Dealing with a Major Loss
Ever tried a new trading strategy? Only to have it fail? I was doing good, doing my own thing. Maybe I wasn't growing as fast as I'd like but I was moving up. Then I decided to try something new. And have failed. Why? Probably because I'm giving it too much thought. I was doing well. But now I've had two major losses this month! Today was IDKG The damn thing dropped so quick I didn't have time to even think. It just tanked! BAM! Have a $200 dollar loss for breakfast! So between the two I'm almost back down to what I started with at the first of the year. So depressed. I'm thinking I might not even trade the rest of the week. Man this sucks. How do you guys deal with losses?
Constantly learning!
Garrick
Posted Feb 27, 17 12:13 PMbyGarrick
Categories
Trading Mistakes
Tickers
IDKG
Hey bud "If a man didn't make mistakes he'd own the world in a month. But if he didn't profit by his mistakes he wouldn't own a blessed thing." -L.L We all make mistakes. The millionaires just learn from them. Keep your head up man! We're all in this together :)
First congrats on your amazing win%. That's awesome. This is a great video & when he gets to the 5min Rule you'll understand why you should watch this: www.youtube.com/watch?v=U0uRp7BoPVY
On new setups you are trying out, scale back the number of shares in your position. Only extend when you have a strategy worked out. On your EARS play, 2000 shares may have been too many. I also played it with only 200 shares and had worse entry and exit points as you but only lost $22. I bet you also got that lead from the chatroom like I did and decided to try following someone else's lead instead of your own. Me too on that one.
@huperauxano The EARS play I was refering to was last year. I'd have to try and look it up. Anyway, I held over night, the next morning I wake up and I'm down like $2 a share.
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