Hi Bruno, no problem. It took me a while to become consistent. I (along with a lot of people here) were in 7th heaven pre-GFC, where you could make thousands of dollars a day without trying. But then I personally lost $1m in the GFC which was my entire savings, a line of credit on my house, $100k of my parents money, and my entire portfolio. Warrants killed me and wiped everything I had. After that starting in 2009, I was chasing runners, thinking one would 10 bag and I could start getting my money back, but I struggled. Win on 5, then lose on 1 where the loss was bigger than the previous 4 gains. It wasn't till 8 years ago, that I realised I had to stop going after specs and holding on, hoping they would run. I started doing stop losses on specs and investing in blue chips, and slowly, I started getting ahead, and turning profits every year. Lessons were extremely harsh, but main thing I didn't give up and when I changed my style, and started paying attention and reading between the lines on this thread, I became successful. Stop Losses are a friend in disguise, especially when the trend turns against you. The 2 things I removed from my trading were:
1. FOMO. A place like here is a danger if you suffer from FOMO. When posters are stating all the profits they are making from a stock, and you are waiting to find an entry, you need to realise most of the time, it is too late to enter. If I miss out on a stock, I trained myself to move on and ignore.
2. Greed. I used to want minimum 50% returns, and would hold on and then lose some. Now I am contempt with 5% to 10%. If I'm holding a daytrading stock and it goes up 10%, you bet your bottom dollar I am out.
All my lessons are self taught, extremely hard lessons. I use IRESS through Westpac. On this thread, you will find a lot of experience and smart people, just need to know who they are.
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