Seriously, I usually start out well but then get impatient when progress slows and take stupid risks. I MUST stop this.
I just blew yet another account that was well on its way to success and started revenge trading when a trade went in the wrong direction for a mere $200. I should have just accepted the loss and looked for the next opportunity. But, no, I had to double down and hope it would come back! Soooo dumb!
Anyway, while waiting, it occurred to me that each SECOND of a trade should be examined as to the odds of the next move being up or down. It should not matter if I’m in a trade. But if I am, and I’ve concluded the next move is in the wrong direction, I should immediately exit the trade vs hoping it’ll just dip and come back.
If I think it’ll go in the wrong direction, then why take that loss? I can always jump back in if, in fact, it is a mere dip.
If I was wrong, so what? I’ll miss the move. But overall, I’m pretty good at predicting the next move, so, in the long run, I’ll make more money…
Food for thought…