Market Mode : Absolute ShitFuckery 2.0

in LeoFinance3 days ago

Right, there you go! That's it, that's the post. "Nice Post" comments are welcome.

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This was a draft made yesterday, and that really was it, my post! Such has been the last couple of days hasn't it! The veteran traders has seen it all, but for new traders like me it's a hard pill to swallow at times. And I realized it's not all because of being at a loss. It is a factor, but not the only factor.

As my mind calmed down a bit and I started thinking straight and looking back at my trading journal, I realized I had made some excellent exits with 100-150% profits to a few of my long term positions just before the "crash." (not sure if using the "" was appropriate, because this time, unlike a few days ago....this time it does really feel like a crash).

Then I started thinking more rationally....exactly what was I being so angry about. I came out of the market right before the crash "almost" (more about that in a second) unscathed. So what was really bothering me. I have a few theories.

1

I am greedy as fuck!

This trait I must get rid of, ASAP. This should be an absolute red flag for any trader and the more I think about my greed the more angry it makes me.

Why do I think I am greedy? Some of the positions I exited with 80-100%, I was expecting 180-200%. Period.

2

I missed buying the dip on a few I was keeping close tabs on because I was occupied in an online Gastroenterology discussion, SHIT. All puns intended.

I am actually hoping for the market to stay in correction mode a little longer and my targets reach, but hey can't have all we want. Hoping doesn't cost money, so...!

3

I am actually at a loss on a couple of my positions, and a few trades hovering just near my buy....so fingers crossed!

One of those hovering trades as a matter of fact dipped nearly 20% under, but not before I exercised yet another lesson from dada : If you want to exit a trade, don't wait too long.

With this position, the moment I started having doubts in my mind, I exited it while I was still at 12% profit (was expecting 200-220% on this one LMAO) and behold the dip....it "crashed" 20% right in front of my eyes! Lucky escape on that.

The rest of the positions are long holds, so price don't matter in the short term when we look at the larger scheme of things. So I'm trying to keep my mind off of those for now.

4

It was entirely an emotional reaction. For nearly the whole of February we've been high some pretty high quality weed bullrun and when the "high" fades off you are supposed to feel groggy! THAT right there is the single most important lesson for me from yesterday's ShitFuckery....that we are in an extremely emotionally driven market.

People make emotional decisions making the market go absolutely berserk, in either direction and only the ones who can keep emotion out of trades comes out unscathed!

Word of caution : people make investment decisions based on tweets from Elon Musk....Peter Schiff etc etc...when did we lose having a mind of our own...this century never ceases to amaze me. Get your own balls fellas!


Today has been a better day, I've been watching the market with much more conviction, much more rationale...it will be all good IF I can fill up a few of my targets!

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Nice Post

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😁

Ha ha ha now that's hard to beat dada! :D Let's see what I can find!

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"Nice Post".

I have another one...

Now is the time to buy those back what you have sold out.

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He he he yes I've been buying the dip today after I calmed down from yesterday! It's just a minor setback, the market needs to correct for stability... As a trader I just have to learn to react to iy better.

"Nice post"

Word of caution : people make investment decisions based on tweets from Elon Musk....Peter Schiff etc etc...when did we lose having a mind of our own...this century never ceases to amaze me. Get your own balls fellas!

This. I can't believe how people looking to have their own wealth and financial freedom just listens to people who give a shit about it, because they own the world and don't want you to have a bigger part of the cake, actually they want to eat your cake and get some more for tonight's dinner, just because.
Hope you can recover from the bad trades and remember you can't expect to win much if you're not ready to lose some!

Well, people want a "get rich quick" scheme and these so called "celebrities" tends to give a wider reach to a certain asset. But the dangers of following these people blindly is...the faster you climb the harder you fall. As you said, they give no shit! To them it's more of "rich getting richer" scheme!

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Interesting post! Someone who is introspective moves forward much faster. Success to you.

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Someone who is introspective moves forward much faster

That is an interesting way to look at it. I've never really given it much thought but now that you mention it, Yes! You are absolutely correct. Self reflection is something we should all indulge in from time to time!

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The temptation is too strong...
“Nice post” 😁

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Ha ha ha this made me crack up! 😂

You actually handle these 2 days much better than most traders to be honest.
You’re slightly upset because you didn’t realise the gains you planned for.
But as we say, the first objective of a trader is to stay alive for another trading day.
You’ll make more money on the coming days no worry ;)

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This is very true. There's a passage in Mastering the Trade by Jhon Carter that talks about the same thing.

The biggest issue for newer traders is to reprogram their brains into realizing that in trading, losing is winning. A professional trader’s job is to take small losses. Period. Most traders don’t realize that there are only a few days each month where big profits can be made. The rest of the time, traders are doing their job if they’re keeping their heads above water

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I'm very much aligned with this trading psychology. Especially when I was trend trading on forex.
Even a 50% trades win strategy could make very good profit, large wins and small losses.

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large wins and small losses.

This is something I myself am trying to learn now. There are certain trades when you just know it was a mistake....so minimizing the loss on that one with a bigger profit on another trade to balance the books better!

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Absolutely correct, with a good trade size strategy you will benefit from exiting losing trade earlier.

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Thanks for sharing your experience with us!
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Hoping that Fet and other such rises. I think I will now rely more on hive engine tokens if ever I am able to sell those tokens

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