Hey David. I just read your comments in the Challenge room chat. I'm 5 months into this, so I'm no expert trader by any means! But wanted to give my perspective/take on bag-holding. I've done my share already. I was holding a bag of IMPP from the high $8's. About $12k worth. I watched it for a week hoping it would come back. I finally sold it around an 82% loss. That trade took me from just over PDT to well below PDT, so it was a situation of adding insult to injury. It felt like it doubled the pain. I obviously wanted to recover the $10k I lost. It finally occurred to me that I don't have to do that via IMPP. And the weight of the bag affected me in subsequent trades. Holding on to the bag is like somehow assigning responsibility for the loss to IMPP. I wanted IMPP to "make things right". I finally had to own it myself and part of that was cutting the bag loose. I put the order together and it took a bit of "you can do it" talk to myself to push the button. As soon as I cut the bag loose, my mind shifted a bit. I took responsibility for it. It was my bag to cut, not IMPP's. It was my money to earn back, not IMPP's. I felt much better after pushing the button and putting that trade behind me. Put that trade behind you. Because that's all it is. It's one trade. It doesn't define your trading career. It was one mistake. Pick yourself up, dust yourself off, move on to better planned trades with more discipline. Cutting the bag is an exercise in discipline.

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Hey, you gave me some feedback in the Challenge chat about sticking to one or two patterns since I'm just starting off. Do you have a recommendation on a pattern or two you'd consider a "beginner" pattern? Thanks!

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RRTrades Jan 30, 7:26 PM

great explanation of the trade.

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