jinxu,
You may want to take a week or two off from trading and really reflect on what just happened in the last few days. You had a great run, which put you in the mindset that you could take a few aggressive chances. You held on to an incredibly steep drop that turned around, only to reinforce the bad habit that you don't need a stop because "price always turns around," or "you 'knew' price was going to turn around."
Nobody knows what price is going to do. As soon as someone says, "I think..." it's always an opinion.
You're really gambling on a small account and the massive amounts of advice you are getting isn't being regarded.
I think you have potential, but you really need to look at what you're doing. You're pretty much doing all the wrong things. Once you finally realize what you're doing you're going to look back and say, "yeah I made every mistake out there."
Right now your account is a case of "I told you so."
I hope to see you come back and become successful, but first you must work on yourself. Your trading isn't the #1 reason why you lost so much money over the last few days. It is because:
1. You believe you know what price is going to do.
2. You are too greedy.
3. You believe that luck is involved.
4. You hope and pray that you can get out at breakeven.
5. You aren't disciplined.
Those are just a few that I can think of off the top of my head.
To turn that around just the slightest:
1. Use stops.
2. Don't trade around news reports.
3. Stop trading off the 1 min chart.
4. Learn to take profits.
5. Act in your own best interest.
I am going to add some pointers from an ebook that I read a couple weeks ago. Some people may recognize it.
*Act in your own best interest*
1. Set daily goals that are realistic, attainable, and measurable.
2. Learn to love to take a loss.
3. Time has no bearing on money.
4. Remain flexible.
5. Does your self-image tell you that you deserve to make money?
6. Have trading rules.
7. Have flawless execution.
8. Use stops.
9. Learn how to deal with the market when it never stops moving.
10. Be objective.
11. Be an active winner and loser.
12. Paper trade after a loss.
13. Self-improvement.
14. The worst mistake you can make is having a profit when you don't follow your rules.
15. Don't make revenge trades.
16. Don't wish, hope, or pray.
17. Don't add to a losing position.
18. Don't be greedy.
19. Don't fear the market.
How many of those would you say you don't follow or that relate to you?
