Today I took some large losses. -$6483. I am so disappointed with myself for letting these losses happen like this. It is entirely my fault. In contemplating why I lost so much there is one reason, stubbornness in not wanting to take a loss when wrong.
I can’t even begin to explain how many times today I let the stock go past my stop loss. So many times I would say, “I’ll just let it go a little further. I was just green and I don’t want to lock in the loss. How many times have I seen stocks just peek past my stop loss then crack…” The excuses go on and on. Today, I paid big time for those excuses. I am frankly disgusted I let myself get so stubborn.
No stock has to drop because it’s up big. Stick to ideal set ups. Don’t trade just to trade. No trade is better then a stupid trade. All obvious statements in hindsight.
I am convinced that the biggest challenge in trading is yourself. I am my worst enemy. I am my biggest hurdle. I have to turn off the emotions and trade my plan like a robot.
I really messed up today and I wish I could turn back the clock, but I can’t. I will push forward with a renewed conviction to stick to my trading plans, rules and stop losses. I have to. If I don’t, I wont make it as a trader.
Below are my charts on the two stocks I traded today. AKAM and NCR: