I've deleted all my trades because I've slipped into a trading funk.
For the past couple months, I feel like i've regressed in my trading. After completing the DVDs, I completely stopped watching the video lessons and webinars. I feel like everything I learned has been forgotten, and I've been trading completely on emotions and using too big of size.
The past month I've been revenge trading after a substantial loss. Again, they say to take a break after a big gain or big loss. But I keep trading everyday hoping to make it back. I'm overtrading with too much emotion to say the least.
I'm currently a bagholder on a stock that has me sitting on a very large loss.
This goes against everything I've been taught.
"Cut losses quickly"
"Plan the trade and trade the plan"
"Use smaller size"
"Don't revenge trade"
"Don't overtrade"
"Don't go all in"
"Don't average down on losing trades"
"Don't trade real companies, you have far less advantage"
I ignored all these rules on one stock and I am paying the price.
That's not being a true student or a good dedicated student.
I'm going to stop trading and go back to studying. And not trade until I'm completely finished with the lessons.
I think not finishing the lessons was my single biggest mistake. A doctor cant perform surgery unless they know everything about the patient and the procedure.
The only saving grace is that this stock has Options. It's a real company and not a pennystock. I can make money even if it goes down, but I cap my potential gains by selling Call Options. This is not a Tim Sykes strategy. I learned this on my own.
The stock I'm bagholding wasn't a Sykes pick either, never was, never will be. This one was all on me.
I'm being 100% honest. And this potential loss is 100% my own.
My trading performance is not a true reflection of Tim and all his teachings. And this is why I deleted all my trades.
Sorry I didn't have time to real it all but In your situation you shoudn't play everyday. Play one day, take the other off and learn. I know the urge to run at a loss but you have to stick to the rules.
Somewhat how i feel myself - its really hard to stop it - just want so bad to be profitly and ending up overtrading and position up way too much.. A break with study is proberbly really good for you - take your time and study hard and you will come back alot stronger! =D
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