Uncle Anus & Aunt Enema stopped by today and really stuck it to me. My trading was horrific. Destroyed on CRWV . My mistake? Bought too close to the open and didnt use a stop loss. Then re entered and slammed again. The market has changed, this past week. Its more important than ever to be patient and choose trades wisely. I was reckless. Why am I sharing this? So no one else makes my same mistake. It was very manageable loss but the recklessness is unacceptable.
"didnt use a stop loss" "So no one else makes my same mistake" Traders will be making that mistake until the end of time, no amount of warnings will scare them off. When you use a stop your win rate drops, but traders want high win rates. So many traders don't like stop losses and the market reenforces bad behaviour by letting you get away with not using stop losses for a long time.
It's not a mistake, it was a judgement call. Had the trade gone the other way, you'd be glowing and thinking naively to yourself I'm such a market genius. But the bottom line is you're just gambling and either being happy or miserable. Alot of traders arrogantly, proudly and confidently think they've got something. But fail to see they are just a happy gambler at the happy casino on this happy planet with other happy people.
So you bought and lost money and bought again and lost money again. luckily today's movement is not that huge ($5). It has been known to move >$20 in a day which is very good (or very bad depending ...) The recent downtrend started on 13 Aug. Soon there will be trend exhaustion. Or is CRWV trying to go to $40?
Made some of it back( almost half) on another trade but still... Everyone seems to talk about their winners which to me helps no one. I think traders learn much more by posting losses and mistakes.
Whether the stop was mental or resting is immaterial. You had a stop as you mentioned you re-entered. I assume the second entry was revenge-trading unless you can objectively state it was a valid setup in isolation. Shit happens.