I have lost half of my capital in a month.
Already gone bankrupt once, due to trading, and have lost everything several other times.
I let my losers run and cut my winners prematurely. I feel like it is all self sabotage, due to the mental belief embedded into me by my father, who always told me that I was not good enough.
I don't want to be this loser anymore. How can I become a winning trader?
If you are serious - read up - IBD how to make money in the markets - Jon Markman and other's then start with a small amount of shares (I did 5, even ten - after a bld fire left me near dead and I had little income... I worked my butt off studying charts, fundamentals so on and started with small amounts so I would not panic (but still did and that was part of the learning process - have a goal and intent and stick to it... each time it gets less "emotional")...
From this moment on, I will not be a loser anymore.
I will set stops on every single trade.
I will be in the moment and not let past failures effect the now.
I will treat my capital as if it is oxygen to a scuba diver.
I will treat trading as a career.
I will let go of the past, and know that what my father told me was not the truth.
That I am worthy and capable of the greatest feats. And I can do whatever I decide to do.
I will not violate any of the rules above under any circumstances.
I will no longer be a loser. I will win.
Risk management is far more important than making money. Perhaps if you limited your positions to 2 or 3 percent of your capital, you could limit your losses. And remember, there's just a much money to be made on the downside as on the upside. Here's a short book to read "Breakthrough: A Consistent Daily Options..... by Kevin Michael O'Brien over at amazon kindle. Well worth the 10 bucks.
Most important rule as a trader, never ever hold near or during earning releases. Google will be a lesson for all. Basically gambling. Money management rules don't work when something bizzare happens. If you buy stock and not near earnings, hedge with a put option or sell calls against the stock and use money management rules. If you only trade options, trade with spreads. Less painfull and you can sleep at night.