ShroomingMantis

ShroomingMantis t1_j6aer18 wrote

Reply to comment by sadafboicry in rate my portfolio by sadafboicry

I dont blame u. It was pretty intense selling in the last hour. I wouldn't be surprised to see it continue thru next week if everybody's taking profits.

I never go all in on 1 play at a time though.

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ShroomingMantis t1_iyey85r wrote

Reply to comment by JDmexican_92 in $20k to $300 by JDmexican_92

Ya betting on Fundemental catalyst events is one of your highest risk scenarios if you aren't capping your risk tight, arbitrarily, increasing the chance of taking that loss by alot.

My advice, homie, is to hop in a simulator while you save money, and practice building a legit system that protects your capital and still offers upside.

Ik it's gonna take a long time to fully process the losses, but don't beat yourself up. Its a common mistake that good traders can make when they aren't fully aware. Most ppl who short, learn this lesson this exact way, its just a matter of how much you pay up.

Good luck dude, don't give up on yourself, no matter what.

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ShroomingMantis t1_iyev4dj wrote

Reply to comment by JDmexican_92 in $20k to $300 by JDmexican_92

Thats why you have to remain consistent in what you do , to allow the irrationality of the markets to work out in your favor.. if you're buying floors, and you just got stopped out of the last 3, you don't switch to shorting downtrend, you keep buying floors because all those shorts printing are going to sooner than later cover and reverse the momentum, you already missed the move, now you're early to the next one, but it'll come.. for example.

The trick is to trade something consistently repeatable, and manage loss on the occasions when price doesn't play out the way your trade calls for, because it will, because the market is stupid and inefficient sometimes. Its not our job to try and control that part.

I'm gonna guess, either you had no technical analysis on your trade, or your 10k loss could have been a $300 loss, but you stubbornly ignored the chart saying it wasn't time to go down yet. Again, I'm speaking from the heart and my experience in hopes to help you find where the next step forward lies. 🙏

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ShroomingMantis t1_iyet7rn wrote

I learned to stop trying to call tops and to leave losses small when the top doesn't wanna come in for you.. instead of opening up stops for exhaustion...you blew up due to the age old adage of, "markets can remain irrational longer than you can remain solvent"

Better to cut the loss before its too bad, and re enter on what looks like to be the backside with a more defined risk instead of hold through the move.

We live and learn. I lost 25k off similar events

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