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.
Tuesday, September 17, 2019
Popular Posts
-
I can not believe this trade. Best trade (%basis) of my entire career... by FAR! I started with 3 calls @0.22 for a starter in the second m...
-
PREMARKET THOUGHTS I wonder if I've become too focused on my p&l, at the expense of good chart reading. I always want to take the p...
-
Below is the breakout I tried to play long this morning. It was (what I call...) hard work. That is the feeling that it's just not launc...
-
After a multi- multi -week losing streak, it's nice to have another sizable winning day (albeit on small account). A+ lesson is to pres...