Alright, so I lost about $6k this morning right after the open. (This is about 10% of my account!!!) I made about $1k back so far. Funny thing is that I don't feel too bad. I remember losing about $5k last year in a single day when I first began trading, and I was devastated after that loss. But today, I just kept chugging along after this loss. I guess having a 58-day winning streak (which will get snapped today unless some miracle happens) has something to do with it. I think my head got too big and went for the big home run this morning and got my ass beat pretty badly! Market can humble you at any moment....
Isn't it a great feeling to know that you are a human after all? I hope it isn't a beginning of an another streak..
Let's just say that it was one of those freaky price actions that you RARELY see. I GAMBLED and LOST. Definitely trading outside my system. Like I said, I got cocky and felt invincible.
It is a major loss in my book, considering my gain day on average is about 3% and loss day is around 1%. Oh well.... Alright, I'm done with my breakfast. Time to go back to the action and make a little more!
A 58 day win streak and then you lose 10% of your account. I think this is a major issue for guys that try to make money each and every single day. Its quite easy to do so long as you're willing to take a bigger risk each time your down - but eventually you have a monster blowout loss. The loss isn't the issue it's the 'trying to make it back' and 'getting even' mentality that kills you going foward.