Hello Mike,
I have seen and read many of your posts on the site where you offer traders advice and was wondering if you can offer me some advice.
Little bit about me: I started trading 18 months with very little capital and was in a up-one-day/ down-next-day mode on my trading for over a year. Until about four to five months ago things started to click and I started to understand what types of trades I should be going after. After I started to understand I increased my portfolio 20-30x from where I started daytrading only.
The problem i started to notice is that when I start off the morning with a losing trade a loss it just goes down hill from there and I cant get back to being profitable that day. But on green mornings it’s all good I can keep making that coin$$ later throughout the day. Any ideas on what could be causing this? Would really appreciate your help.
If you have any questions for me feel free to ask.
Thanks
@mikebellafiore
- tell me some more about your trading style
- are you trading multiple stocks?
- are the losses in just one stock?
- are you trading on tilt after a loss?
- do you have a rule for moving on from a stock after three quick losses?
- are you revenge trading?
- why do you think you cannot get green after one loss?
Are you trading multiple stocks?
Not that often. I look for 2-3 stocks that I believe will be in play the next day and focus on that (of that group pick the best one); if they end up being duds I look for something else
Are the losses in just one stock?
From the morning trade loss, yeah
Are you trading on tilt after a loss?
What do you mean trading on a tilt?
do you have a rule for moving on from a stock after three quick losses?
No, I don’t.
Are you revenge trading?
I think so.
Why do you think you cannot get green after one loss?
I think I start thinking about how to make that back and start forcing stupid trades which digs my hole deeper I guess
*** i also have a problem with patience. Many trades that I enter I give up on or take the loss cause it’s not moving fast enough. But one to two hours later it goes to the target price that I had for it so in the end it should have been a profitable trade
Bella back here:
I hope that helps.
Mike Bellafiore
No relevant positions