Hi, aag100,
I know you are going thru a frustrating and emotional (and bankroll) roller coaster ride right now.
It's a good idea to slow down a bit - rethink, reformulate your trading plan.
BUT - I can't emphasize enough and need to repeat it again to you - hopefully you will actually read and think thru what I am trying to highlight:
(1) You need to DEFINE your trading EDGE - and begin with only defining 1 or 2 trading EDGE(s) with all of its WRITTEN rules/criteria.
This has to be clear and precise - so that a person reading the Rules can execute 100% consistent with how you would also trade that Edge(s). :idea: :!:
(2) You must trade in the context of a LARGER - and LONGER-TERM cycle of closed trades! You need to understand that your trading "career" is NOT made of single trades. Instead your trading "career" must be composed of 20-30 closed trades. THEN - look at the Net Win or Loss! :whistling :idea:
For example - when driving to a destination - you do not determine your final arrival on the basis of every single block that you just drove by. You may need to make detours, unplanned stops, refuel, etc. But your "SUCCESS" is defined over a period of blocks and miles/kms driven = to reach your end destination.
I wish I can impress upon you, and all T2W new traders or struggling traders = PLEASE = do yourself a tremendous skills-building "favor". :!:
DOCUMENT in a virtual/demo account - or live $ account but trading small enough $ size not to impact your overall risk capital - that you have the SKILL to trade 1 way REPEATEDLY, CONSISTENTLY, w/o errors or deviations! :clap:
If you can really demonstrate this SKILL on 1, 2, or more cycles of closed 20-30 trading "sets" - then I can strongly predict that you will have built the necessary strong foundational base to trade for profits, while dealing with random outcomes, losing streaks, and random rewards! :idea:clap:
If you cannot - or "will not" (just an excuse to rationalize... or "ration out lies"... to yourself) - trading success will most likely and permanently be a very random and distant painful damaging journey! :whistling
I apologize if these points are too "emphatic" - but hey, what the heck - sometimes reality and performance-based SKILLS do, in fact, require real focused effort and structure and metrics!
Good luck - I hope to read more that your processes, your results, your trading insights, are developing in the correct direction!
Regards,
WklyOptions
no need for apologies.thanks for the input.
i know exactly what im doing wrong and i think this is my final hurdle.i hate losing and have been unable to cut losses.
other aspects of my strategy,i have actually visualised and come to terms with(ie to do this when this is doing that or not to do this etc) but the aspect of cutting losses i have not yet conciously made the effort to think about and visualise as to how it looks and feels and what i should do.so now i will be focusing more on that.
the strategy is there.i just have to cut loose this ego that thinks it can win them all.you would think i have an ego problem but i dont.in any other area if im unable to do something,im fine with it regardless of anyone else.here im only answerable to myself and sometimes i dont come up with the right answer.
and might aswell mention i blew it again yesterday.but we'll have to wait and see how the week ends.