On November 19, 2019, I took a small loss of 0.5R. Yet I felt good about it. The reason was quite simple - I was still doing better than I did a week before.
I didn’t have any trades on Monday, November 18, because I didn’t see a good setup. I recently decided to focus on trading well instead of chasing questionable opportunities. No more playing revenge and jumping in after a loss.
The only setup that I saw on Tuesday was with GNPX. However, the strategy that I call gap and crap doesn’t seem to be working too well for the stocks under a dollar. I’m thinking of reducing the risk to 0.5R or 0.25R until I figure out how this strategy works on penny stocks specifically.
I missed out on a decent opportunity with SAEX. That was a stock that I originally wanted to trade, but the price to borrow was 25 cents a share, and I didn’t want to pay that.
But what I’m most happy with is that when I incurred my losses, I cut them and I didn’t reshort even though I had the urge to do so.
You see, when trading I’m proud that I’ve learned not to compare myself to other traders. I only compare myself to the version of me a day, a week, a month, a year before. Last week I would’ve acted more impulsively, but yesterday and today I followed my rules.
What do you think about it? Are you in competition with yourself or with other traders out there? What motivates you to keep going?