Tuesday, September 17, 2019

Losing day stream of consciousness lessons

Took a hit to my account today. What happened?

1. No great setups today.
Down-size positions when not my setup (nms).

2. AMD was not my setup. I'm ok that I played it, but should have gone smaller. I got too sucked in by the way the first min bar ran strongly. 💥

3. KHC was more of my setup, but the spread was massive and even with small size I should have passed.💥

4. After AMD loss, I should have packed it up ❕ and not even stabbed at KHC.
**This was a case of money burning a hole in my pocket. I should remember to keep my money cool for later. ❕

5. I moderated myself, not trading for revenge (meaning, not stubbornly holding to make back what AMD took). So I'm pleased that I maintained the sense to trade KHC independent of other burns.✅

Psychologically, I'm bummed to have this down day. But I'm not devastated. My account is ok. I'm ok to be humbled by the market once in a while.

Most of all I need to take these lessons and learn. I can't sustain 35% losses vs 20% winners. How can I lose smaller?
PASS ON BIG SPREADS should be rule #1. Big spreads make worse entries and siiick losers. Avoid.
STAY SMALL IF NMS. Not my setup sometimes pays, but the patterns don't play out the same. Take small positions so I can still be involved, but moderate the risk.


Popular Posts