So, I’ve been trying to follow @Conqueror 's 1K to 1M challenge (but my goal is just 25K), but instead of just following Conq’s trades, I’m trying to get better at trading myself and contribute to this forum. I’m down a couple hundred bucks (to like high $700s) and have been yo-yoing around 700-1k. My losses have mostly been a result of my own individual DD-plays that I’ve posted here, so it’s 100% my own fault. But from what I’ve noticed (when I reflect upon failed trades), it’s that almost always the case that all my past analyses and research and DD have (eventually) come out to be true, but I’ve just had crappy fucking entries and/or exited positions too soon (hate to say “paperhanded” because that’s a good thing to do if you’re green) when my predictions eventually happened but I just quit too soon.
So, this means that my research/analysis skills are just fine but the psychological part of my trading sucks, and I’m kinda hella disheartened being in the red on the 1K to X challenge. I mean if I just blindly followed Conq I’d be up pretty bigly, but in trying to contribute to the challenge, I’m down quite a bit, and I don’t know what to do.
Any help/motivation in terms of psychological fitness is much appreciated! In almost all of my losing trades, I sold when the losses got too big in an attempt to “cut my losses short” and be rational, but my fundamental thesis was still right and the stock eventually did what I predicted.
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The psychological is often the hardest part bro. By no means am I a good trader, by no means at all. I’m bad at technicals outside of support resistance, and maybe some wedges and trends. But psychology is absolutely important. If fundamentally you know a stock is gonna go in a direction, don’t let your mind mess you up. Example, what I gathered from Conq’s mainly is that he doesn’t really use support and resistance (I’d assume fundamental analysis but I could be wrong), but most importantly his patience is damn near God level (lol). You sometimes have to get comfortable seeing some red to see and embrace the green. What I suggest just follow Conq’s challenge when he takes positions and exits, but take note of potentially why to then apply it to your own trading style. This is something I’m personally still working on, but when it comes to trades I do my absolute best to not YOLO into a play if the stock moves and wait for it to come down to get a better fill, and once you take profits try to not look at the stocks in the case they run so you don’t buy back in with FOMO. I’m rambling for a bit but don’t beat yourself up. Take the small loss and focus on what you can change for the next trade day. Money will always be able to be made.
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don’t be disheartened. it’s only been like 5 weeks! and you have enough to slowly build.
there’s a couple of things here:
first, if you’re doing DD, then post it on the forums. there’s no guarantee of a response but most members will provide valuable feedback. bouncing ideas off someone else is something i find very useful. that your trade was red/green eventually doesn’t really matter because in hindsight we can always say “if i went in here” or “if i sold there”. also, quitting too soon if you’re green means that you (a) lacked the conviction in the DD and/or (b) you were over invested (but green is green). starting a thread will help you flesh out your idea more, provide more conviction, and maybe get feedback on position-sizing.
secondly, blindly following Conq is stupid. copying his trades while understanding why he’s doing it is invaluable. imagine being able to practice with a professional but doing the same thing they are doing while being provided the explanation on why they do it. quite frankly, for me it was letting go of my ego. realizing that copying Conq would help me “learn the ropes” of trading, i had to first force myself to admit that i still got a hella lot to learn and may need some hand holding. but it’s building confidence. then branch out to one or two plays (with small positions!) from your own DD and practice his methodology.
if you can understand and follow along with what’s posted in the forums you’re smarter than i am. if you understand you need help with entry/exit, that’s a great start. we’re all here to help each other and by posting this it’s a big first step.
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It’s part of the learning process, The way I see it, you are paying a tuition to be better at trading, Eventually you will reach your goal. Your investment to learn the skill matter more than the gain.
One thing that you should do is try to understand why CONQ does certain things, He explains it a bit in his journal but you’ll have to find patterns yourself. Learn from watching his stream, mimic what he’s doing and understand the thought process behind it. Fake it until you make it!
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i apologize. i should have read through your forum history first. you’re contributing and asking for feedback and the DD’s are good. i take back what i said about posting it on the forums.
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Some great stuff others have mentioned, so I’ll briefly add on my two cents.
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Nobody’s journey looks the same. I know it seems that goes without saying, but so often, it’s easy to compare milestones. Everyone is going to have a different experience.
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You’re never good at something when you first start. Again, it’s easy to lose sight of that. Give yourself some grace.
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When people post 20% or 100% gains, it’s easy to feel that your improvements are insignificant. They aren’t. If you improve 1% every day, at the end of the year, you have improved 352%. That’s crazy. To be clear, that one percent improvement might not always be seen in your portfolio. Somedays, it just might be improving your DD or getting a better entry, but it adds up, trust me.
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I am a big believer in writing things down. Studies also confirm that if you write down your goals, you have a markedly increased chance of achieving them. Here’s why this might be a good idea: $25K is still a lot of money. Your first goal needs to be getting back to $1000, then to $5000, and so forth. I would consider writing down one to three
goals to help you hit $1000. It might be talking to people about how they make exits and entries ( JB focuses on resistance and support, where Conq is playing catalyst and looking for events).
Lastly, I know your goal is only $25,000, but I’ve learned the best way to meet a goal is often to aim past it. You may be better off aiming for $50,000. It may seem that you’ll have to work twice as hard to get there, but when you look up, even if you fall short, you’ll be past your $25,000, and if you meet your goal, you’ll know you can do challenging things. Win-win
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I have to say - you are doing exactly what is needed for this challenge -
Also I really want to tell you how impressed you asked, and put yourself. I suspect there are many others not brave enough to do the same.
While following Conq is very profitable - at some point it might not be viable the main point of the challenge from my prospective is to learn good habits and see how he decides what he does. Based on your evaluation of your own skills and prospective issue I think you are ahead of many others and just need to refine a bit and accept you need to be a bit more patient. (I fully understand how hard it is - these guys had to hammer me for a long time before I got it through my head) - One thing to remember is you may not be able to play every play even your own - it is a game of survival.
Entries and Exists are one of the hardest things I think to master - with a small amount of cash also it might cause you take a lesser or higher position than you would recommend based on the prices. I don’t think there is anything wrong with posting in the Forum, doing the DD and simply saying while I believe in this play the premiums are not in my ballpark right now.
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This right here! 100%! I forgot to mention while following Conq’s plays I’ve done a few of my own on the side somewhat following similar concepts and going off of fundamentals that may be causing the stock to move in a direction. Has it been perfect? Not exactly as I need to trust my gut more to profit much much more, but I’ve been seeing some green this way.
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