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Originally Posted by radatats
Stupidity. Arrogance. Unwilling to take a loss.
All reasons why I now see this account way down. I could have closed out at 160k equity this morning but I still wanted more.
Greed. An ugly emotion. I have taken many dubious trades this week and I needed to get kicked in the ass.
Glad this is a demo account. If you are watching, then learn a lesson.
TAKE PROFITS WHEN THEY ARE THERE!!!
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radatats,
YES, greed is an ugly emotion. It's wasn't that you were "unwilling to take a loss" rather it was and is your unwillingness to "take profits when they are there" and when price/market has reached exhaustion. Now, knowing, recognizing it and yes, learning a lesson from it is great: unfortunately will not be sufficient. APPLYING IT will be your key. You have a very good methodology, stay with it and don't "Change everything" just refine it and your way of executing it as in taking profit.
Let me leave you with this:
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“personal power is the ability to take action.” THE ULTIMATE KEY TO SUCCESS IS YOUR ABILITY TO MOTIVATE YOURSELF TO TAKE CONSISTENT ACTION AND CHANGE YOUR HABITUAL BEHAVIORS.
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ENJOY!
fxcruiser