Wednesday, March 23, 2022

behaviors to notice, not just greed

Today a red day, ending an 8 day win streak. Today I lost less than 1%, after having been up 5%. Regrettable, but not bad. I was pushing for market reverse down day today. Pushed too hard. Pushing too hard I recognize is a sign of overconfidence. It backfires. Need to always trade clockwork and don't get too cute. Pushing for more than my piece is a red flag.

$STUDY: in counter-trend trading, don't push. Take what I get. 
It's pretty arrogant to think that a strong market will suddenly fall apart. Take what I get.

Psychology: I was feeling super-confident and doing some behaviors that I recognize as over-confidence. Ex: reading too many trading posts, watching too many trading videos, something I call "counting my money". For some reason I've noticed that when I do these slightly "obsessive" behaviors usually in context of a win streak, it's an over-confidence indicator about myself and I'm about to fall on my face. I even said to myself this morning "this is how I act when I usually break the streak." But I didn't do enough to stop myself.

Opening trade on GME, I let 30% turn into 9% bc greed. 
Second trade on GME, counter-trend, I didn't take a reduced stop bc the p/l wasn't good enough = greed.

AMD, traded around that one all morning (on nms?!!), hoping for destruction that didn't come (of course!). Got a price target but not a p/l target on partial, then didn't tighten down when I got another chance.

Note to self: I can't just trade whatever I want. I need to trade MY setups. That's how I make MY money. Clockwork.




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