A list of my bad habits...
- Indices - DOW, FTSE and DAX
- AIM stocks at ridiculous sizes where the spread can really mess with you
- Bet Size - Plans out the window when I 'knew' I had picked a winning bet, just got the timing wrong.
- Averaging Down way too early, no capping of bet size.
- Inaction - Seeing the signs and doing the opposite.
- Action - Closing out bets too early just to record a profit.
- Depositing to keep bets open, not taking the hit.
- Stops in wrong places, too tight.
- No stops as I got more confident that I would act on mental stops.
- Not acting on mental stops and being gripped by fear and hope it would turn.
- Believing markets can't go any lower/higher
- Greed, Fear, Arrogance and Ignorance - EGO
- Unrealistic expectations, a child like embarrassing naivety
- Amazing ability to look at red numbers increasingly getting larger.
- Closing bets too early, always those that go positive and would've given me the most reward.
- Lack of patience.
Now sitting counting the losses I'm asking myself why did I get involved?
I hoped that I would be able to make a living from it, get out of my 'boring/normal' job. I don't necessarily think I'm better than my job nor do I think I deserve to be sat at home making vast sums of money from the click of a mouse or tap of screen.
But compared to my job this was unbelievably exciting, and that's probably a problem, it shouldn't be exciting should it? But it is, and that's why it got under my skin. Made me feel alive to be involved every day.
Now I must take the time to build up some capital again and come back with more discipline. My risk appetite needs reprogramming before I start again that's for sure.