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I lost 5.5l with trading, sharing whole journey
I am from middle class and started job 2.5 years back had a savings around 10l and 5l I have used for home loan and 5l left 2l in stocks. I have been trading for past 1 year I started slow for first six months and faced small losses and recovered with profits around 25k but this time I used to follow youtubers. Later I started my own trading I believed i know how to trade but I am not aware of the psychology and risk management principles which fucked up me. then within 5 months by dec I lost around 1.8l ( including 35k profits from stocks). Even though I learn the principals but I feel very difficult implementing in market. The 3 big mistakes are 1. over trading 2. revenge trading 3.holding losses Buy end of this time 1 and 2 problems I have over comed by some limits but big losses has fucked me. I have lot of trades where the holding losses recovered and as there is loss pain already and not ready take more losses I holded the loosing trades which is biggest mistake in my journey from there the worst phase started anxiety hit and losses increased within next 2 months lost 3.5l which is double of the initial phase of 5months. (This includes both indian market and crypto even few forex trades.) I never thought I would end up in a situation like this, only money of mine within stocks left over. Several times I thought to take break or leave but I always think I can recover, even there are instances I have made comebacks I earned 50k in 1 week 2 times but again lost them with poor risk management. Even today I can say " I am good at taking trades but not an managing trades" I could have been profitable with risk management the all money I lost is only in few trades and big losses. Better to leave as currently the good thing is I didn't took any debts and selling few stocks even in this fall for money the lost amount is like around my 7 months salary. Thinking not to step in markets for years may be when I am again at better position I will look back it may take years. The people who started recently and people making losses dont be over confident if you make a small mistake you will end very bad the key principle is the risk management-thr scrict stoploss is all we need but for implementing it we need strong mindset if we are not able to get it better to take a break or stop. I feel bad for this situation but not devasted I have to advance my career by forgetting this. I will try to stop this from taking over my happiness. This is not a karma post to share ss just today I have deleted all my apps and came to reddit. Please share your journeys or post any comments which can make feel me better.3
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