Trading Lesson: The emotional mistake of EGO!

Hey everyone, They say pride is a killer, and it’s true, of both people and profits. In my adult life I’ve walked a hard road to first becoming painfully aware of my own ego and what is more, to try and prevent it from wrecking havoc in my life. Of course, I always say who you are as a person is who you are as a trader. So, naturally, as I have written hundreds of entries in my trading journal, it’s become clear to my my ego has impacted my trade and sometimes still does. (Can you relate to this at all?) I need to look no further than my trade in Mobile Closer this past Friday. Mobile Closer is my service where I live trade everyday at 3pm looking for swing trades overnight. When it comes to the setup, I know what I”m looking for. So these sessions are usually less than 15 minutes before I select a trade and tell my members live and via the app. I also know what I’m not looking for… A battle with Theta. That’s the cost of holding options. You see, when you hold options overnight, that’s one thing, Theta is less. But when you hold them over the 3 nights (AKA the weekend), well… It’s much more. This past Friday, at 3pm. I identified (With Ethan’s Help) a beautiful technical setup in TSM TSM dropped at the open but held key support. It then began to approach the key resistance from the day before of $82.14 where I was looking for a breakout to retest the high on the day. So, you ask… what happened? I alerted members to this trade with call options for next week but I warned. “I don’t want to fight the theta of these calls over the weekend. So here is my target for TODAY.” Well as you can see from the long wick. The setup was good, the entry was timing was good, the plan was good and YES! Even the follow through of price was good! It hit my target. So what was the problem? My ego. Though I said, I don’t want to fight Theta over the weekend, I did hold on to one contract from my original buy. This morning I had to sell that final contract for a loss. All because I wanted “just a little more.” A bigger win for my ego. I”m not sure if you’ve even been there, but I find it VERY important to be honest and real when I make these kind of mistakes and don’t stick to my original plan. I’ve learned it’s not just the what and the how that I need to teach about trading, but also the why. Why I often make mistakes I wish I didn’t. Why I don’t stick to the plans when I know I should, I know you are only human too. So I’ll own mistakes when they happen.  If this type of holistic training is what you’re looking for, you can now join my EVERY TRADING DAY at 3pm as I hunt for these types of set ups for 70% off! [That’s right. 70%, but ONLY for LottoX Members.Â]( I normally charge $1999 a year for this. But for you guys, because it’s Thanksgiving. [YOU GET IT FOR $599](AND… You’ll get BOTH my smart money scanners. I’m thankful to be able to offer you this other great service I run daily for 70% off. Don’t miss it. I hope you all have a great week and that you, like me, can be honest with yourself of what impacts your trading more than you wish it did. See ya Tuesday. Ben Sturgill [Image] RagingBull, LLC 62 Calef Hwy. #233, Lee, NH 03861 [Manage your email subscriptions.](   © Copyright 2020, RagingBull  DISCLAIMER: To more fully understand any Ragingbull.com, LLC ("RagingBull") subscription, website, application or other service ("Services"), please review our full disclaimer located at [(. FOR EDUCATIONAL AND INFORMATION PURPOSES ONLY; NOT INVESTMENT ADVICE. Any RagingBull Service offered is for educational and informational purposes only and should NOT be construed as a securities-related offer or solicitation, or be relied upon as personalized investment advice. 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