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Showing content with the highest reputation on 12/22/2018 in Posts

  1. 1 point
    @Mike B Hi Mike - I found your live status is extremely valuable. I am starting my SIM and learning from people stories here. I really like how you track and monitor your progress in the spreadsheet. Is it possible to share it with me? Thanks!
  2. 1 point
    Well at least I didn’t blow up my account today. I was a bit nervous when I got up this morning (the usual 5am Pacific time). The last 3 times that I put together 4 straight days of solid trading (Mon-Thurs) I hit max loss on Friday. So again this week I had 4 solid days of trading so I was worried I would hit max loss today. Well I went way beyond that. I’m a real boom and bust trader. I know I have a hulk issue and overtrading. This is the 4th hulk day in 9 weeks, but today was far worse. The other 3 days I lost less than 1% of my account, today was over 3%. It’s an eye opener that I now know I have the ability to blow up my account. My share size was doubling with every trade so by the end I would have. Luckily my 40min alarm went off. I see from my journal that ALL trades after 40min of continuous trading are losses. Essentially, it is my alarm to take a few minutes break. That broke me from my destructive path for long enough to turn off my platform. For the first time my video recording was corrupted. So I can’t watch to see what set me off. I remember the first trade I stopped out at B/E. It was a correct action since stock kept going against me. The second trade I also stopped out at the stop point for the predetermined $25 risk I am trading. So these were two OK trades. The third one I remember stopping out but that’s all I remember. The rest is a blur. Etrade doesn’t have risk controls. I asked after my first hulk day. Apparently I need them. So I just placed an application to CMEG. I also like the idea of a smaller account. I can do less damage. I knew Etrade-pro would only be good enough for at most my first year of trading, but I didn’t think I would switch this early. Etrade-pro really helped me with my hot key mistakes, which was a major issue. Hopefully, I am better at that now. But, I am really going to miss a platform that the buy and a cover are different actions. I took on my overtrading and hulk issues sort of supply/demand. Reduce the causes and reduce the reaction. Hotkey mistakes were my big trigger. So I changed platforms and greatly reduced it. I created simplified rules and started with low risk to help prevent over reaction. I increased my discipline by getting up well before the market so I am fully awake and had time to study the market before the opening. All my trades are recorded and reviewed. I am aware that’s not enough. I will change platforms again, but more importantly I need to search and determine what part of my psyche is so reactionary and why. A tough thing to do. But necessary. Will have to ponder over the holidays on how to accomplish this.
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