RIGHT STOCK BAD ENTRY One challenge I have found is to remai...
RIGHT STOCK BAD ENTRY
One challenge I have found is to remain patient when I do not get the entry I want. today happened to be a day when I did not get filled for the price I wanted ( and the price I knew was the right place to buy.) Rather then simply letting go and waiting for another opportunity I jumped in (remembering a similar trade yesterday went up 3 times past the first big move.) This however was a impatient decision and was against my trading plan. As you may guess it cost me. The stock took no time to fall down leaving me with only the pieces to pick up from a losing trade. lesson review:
1. Be patient to take your entry.
2. A missed good entry is not a reason to chase for a bad one.
3. Forgive yourself for your mistakes.
4. Remember your lessons.
One challenge I have found is to remain patient when I do not get the entry I want. today happened to be a day when I did not get filled for the price I wanted ( and the price I knew was the right place to buy.) Rather then simply letting go and waiting for another opportunity I jumped in (remembering a similar trade yesterday went up 3 times past the first big move.) This however was a impatient decision and was against my trading plan. As you may guess it cost me. The stock took no time to fall down leaving me with only the pieces to pick up from a losing trade. lesson review:
1. Be patient to take your entry.
2. A missed good entry is not a reason to chase for a bad one.
3. Forgive yourself for your mistakes.
4. Remember your lessons.
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Sidebiz : Great lesson learned. I did the same thing on a stock and lost some money instead of letting it go
PREMOSULTRAA : I am kind of stubborn stick to the entry price I planned even when my order could not get filled, so I don't make the mistake as you did, also missed a lot of opportunities tho, anyway not a good strategy for high frequency trader lol
InControl 楼主 Sidebiz : So true! Once in a while I see a stock come back after letting go but the exception proves the rule.
InControl 楼主 InControl 楼主 : now I have this song in my head...
Dech :
BeardedTaco : I have the tendency to do the exact thing and it's been a constant struggle from day one. I believe that it's, for me anyway, largely personality based. I am a 100% fight response. I run into the burning building only to forget what I ran in to save! In life I have been largely rewarded for this, thus it's been hard to unlearn this behavior. I have had to learn that I cannot just muscle it through hard work, longer hours, accumulating more knowledge, etc. I have to learn to let things go. Mercifully, the market is teaching me a lesson that has the potential to change my life for the better. In reframing this lesson I am able to see the good in refining this discipline. it's so easy for me to get down on myself or discouraged, but in reality if I accept that this is a flaw in my character I can be grateful I didn't live my whole life carrying around the weight of all the stuff I should've just let go long ago. Needless to say, it has been amazing to begin to see that who I am is being reshaped, for the better I think, through trading the market.
One more thing that I have started to see, rather feel, when trading is the ebb and flow of price action. Being a musician I realized early on if I looked at candles as notes or even steps in a dance my momentum, breakout, scalping, and even swing entries are more of a collaboration between the force swirling around every trade and me. Again with the Send type ways of thinking, but it seems to make sense to me. I could also see parallels with skateboarding and surfing. The market is very much like the ocean. The ocean is more powerful and lethal if not respected, but if you learn to swim and paddle and surf the waves, all of which require timing, then it might help in demystifying it somewhat...or at least it'll sound way sexier when talking to people about what you do...
curtaincall BeardedTaco : I love the words you use to decribe what we are doing
BeardedTaco curtaincall : Thank you! What we have the privilege of doing here is nothing short of extraordinary so I try to describe it in a way befitting such a wonderful thing.
InControl 楼主 curtaincall : @curtaincall Well said. Some really great thoughts there. letting go of bad trades is important but equally important is like what you alluded to letting yourself be ok with mistakes forgive yourself get up, dust your self off and go be successful!
InControl 楼主 BeardedTaco : Well said! some really great thoughts there!
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