$SOL Took a loss over 73 days and 23 hours and 46 minutes, and in the end I still hit the stop loss. Honestly, I already knew this trade would be a losing one on the 20th; even in early July, I realized I’d made a mistake.
But I didn’t close the position. Earlier, my stop loss was set at 87, but later I changed it again. On this trade, I completely failed.
There are two points to my failure: first, once I realized midway that I was wrong, I still didn’t stop loss in time—I was afraid to face reality; second, during the holding period I pulled the stop loss down and adjusted it—that was wishful luck.
The money I lost makes me feel extremely convinced—I don’t know whether I’ll make this kind of mistake again in the future. But if I do, I’ll punish myself by not being allowed to open a new position for a day; and similarly, one mistake adds one more day.
I hope you guys don’t make the kind of basic, can’t-be-more-basic mistakes like I did. After opening a trade, if you’re wrong, you must stop loss. And once you’ve set a stop loss, don’t move it further toward a larger loss.
But I didn’t close the position. Earlier, my stop loss was set at 87, but later I changed it again. On this trade, I completely failed.
There are two points to my failure: first, once I realized midway that I was wrong, I still didn’t stop loss in time—I was afraid to face reality; second, during the holding period I pulled the stop loss down and adjusted it—that was wishful luck.
The money I lost makes me feel extremely convinced—I don’t know whether I’ll make this kind of mistake again in the future. But if I do, I’ll punish myself by not being allowed to open a new position for a day; and similarly, one mistake adds one more day.
I hope you guys don’t make the kind of basic, can’t-be-more-basic mistakes like I did. After opening a trade, if you’re wrong, you must stop loss. And once you’ve set a stop loss, don’t move it further toward a larger loss.
