Turned £193 into £2100 in 18 days and then lost £900 of it yesterday on last day.

[Iconoclast1978]

Got to find a way of stopping this from happening.

Traded exceptionally well all month minus a couple of hitches. I didn't get any luck on my side or bad luck against me. Nor was I burned for the odd minor oversight... until yesterday.

I felt off, tired, over engrossed. In the back of my mind I knew it would all end in doom and gloom but once again, I didn't listen to my subconsious and I lost 40% of my months gains in a day.

Any advice on how to stop being a monumental twot and keep repeating this?

Cheers

 

[timsk]

Got to find a way of stopping this from happening.

Traded exceptionally well all month minus a couple of hitches. I didn't get any luck on my side or bad luck against me. Nor was I burned for the odd minor oversight... until yesterday.

I felt off, tired, over engrossed. In the back of my mind I knew it would all end in doom and gloom but once again, I didn't listen to my subconsious and I lost 40% of my months gains in a day.

Any advice on how to stop being a monumental twot and keep repeating this?

Cheers

Lol Icon'!
Don't be so hard on yourself - you're still up a gazillion percent on the month!

You don't elucidate on your strategy or position sizing, but I'll stab a guess that you're aim is to grow a small account fast which probably means you're taking (relatively) large risks and trading in size? All of which is fine, until you have a trade that goes against you and you don't cut it quickly, believing that it will turn around in your favour. I'm guessing that's what happened yesterday - trying to short gold at its highs by any chance?!

So, without wishing to sound patronising or a 'monumental twot', I say keep doing whatever was working for you until Wednesday and make a point of not doing whatever you did yesterday!
Tim.

 

[Iconoclast1978]

You nailed it. Except for the gold bit. Did try and short Cocoa though earlier this week and took a hit.

I've been scanning around for volume with a bit of positive or negative news on stocks whilst diversifying my pot into 1 or sometimes 2 other instruments and just moving the profit around or cutting the loss and manoeuvring. Got emotionally involved and concentrated my efforts though into canopy growth corp last night and didn't cut and got destroyed.

Basically started thinking about money and forgot my system and to remain stoic.

Thank you Timsk for the feedback. Not patronising at all, and exactly correct.

 

[timsk]

Icon',
If you haven't already, I suggest you withdraw your initial deposit from your account - plus a bit - so that you're only trading with profits. That will remove all the pressure and, even if you blow up, you can still legitimately claim (to yourself) that you closed the account in profit and didn't lose any of your capital. But, I expect you've already done that - or something along those lines.

I look forward to you reporting back in a month or two that you've built the account to £20K!
Tim.

 

[ECCfx]

Got to find a way of stopping this from happening.

Traded exceptionally well all month minus a couple of hitches. I didn't get any luck on my side or bad luck against me. Nor was I burned for the odd minor oversight... until yesterday.

I felt off, tired, over engrossed. In the back of my mind I knew it would all end in doom and gloom but once again, I didn't listen to my subconsious and I lost 40% of my months gains in a day.

Any advice on how to stop being a monumental twot and keep repeating this?

Cheers

In 2002, with very limited funds, I was trying to choose between spending my last US$300 on a digital
camera and trading it in a FX account. I chose to trade FX, speculated aggressively, grew my account
from $200 to $1400,withdrew $1000, bought my dream digital camera, kept trading knowing I would
undoubtedly be on the Forbes billionaire list in a year or two(my younger self that I suppose needed
an ego boost thought it would be good to see my name on the list) and then lost everything within
the next 2 days. It was disheartening at first but on second thoughts, I saw it as an achievement. My
experience was worthwhile. So was yours. Look at your trades. Identify what you were doing right to
grow your account and repeat it but this time more prudently and may be at a much slower pace.
Good luck in all your endeavours!

 

[tomorton]

You nailed it. Except for the gold bit. Did try and short Cocoa though earlier this week and took a hit.

I've been scanning around for volume with a bit of positive or negative news on stocks whilst diversifying my pot into 1 or sometimes 2 other instruments and just moving the profit around or cutting the loss and manoeuvring. Got emotionally involved and concentrated my efforts though into canopy growth corp last night and didn't cut and got destroyed.

Basically started thinking about money and forgot my system and to remain stoic.

Thank you Timsk for the feedback. Not patronising at all, and exactly correct.

Great achievement to make such a winning percentage in a short time.

The approach you describe here sounds highly reactive and subjective. I don't wish to sound patronising but it sounds like the approach of a painter versus the approach of a draughtsman - like you can paint as wonderful a view of a bridge as anyone since Monet, but your painting can't be used to get an identical bridge built. And tomorrow, your next painting of the same bridge will look totally different.

It might be that you're going to produce your best results as a painter. Maybe skimming 40% off your monthly profits is a price worth paying.

 

[DummyX]

Got to find a way of stopping this from happening.

Traded exceptionally well all month minus a couple of hitches. I didn't get any luck on my side or bad luck against me. Nor was I burned for the odd minor oversight... until yesterday.

I felt off, tired, over engrossed. In the back of my mind I knew it would all end in doom and gloom but once again, I didn't listen to my subconsious and I lost 40% of my months gains in a day.

Any advice on how to stop being a monumental twot and keep repeating this?

Cheers

Hi,

That is great to hear!

What times did you start trading and finish/close? I guess UK time?

 

[Iconoclast1978]

I mainly trade the U.S period but I will do a sneaky low risk medium gain one in UK time too. Currently shorting gold for example and half way to mark.

 

[Iconoclast1978]

Great achievement to make such a winning percentage in a short time.

The approach you describe here sounds highly reactive and subjective. I don't wish to sound patronising but it sounds like the approach of a painter versus the approach of a draughtsman - like you can paint as wonderful a view of a bridge as anyone since Monet, but your painting can't be used to get an identical bridge built. And tomorrow, your next painting of the same bridge will look totally different.

It might be that you're going to produce your best results as a painter. Maybe skimming 40% off your monthly profits is a price worth paying.

Not as great as yesterday. I bought and sold CGC during the U.S period and picked the pivots with stupid accuracy. Made £350 profit with a starting balance of £350. Possibly the best trading I've ever done.

 

[tomorton]

Not as great as yesterday. I bought and sold CGC during the U.S period and picked the pivots with stupid accuracy. Made £350 profit with a starting balance of £350. Possibly the best trading I've ever done.

Well then, just keep doing it. Whatever it is.

 

[Iconoclast1978]

Well then, just keep doing it. Whatever it is.

If only I could do exactly that.. Whatever "that" is ;-)

£100 down so far today...

 

[daxia]

nice