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My Trading Journey: A Quest for Profitability


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My Trading Journey: A Quest for Profitability

  #1 (permalink)
hCore
Ljubljana, Slovenia
 
Posts: 26 since May 2022
Thanks Given: 15
Thanks Received: 29

Greetings, everyone!

First and foremost, a big shoutout to Big Mike for organizing this exciting challenge and to all of you who have contributed to fostering this amazing community.

As a novice trader with just a few months of experience under my belt, I'm thrilled to be part of this journey. Prior to my accident over a year ago, I had a brief exposure to the markets for about four months. Since then, I've been studying charts and absorbing trading knowledge for nearly a month.

Currently, I focus on trading Bitcoin using price action on a 5-minute timeframe, identifying entry and exit points while keeping an eye on higher timeframes. Despite having a day job and an active lifestyle, I manage to make at least 3 trades per week, dedicating 1-2 hours of screen time. I also strive to invest more time during weekends.

I'm eager to learn from all of you and share my experiences as I continue to grow in the world of trading.

Let's begin

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  #2 (permalink)
hCore
Ljubljana, Slovenia
 
Posts: 26 since May 2022
Thanks Given: 15
Thanks Received: 29

Yesterdays trade

BTCUSDT.P_2024-02-03

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  #3 (permalink)
hCore
Ljubljana, Slovenia
 
Posts: 26 since May 2022
Thanks Given: 15
Thanks Received: 29


I was a bit unsure about diving into the next trade and need to zero in on the trading game, and nothing but the trading game. No distractions.

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  #4 (permalink)
hCore
Ljubljana, Slovenia
 
Posts: 26 since May 2022
Thanks Given: 15
Thanks Received: 29

Today's trading was a beauty. I wanted to smash my computer with my head. Seriously, good entry, good analysis. However, once I was in it, I got scared of losing again, so I exited the trade. The trade would have been a runner. Then, I even betted against a trend where there was obvious weakness. I can't remember the last time I was so angry and disgusted with myself. Being tired did play a part in this, but there are no excuses. On a positive note, two things: I did make a good entry and analysis, but managing it was poor. Also, I have drastically improved in recovering emotionally after a bad trade.



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  #5 (permalink)
hCore
Ljubljana, Slovenia
 
Posts: 26 since May 2022
Thanks Given: 15
Thanks Received: 29


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  #6 (permalink)
hCore
Ljubljana, Slovenia
 
Posts: 26 since May 2022
Thanks Given: 15
Thanks Received: 29

As someone new to trading, I am very proud of myself here. I shorted after a big bull bar close, as the next candle was forming, and interpreted it as weakness. What I really like about it was execution without hesitation.

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  #7 (permalink)
hCore
Ljubljana, Slovenia
 
Posts: 26 since May 2022
Thanks Given: 15
Thanks Received: 29

I made a small profit with a quick scalp today. Currently, I am in profit for the first time, and it's a new experience for me. I expected this, but I am unsure how to handle it.

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  #8 (permalink)
hCore
Ljubljana, Slovenia
 
Posts: 26 since May 2022
Thanks Given: 15
Thanks Received: 29

I'm braking todays trade down to make sense of it.

1. Argument 1: The price was approaching the high of a 12th January bar, suggesting a potential short position.
2. Counterargument: The price was bullish for the past three days and bullish around resistance area on a 5-minute time frame. Also, the price didn't reach the exact high of the 12th January bar.
3. My motivation: I've taken the trade because I've missed some good trades in the past two days, and I wanted to start making trades again.

I was rationally leaning more towards my counterargument, which shows me the emotional difficulties of trading. Since it's the first time I've been in profit and I'm facing a new set of challenges. I currently face these emotional difficulties.



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  #9 (permalink)
hCore
Ljubljana, Slovenia
 
Posts: 26 since May 2022
Thanks Given: 15
Thanks Received: 29

Hold on tight, because I'm going to rumble a bit here. I want to use this opportunity to organize my thoughts. First, I'll discuss two new losses that have brought me to break even. Then, I'll delve into the challenges and personal difficulties regarding trading that I'm currently facing, as I see a real possibility of being profitable for the very first time. Let's begin.

First trade: A good loss. I went short when a lower high was formed on a 5-minute time frame.
1. I had a feeling that what I was seeing was not enough for me to go short.
2. I didn't want to hesitate again, so I took the trade.

Second trade: I soon realized my mistake here.
I went short again where there was resistance and quite some selling, but unlike the first trade, I wasn't calm and composed. Immediately after taking the trade, I noticed myself acting out of FOMO. While being in a trade, I got myself relaxed and noticed that I was completely wrong by observing higher time frames.

Challenges: I didn't take four very good trades this month, two of which would have been "runners" and all would have been winners. Now, four is almost 50% of all the trades I've made this month. And all those four trades are the same in that I was as sure as I can be, that they would go in my direction, but they felt uncomfortable, I felt uncertain. Missing those trades was a challenge in itself; I got frustrated and took the next trades out of frustration, which were losing trades. Interestingly, with those trades, I had no hesitation in taking them.

That's why I said the first loss of today was a good loss. I took my chances, and the trade could have gone either way. But I was okay with uncertainty, and I even exited before my stop loss, as I was seeing the candles being formed live, showing strength where I thought was weakness.

The reason I wrote all this was that I saw myself being avoidant of trading lately, and when today's losses hit, I even noticed myself fantasizing destructively for a second: "What if I just blow up my account?" All that just to avoid the stress I experience in trading. Instead of exiting, I dove right back in deep.

I made a promise to myself when I started trading that I might not make it, but I'll surely give it my best.

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Last Updated on February 14, 2024


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