We bring back a guest who many have said was their all time favorite. He was the first person we ever did a two part episode on, and once again… we have ourselves a two part episode. Our guest, best known as “Paddy” in the trading room community, takes time out of his schedule to update us on all the happenings since his last podcast appearance. I don’t want to spoil anything, so all I’ll say is if you’re looking for someone who is energetic, passionate, and holds nothing back on the honesty front, I can guarantee you’ll enjoy this discussion. Buckle up for another wild ride!
Today we talk again with community member Paddy. After a quick recap of the previous two episodes, we hear about his journey after that.
A big turning point for Paddy was realizing that he didn’t need to rush. He has a great full time job with lots of flexibility. He had to learn about himself and how he handled his emotions trading before turning profitable.
He was having a fantastic month of June. Paddy was up 6k and on track to have his first green month since he started trading. On the last trading day of the month, Paddy ended up taking a 17.5k loss turning his month well red. It is an understatement to say that this was devastating to him.
Paddy tried to keep his head up but eventually got to the point where he was near the PDT threshold and decided he needed an extended break. He turned off the charts, closed the platform and stepped away in an effort to come back fresh. Once your mindset is shot, it takes a bit to recover.
You told me that I don’t need that money. It was true. I have a full time job, my workload allows me to day trade.
It was an anxiousness that was driving mistakes.
I was down 25k and it was still going. At one point I had averaged in my entire accounts buying power to the tune of 200k.
My biggest problem in rule breaking is blowing stop losses which is arguably the worst rule to break.