It has been a while since you haven’t seen my day-trading reports. I wasn’t eager to trade on Friday because of the “Non-Farm Employment Change” that makes the markets too volatile. In spite of this, I took two positions, while the directions I chose in both were correct. However, as it was a risky day, I closed the positions manually when they went toward my target and position were in a 1% profit and then it turned around and started moving toward my stop loss. I closed the positions manually and finished the day at breakeven.
We didn’t trade yesterday because of the bank holiday in the USA and Canada. Today ended with 4.282% loss. I made a mistake first and entered 2 candlesticks earlier, although my direction was correct. However, a big candlestick went against me, triggered the stop loss and then went toward the target while it closed with a long upper shadow. The second mistake happened because I immediately took a long position, when the stop loss was triggered. I recovered half of the loss with the 3rd position, but then I entered again after a support level breakout that turned out to be fake.
4.282% loss is not good, but it is not horrible too because it can easily be recovered later. As long as you lose 2% in each position, and then you stop trading on time and not try to do revenge trading, it is okay. I could finish my day with a 1.656% loss which was the money I lost in my first position. This is usually my style. If I lose in the first position on a day, I stop trading because emotions can take control after a loss.
Losses are not good. They don’t make you happy. I don’t expect you to laugh when you lose. I don’t laugh too when I lose. However, you should note that they are the unchangeable and unreplaceable parts of this game. You should get used to losing sometimes. Those who cannot lose properly in trading, they won’t be able to be long-term winners.
What do I mean by losing properly?
- A proper loss should always be 2% or less.
- You have lost properly only if you don’t get sad, disappointed, upset and emotional after a loss.
If you become sad, disappointed, upset and emotional even after a 2% loss, you haven’t become a trader yet and you should stop your trading for the day, until you come to balance again and your bad emotions (sadness, disappointment, etc.) vanish, otherwise you will lose more.
A good trader is not someone who doesn’t lose because it is impossible not to lose in this business. A good trader is not someone who makes a lot of profit in each session, while they lose a lot in other sessions, and then they get emotional because of their losses. A good trader is someone who loses properly.
That was about trading during the past several days that I hadn’t published any report. I will do my best to publish my day-trading reports on time from tomorrow.
What about The LuckScout Community?
Honestly, I think it is a good way of achieving financial freedom for those who have lost and got scammed enough in Ponzi, get-rich-quick and crypto rug-pull scams. I know that most people don’t have the patience of doing this. That’s why you don’t see too many financially free people. However, here on LuckScout, we have introduced a healthy way of doing it, which is also free, and can be risk-free too if members trade with the money they make on this website for free. It is scam-free too because everything is clear here and everyone knows that no one is after cheating people on this site. I recommend you to start, if you haven’t done it yet. To learn more, please make sure to read these two short posts:
I love you all💝
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