No trades today. I was going to place an order not long after the open, but I didn't get the fill. Not long after that I decided to just watch for the day. I'm still not feeling 100% and that also had some to do with my decision to stop for the day. Over the weekend I also considered how much I've paid in commission so far and I think that I should try to limit the number of trades I make. We'll see how it goes, but in a perfect world I'd make one good trade each day. But I know that when I take a loss I will want to still look for another trade rather than pack up for the day. I've also started to feel a bit of stress to be honest, and just telling myself that I was going to relax today made me feel better. So that might be a sign for me to take a step back and not try to rush the process. I'll take it day by day and see how things go tomorrow.
I placed 2 trades today. The first trade was a long off of a 1-2-3 setup, and I waited for the retrace again. The trade went in my favor enough to trigger my b/e+1 stop but it stopped just 1 tick short of protecting some of profit. Unfortunately price reversed and I was stopped out for b/e+1. The second trade was not a good entry. It was a short off of some support and I missed the small retrace and chased by a couple of points. I closed out the trade for a small gain and decided to stop for the day. Today's results: 2 trades 1st: +0.25 2nd: +1.25 Net P/L +$22.44 1st trade: 2nd trade:
Good Job Sir Not for the PnL - rather for slowing down and being more deliberate with your trading RN
Hey guys, I have some bad news. I'm done. I had a meltdown today and my losses are north of $700. I'm extremely disappointed in myself. I feel horrible. It would be easy to bullshit and just say I'm just taking a break, but sadly the losses are real. I feel like I've let everyone down who has helped me, and I don't know what to say. I need a break. I'm not sure what I'm going to do yet. I need some time to decide. I might take a break. Or I might just walk away for a day, week, month, or something to clear my head. I want to give a sincere thank you to everyone who has helped me in this journal. There's a good chance I'll be back, I just don't know when or what I'll do yet. I was going to say more, but in the end there's not much to say. I fucked up.
You've let no one down - like you said - you simply fucked up Take a break..., clear your head..., figure out how not to repeat this fuck up..., return Mkt will be here Much Respect to You Sir RN
Bet i did the same 2 months back blew 3k on 1 bad set of trades about 30% in about 30mins. Let me guess moved SL averaged down, got emotional repeated a few times while holding counter trend. I'm nearly back to where i was and trading much better so use it as an experience it happens keep calm and get back on it. Simples!
Hey VV... not that I should be giving advice at my level... but here is how I see it. You had a very small account with I assume isn't money that you couldn't lose. So yes, you did fuck up for today, but its only a total loss if you don't learn from it. Do you think there is any point in putting up a chart so we can see where you went wrong? Perhaps you know where you went wrong, in which case you a chart won't help, but each time I struggled and shared in my journal, someone said something to me that made me get right back up on that horse, so the fact you posted the truth is still moving forward in the right direction in my opinion.
This is why having a defined max daily loss is a must... Took a few of trades today, got stopped on all of them, hit my 10 tick daily loss limit, done. No emotions in this game, tomorrow is another day.
Sorry to hear you had a bad day. On the bright side, it's not a great sum of money to lose in the grand scheme of things (although I suspect you're more disappointed in your discipline) Besides, the general theme on the trading forums I visit (including this one) at the moment is that it's simply not possible to be consistently profitable unless you have a secret powerful edge that you can't get from charts or anything else that the retail world are aware of, so don't feel bad for finding it tough!! Chin up.
My first post in your journal. Don't beat yourself up too much about it, everyone screws up once in a while. And trust me, even the ones who have been helping you screws up, once in a while, just not too often as the newbies. This is not the first, and it won't be the last. Just learn from it, and get on with it. If you persevere long enough, you'll eventually get it. Schaefer