The importance of sticking to our rules

[Mata Nui]

Just wondering how you all deal with it when you make stupid mistakes (or even IF you make any stupid mistakes).

I made one today that ended up costing me all of my last 2 days profits (Not a lot of cash, Only a few quid but it still feels like a few thousand). I had an order on the system. Price moved and invalidated the order, I should have pulled it. I always pull it in that position but this time i didnt. Anyway the order got executed and price promplty went the other way direct to my stop and way past it. I lost a trade i shouldnt have even been in. Why did i do it?? It got worse. So angry with myself for being so stupid i did a stupid almost blind trade that had absolutley nothing to do with any strategy. I lost (Obviously).

So now i have lost my last 2 days hard work. Still up for the week by 2% but so, so angry with myself. I have now turned off the platform and wont trade till Monday. At least that will give me a chance to cool off.

 

[iota]

Everybody's done it. And if it only cost you a few quid then consider it an inexpensive education.

...unlike not checking the lot size before executing

 

[fihunts]

"At least that will give me a chance to cool off" That sounds like a good rule right there. You definitely do not want to be trading when you are emotional.

The rule that always gets me into trouble is "Having self control"

Anyway, Mata, I'm sure you will bounce back.

 

[Pazienza]

Everybody has been there, and done the revenge trade afterwards. I'm not sure what the answer is - for me, I just got tired of losing, so I stopped.

 

[Nawin]

Wherever you are sticking to your rule is very important in some cases. it will mostly take you forward. However it doesn't mean that you should be very hard with yourself but sometimes it is necessary.

 

[fayalac]

As Pazienza said, we´ve all been there, all of us have made the same mistake because "we think" and that is the worst mistake we can make.
Dont be hard with yourself just understand and learn form your mistake, after all it was a cheap mistake.

 

[brettus]

Just wondering how you all deal with it when you make stupid mistakes (or even IF you make any stupid mistakes).

I made one today that ended up costing me all of my last 2 days profits (Not a lot of cash, Only a few quid but it still feels like a few thousand). I had an order on the system. Price moved and invalidated the order, I should have pulled it. I always pull it in that position but this time i didnt. Anyway the order got executed and price promplty went the other way direct to my stop and way past it. I lost a trade i shouldnt have even been in. Why did i do it?? It got worse. So angry with myself for being so stupid i did a stupid almost blind trade that had absolutley nothing to do with any strategy. I lost (Obviously).

So now i have lost my last 2 days hard work. Still up for the week by 2% but so, so angry with myself. I have now turned off the platform and wont trade till Monday. At least that will give me a chance to cool off.

It happens. You're going about it in the right way. Switch off and learn from your mistakes. I've done it. You're still up afterall.

 

[alpha360]

I have been trading since 2005. I have made some incredible errors in that time. I once entered on the wrong side of a trade by accident. Yes, i am guilty of a few revenge trades too.

You know revenge trades are wrong. So Just don't do them. Say to your self, "even if you were lucky enough win this trade (taken out of emotion), it would still be wrong and meant nothing". Dont even include in your journal if it was a win. Include it if it was a loss though..

Just remember that we have all made silly mistakes before.

To be honest, the only thing you can do is simply forget about it and try harder to never make the same mistake again.

Also try and remember that individual trades are entirely irrelevant. Its only collectively when they matter.

 

[coopster]

I am still guilty of this. I tend to be thinking about the money too much and have even doubled my trade size whilst revenge trading to try and recoup what i lost in the first place. Needless to say, i ended up losing a lot like that and knew it was bad practice even while doing it!

I now have some kind of mental fear of doing it again due to the mental pain of taking a heavy loss. I guess this is a good lesson to have learned. If only it had come at a cheaper price!

Good Trading!

 

[MalcomWagon]

I read this important rules. I have been trading since 2005. I have made some incredible errors in that time. Wherever you are sticking to your rule is very important in some cases.