YOU READ THAT RIGHT

 

   I've always noticed that the markets give me warning signs of when i need to not trade. The worst part about it is I don't notice the small signs until I have a huge loss like i did this week.  I was just talking about small losses and how to not let them effect you emotionally but to allow them to teach you lessons you should pay attention to.  Well I should have practiced what i preached A little bit more this week.

 

  SO I've been trying my hand at dip buying because i really want to get that strategy under my sleeve.  I believe in that strategy because I've seen it work so much, more times then not.  The worst part for me is,  I'm not very good at it, and I broke my rules trying to make it work. Before my huge loss I was 3 or 10 with dip buying OTC morning panics.  SO I'm a terrible 30% win rate when it comes to dip buying.  But I had so much conviction and confidence in a trade that i took a big position, fucked up and broke my rules and double down with an even bigger position and lost.  I didnt stick to my plans, I didn't stick to my risk, my stop, or my rules.  SO I'm literally blaming myself for this... The trade didn't make me blow up my account (THANK GOD) but still I can control how much i lose and losing $400 just wasn't necassary. 

 

What i do know is : " Successful traders learn to build their resilience over time and adapt to stresses that at one time might have been overwhelming.  The most effective way of building emotional resilience is to undergo repeated , normal drawdowns and see -- in your own experience-- that you can overcome them"

 

  I've had losses like this before and every time, in my experience its from doing the same ol stupid shit.  The shit you plan not to do before the trade, but while in the trade, while emotions are high, and while the adrenaline is pumping, you do all the dumb shit anyway.  I knew better than to go so big in my position size, i knew i wasnt the best at the strategy, I havent been on my A-game lately, and simply broke rules.

  This cannot happen again. My plan is to get back on track this coming week and get back to following my rules and trusting the process.  October may not end well for me PnL wise but its not about the PnL its about process in trading and controlling what you can control.

 

   "A key reason why many people lack resilience is that they take negative events personally.

     When we master one level of a challenge, we build the resilience for the next level."

 

  #FutureMillionaire