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This is the case with almost everyone who does this. But trading is an advanced skill so why people imagine they will be instantly good at it is what kind of boggles the mind.

If you stepped into a boxing ring with a professional boxer, how would you do? If someone handed you a musical instrument you had never played, how would you do? If someone asked you to approximate the solutions to ordinary differential equations, how would you do? Trading is no different, it takes years of study and practice to gain the competency with to not get completely destroyed.

It can be done, but you have to expect to spend years learning, while being able to restrict yourself to a tiny % of your wealth until you have the skill to deploy more capital.

To imagine you can just open an account and be successful at it, that ain't how it works.

ItsNic 1y ago

Yup. I learned this the hard way. I thought it looked simple. Thought I had a strategy. Thought I'd stick to my risk management plan. I didn't account for the psychological aspect and everything went out the window. Respect to those who have mastered it 🫡

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Discussion

BitcoinStu 1y ago

A proper risk management plan for you would be: I have never traded before in my life, therefore I will paper trade (not real money) for at least 12 months before I even consider using real money.

But instead you started off with real money, money that if you lost it would hurt. That's greed, arrogance, ignorance, and naivety, all at the same time.

ItsNic 1y ago

Sheesh, aye OK, I get it 😅 As I said myself, massive error on my part and lesson learned.