The problem with the coulda, shoulda, woulda's is you cannot take back what has been done! It is over and done with! Personally, I have no problem entering a trade and following my trading plan. My biggest weakness is one of two things. I dollar count and take profits too early and miss on the bulk of the profits or I hang on too long and my profits evaporate and I end up with a loss. They say you should trade like a robot and I need to tweak my rules some more to optimize the opportunities as they come up.
I noticed this feeling is common if you do not have a real strategy in place. If you understand why you exit, and if it's apart of your game plan from prior to entering the position, then there is nothing to feel bad about if the move continues in the direction extensively even though you got out. Your strategy (if you day trade for income) is not made in a way to capture those large and unexpected move sometimes. Those are sometimes outliers. For example, if you followed your setup/strategy for a situation as described above, then maybe 2-3/10 times it may have that large continuation in your direction. But is it worth it to take that risk in the long run? Probably not (other variables to take into account, but just considering a black and white example since the point is still well-standing). I missed out on moves that continued in my direction plenty of times. I either look for a reentry (based on my strat + risk) or just don't bother since I took my piece from the market. I know I can't capture the entire $1 move. But capturing 30-40 cents of that move provides me with a living. I noticed once you have a strategy in place, and you know exactly why you exit, then whatever happens after rarely should affect your emotions. Don't get me wrong, it is a bummer, but when you examine it closely and see the bigger picture (not just today, but weeks and months out) you made the right decision. Generating long term positive expected value, etc. That's the game.
I look at my mistakes I made and try my best not to make the same mistake in the future. Wise men learn from other's mistakes, smart men learn from their own mistakes, fools never learn from mistakes.
I been trading so long, am just numb to the results, do automation, it is as perfect as you programmed it, you don't miss anything and trades 5.5/24.
The markets will be open almost as much as like Walmart, so there be other opportunities, you can't go back into time, so either fix it, automate it and relax.
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lukas
Today another regret - drawdown of 40% from max profit of the day. Was nicely in the black before 5 pm, usual finish time but had to take another attempts. Never again - if you are not done by 5 pm, then you will be done anyway. Period
Sounds like you treat trading like gambling, hence you get gambling like returns. Why don't you trade for like 30-45 minutes and quit no matter what ?
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lukas
All traders are gambling in a way. Thanks for your advice anyway
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[I thought to myself, thats not gambling, but some people use a 40% draWdown, intraday for gamble-stupid risk.]
You must not be trading stocks- near 5 pm in would mostly worse than a gamble; unless one has a proven track record of early profits.
You have too look @ it this way=$$00.20 gain is better than a loss.But frankly i would +did regret blowing my account+50% and worse drawdowns. I would regret a 00.20 profit in this market, unless i accidently caught the major trend change.I blew up my account with almost of it daytrading; slow grind
To get more than$$00 .20 I for sure would stop before 5:00,CST- i do better work early; but study charts much more than 5:00.Never confuse risk with gambling or accidents.
