You know the answer already. As you said, "I am not following my own rules". I did the same thing yesterday, I was $2,600 up within minutes of the opening. I took my profit. Good. My own rules says to stop for the day. I saw the market looked awful. I should have quit.
Instead, I started to break every rule in the book. I lost a packet of money. The reason is simple. I was feeling overconfident since I had had about 25 straight winning days each over $1000+
Like you - you were up 62% - you got over confident and forgot to keep the rules that got you that profit.
So, this morning, I typed up a poster sheet with all the rules in bold print and pinned it in front of my desk. But I ran into another problem, the desire to make back the lost money made me break them again and YEP! I lost again.
So, my friend, its back to basics. Its a learning process.
I'm inclined to take a couple of days off. Relax. Come back fresh with the losses behind me and start the slow but sure crawl back to profitability at my quota of $1000 / day.
Definately, we are the only ones who can make ourselves lose. I would say don't recommence trading until you are totally relaxed and feel good with yourself. Otherwise, you'll blow half your money again.
Repeat, you must feel relaxed and happy with yourself before trading again. That's how you felt when you we're winning, right?
All of this IMHO of course. |
