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Had no confidence in the trade whatsoever. And boy, am I glad I did that...
The trade fucking tanked!
But that's great.
Two reasons why.
First, I had no idea how to play the situation. It was a gap DOWN instead of a gap up which I've been used to looking at. So, I wasn't that familiar with it. My theory internally was that it was going to be the same thing just in the opposite direction.
However, and this is the second reason, the market was going the opposite direction of the trade. So I had conflicting messages about what was happening with this trade idea. I honestly had no idea what to do.
So I left and took a very minor loss.
And that is incredible.
Because as I'm analyzing and breaking down this chart I'm noticing how the movement is exactly the same as the gap up only the difference is that the direction is bearish. GREAT STUFF!! I can take this information with me into future trades. I look forward to it.
Three trades today. One good one. Two minor losses.
The good outweighed the losses BUT it could've easily been two good ones. Just got distracted looking at charts I had no business looking at. Either way. We're up for the day so that's not bad.
So far, so good. I was feeling myself a little too much today.
The winning feels good. It's becoming consistent.
But it doesn't mean to get cocky.
Nothing to be cocky about yet.
Get my account back to where I was starting at and grow it from there and
then we might have something to feel cocky about.
PS: This is like everything. At first, I was too scared to stay in but I was calling it right. Now I'm staying in a little longer and getting consistent with small wins and cutting losses short. Next will be bigger wins and keep cutting losses short.
Two winners. Made up my lost yesterday big time. Read the chart beautifully.
Spotted a bearish engulfing candle which is a big sign we are about to see a bearish drop.
Also saw that the market was trending right along side it.
So I got in. Rode it. Entered again. Rode it again. Got my wins.
I’m getting closer to get back over at 1,000 and this time, it doesn’t feel like luck. It feels like a process that with some faith is working out.
PS: Sat down and hung out with a chick for a bit. The vibes down here are so different than up in NY. People are friendly and want to talk. I'm so fucking with it. Got her number. She's only in town for the next couple of days so will see if something happens. If not, oh well. I'm glad I went for it anyway. it reminded me that this shit is not hard at all. Talk to her. See if she cool. Tell her let's go get drinks tonight.
I had a feeling this was going to happen. I broke my rules. So getting hurt by not following my rules is a great way to relearn - FOLLOW THE FUCKING RULES ASSHOLE! hahaha
Here's what I did wrong.
I got in WAY TOO EARLY on a trade. I didn't wait for a setup. I was too enamored with the money I was going to make versus actually following my process. As a result, the trade went totally the opposite way. If I had waited until 10 ish like usual
There was a clear entry for a trade.
That's number 1.
I didn't have clear confirmation on the trade I wanted do. The market was moving one way. But the stock was moving the opposite. That wasn't clear enough. as a result, I was all over the place.
It's much easier to trade the stock when they both move in the corresponding direction.
One last thing.
On thursday and friday's, trade next friday's expiration. Don't trade this friday's expiration.
That volatility is incredibly extreme which makes it real tough to sit through.
PS: Man, I was right on my second trade but again, I didn't wait for confirmation. So I panicked out of it. Here's something I didn't realize I can do but holy shit what I can do it is that I can scroll back on the five minute chart to the last set up of the chart.
This is a fucking insane way to see a trade play out and feel much more confident with confirmation on the trade.
I can't wait to try it out tomorrow. It gives me another idea on how to get a great entry on a trade.
Broke my rule again. Got in way too early on a trade.
And man, did I fucking eat it.
Instead of tilting completely, I went to my notebook, reviewed my trading plan and followed it to the letter.
Soon after, I made back my loss. Nearly all of it. This feels like a pivotal week.
Holding the chart all the way to end, letting the candles come up one by one was huge as I got to see the move play out and wait for a great entry. The false signals fell away as the chart told me what was actually going to happen.
I just need to be patient and wait for those set ups.
PS: After reviewing the week, it's crazy to see how each time I fucked up and took a loss it's because I got in too early.
Next week, I am going to wait for every trade. Doesn't matter what's going on. I will wait on every trade. No more early shit.
Instead, I was only watching one main stock and just waiting for the right moments to get in. The pros call it "averaging in." It's a way to minimize risk just in case the move doesn't go the way you think.
But if it does go right, you can add into your position slowly instead of all at once.
Think of it like texas hold em.
Instead of going "all-in" before you see the flop, you're paying bets on the flop, the turn and then... the river.
Doing it this way today, made me feel very confident with my decisions as it allows me to be wrong.
It allows me to make a mistake but then if it goes the other way, I can just make up for it.
And that's what I did. First decision was wrong. Second was great.
I got scared my a small wrong choice.
but immediately - instead of beating myself up - I rectified it and got on board for a big run.
More than 50% on my trade. I'm closing in on the 1,000 mark again and this time...
As I've said before, it doesn't feel like luck. It feels purposeful. Intentional.
Let's not celebrate yet. You get to a 1,000 though, that's a big milestone. Because it means you doubled your account which means if you can double it once, you can double it again, and again...
And so on.
Stick to the process. Keep your greed in check. And you'll be having 10,000 days before you know it.
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I didn't think that your exercise and diet advice would have girls checking me out. It did.
I DEFINITELY didn't think that your hair-loss prevention would fix my hairline. Not in a billion years. It mother fucking did. You saved me a crazy amount of time, a ton of money, unnecessary pain, and destroyed my #1 source of anxiety. DESTROYED IT.
Kratom is next!
To anyone reading this, follow through, read this material, APPLY this material, and enjoy life.