Right, there you go! That's it, that's the post. "Nice Post" comments are welcome.
This was a draft made yesterday, and that really was it, my post! Such has been the last couple of days hasn't it! The veteran traders has seen it all, but for new traders like me it's a hard pill to swallow at times. And I realized it's not all because of being at a loss. It is a factor, but not the only factor.
As my mind calmed down a bit and I started thinking straight and looking back at my trading journal, I realized I had made some excellent exits with 100-150% profits to a few of my long term positions just before the "crash." (not sure if using the "" was appropriate, because this time, unlike a few days ago....this time it does really feel like a crash).
Then I started thinking more rationally....exactly what was I being so angry about. I came out of the market right before the crash "almost" (more about that in a second) unscathed. So what was really bothering me. I have a few theories.
I am greedy as fuck!
This trait I must get rid of, ASAP. This should be an absolute red flag for any trader and the more I think about my greed the more angry it makes me.
Why do I think I am greedy? Some of the positions I exited with 80-100%, I was expecting 180-200%. Period.
I missed buying the dip on a few I was keeping close tabs on because I was occupied in an online Gastroenterology discussion, SHIT. All puns intended.
I am actually hoping for the market to stay in correction mode a little longer and my targets reach, but hey can't have all we want. Hoping doesn't cost money, so...!
I am actually at a loss on a couple of my positions, and a few trades hovering just near my buy....so fingers crossed!
One of those hovering trades as a matter of fact dipped nearly 20% under, but not before I exercised yet another lesson from dada : If you want to exit a trade, don't wait too long.
With this position, the moment I started having doubts in my mind, I exited it while I was still at 12% profit (was expecting 200-220% on this one LMAO) and behold the dip....it "crashed" 20% right in front of my eyes! Lucky escape on that.
The rest of the positions are long holds, so price don't matter in the short term when we look at the larger scheme of things. So I'm trying to keep my mind off of those for now.
It was entirely an emotional reaction. For nearly the whole of February we've been high some pretty high quality
weed bullrun and when the "high" fades off you are supposed to feel groggy! THAT right there is the single most important lesson for me from yesterday's ShitFuckery....that we are in an extremely emotionally driven market.
People make emotional decisions making the market go absolutely berserk, in either direction and only the ones who can keep emotion out of trades comes out unscathed!
Word of caution : people make investment decisions based on tweets from Elon Musk....Peter Schiff etc etc...when did we lose having a mind of our own...this century never ceases to amaze me. Get your own balls fellas!
Today has been a better day, I've been watching the market with much more conviction, much more rationale...it will be all good IF I can fill up a few of my targets!