Despite the good week I had at the start of the month, I did not hit my July quota. There were a couple of insignificant wins here and there and the compounded small losses did not help.
Most of the time I was just observing the market and not getting enticed on certain plays. I was just in cash until $MWIDE caught my interest. I’m just playing to my strengths and don’t want to force trades just because. It helped me survive in the past and I’m sure it will help me flourish in the future should I choose to do the same.
As of now, I’m keeping myself busy doing presentations and reading “GRIT” by Angela Duckworth.
Also, thanks to my generous student Mr. V! Nabigyan tayo ng isa pang malufet na libro at nakapila na sa library natin para basahin, namnamin, at ng makapag reflect!
IM EXCITED FOR THE PLAYS & EVENTS NEXT MONTH, AUGHOST!!!
Knowing when to cut your losses is necessary and a requirement to your trading success so accept and embrace it. I sell all my positions when the trade idea is invalidated to avoid further damage to my portfolios.
Losses are business costs and are part of the game so you shouldn’t feel ashamed to accept temporal failure. Not accepting that you can be wrong on your trades, now that, is cancer…know that if you dont remove that kind of mindset then it will spread and eventually kill your portfolio. While cutting a loss seals a negative return, it also embeds a lesson in you. It provides a means to move on and look for other opportunities that could give you handsome returns.
Remember: It is best to get rid of something of value if it is of negative value to you.
The first two days of the week were a bit volatile, the rest were dry and only illiquid plays popping up which doesn’t entice me at all. I don’t see my set ups coming up, some did but I failed to execute as it reached their trigger levels. No worries, there is no shame in missing out. 🙂
This is the season where you would have plenty of study time so when the market transitions, you can maximize and apply what you have been training all these weeks and months and hopefully reap the benefits of all that training. 🙂
The tribe were so bored that we decided to play skribble.
Close enough? :p
Happy weekend traders!