Straight from my journal:
TOTALLY SCREW'D THIS ONE UP!!!
WOKE UP LATE, GOT TICKER FROM OTHER.
DIDN'T DO MY RESEARCH - WAS A BACKRUPTCY!!!!
DIDN’T CUT LOSES QUICKLY!!!!!
HOPE AND PRAYED….AND LOST NEARLY $50 BUCKS
NOW I AM BELOW MY FIRST GOAL AGAIN…
BACK TO SMALL WINS
GOOD LESSON THOUGH!!!!
My next loss after that $HCTI and then $PYXS - below from my Journal as well.
| 3/24/2023 | BOXED | NYSE | 0.2595 | 0.22 | 1200 | $ (47.40) |
| 3/27/2023 | HCTI | NASDQ | 0.4396 | 0.42 | 660 | $ (12.94) |
| 3/29/2023 | PYXS | NASDQ | 4.06 | 3.95 | 35 | $ (3.85) |
You see how a bad trade can turn in to 3...
The only reason I didn't lose more than $15 each trade...I stuck to my stoploss.
Then I started to think in probability's...I know that this is at least a 52/48 or 48/52 trade strategy, so if I am risking 1 to make 3 then 52% or 42% of the time I am right...then after 25 trades, I trade in lots of 25 now, then 13*(set loss amount -$15) = $195 and 12*(set win amount 3*$15)=$540 so after 25 plays ( 1 play per day, per month) I am up $345 dollars...and my account size is under $1000, well now it not... I just started trading in Lots of 25 using Tim's patterns and it has helped be do two things...better my risk management and helped me stop trading emotionally. Every big loss on my Profit chart is due to emotions... Do your home work, use Support and Resistance to set your trade entries and exits and/or stops...Use the check list and only trade the plays that check all the boxes. When you win walk away, When you lose walk away...until you can trade with out emotion.
Study the patterns, find the one you like and play that for 25 trade like above. Slow down, the money will come. It's a marathon not a sprint means build up your account intelligently, Technical intelligence and emotional intelligence that's what wins this game...
See you in a month!
Join now or log in to leave a comment