Hello Everyone!

 

   So since my last blog about how well I was doing....I thought I'd share a blog about how well I'm NOT doing. It seems that everyone boasts about their wins...but what about their losses?

So this is about losses and mistakes that sometimes we will all make a few hundred times (JK) before really learning our lesson...at least for me -_-

 

1.)Being a bag holder- I got cocky that my little account would make $500. So I just began holding on to a losing trade because I convinced myself that it would go up eventually. Sometimes it did...but when it didn't I had a massive loss. I just couldn't accept a losing trade because it felt like a great failure that I had made a mistake. 

Lesson learned: Eventually I noticed that I was a hamster in a spinning wheel. I would put hours of work into my great trades....only to be washed out by my stupid ego in not cutting a loss. Calculating all of that...I could have hit my first big profit goal. I aim to make about 10% in each trade...so my stop loss will be about 2.5% from now on.

 

2.)I don't trade what's "popular" in the chatroom- Not everyone trades the same. I'm sticking to what I'm comfortable with. The way that Tim trades works great for him...but not for me. His trades are ideas, they're not to be followed religiously...if it fits into your trading style then go with it!

Lesson Learned: I will only go into the chatroom when I have a good watch list.

 

3.)Take each trade seriously- It's important to remember that the point to trading is to make money. For me I'm hoping that this will be my rewarding and successful career. So when I forget, I smack myself...lol. 

 

I feel like I've made every mistake in the book more than enough to go forth now. I also think that when you actually get tired of the same mistake over and over, then that's when you will stop making it. And I'm tired lol. That and when everyone sarcastically asks if you're a millionaire yet... :X

 

Now that I've ranted and shared some insight, I will go green again. :D