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Re: pjwilson post# 11188

Friday, 02/27/2015 9:14:35 AM

Friday, February 27, 2015 9:14:35 AM

Post# of 39190
PJ, ClayTrader knows his stuff, man. I have watched his videos and learned a lot. Where I mess up, including on TVIX, is my freaking mind wants to look for fundamental reasons to justify holding on to a losing position instead of letting go for a small, manageable loss and moving on.

When I win, it's mainly because I followed what the chart was saying, respected it and played it accordingly including taking small losses at times. When I lose big, it's because the chart went against me, I didn't set a stop-loss and then my mind starts to look for fundamental reasons to hold on. Then fear creeps in as the price drifts down further and I finally sell for a 50% loss. Of course, they usually rebound but I would not have been in that situation if I would have let the chart speak to me and LISTEN instead of trying to impose my will on the chart.

I have to review ClayTrader's videos quite a bit personally because I still have a challenge with accepting a loss and I justify holding on a.k.a not selling with a "fundamental" reason like "wait for Russia to send a missile to Ukraine" for TVIX to run or some other mental BS game I run on myself to avoid acknowledging the loss and keeping it small.

In saying that, it is something about the way ClayTrader responded to you that actually set a lightbulb off where I actually GET IT this time. We'll see. smile