I've written my own autotrading system which shows positive expectancy on testing and I am relatively new at trading it.
A couple of days ago I had it supposedly sitting on standby so as not to take any trades and during the day while at work the system placed a long trade at the very top of the day.
As I was leaving work I received a phone call so instead of driving, sat and chatted for 30 minutes making me even later getting home.
When I walked in the door I was down $1500.
Man was I shitted to put it mildly.
There was a small glitch in my formula which I hadn't spotted in spite of all my backtesting.
Conclussion: Several, but one which seems to come back at me often is that errors in trading are a large reason for many of our losses.
Funny how errors often cause a loss and not a win.
Anyhow, the loss really shook me up, I tried revenge trading during the night, all night in an attempt to regain my loss.
Result;another smaller loss and totally buggered at work the next day.
Went to bed at 6:30PM last night to recoup my energy.
Just thought to share, I hope to learn from this and remain positive.
Ps: Don't tell me about revenge trading, I know I was an idiot but no pain, no gain (in the lesson department of the brain)
The system design is great imo.
I have a piece of the formula which is an emergency kill switch 'go flat'
It takes me out of a trade but what I wasn't aware of it it had a hole in the formula which allowed a trade in.
Took a minute to find and a minute to recode and fix, but 'oh the pain'.
I had the formula running during the day with kill switch on, alas....
A couple of days ago I had it supposedly sitting on standby so as not to take any trades and during the day while at work the system placed a long trade at the very top of the day.
I've written my own autotrading system which shows positive expectancy on testing and I am relatively new at trading it.
A couple of days ago I had it supposedly sitting on standby so as not to take any trades and during the day while at work the system placed a long trade at the very top of the day.
As I was leaving work I received a phone call so instead of driving, sat and chatted for 30 minutes making me even later getting home.
When I walked in the door I was down $1500.
Man was I shitted to put it mildly.
There was a small glitch in my formula which I hadn't spotted in spite of all my backtesting.
Conclussion: Several, but one which seems to come back at me often is that errors in trading are a large reason for many of our losses.
Funny how errors often cause a loss and not a win.
Anyhow, the loss really shook me up, I tried revenge trading during the night, all night in an attempt to regain my loss.
Result;another smaller loss and totally buggered at work the next day.
Went to bed at 6:30PM last night to recoup my energy.
Just thought to share, I hope to learn from this and remain positive.
Ps: Don't tell me about revenge trading, I know I was an idiot but no pain, no gain (in the lesson department of the brain)
