I lost money last night. Over the last two nights I have lost 300$. Yes, as the blog says, I am a bad trader. I am bad right now but I am willing to do what it takes to get better.
Its not that I dont start out with a plan, but when I sit infront of the computer looking at the screen, I am just too tempted to trade. I think thats why I had such good luck last week. I would create order entries at obvious points of support or resistance then go to bed. Sure there was big draw down at some point over the night but the trend would continue and by the time I woke up at 6am, I was positive for the evening. I saw this 4 nights in a row. I thought I was a genius. I was even thinking about what the lifestyle of having a second home in Asheville, quiting my job and making a living trading from my home in the mountains. Wow what crap.
Actually, I shouldnt shoot that down, it is possible but one good week doesnt equal great trader.
This is going to be a journey and I am seeing that the biggest part of this journey is an emotional one. I am also seeing that creating a trading plan or system isnt just about chart patterns but something that takes my emotions into account like, I cant enter orders on the fly. I actually shouldnt be sitting here staring at the screen while I trade, at all if I cant control myself.
Like this monkey trade where I lost about 138$ in about 17 minutes
I was trading by the seat of my pants. I closed out the position I had earlier at a random place in time, and then created a new one at some point that I thought was a good entry point. I probably spent a grand total of maybe 2 minutes arriving at this decision. Its trading on 100% emotions, the exact opposite of what you should be doing when you trade. When you trade like this you are not thinking at all about things like profit targets, where to set stops or god forbid, expectancy
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