Jack Hershey is a nut-job. Eighty plus years of age, no house to his name, deep in debt from unpaid taxes, failed miserably at a trading contest and quit without completing it due to heavy losses, and living under the delusion that he is a master trader. As a mental health professional, I would think you would be able to spot a crazy person.
JD I need to correct an inaccuracy in the below post Truth is; I donât suspect price will go up ============================================================================================= Truthfully; I donât know if the trapped longs will puke and exit â driving price further down⦠or if they will add more in an attempt to bring price back up I donât know if shorts will pile on more â driving price down further⦠or begin covering and bring price up I have no clue â absolutely noneâ¦â¦ =============================================================================================== I lied when I said I suspect price would go up â truth is I donât knowâ¦. I am in a position to exploit it which ever way it goes..., but that in no way lessens the fact I lied. My sincerest apologies to you..., and everyone who read the below postâ¦. RN
I completely agree with you. I know there are others who would respond by saying "one man's truth is another man's discourse" but this strays away from the sheer simplicity of your statement above. Without realizing it, we all are susceptible to applying judgments or conditions to simple statements and these conditions are apt to convert a positive utterance into a self limiting belief and bite us on the ass, no matter what our intentions were at the time. Straying every so slightly from the subject [or perhaps not as the Reader may perceive], I have recently viewed two great movies.... well I think they are great. "Secretariat" is the story of a Woman with an unshakable belief and a horse who did not know he had any limitations. Either someone forgot to tell him, or he went ahead and did the seemingly impossible anyway. "The King's Speech" is the story of two unlikely strangers who went on to forge an enduring friendship based upon complete unconditional trust. It is wonderful how positive people and positive situations rub off on us. The one commonality I have come to see and admire of positivity is the simplicity of it. Simple things are kept simple and complicated things are reduced to their simple basic parts.
Good for you. I don't see so mucg evil and abusive people -- what I see is what I call adaptive mindlessness. People are born into, adapt to, and mindlessly continue the embedded script. Never knowing to question and recreate. Rande Howell
cold,you're making great progress,you've limited your attacks to jack only,must be a big hurdle for you,keep at it, i've got faith in you
I respectfully submit this to newer traders In Summaryâ¦â¦ LVS gapped down overnight coming off earnings last Thursday nightâ I was long Friday morning at the open I added more in an attempt to work out of the position â it failed I sat in a losing position all morning Friday, till it broke out of a range to the downside and hit my stop Since then price has returned / rose above my stop price ($46.81) ~ five timesâ¦, but never returned to make this trade overall profitable⦠nor even break evenâ¦. I would still be in a loser - had I not exited.... AND expended a hellofa lot of psychological capital along the way... Holding a loser wears you down... it also handicaps you as a trader... You lose your agility.. =============================================================================================== Moral of the story Set your stops and honor them Price may very well return at a later date â tough⦠forget it and move on Price could return to a point â that would give you hope your losing position is going to become a profitable â learn to let it go⦠and move onâ¦. Sometimes price will make your position profitable⦠but rest assured there are other times it wonât⦠This typically occurs when you can least afford to lose more - than what you already have..... I know ============================================================================================= Bottom Line Trading will flat fuck with your mind â if you allow it⦠Donât⦠Itâs simply the way the game is designed (make the most lose)â¦. Bounce price back and forth enough, surely all but the most resolute will fold â at a lossâ¦. And of course there are the traders who will hold onto a loser forever â because they are simply too scared to exit (deer in the headlights syndrome)⦠Or price has moved in their direction sufficiently to give them another shot of (H)opium â keeping their fantasy alive that this trade will turn profitableâ¦â¦.. ultimately they end up losing more SCREW THATâ¦â¦â¦â¦â¦â¦â¦. ============================================================================================= Trade what is directly in front of your faceâ¦.ignore all elseâ¦, like a horse with blinders on Exit when itâs time Go look for the next tradeâ¦.. Repeat⦠And never hold regrets⦠they only hold you backâ¦.. ================================================================================================= I realize this is all way easier said than doneâ¦. But if you can get a handle on it⦠it will go a long way toward helping you make it as a trader Just some free food for thought⦠RN