The keyboard warriors on Twitter love doctoring images and flashing big wins.
They all have two things in common.
First, they have the uncanny ability to pick tops and bottoms.
Second, they never seem to have losses.
These clowns want you to think that trading is the most exciting thing since sliced bread.
And that making money in the markets is so easy.
If their “trading system” is truly foolproof, where are the success stories to prove it?
And if you want to know the cold hard truth about making it… not that fake stuff you see on Twitter…
My trading last Monday summed up what you can expect most of the time…
What They Don’t Tell You About Trading
The life of a trader.
You can work from anywhere in the world and create your own hours without limits on how much money you can make.
And while that’s all true.
There’s one thing you’ve got to understand if you want any chance of making it in this game.
You see, there are approximately 252 trading days in the year.
Most newbies who get into trading hear about the success stories and want to make money immediately.
But it takes time to develop your skills.
But let’s say you’ve invested the time to learn the patterns, catalysts, setups, and how to put together a trading plan and manage risk…
You’ve only won half the battle.
You see, there’s not much going on in the market most of the time. And that’s something those Twitter traders don’t tell you.
While it might sound easy on the surface, it’s NOT.
You’ve got to war with yourself, fight off temptation constantly, and stay disciplined and patient.
My trading last Monday was full BLEHHHH.
Are You Ready For BLEHHHH Trading?
I come to every trading session prepared.
I have a list of stocks I’m watching and ideas for how to play them.
However, the market doesn’t care about that.
And sometimes, what I think will happen never materializes.
Most of the time, I’m patient and wait for the ideal setups.
But with more than 250 trading days in the year, I’m bound to slip up and take trades I have no business being involved in.
It doesn’t make me a bad trader…it makes me human.
Monday was a classic example of it.
The stock dropped 50% from Friday’s high… And it dipped early Monday morning. So I decided to buy the dip because this stock has shown me that it bounces off sharp sell-offs.
I bought in at $0.019.
However, the bounce was weak, and the price action looked terrible. So I decided to play it safe and lock in a small profit, getting out at $0.0215.
Nothing to write home about.
And while I didn’t lose money on this trade, I was so focused on it I missed a better opportunity in the ticker symbol GDVM.
This would have been a better dip buy play for me if I took it.
I knew that this stock had the potential to bounce because it made a similar move last Friday.
However, I completely missed the play because all my attention was on FAGI.
Lesson: Focus on plays that will give you the best opportunity to make money. Taking setups that aren’t optimal makes it harder for you to profit and takes your focus away from other plays that can potentially give you better results.
I then jumped into the ticker symbol EPAZ.
There was a breaking news alert regarding the company’s drone and how it will be upgrading its AI technology. If you’ve been following the markets, then you know that AI has been the hottest sector in 2023. And we’ve seen several stocks pop off on AI-related headlines.
I also knew that the stock was a recent runner which gave me further confidence in the trade.
But after the press release, the stock didn’t move much. I gave it plenty of time, thinking I might have been early on it, but it still didn’t do anything.
So I decided to cut my losses.
I’m actually proud of how I traded this because I wasn’t stubborn and disciplined enough to take a small loss.
My third trade of the day was in the ticker symbol OCEA.
This was a speculative dip buy on a recent spiker stock. This was a forced trade for me and not an ideal setup.
No bounce came, so I decided to cut losses. Again, this was a small loss for me. Many newbie traders will hold onto a losing trade in hopes it breaks even. And that’s how you turn a bad trade into an awful trade.
So far, I’ve put on three trades and have small losses to show for them.
Not wanting to close the day down, I took a stab at a fourth trade.
This was in the ticker symbol SIDU.
So I decided to buy on a dip off the highs.
This one actually would have been a solid trade. But I placed this trade while waiting for a taxi. And because my schedule was hectic, I decided to take it off early.
I ended up taking a small profit from it.
But when it was all said and done…I lost $1.50 on Monday.
Uneventful to say the least.
But that’s what trading is a lot of time.
You have to fight with yourself not to do dumb things because you won’t get awesome opportunities each day.
Most newbie traders want to make money right away. So they find themselves overtrading and losing money fast.
I made some foolish decisions on Monday, but I was able to button up my losses fairly quickly.
Trading can be mentally draining. That’s why being selective is so important. On Monday, I tried to create something out of nothing, and my results show it.
I’m experienced enough not to be stubborn and cut losses quickly. Most newbie traders aren’t, and that’s why trading as I did on Monday can be dangerous for them.
Unlike the traders you see on Twitter, I’m not afraid to show you the good, bad, and ugly.
If you’re in trading for the long haul…be prepared to have some BLEHHHH trading days.