Part of life is learning. In trading the lessons learned the hard way usually involve losing money. My trading style has seen extraordinary results so far this year until the past couple of days. https://www.myfxbook.com/members/Curt_Hennig/mr-perfect/1801739
Lessons Learned the Hard Way
I knew immediately what I did wrong as soon as I got myself in a bind. I became too greedy, cocky, and overextending myself. I wanted to keep the ROI increasing each month so I would be ahead of schedule for my 2 year goal. The problem is I became too greedy rather than remaining patient. Unfortunately for me I became greedy/cocky and started trading another move within the big move rather than just letting the big move play out and wait for trades in other pairs.
It is a kick in the teeth but I see where I went wrong and I know how to fix it. This has also given me the opportunity to go back and fine tune a couple of areas that should increase my profitability even more than before. This time it was my profits that were taken and not my deposits. If I had stuck to my plan then I would be fine and sitting pretty. It is definitely a learning experience and one that I won’t repeat again.
I’ve blown 2 accounts before but I was never in profit with them. This time I was in profit and I will be soon again. Already the trades I was able to hang onto have started coming back. I know I am now one step closer to making it. This time it took me 7 months to have to go back and adjust my plan due to losses. Hopefully that will be the last adjustment I will need to make because what I did to lose my profits I will never do again.
Pride comes before the fall. I got to cocky.
Pain brings change.
Conclusion for Lessons Learned the Hard Way
Overall it stinks but it is what it is. There are many lessons learned the hard way in life and it is never fun. The goal is now to take some time off, reflect, and learn from the mistakes I made from this past time. Then next time come back with one less error or wrong way to trade out of the way.
Time to go back and read over my notes and goals at https://evancarthey.com
