MSFT Trade on Jul 23, 2020 13:09 from CapitalMastery: Tradervue User Stock Trades.

Summary

Looking back over this chart, I'm so fucking embarrassed... After going for a walk, after getting stopped out for the day, I came back to wrap up my review/trade journal and noticed MSFT selling off hard. My immediate thought was that this is a dip buy opportunity, but I was already stopped out for the day. Except for... a tiny loophole in my etrade risk manager that allowed me to open positions in between it checking for any open positions/orders, and liquidating them. I literally sat there, reopening positions every couple seconds trying to scalp some gains, to "make back" some of my losses from the morning. I was in full blown degenerate gambler mode, blowing away another $1,200 on top of my original losses.

Obviously this behavior is unacceptable, and I am aware that I have a problem with going on tilt when a trade doesn't work out, or when I get stopped out for the day. As Meech advised, I will use today as a learning opportunity, and consider it part of my trader development journey. The reality is that I'm going to have this scenario come up again, and so I need to do the work necessary to be prepared for it next time.

Did Right

• Seeing this as a learning opportunity

Did Wrong

• Based my emotional stability/happiness on the outcome of my trading day rather than on how well I executed my trading strategy. I let an external party control become responsible for my emotions.
• Bypassed my Etrade risk manager, which is meant to stop me out for the day at $500 max loss

Improvements

• Switched to TradeZero, from Etrade, so that I can start using a Broker controlled daily stop loss limit. This will ensure I can't get around it, cause lord knows I'll try.
• Setup a task to spend time addressing my tendency to get frustrated/emotional when trades don't go my way. This is a completely unreasonable expectation, and I'm just setting myself up for failure to continue acting as if every trade should be a winner.

Next Trade

I'd expect Microsoft to reverse tomorrow after the crazy sell-off today, despite the really good earnings. Ideally we get a sell off on the open, and then a nice bounce.