i wanted to journal this week of trading, because i don't want to forget what over-trading and not cutting your losses will do to your account. we are winning 54% of the time. our losses are terrible. why? i think for two reasons. we didn't cut losses quickly and we didn't fully understand the chart before getting in.
we had several good trades and then i don't know if we got cocky or just jumped into something that we didn't know enough about, but we screwed up royally and now have a huge hole to climb out of just to get back to even. we have more wins then losses, but because we didn't follow rule number one we have a huge loss to show for it!
from here forward the plays will be few and small. until we see consistent small wins, we won't be trying to redeem what was lost, just continue studying and learning. fortunately, we started with a large enough account that we are ok, but that doesn't make the losses any less painful or frustrating.
we are more determined then ever to succeed, for ourselves and for our kids.