I love to fucking gamble. Sports, blackjack, roulette, what color the presidents tie is going to be at a press conference you name it and im all over it . As Im writing this I probably have 10 open bets on random shit right now on my fan duel. This however is the worst possible trait to have as a options day trader. When I first started I hit big on some tsla call outs and boy was I hooked. It was like a drug pulsing through my veins and I couldn't get enough of it . I was looking for home runs and chasing that feeling of my first trade.... Well as you could of guessed this is a horrible way to trade. No rules, no control, no discipline, no plan, highly emotional, and thirsty for that next hit. Months later and a fat chunk of money lost I sat back and said enough is enough im gonna figure this shit out. At this point I had a decent understading of the basics of trading and reading price action but I was still betting on plays impulsively or would hold for a home run and go green to red. Throughout my life ive always been interested in psychology and optimal performance psychology so I decided to look into that to fix my issues. I bought Trading in the Zone by Michael Douglass and a hand full of other books and began reading and studying. I created a trading plan and some rules. I reloaded my account and tried again. For a few weeks I was doing okay about break even but then fell right back into my old habits. Disregarding my rules and what I had learned. Betting on the market. Crushed once again... Fuck me I was angry. I knew what I was doing but I was still pranking myself. I decided to really lock in. I had no choice. I put a little more money into my account and decided to trade only a few contracts at a time and really focus on my discipline and creating consistency on my own. I taped my rules to my desk and dialed in on what trades to look for entires and exits. This was the key to my success. This was the opening of a new beginning. This built my confidence and allows me to enter and exit trades with ease and a plan. If you have a plan and know the trades edge you can remove all emotions. Now I'm basically rich as fuck. Haha just kidding im a bum still but im consistent and make great trades. One day I will be rich and its going to be built on the foundation that I forced myself to create.
As a new trader or even a struggling trader is is imperative to focus on your psychology. Only the strong will survive in this game. The mentally tough can control their emotions and understand its the long game we play. The probability to get rich over night is very low. You have to find that trading edge and embrace it . Chasing alerts and betting on the market with no real confluence is a dangerous game. Learn the markets and focus on the mental game. You will succeed. Take the degen out of trading and leave that to the sports and Vegas. If you love this game never quit. You can do anything if you put your mind to it .
*grammar probably sucks