CHRONICLES OF A NEW TRADER — CHAPTER #5
THE TRADE I HELD FOR EIGHT DAYS
Eight days.
Eight days of waiting for a trade that was supposed to be a day trade.
That alone should tell me something. 😂
I went into the trade with excitement and more confidence than I should have had. I had watched the token for a while and felt like I understood its movement.
I also didn't put a stop-loss because I had already planned to DCA if the trade went against me.
The problem wasn't the DCA itself.
The problem was that I committed more capital than I normally would because I was too confident in my read.
My usual approach would have been to enter smaller, keep enough capital aside, watch the market and use the remaining balance only when the setup actually called for it.
This time, I didn't follow that discipline.
I wanted the trade to work because I had convinced myself that I understood the movement.
Eight days later, I finally closed the entire position.
And of course, after I closed, the price moved a little higher. 😂
That part hurt.
But I had to remind myself that I made my decision based on what I knew at the time. I couldn't keep holding just because the market decided to move after I left.
I chose to protect my capital and free myself from a trade that had already taken far more of my time and attention than it was supposed to.
The biggest lesson?
A DCA plan is not a substitute for discipline.
And being familiar with an asset doesn't mean I should become overconfident with my position size.
I'm learning to respect my original plan, protect my capital and never let excitement make my decisions for me.
Because this is not about winning every trade.
It's about becoming better with every trade.
Eight days for a day trade. Lesson learned.
#BinanceSquareTalks
#tradingmindset
$BTC $RSR
THE TRADE I HELD FOR EIGHT DAYS
Eight days.
Eight days of waiting for a trade that was supposed to be a day trade.
That alone should tell me something. 😂
I went into the trade with excitement and more confidence than I should have had. I had watched the token for a while and felt like I understood its movement.
I also didn't put a stop-loss because I had already planned to DCA if the trade went against me.
The problem wasn't the DCA itself.
The problem was that I committed more capital than I normally would because I was too confident in my read.
My usual approach would have been to enter smaller, keep enough capital aside, watch the market and use the remaining balance only when the setup actually called for it.
This time, I didn't follow that discipline.
I wanted the trade to work because I had convinced myself that I understood the movement.
Eight days later, I finally closed the entire position.
And of course, after I closed, the price moved a little higher. 😂
That part hurt.
But I had to remind myself that I made my decision based on what I knew at the time. I couldn't keep holding just because the market decided to move after I left.
I chose to protect my capital and free myself from a trade that had already taken far more of my time and attention than it was supposed to.
The biggest lesson?
A DCA plan is not a substitute for discipline.
And being familiar with an asset doesn't mean I should become overconfident with my position size.
I'm learning to respect my original plan, protect my capital and never let excitement make my decisions for me.
Because this is not about winning every trade.
It's about becoming better with every trade.
Eight days for a day trade. Lesson learned.
#BinanceSquareTalks
#tradingmindset
$BTC $RSR