Yes unfortunately this story does not end well. I've got my tail between my legs, pretty much wiped out most of my account, and will be starting from scratch. I must admit in honesty, after nearly 2 years at this I still don't know how to trade. Over the past 3 weeks two of my worst sessions resulted in a combined $3.6k loss.
From a 3rd person perspective, Dad (who trades) has observed that my mental state has gone from bad to worse recently.
From a 3rd person perspective, Dad (who trades) has observed that my mental state has gone from bad to worse recently.
He could see that:
- I was trying to pick tops and bottoms with very tight stops, and getting stopped out too often. As the losses accumulate, I move into a state of tilt driven by the need to recover. When my mental stop is exceeded, I move into a state of total paralysis and cannot bring myself to closing the trade off, then disaster strikes;
- Despite having a game plan and determining the bias for the day was bullish (after mapping out reported bids and offers) -- I still ended up trading against my plan -- countertrend trading, and unable to pull out of my short when the bullish move came.
I will be moving back to demo trading until I sort my shit out.
Friday
No trading today, heading out to dinner. It's NFP tonight.
Thursday
Wednesday
This is the second of the two big losses mentioned above. My multiple mistakes were (a) not checking the high time frames for fibo arc structures; (b) countertrend trading and not cutting the trade when it became clearly wrong; (c) not trading long when it turned long around the sector 5 area.
Tuesday
Monday
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