Taken a beating in the market. I have unacceptable losses which mount into greater ones when emotion takes over the analytical brain and senses. Im not giving up but will take things at a slower pace.
For the time being, I should be posting sim trades under Oanda as i'm looking to familiarize with this platform, hopefully by mid-year. I hate to repeat that after slow and steady gains (seldom letting profit runs) it takes juz one day to blow it up.
Today i experience and encounter with the market (yet again) in such a way when, i sell - it goes up, i buy as it goes up - and then it goes down, and i join the ride - juz before it go back up, and then again. basically, i screwed myself.
Sometimes i wonder, in the most simplified terms, isn't market juz bi-directional? buy for it to go up, sell for it to go down. but it's more than that, u need to know the current market (volume and volatility), u need to know how much u are willing to lose, how much to take-profit, and when to close the shot when time's up when the trades when over time. these simply went out last night.
It's more than juz entering the market with plan. Can't deny the fact we're humans and instead of letting profit run, we let emotions run. Always need go through the hard way for me to realise these important overlooked factors.
Screw me, i'll take some time off and be back.
Black.
8 comments:
Just never, ever give up. I sure learned it last month too! Staying with it, decreasing size and number of trades seemed to do the trick..
If somebody understands you on losing much of steady gains in one day than it's me. So, it's something that isn't unique to you but to the trading game/business. That's why many call it the hardest thing they tried in life. It maybe is hard but it's very interesting also. It's exciting even when you lose because you can sense how you could be that someone on the other side of those trades.
Thanks GT for your encouragement, u sure did well on the month that follows! Most importantly like you, to learn something and become a better trader after experience such days.
LOL FX, thanks! There's so much more to go through to becoming a successful trader. Its optimistic to feel excited even on losing trades, but I guess those are the thoughts that define a trader who pushed thru' hard times and those who give up easily.
Thanks for sharing your view with me, we'll make it back slowly aight!
Hang in there...
-AT
Thanks AT!
Sorry to hear this Black, but it's almost a sure thing that we need to get over in our trading life. As GT mentioned, lower the size and number of trade, get a new look of the market. This is just a challange that every trade will need to go through over and over again.
Take some time off, enjoy the other part of your life, the market will always be there and the perfect setups will always be there and you just need to get yourself ready (mentally and capital wise) next time.
Hi RCM, I scalded my hand once (in fact more than once, but the particularly painful one) and i told a trader friend I'm never gonna do that again, and yet he told me "Don't worry, you'll do it AGAIN." - and now i understand what he meant!
I'll take note of the lot size and trades thing, because that was the reason i fallen at a greater speed.
And thanks for the encouragement RCM they are comforting, and I will be back, definitely!
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