Watching a bunch of videos again and started see what Tim G is saying in TT1 & TT2 really staring to put everything together. I always feel like I'm so close to becoming consistently profitable. New focus is to increase my Winning Percentage (38.38%) by reducing my Average Percent Gain (19.08%). My thinking is smaller wins add up so take the wins when they meet my goals. I don't need any one big win just a lot of small wins.
Took a 3 week break from trading to start a business after having some difficulty trading. Came back today and made 6 small but good trades. The main problem I was having was not sizing down and wanting the big win to recover my losses. Today all trades were very small size but I was able to be in the trades with out feeling uncomfortable and taking bigger then needed losses. Had a goal of 5-10% and was able to stick to it on all but one trade. I was able to cut losses on the trade quickly so I got out it with a scratch. Had a held for the plan that one trade could have been my biggest gain of the day. Oh well I am very happy with my first day back and going to focus the process over profits.
Yesterday was my one year mark of joining Tim Millionaire Challenge. I have been doing well overall and learning has been my main focus. Took some really bad option trades during the oil boom. But I have learned to focus on taking small gains and trade consistently. My biggest mistake has been telling my self a big win is what I need and it has caused me to have big losses instead.
Join now or log in to leave a comment