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I lost $4k buying on the second green candle at the very top, then double down with a second contract. And then I didn't get out when I had a chance. Plus I had no stop loss.
I'm a loser like Al said. I can't believe I made so so many mistakes today.
I feel like crap.
Please please don't be like me.
I don't think you are the first beginner to do this and won't be the last. I am a beginner myself and have done this a few times. But recently, I've put down some strict rules for myself:
1. Will not buy/sell if price is extremely high/low compared to 20-EMA ( I saw Al talk about this in his free trading room video).
2. This kind of move occurs during the opening hour. I generally avoid trading during the first 30-mins of the session when these moves occur. There are so many reversals and so many big bars that I can't trade without my emotions involved.
3. If I did trade these kind of bars, I traded a very small size (since risk is so huge) and I always got out on the first sign of strong reversal even if it means a loss.
You're trading with a lot of risk for someone who has only joined 1 month ago. It's impossible to learn this course within 1 month. I've seen you around this forum asking questions which are answered in the course, so I'll assume you haven't finished it. My advice would be to slow down, trade the "I don't care" size or even in the sim, finish the course and then start building your account again. Al says this on the home page, which has saved me countless times already:
The goal is to get good. Getting there fast is less important.
I load up my account with $500, and trade it to $1000 on MES with 1 contract. Once I hit 1k, I take out $500 and start all over. I will do this until I finish the course, even though I feel like I can increase position size already. Every time I take $500 out, my dream of becoming a trader is 1 step closer. I've blown up once, and while emotionally it was tough, financially it wasn't. Hope you learn from this lesson. Slow down.
I was making good progress and was making about $3k per week. And then I just hit a dump stupid moment and just completely broke all my rules.
I was profitable trading SIM, and then moving on to MES and then moved on to ES. I got too overconfident on one day and was really hoping it would bounce back.
I remember the analysis that bulls would try to get the ATH again after Feb low so at the back of my head I thought it was a temporary down.
I saw the strong breakout, with good follow through and on the 1hr chart I thought that was a great breakout.
However, only when I pulled out to the daily chart that I realized that the bull never broke 4399 for few days.