How good are you at trading - just be honest

Nowler

Established member
851 65
Overall I am
Absolutely bloody useless if June is anything to go by. I’ve drowned in a sea of red.
I feel your pain...
I was doing just "OK", but then I got distracted one Friday when in a position and it went against me.
My fundamentals were still there, so I was happy to keep it open over the weekend, but Monday came and it went against me a tiny bit more, but fundamentals were still there, so I held. Tuesday came, same thing, but I was OK with holding. Then Wednesday morning came and I woke up on the wrong side of the bed... foul mood... 8am London time came and it jumped a little in the wrong direction and I just got pissed and closed the position.

Looked at it 3 hours later and it had come right back to what would have been break even.
Moral of the story... don't make trading decisions when in diva mode :)

I lost the 4% profit I had this year plus another 9%... taking my drawdown from the 4% I was OK with to 9%...
I was fuming that I made such a decision :)

Fundamentals were still there though so I made most of it back this week.
But when I think that this could have been 9% added on to my realised 4% profit this year, I weep.
Now sitting on .6% profit this year, realized (1.5% including the unrealized)

We live and learn!
 
  • Like
Reactions: barjon

cantagril

Senior member
2,097 470
....... I just got pissed and closed the position.

Looked at it 3 hours later and it had come right back to what would have been break even.
Moral of the story... don't make trading decisions when in diva mode :)
................
We live and learn!
Nice turn of phrase there

I have to say that I don't entirely agree with your reasoning and resumé of what went wrong. To my mind, whilst you closed in Diva Mode, it was when you closed that was wrong and not the closure itself. ....so if you want to kick yourself, do it for not protecting your position or allowing enough room - as well as the cardinal sin of trading whilst deranged. The emotional state of mind is something that I recognise in myself only too well only I call it the urge to press the Fuck-It button rather than Diva Mode....I really really like Diva Mode though🙂
 

Nowler

Established member
851 65
Nice turn of phrase there

I have to say that I don't entirely agree with your reasoning and resumé of what went wrong. To my mind, whilst you closed in Diva Mode, it was when you closed that was wrong and not the closure itself. ....so if you want to kick yourself, do it for not protecting your position or allowing enough room - as well as the cardinal sin of trading whilst deranged. The emotional state of mind is something that I recognise in myself only too well only I call it the urge to press the Fuck-It button rather than Diva Mode....I really really like Diva Mode though🙂
Fair point.
That was definitely the first mistake.
I should have adjusted for being away from the screen.

Thankfully it wasn't a brutal blow.
 

nnash

Newbie
4 1
My first trade was right before Hurricane Katrina so it has been almost 14 years now. I feel like it has taken this long for me to not feel clueless. Long ago though I stopped viewing trading as some kind of contest with other people. I could not possibly care less what is in another man's wallet or what returns other people are getting. Everyone has different risk preferences and goals. I am really good at managing my personal risk preference and getting a good risk/reward under that framework on my capital and that is good enough for me.
 
  • Like
Reactions: cantagril

Nowler

Established member
851 65
Fair point.
That was definitely the first mistake.
I should have adjusted for being away from the screen.

Thankfully it wasn't a brutal blow.
Managed to claw back enough to sit me at 4.5% profit this year (2% overall account growth).
A fortunate escape from what could have been a nasty outcome.
It could have been about 15% profit this year if I didn't falter - which is very good for me considering I'd be chuffed if my managed stocks & shares portfolio achieved that - but it could have very easily been a 8.5% deficit either...

I've closed out my positions for the weekend... I'll reevaluate on Monday.
 

Attachments