8 days later from my worst zombie trading loss in TBIO... Took a few days off to really see what went wrong... 1) TBIO was a nice gap-go.. i can't remember what happened but i saw potential reversal trades or a dipbuy.. Rule: Paper trade strategies that aren't your go-to-setups Rule Broken: Tried to do reversals on TBIO to be cont.
MUST RESIST FROM FOCUSING ON PROFITS AND INSTEAD FOCUS ON MINIMIZING RISK !!!
** Entry from 20170121 TBIO **
I fckin looked at my P/L and saw I was up 600$ then spiked to 1,000$ then 1.5k+... Instead of locking in gains, I held on hoping for 2k+ and a stronger spike.... I got so greedy and failed to systematically lock-in my gains.. 6mins could've locked at 600$... 1min of which could've locked in 1.5$k for the day... stock broke back down under 3 and it took me another 4mins to lock in partial profits..
1) Create watchlists daily/develop patience and only trade what's on my WL > FOCUS only on Go-To-Setups
2) 100% compliance with pre-trading requirements prior to making the trade. If I stick to this plan = 0 ZOMBIE/REVENGE TRADES
3) Stop thinking about money and focus instead of making the right plays. The money will follow.
"Think of it this way, as traders, Our job is to be patient. Most of our time should be spent watching and waiting." -LX21
"Aim Small, Miss Small." -T. Sykes
"No one ever went broke locking in profits !!!"- Superman
I was able to stick to it on the first trading week but the commitment faded on my 2nd week..
From now on:
On the first day of a new trading week:
Must recite the week goals and renew the commitment from last weeks goals..
New goals added:
4) Define the risk, set stop loss/profit targets prior to trade, control risk by appropriate position sizing.
