Trader Disney LandNov 2nd, 2012 | By Bella | Category: Mike Bellafiore's (Bella's) Blogs
I recently blew my profits gain from the past 3 months in one stubborn trade. And not I dare not go in again as I fear I could be wrong again and lost money. My system was right but my emotions was burnt.
This is not the first time I lost a trade but somehow I couldn’t pick up my feet. Can you advise how should I pick myself up again?
You should not be trading live if you cannot hit a stock that is trading against you. You are not Jon Corzine. If you want to know how I really feel about the financial media’s invented trading heroes (like Corzine) check out my webinar with The Options Tribe here.
I write about this in my next book The PlayBook. Our trading heroes invented by the financial media are not trading heroes at all. Guys who make grand predictions are the star of stars to them. I shake my head at the danger of the whole thing. Yeah it doesn’t work like that for the pro trader. And the developing trader mistakes conviction for a fundamental flaw in their trading. And taking pain like a Big Boy for irresponsible trading. All of this causes you to hold losers jeopardizing real money.
The good news is you only lost what you had made. The bad news is you cannot trade live again until you work out a system where you will ALWAYS stick to predetermined stops for EVERY trade. That is the life of a pro trader. I do not have anything positive to say to you unless you can hit your losers. Trader Disney World is the land where you know best. And your stock will turn around. And the thought that your thesis will play out it is just a matter of time. When price says otherwise bail and reevaluate. As my friend @alphatrends teaches, “The only thing that pays is price.”
Work on a demo. Develop clear stop rules for every trade. And then slowly reenter the markets. They aint going anywhere. There is no pressing need to trade today. There is your need to firm up your trading fundamentals before you play pro again.
Keep working on your trading game!
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