hitting that buy or short button repeatedly but after a few months of getting the “daily max loss” error you just accept it and either shut it down or switch over to paper trading.
What B said is very true. You need to size up slowly.
Recently, I got a good run where I made $10K a week when the Ukraine-Russia war broke out. I never had a single red day during that week. I was overconfident. I sized up to big, as big as 12 times the size I traded just a week before. I changed my strategies to capture more profit. But I have not yet resolved my bad old habit of netting down on a losing trade. All those issues added up. I lost all my profit plus a big chunk of my capital just in a couple of days.
New traders, increase your size slowly. If you trade with big size, use TIGH & HARD stop losses; they will protect your capital.
I have been feeling destroyed in the last two weeks. I start slowly again with small sizes.
Same here man! Don't give up.
If I ever did 10x leverage like that, my SL will be like .3% hahahaha
Haha, happened to me.. took 2k to 9k in two weeks trading indices on a downtrend.. I should’ve withdrew the profit and reset at 2k but I became so arrogant and cocky thinking I would have like 20k by the end of the month and lost everything in two days.. still the worst trading experience for me because it could’ve been avoided but my ego was shot.. I didn’t even over leverage, just over traded.. never did that again, i couldn’t even feel anything was just numb.
same here. lost it all
But we are still love the game guys, once a trader always be a trader
Very good tips video.
Very good content. Right on point... GBY too brother!!
Well Done man, amazing vídeo
Thank you Roberto!
This video was put together so well Alex . I Love the poker reference ! Thank you 🙏🏽
Definitely needed to hear this one today. As a new trader it’s easy to make a few good trades and start feeling like we’re unstoppable, risking much more than we should. The market is unforgiving but we must adapt and continue on.
Thanks for putting out consistent and relatable content. You’re one of the best I’ve found that bridges the gap between new and experienced traders.
Great video! Love the poker analogy! That makes alot of sense
Always good content on this channel!
Thanks for the video! Felt like you were talking directly to me! Lol. Exactly what I’m going through now! Blew my account up a month or so ago on a handful of trades after successfully day trading for several months. Kept breaking my rules! Smh. So now I’m regrouping and taking things SLOW! Losing money sucks, but I’m embracing my trading journey!
Really useful info and advice here!
This was great and filled with great honest advice and transparency!
Coach thanks
Only listening to your heart pounding hard while you are in shock mode is sooo f...... trueee man. This journey has taken way longer than I expected, but I am not giving up because I am here for the long haul...
Great story, good lessons, rock on 🤘
hey bro im glad you did this video. not enough traders talk about trading psychology which is important. thanks
Amen….Indeed…..Exactly…..thank you for making all these videos, but this one it’s been me for a while. I feel like I’m turning the corner 🙏🏻
Thank you so much for watching Raul!
You're a good man Alex, thank you.
One of the best videos! Every growing trader needs to watch this! Thank you!
Your analogies are really nice, very relatable and puts people in a position that they can understand. Well done.
Been there, done that! Trying to learn new rules and habits to overcome.
Nice Kendall!
Great video
WOW....YOURE DROPPING JEWELS HERE! THANK YOU
Hi Alex--
This is probably one of the best talks I have ever heard.. Everything you said has happened to myself. It is true-- all of our journeys our different but everyone's is similar in the fact that all people who succeed at this have lost a lot of money. I think everyone who has traded or beginning trading needs to listen to this talk right here. I have been trading a long time and after losing so much money I finally feel like I am starting to turn things around but believe me--every day is a challenge because we all know that you can lose it all if you are not on guard mentally.
Excellent video, brother! 👌
One of your best videos 👍
This is my all time favorite video. Thanks you for this video. Yes when I took big loss , instead of sizing down I size up hoping get my money back or small loss . Then I end up Digging myself in Huge Hole 🙇🤦🏿🤷🏼♂️.
we've all been there. thanks Alex :). easy wins of a newbie are so poisonous... they inflate ego and eventually make you blow your account :D. i actually won so much at the beginning and I was planning on how I will spend that... but I lost it all and some more, that feels quite funny now, but it wasn't back then. since that time I've been training on risk $1, win $3 etc.. at first it felt completely ridiculous but I got used to it. and what I know is - I will never give up and will get there. when I get consistent with small amounts I will scale up and I recommend this approach to everybody (but I know newbies will not listen - they need to blow an account first)
I’m an amateur boxer & a part time trader. The boxing analogy was a perfect example for a beginner trader👌🏼
well said
Great video… this has helped a lot…
Wow i needed to hear this… I’m going through this RIGHT now bro. This vid was sent by the higher ups.
Thank you Votor! GOod luck to you! God Bless!
Legit !! Heart beat :) Everyone should go through that for sure , you cant avoid it even after watching this video . Until then you dont know what a lot sizing is .
It's like you were speaking right to my soul 😂 Exactly where I'm at and what I need to hear! Thanks
I love your channel even though I am a futures trader. Have you ever considered interviewing some of the top futures traders? It would also be interesting to learn more about why some traders prefer stocks and some prefer futures...
love the idea..
I badly needed to hear this today
Truth!
What ticker/trade did you lose on just out of curiosity? We all have that one, or two, or five that we got burnt on and learned something from. I love hearing and seeing what others actually lost on. Losering trades teach so many lessons! And are often brushed off/forgotten about/ignored. Its a pain point, but pain points can help prevent more pain in the future. Great content as always!
This is something that I really needed to hear. I feel like I have been taking mediocre trades and it is affecting me mentally. I am beginning to lose my confidence because I don't even have a setup. I kind of just take trades. I have to just trade with smaller size until I find something that works for me. Thank you Alex! Great vid!
