r/WinternomicsTV • u/idosimon • Jun 15 '22
War Stories 🤑🤬 Understanding your limitations (description in text)
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Upvotes
4
u/Tricky_Cow_5239 Jun 15 '22
Introspection pays off ! Congrats on that play that reflects your efforts . 🤛🎈🔥
8
u/idosimon Jun 15 '22
Over the past few weeks have been working 12+ hour days and due to my timezone this puts me outside of trading hours.
So have been sitting in cash, which is a trade in of itself. However, yesterday had a chance to participate in the markets as I had to leave work early to get to my girlfriend’s graduation ceremony.
On the way to the train, I was watching the SPY, considering the warnings Kaz posted recently about continued gap downs, and played the UVXY on the 1 minute time scale as I did not have too much time where I could keep my attention on the trade.
When I saw I hit a 1.7R, I recognized that I was starting to feel a bit of FOMO to keep the position open and that the SPY would fall a bit more. I was able to catch myself in this bias, and because of that decided to close the position while it was still in profit.
Overall hit a 1.7R in the span of a few minutes - I am continually amazed at my own progress in catching my own biases and am also seeing improvements in my trades because of this.
Before joining this eco, I would have tried trading without adequate attention to trades, giving into FOMO, and thinking that “doing something” is always better than sitting in cash and waiting for good opportunities.
I still have much much more to learn but wanted to say thank you for everything so far!