Hitting My Low Point
Inspired by his trading insights, I joined the Bear Bull Traders community in mid-2019, but at the beginning I continued to make the same dumb mistakes as before. I knew the tenets from Andrew’s book and I now had live assistance from Andrew and other experienced Bear Bull Traders moderators. Yet, I still was not really listening. I was trying to mimic Andrew’s trades in the morning, taking way too many trades all day, risking too much, and being completely unfocused in terms of strategy.
Then, a few months after joining Bear Bull Traders, I had the day that every book and every trader had warned me about. I had my “hulk” day. I was profitable early on, but then suddenly went “red” for the day. Angry about this turn of events, I then began a series of
revenge trades, trying to get myself back to “green”. My profit/loss column began to fluctuate wildly. Sometimes coming close to green, but then snapping back into the red. The harder I tried to mitigate the day’s losses, the more I incurred greater defeat. This pattern continued for an hour until I had lost about $2,600, or 7% of my trading account. This moment was a turning point for me. I realized that if I had a few more days like this, my trading account would drop below $25,000 in value. If this happened, I would no longer enjoy Pattern Day Trader status and I would therefore have my number of trades restricted. I had to make a change and I began to truly focus on adhering to the following four ideas that would eventually turn things around for me.