Yesterday I lost about 750. This has been a very long losing streak since Feb. I don't know if the market's changed or if I somehow changed. I've never had so many strings of losers as I've had in the last month. Maybe I got over confident from my good performance in the previous 4 months. Back then I have maybe 3 to 4 losing days in a month tops. Now it's the opposite, and the losses are huge compared to before. I'm down about 6000 from the top.
This is a tough game, when I was making money day after day for a couple of months straight, I thought it couldn't have been just luck, but now I'm not so sure. Maybe all the success was due to some small variation of the market condition that existed back then and now it's different. I know one thing that's for sure, my trading had never been great. I've never followed the rules consistently. And now the market is exposing my weakness.
Upgrade in progress..
1 hour ago
2 comments:
How's your trading been since March 5? You are right on about the market exposing your weaknesses. Some days you can get away by not following your trading plan and still make money, but breaking some rules create bad habits that catches up to you later. That reminds me of my trading.
For the first week of March, I lost money every single day. Last week I made money 3 out of 5, making around $2500 for the week, which made up the loss for the first week. I'm currently re-reading the Mark Douglas book, the Disciplined Trader. A lot of great advices -
"Before anyone can become successful in an environment with the unstructured character of the trading environment, one needs to develop a supreme sense of self-confidence and self-trust. I am defining self-confidence as an absence of fear and self-trust: knowing what to do at the moment it needs to be done, and then doing it without hesitation. Any hesitation will only create self-doubt and fear. To whatever degree self-doubt exists as a state of mind, to that same degree you will feel fear, anxiety, and confusion.
The negative experiences that result from trading in a state of fear, anxiety, and confusion, will create or add to an already-existing belief of inadequacy and powerlessness. Regardless of how hard any of us may try to hide from others what is going on, we obviously can't hide our results from ourselves If the market's behavior seems mysterious to you, it's because your own behavior is mysterious and unmanageable. You can't really determine what the market is likely to do next when you don't even know what you will do next, regardless of what you may perceive or want."
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