In these last few weeks, I have made a couple of trades in congruence with my strategy, and in the last week, I have been holding on to what I believe is a bounce. the hardest part of being wrong, is admitting you are wrong. So many aspects of being wrong is against ego and pride, and probably one of the largest issues most traders face, myself included.
It has been four years now since I started studying the markets, and I am still not completely happy with my skill set. I am still doubling down in a losing trade, I am still holding positions way to long, and not always cutting losers short. The worst feeling is realizing you are wrong, and forgetting it is friday and allowing a bad trade to get locked in over the weekend. It’s time to revamp the practice.
Only three short months ago, I stated a set of rules. I have not followed any of them, except maybe the entry of the trade. No problem, no apology, just corrections. This is about discipline , and discipline is about immediate corrections to bad behavior.
Something you read over and over again in all of the trading books is the requirements for success, which includes strategy and money management. Keeping a journal is also a common attribute to success, and meditation.
four years into my journey, and I have yet to even practice these things.
It is time to change that.