“I promise that I will never do it again!!!”… How many times you said it when you repeated the same mistake on the stock-market, which led to losses, reset account, or sometimes to carry out profits, but not in accordance with your assumptions? Trading mistakes are the most common problems for begginers.
If…
If…
If…
To speculate on the stock-market it is most easily. But from speculating the cash won’t fall into the pocket; unless, you are an analyst working for the brokerage houses. Then you must speculate.
I botched my speculating. Over 10 years ago. Hence, twice I have lost the entire cash. But that speculating was different. I speculated to quickly earn, and therefore I took wrong decisions on the market. It always wasn’t enough for me, and one position was supposed after all to place me for a lifetime.
Later of this speculating would be less. And its contents changed.
„If I held this position hour longer”
„If I had a bit longer stop”
„If I opened bigger positions”
„If it wasn’t so grimly outside the window, most probably there would be a better session”
Subject matter of my speculating changed. A little more it was to seek for some sort of repeatability. And from that it’s a fine line to bring something into effect and not have to already speculate. But farther with speculating I was able to explain some failure.
Do you feel shame sometimes when you make another trading mistakes?
I did, and sometimes I still do. Shame when I tell myself ‘how I will take the given position’, and in trading I change my plan (not due to change of conditions on the market), and as a result I earn less. I feel even more shame when on the next day I repeat the same scenario.
But in the end, appears a session in which I overcome this barrier in the head and I can say “great Tomek, at last”. And I leave these events far behind me.
Sometimes I feel shame when I move my stop loss. I know very well how it will end, but my inner state says that today it will return. And I know that it is a day when I deserve bigger kick in the ass on the market, thanks to which I will gain humility. Because our experience tells us that moving stop loss rarely is on good 🙂
I stopped speculating
Somehow this process will follow. Why on earth to go through that ‘what would be if’, since its gone.
I focused on elaboration of my entries. Next elaboration of my exits, because they were usually a problem, by which I wasn’t able to maximize the profit. I stopped believing in typical ‘sky is the limit’. I appointed for myself certain limits, clear assumptions of trading.
In what way such words help “heh I had 23.45$ on long, I closed at 23.88$, and she already reached 25.45$”. Probably only in frustration! I changed it on longer holding the position and ability to open next when a setup will appear. It is a big problem for many persons, which at the beginning of trend will open positions, will carry out the profit, and the company falls down. They won’t enter for the second time, because say „I had it lower, so there no need to open positions”.
Alarm
When I repeat twice the same trading mistakes in a row, bad exit, etc. I automatically switch on such an alarm in my head. To let go, to move away from the computer, to rest! It helps me to quickly distance and return to trading focused and calmed.
Please read this article – The worst mistakes that new begginers make.
And how it’s in your case?
What do you promise to never do? How it is with your speculating?
With promising is the same as on the party: “I won’t drink any more today”, after which you take a next glass of vodka all over. There is no consequence in it. And without it in trading is hard in a long run.
Change promising to realistic basics. Nobody will do it for you. Nobody will force you to it. You must react and take good steps. What are your trading mistakes?
