Thanks a lot for this video. I'm a very new trader and just blew my account after gaining 430% in the past week.......greed is the greatest threat to traders ....
Years later and I always come back to hear this. Just had a terrible trading day on ES after having a phenomenal gain yesterday. Perhaps over confidence… but nonetheless I lost all profits and some. Thanks Mike for the words, my discipline needs to over come my motivation.
Great advice. Today was my turn to burn. I got into tsla 645 calls expiring today. Went to roll the options to march 6 and literally brushed my mouse with my elbow and heard the click... my cursor was hovering above sell. I didn't have the buying power to replace the calls as I watched tsla go up 30 bucks. Lost 2k instead of making 6k. Gotta just let it go. Look forward.
I get your pain broh!. It happened to me too..but when the going gets tough! The tough gets goin💪. Still trying to recover the loss from the little I had left🎉
I am 19 years old trader,I started trading in late 2020..and I was made some good profits in the past months.. but last month I started to trade with leverage and options..now I lost more than 75% of capital.. three years of hard savings gone😭
Oh man, that sounds awful I am so sorry about that. I am a 19 year old trader too, but I do binary options, and today I had a really bad trading session and I am kinda doubting myself if I can make it. I hope we can get over our losses soon.! All the best!
options have the beautiful allure of only seeing how much you can make... many fail to look at the Greeks and understand the probabilities of the trade and what can happen at each level through a period of time to your margin and capital until its to late
Thanks for the advice. I would add to that the fact of not trading the same asset that caused the huge loss immediately after it. Cause then you are looking for revenge and that never works in trading, you'll just get stopped again
The last example was exactly what happened to me. Was sure on a drop and risked too much on a mediocre entry. Got stopped out and then it sank. But it's the past and must move forward. Connected to Everything, Attached to Nothing.
"Front side" is a term used for initial entry(prior to exit strategies). Stopping out is when you set a price to exit based on risk and you calculated risk incorrectly and forced to sell. You can't just flip to a short strategy in a trade you intended to go long in. You calculated your entry wrong even though you feel bullish on a stock. The reason being, that no one creates a strategy to initially lose and then pile on short when a trade goes south. You'd be creating a strategy based on being wrong initially and the goal is to be RIGHT initially. You could build a strat for this but then ou'd be looking for setups to be wrong initially, and that is counter-intuitive. You are either trading long or short, and creating a strat which flips mid trade is counter-intuitive. The main reason that this doesn't work well is because of volatility. When a price move against you by the time you realize it is moving against you it is too late to take a secondary entry to follow that price move. Any strat can work in the market though so I wouldn't discredit this idea but generally traders are looking to be right, right off the bat.
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Thanks a lot for this video. I'm a very new trader and just blew my account after gaining 430% in the past week.......greed is the greatest threat to traders ....
Omg... so, did you recover? I hope yes :)
seems your risk management is poor
Years later and I always come back to hear this. Just had a terrible trading day on ES after having a phenomenal gain yesterday. Perhaps over confidence… but nonetheless I lost all profits and some. Thanks Mike for the words, my discipline needs to over come my motivation.
Great advice. Today was my turn to burn. I got into tsla 645 calls expiring today. Went to roll the options to march 6 and literally brushed my mouse with my elbow and heard the click... my cursor was hovering above sell. I didn't have the buying power to replace the calls as I watched tsla go up 30 bucks. Lost 2k instead of making 6k. Gotta just let it go. Look forward.
This is tough. Literally lost 94% of my portfolio 😥.. years of hard work and saving down the drain
Same, bought options and loss all of my other stock positions due to option call. Lose a few k, how are you coping? I’m honestly quite scared.
I lost half my money today ima getting it back 💪
Jesus dude. That's brutal.
@@XXLKnowitallXXX :(
I get your pain broh!. It happened to me too..but when the going gets tough! The tough gets goin💪. Still trying to recover the loss from the little I had left🎉
I am 19 years old trader,I started trading in late 2020..and I was made some good profits in the past months.. but last month I started to trade with leverage and options..now I lost more than 75% of capital.. three years of hard savings gone😭
Oh man, that sounds awful I am so sorry about that. I am a 19 year old trader too, but I do binary options, and today I had a really bad trading session and I am kinda doubting myself if I can make it. I hope we can get over our losses soon.! All the best!
options have the beautiful allure of only seeing how much you can make... many fail to look at the Greeks and understand the probabilities of the trade and what can happen at each level through a period of time to your margin and capital until its to late
Thanks for the advice. I would add to that the fact of not trading the same asset that caused the huge loss immediately after it. Cause then you are looking for revenge and that never works in trading, you'll just get stopped again
Great advice I wish I'd seen this 1 month ago
lost 17% today i want to cry so bad and my anger issues skyrocketed
The last example was exactly what happened to me. Was sure on a drop and risked too much on a mediocre entry. Got stopped out and then it sank.
But it's the past and must move forward.
Connected to Everything, Attached to Nothing.
What can you do ? It is what it is . Bought a stock and it's down 50% . Buy stocks with potential and hold that stock . Dont give it back cheap
Needed to hear this today. Thank you
Just took a loss and instantaneous the stock bounced up by half so fucking sad rn
Same thing happened to me today :(, it physically hurts knowing that if you waited you wouldn't have lost.
Thank you for the content. I participated in one of your webinars, and I keep coming back. Please, keep the content coming! 👍
It was fun while it lasted... :(
Awesome advise!
Mike, your book very good. From Russia with respect.
What do you mean by “front side of a trade”?
How did he get “stopped out“? And why would that prevent him from shorting it?
"Front side" is a term used for initial entry(prior to exit strategies). Stopping out is when you set a price to exit based on risk and you calculated risk incorrectly and forced to sell. You can't just flip to a short strategy in a trade you intended to go long in. You calculated your entry wrong even though you feel bullish on a stock. The reason being, that no one creates a strategy to initially lose and then pile on short when a trade goes south. You'd be creating a strategy based on being wrong initially and the goal is to be RIGHT initially. You could build a strat for this but then ou'd be looking for setups to be wrong initially, and that is counter-intuitive. You are either trading long or short, and creating a strat which flips mid trade is counter-intuitive. The main reason that this doesn't work well is because of volatility. When a price move against you by the time you realize it is moving against you it is too late to take a secondary entry to follow that price move. Any strat can work in the market though so I wouldn't discredit this idea but generally traders are looking to be right, right off the bat.
I have to ask about the baby powder?
I started 2022 but yet i did have profitable trading i
I could have had over a 3/4th of a million if I wasn’t a gambler. I’ll never have that chance again. Not a millionaire, Early crypto regret.
Fucking gamestop
Some parrot helps