I had quite a run last few weeks and days since I returned. Most of it was done with questionable trading practices. I remember from before about a phase that I just went in to today. It's when I take whatever signal without much of thought or observation prior to it and then if it's not going my way I have no intention of taking a loss. It's simply like I don't know how to trade any more. I really don't in this situation and frame of mind. I know only how to average, be there valid reason for it or not.
So I need to cool it off now. Only option if I continue in this state is big, big over leveraged loss. I think that I became addicted to satisfaction of monetary gain and trade only to get another hit of it.
If today market didn't retraced who knows where would I end. So I'm taking a step back. Also I'm glad that I noticed it and I got to say that i don't like that addiction feeling very much. I'm not that good drug user.
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3 comments:
An idea that may help you manage this "not wanting to take a loss" mentality better:
Take the day off (or paper-trade) after a day you refuse to take a loss, and don't go back to trading for real until you are back on track mentally.
It helps me when I'm off mentally, and I usually only have to take 1 day off before I'm back (or close to) normal.
Thanks Stockhunter, I read it on your blog and see that you are good at managing your mental hurdles when you have them. I backed away today and will have in mind in what state I am before I trade again.
No prob, I hope it helps you like it does me.
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