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Now, we all know that trading is a unique profession.
On one side you can MAKE an obscene amount of money in a very short time...
On the other side you can LOSE an obscene amount of money in the exact same time frame.
My question to the more seasoned traders (or anyone) on here = how important is it to stay humble?
See.. I'm at a point where I'm starting to see some HUGE improvements in my trading profit wise.
On the flip side... I find the most dangerous periods of mine are when I'll make a good amount of money for a day... and then instead of turning off my monitor and walking away i'll try to get more profits.
But when I do this... I realize THE WAY I try to get more profits AFTER a winning trade is sometimes I'll completely lose myself.
I'll start thinking I'm God.
I'll start widening my stops.
I'll start doing EVERY FUCKING THING WRONG IN THE BOOK.
And I KNOW this is the worst thing you could possibly do.
I'm sure MANY OF YOU (pros or amateurs alike) have had this experience or can relate to me so...
Today I had a $960 gain... and ended up wiping out the entire gain like a STUBBORN FUCKING IDIOT with a $1380 loss.
I can't deal with the market (or myself) for today anymore...
This isn't EVEN my first fuck-up like this... you'd think I'd learn !!!!!!!!!!
PS - some of you have told me to make a journal, that might be on the way at this point.
PSS - this might be more of an emotional control thing. I know that my emotions completely got in the way after my winning trade. But either way I've decided to vent for you guys so you're welcome
We have all done it to some level. Shot ourselves in the foot so to speak.
Few questions:
1. Why did you exit the first short position where you did?
2. Why did you enter the second short position where you did?
3. Are you using a stop loss and if you are did you keep moving it hoping price would turn in your favor?
Analyze each trade objectively and figure out what went right and what went wrong. Fix the wrong stuff, celebrate the right stuff.
1. I set a target for 66.50 because I was suspecting a down day and my technicals were showing a reversal, which I ended being right about. I actually had to leave the house during the last 2 hours of the trade, so it hit my PT while I was away.
2. The second trade.... where things got interesting.
I thought, ok, we've had such a strong down rally I'm POSITIVE it's gonna go down to 65.50 at least (from my short position at 65.80 I saw this as VERY LOW RISK !!!!)
3. I usually utilize a 20-40 (max) tick stop.... this trade was a goddamn train wreck. I ended up widening my stop to such an amount I had never ever done before (no joke this was the biggest loss I've ever taken) after it hit 40 ticks in the red I'm pretty sure my mind went to auto-pilot and threw a hail mary. I thought... come on... it's gotta go back down to at least 66 even. NOPE. I widened my stop all the way up to 67.20 where there was a key S/R level in my eyes which I thought would NEVER get hit. NOPE.
66.20 was supposed to be my max loss which would have ALREADY made it pretty bad from a R:R perspective... I usually go for at least 1:2 . But because it was SUCH a strong downtrend... I thought. Fuck it.
WRONG MOVE.
I'm sure this is one of those classic fuckups where you learn from to NOT WIDEN YOUR STOPS !!!!!!!!!!
Unfortunately, as you see.... only way I can learn sometimes... is the (very hard) way.
if this post is something I need to say or if it is something you need to hear. I'll chat it up or forget about it.
It's a mystery to me
We have a greed with which we have agreed
And you think you have to want more than you need
Until you have it all, you won't be free
Society, you're a crazy breed
I hope you're not lonely without me
When you want more than you have, you think you need
And when you think more than you want, your thoughts begin to bleed
I think I need to find a bigger place
Cause when you have more than you think, you need more space
Society, you're a crazy breed
I hope you're not lonely without me
Society, crazy indeed
Hope you're not lonely without me
There's those thinking more or less, less is more
But if less is more, how you keepin score?
Means for every point you make your level drops
Kinda like you're startin' from the top
And you can't do that
Society, you're a crazy breed
I hope you're not lonely without me
Society, crazy indeed
I hope you're not lonely without me
Society, have mercy on me
I hope you're not angry if I disagree
Society, you're crazy indeed
I hope you're not lonely without me