Words from one of my online trading mentors after I told her about my COIN loss. For those of you who don't know Laura, she's the chatroom goddess over at the GOTS blog.
Yup, I lost... $1,900! It took me two weeks to earn it, and two days to lose it... again! *grin.
It's funny (and not in a "ha-ha" way either), but before I started trading I mentally prepared myself for this kind of psychological roller-coaster ride. I knew what type of challenge I was taking on... the life-path I've traveled, to get to this very moment in time, has molded me for this kind of emotional and psychological turbulence.
If making money in the stock market was easy, everyone would be doing it and the failure rate wouldn't be 90%!
My attitude on life is simple... life should be abundant, not limited! It's to short as it is.
My attitude on success is simple... success means having the courage, the determination, and the will to become the person you believe you were meant to be!
Life and success together is simple... love what you do and rest will follow!
If you put your mind to something... anything, and you want it bad enough... and you're willing to make sacrifices... put in time and hardwork... you can have anything in life you want.
I share my trading experiences (good and bad) for several reasons... so others can learn with me or live vicariously through my experiences... but mainly so I can reflect on my own successes and failures as a trader. I'll learn more over the next year as a trader, then I will the rest of my career as a trader... just like a new-born baby. Right now I'm a new-born trader.
So to anyone out there wondering if this trade was the end of the road for the "noobster" *grin...
it's not.
This trade is my greatest lesson to date. I'm not angry, I'm not bitter, and I don't regret how I played COIN (or how much I played COIN). I close with this...
Tuition is high in this game... Live... Learn... Move on...
I'm going golfing.
BottomFeederMillionaire (can someone tell me how to center this??? THANKS!)
5 comments:
Hang in there. Laura is right...tuition is high...I paid some tuition my first few months doing this, but then recovered it and more.
Just remember...don't fall in love with a stock, and take the losses quickly. While I've been frustrated lately with taking losses a bit *too* quickly, it's better to do that than risk losing a ton of money.
You'll bounce back from COIN. Just get refocused and stay disciplined.
James... noted.
Thanks for the support.
what was your entry in COIN (time and day)
I just want to see what the chart looked like then-
JV,
I shorted @ $6.35 on Tuesday (9/9).
Thoughts???
6.35 short on Tues seemed like a reasonable trade- but when it gapped up Wed to 6.60 on strong volume that was the signal to get out-
We've all been there, hang tough. The good news is that you'll never let yourself get overextended like that again.
jv
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