Goodbye Profit!Hello Stupidity

Today will go down as my stupidest day, ever. I broke all of my own rules and quite simply chased my losses and lost the plot. Yes it was a bad day with TUFXP hammering me for -21% and a loss of 6% on my morning trade. But that is where it should of stayed; yet somehow I’ve added over 17% of extra loss through recklessness and greed. What tilted me over the edge was the fact a TUFXP trade stopped me out by 0.3 of a pip before screaming back up to its scalp. That tiny difference would have made an exceptional difference. To compound my errors, I took the decision to up my risk on a strategy I’ve been testing the last few weeks. You can guess what happened. 3 losing trades which resulted in the extra losses.

I am bitterly disappointed with myself and I have massively let myself down. I displayed all the qualities of a desperate trader chasing losses and going beyond my own risk control. It is going to take a monumental effort to rescue this from here and I owe it to myself to do my damned hardest to bring it back. I thought I was a better trader than this but today really was a black day.

I am going to try my hardest to forget today and concentrate on the future and take one trade at a time and I’ll see how I go from there. It’s very tough writing this but also a relief to get the burden off my shoulders. This will serve as a stark warning to me in the future, I  am determined to make this work and whilst today has been an absolute wipe out, I aim to succeed.

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    • stevetrade
    • February 3rd, 2010

    John,
    Really sorry to hear you had such a bad day. The markets are still being a pig. I’ve had a lot of trades just taken out on their stop that then went on to meet my targets, so I feel your pain. Hang on in there, things will turn around.
    Steve

    • jon
    • February 3rd, 2010

    I really don’t think you’re ready to trade live, please read a few books on trader psychology and what position sizing and drawdown mean.

    you really shouldn’t be trading live let alone advising others for at least a couple of years.

    • Hi Jon,

      I welcome all forms of constructive criticism but being told I’m not ready to trade live is nonsense, in my opinion of course.

      I advise no more than 3% risk per trade in my e-book, what I personally trade is down to my own risk preference. I have made a living from gambling for over five years before a personal and family crisis hit.

      I am fully aware of position sizing and take it very seriously.

      Thanks for stopping by.

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