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You are losing trades because you are essentially gambling at this point . Trading is so hard because you have to find out your style of trading the market. Some people trade once or twice a week and do better than they did when traded every day. I’d suggest you study entries and exits for trades. Watch & read as much material as you can on what familiar patterns traders use to enter or exit a trade. Then try to find those patterns on stocks that you are already trading , do some back testing . Use familiar patterns to enter and exit trades so you have more confidence in your trades.
@@lionel997 Thank you for the advice. I have been struggling in finding setups. Do you have any tips for finding setups to trade? I know that just because I have a setup doesn’t mean that everything I have to practice with it and learn more about it but where do I begin to find setups that people are currently using. Is it through just looking at charts and hoping to find one or is there another way?
@@nickkorchuk8042 Yes you have to constantly study the charts and understand why the market moves the way it does. That will take screen time so if you can, even if you aren’t trading the market take the the time out to look at the charts of stocks for the day ( Tsla , Apple , Microsoft, etc.) . Honestly I would suggest watching youtubers who actually know how to trade and that can actually show you where they enter and exit trades and the mindset behind each trade . Stay away from the flashy videos you just need fundamentals.
@@lionel997 Look into panic dip strategies and utilizing a scanner to filter for them. And only take the best ones. Practice that one thing and get hella good at it.
Your best vid yet bro
This is very empowering to hear this. I am not yet profitable but soon I will get there.
Lol Alex bro when you said I don't known if you are like that 💯 ,hundred percent I am same right now and it stops me making money I am almost there but I fkkkng scare can't even take trade if I do I get out I'm seconds
And yes I take very small size
Thanks for another great video
Thank you for watching Waheed!!!!!!!!
As a professional boxer and an upcoming trader, I can relate to every sentence you stated
Just blew up my account 😑 Sucks but I'll do better moving forward. Thanks for the vid!
Good truth Brotha
great video, I am new in trading and bought the books you recommended. can you give me an order which ones to read first and which one to read last?
Great analogies, makes my chimp brain understand it better, Keep grinding brother.
It’s crazy you made the boxing reference. I actually look at trading like MMA or chess, whichever 😅
I think a great point to make is that in video games, the best never play on tilt. They just log off and come back the next day because you can choose when you are playing, and choose only when you are mentally ready to perform.
Yes thats a good point, Thx for watching OYAMA!
OMG bro this is hitting me so hard, i open a $1000 account to day trade options and in 2 months i grow it slowly but surely then blew it in 2 days coz i skip my rules and got greey to make more.. now i have to start al over again and wasted 200% i made through out those months.. gotta stay on my rules and plan and be patient and discipline enough to continue my journet here.. learning my lessong and hoping to be more better.. Knowledge charts reading, strategy and plan is here but mental is keep me lossing.. i need a boxing training i guess lmao!!!
Been there bro. Started trading last February 2021 . Lost $8k
Back on top now. I trade oil mainly.
I had to learn technical analysis.
It set me free .
I know when to buy and when to sell.
And when to stay away from a trade .
I only trade 30% of my account .
Wow. Are you spying on me lol. It's amazing what time does to you. Words of wisdom. Pure gold.. Thank you..
Thank you PolY!
One of the best Day trading books I ever read was "The Theory of Poker". Trading is just like poker. The best poker players doesn't get better hands more often. They just fold/cut losses faster. You take starter position/call. If you like your odds you raise/add to your position on a pull back. At the end of the day, poker is also about risk management.
Pheewks I needed this ,I blew up my account today and I almost felt my heart leaving my body 😢
Hey Alex love the content and helpful tips; Have you considered doing an interview with Ross Cameron? I think hes a great trader for your community to learn from!
Ive gone through this myself. Lost big in one day and I couldn’t trade for more than a month. I lost 22k in a day. I couldn’t even imagine losing $10. The moan and fear of trading was bad but it can be overcome. Ask yourself is this loss even gonna matter in the next 5 years? The answer is no. If you want to make millions in the future you shouldn’t be afraid of losing couple thousands
Just don't lose your life... You have to practice small. Yeah for the long run a couple thousands will not matter, but if you lost it all and doesn't have anything else for surviving/trading, you are doing something wrong.
@@reyvax2888 yes agree.
When is Cobra Trading coming to Canada?
Fortunately, I've never blew up my account. I've been trader for lil over two years. Continued studying and paper trading for first 3 months has somewhat helped. The toughest challenge is the mental game and the ability to sell and admit loss.
Unfortunately, I still suffer from not selling when I should and keep watching the stock go down. More often though I sell correctly before the stock rolls over. But when I do hold, those are my biggest losses 1000-4000. In hindsight, if I just take that small loss 100-200 I usually make more if I reenter or the following days.
That logan paul reference though! Great video mate! Just experienced all this stuff in January.
Love the comparison to boxing and Mike Tyson. Great video!
I like the bluffing aspect in the poker analogy.
This is legit advice
Thank you bro. I blew up my account 3 days in a row, but luckily it is just paper account. You cant even image how deep I love paper account now LOL
Ya no worries man, thank you for watching !
Been there, my first two years of trading I started with 500, built it to 8k two separate times… blew my account two separate times… so hard mentally to get back into it. I’m profitable now, it was a major mental game. Stop loss do not let it run of your loosing 15 percent and out, no force trades.
I dig the boxing analogies. Ive definitely been TKO'd in the first round
Had that feeling as well, even threw up a bit at first
Just started option trading on monday, monday i made $400 tuesday i made $200 and today i made $800, the way i see it i try to jump into winning trades and the moment i go red i scale back and if it keeps going i scale fully out so im always locking in profits. Knowing i have more buying power to find more trades i dont stress a bad trade cause i know im gonna profit because im disicplined.
Ive been super poor my whole life, my mindset is dont fuck this up and catch feelings.