Hey,
I hope each and everyone of you traders are making $$$$$$.... So, there reason I'm writing this is because I recently had a loss and lost my confidence, or at least that's what I think it is.
I started few weeks ago with $1000 and had a great start. I doubled my account within first 5 days, which I think was great. Then I had 2 big losses, totaling $800, due to being reckless and not paying much attention and since then, I've lost my confidence to trade.
I have become very hesitant to trade and I keep looking and waiting until all the action is over.
So, here are my questions:
1: how do I determine if a morning spike is safe to play? at what point should I enter knowing it's a good entry?
2: How do you get over the fear and the hesitation?
I keep seeing all these spikes go all the way up right in front om my eyes, but I'm unable to make the decision/pull the trigger.
Outside of trading, I'm actually a pretty good decision maker, I'm a business owner, so it's not a known issue..lol.. but when it comes to trading, I have become too hesitant.
Any input (hopefully reasonable and realistic with honesty) would be much appreciated.
Best of luck to all of you out there :)
I have been in your same situation and still struggle with pulling the trigger a minute or two late. I try to make my plan clear to me on each stock I trade. Where is support? Where is the resistance levels? What am I willing to risk? This last one is most important. For myself I have to have a set point where I will cut no matter what I am thinking. I do this before hand, say premarket. This way if the trade is going against me I cut and move on. I hope this helps. Also go back over your trades
Join now or log in to leave a comment