Making decisions that you will trade differently next time is not enough. Simple thoughts and decisions are not enough. Deeper introspective is necessary because it will happen again and again. I don't have the answer for myself yet. But it's the biggest problem out there in trading for me and I think for everybody else.
And for the end I want to share picture of madness that I had back in March when I lost about 20% of account. I was to ashamed to share that at that time.
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3 comments:
Your words are true. I'm looking forward to using a program to lock me out when I hit a max loss for the day. These big drawdown days seperate the pro's from the retail traders, and keep me from stepping up my trading to another level.
Can you share a bit about your methodology. It seems to me you're try to catch a reversal. I know the temptation is to catch a move at the beginning, but I think you're feeling the pain when you don't catch it.
I've blown out twice and my biggest piece of advice to avoid that situation is to stop. Find a mentor and trade as small as you possibly can.
Using Onanda, you should be able to trade really small. Sorry to be longwinded, just trying to help :)
Methodology is pretty much discretionary trading with trying to understand what is happening and reacting to that. I can see many trend following moments, but I have trouble trading that way and I'm trying to correct that. Catching reversals is just psychologically easier for me.
This example is just one small trade gone very bad because I didn't wan't to stop when there was time to stop, and than I got in mental state where is hard to stop.
Thanks on your advice and help :)
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