Took some losses today. A lot of trading errors. I stayed up late last night studying. Didn't get enough sleep. Haven't exercised in 3 days, and I've been eating like shit. These all showed up in my trading today. I made one decent winning trade first thing in the morning. And then I made trading error after trading error. Got cocky and over confident thinking this was all of the sudden somehow easy to do. My mindset shifted to making money and believing I knew what a specific ticker and trade would do. I wasn't thinking clearly and I wasn't thinking about A+ setups. Ended up giving my day's gains back and am now closer to a scratch on the month. I should have stepped back and realized these above things but I got stubborn and wanted to make money. Small papercuts to learn the bigger lesson here. This is not a sprint, this is not a get rich quick scheme, this will take you years to master, start slow and low in the beginning, do not give into FOMO, greed, fear, anger, excitement, and stubbornness. Instead, calm your mind, meditate every morning, work on your body and your brain, and realize this will take time. Do not learn bad habits in a hot market because the pain will be double for you when it's slow. Keep your chin up and focus on the process! Your future self will thank me later ðÂÂÂ
Never expect anything from these shitty stocks and you'll never be disappointed. Tim's lessons are starting to become crystalized through these losses.
I'll say one more thing. You are on the RIGHT track because you obviously know what you did wrong. Think about your position sizing as well.
@ragincajun83 Thanks Colby! I like your mindset on thinking about tomorrow. It's protective in nature. No way I'm giving up, I'm new to this world and absolutely love it. I know there will be future disappointments and upsets (humans make mistakes), but I'm looking forward to learning from those mistakes so I can continue to protect and grow my account. I'm watching the Pennystocking Framework DVD right now and just took down this note. Seems to apply perfectly to my mistakes today. "Ignore the
@ragincajun83 Also, good reminder about position sizing. I was feeling eager to make money so I went bigger than normal. Money mindset invited greed which turned into stubbornness after losing which turned into overtrading. Going to sit on my hands, size down, and wait for the perfect plays :)
Yep. Every position should be a starter. Always, always have more than enough capital to spare.
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