I swear I think I'm being cursed. I blew up with a $305 loss on two trades. I initially took a short position but didn't worked out, but was prepared to get out with a $45 loss. Then for some reason I went long at a price area I identified earlier as a good place to short. It turns out I ended up going long near a high. I figured with how strong the market was I would wait it out. But it fell much further than I wanted and I was forced to exit due to a margin call. Then it turns out I exited at a major low. Truly amazing how terrible my luck was today. I'll post a chart in a little bit so you can see. I may be able to refund but I'm gonna take a break. I think the flaw in my system is the quick reaction time needed to time reversal accurately with then makes myself susceptible to making emotional impulsive errors. It works great on paper, but very hard to do in live trading.
Wanna hear something miraculous??? I still not crushed by the incident. I may be a little beat but I'll get back up. Losing a few hundreds or thousand to develop my system was worth it. I consider it as the initial loss with an investment. I'm fortunate that I was smart enough not to use a large bankroll and lose it all as that would have been devastating. I still have one strategy that was working very well in the past few days as I have made numerous comments on "how I start the day with a good profit but then ended up with a loss later on." Those profits were made with that one strategy and I think I'll focus on just that since it's the only one that's working right now.
You don't have a system, you are just guessing. Rather than work with a demo to iron out your "signals" , instead you supposedly trade live while ironing out these guesses Like I said, reading this journal is like watching an accident unfold. It's like being at the Roman Collesium when it was the go-to place. And you ain't one of the lions.
I dont know your system, but you chased the market, and bought at the highs, got emotional and didnt want to sell, and sold into the flood of buyers who follow the rule "buy low, sell high".
Not trying to rag on you here, just trying to show you that you should take a step back and look at your trading for a detached point of view. Where was the second trade? On your chart you say.. 'Had planned earlier to SHORT around this price area. I wasn't paying attention and did not notice the price was here when I entered an order' Why would you get long if your plan was to get short? You need to develop a detailed plan for all your trades before you get in them, and the first thing you should know if, where is my out if I'm wrong... Trust me when I say if you have a very detailed plan then you are not emotionally involved in the trade. If you were thinking short, then why and where is my out? Whats my target? What do I want to see for me to stay in this trade? Why were you not paying attention, was it a lack of focus or did you get caught up in the emotion? Do you seem to have better days when the market is trending or range bound? You should keep statistics about your trading too, what is your win rate on these types of setups? Whats my best setup to trade? I suggest you read a book called The Logical Trader by Mark Fisher. You don't have to trade his method, but there is some good research in there that might help you refine your system or at least have an idea of what a good system looks like. Best of luck.
It will take years to reverse all of the psychological damage you have done to yourself from this experiment.
Yes, I just forgot about it. I was planning on using the volatility from the news release to push the account up but it backfired. I couldn't focus on the chart and the ABV at the same time was why I made that mistake. When I got a chance to look at the chart after my order went through, the first thought that came to my mind was "oh crap. I didn't mean to buy here" Anyways, I'm gonna abandoned playing the news for now as there's too much risks and emotions involved and stick to my original plan. There's still plenty of fast money that can be made with it. That was the second trade. I already thought out all the details in the time factor strategy and it's been successfully back tested. I didn't get a chance to use it today due to the blow out. But I will as I plan to focus solely on using that as my edge. Thanks, but idk since the last trading book I brought taught me nothing I didn't know. I'm too broke right now to buy another one anyways.