I talked with everyone about mindset issues and emotional management.
Yesterday I told everyone that I saw a high-level trader who became very arrogant after making consecutive correct calls for a week. At that time, I predicted that he would revert back within 3 days.
When I saw him yesterday morning, he had already returned the profits. Today I took a glance, and he had already liquidated last night.
I give this example not because I look down on him, but because this person's performance is just like my former self.
Dog Brother used 200 dollars and rolled it to 4800 dollars within a week. He also used 3000 dollars and turned it into 24,000 dollars in a week, infinitely amplifying profits in a trending market, really fast. Dog Brother was extremely inflated at that time, and I felt like I had seen through this market, that I could make money no matter what I did. The end was also very cruel; after losing a big order, my mindset became unbalanced, and continuous losses led to liquidation, which probably happened within 2 days.
I understand human nature too well, so when I saw him at that moment, I already knew his fate.
I've experienced this too many times; the dopamine rush brought on by contracts is something ordinary people cannot resist.
In the crypto world, when trading contracts, you should know that less than 5% of people actually make money. Dog Brother really wants to guide you towards that 5%.
Yesterday during the day, I said I cut my losses. Looking back, did I lose a lot? Just over 300 dollars. Did I make a mistake at this price? I now feel this is the only way to minimize my losses. I am glad I made the right decision; the stop-loss price hasn't bounced back since.
No one is willing to cut their losses, even if it's just a small amount, even if it's only 100 dollars or 200 dollars, they can't bear to do it. But it is precisely because of this layer of human nature that many people end up being liquidated because of this 100 dollars or 200 dollars. If I lose a small trade, I know that I can easily find an opportunity to make it back. Even if I can't make it back today, I can wait for the market to stabilize and find an opportunity to make it back the next day as well. But
If I lose 2000 on a single trade, it will affect my mindset, and I think it's quite difficult to make it back with just one trade. Last night before going to bed, I secretly placed an order, setting a stop loss at 2700 for a little over 2730, with a small position of 5 contracts. I thought if I lose, I lose; if I lose, I'll just consider it a 500 dollar loss today, which is within a controllable range. When I woke up in the morning, I took profits, and it turns out I actually made money yesterday. But that was just luck.
I believe everyone has made a profit in contracts to some extent, but liquidations are almost always due to consecutive losses after one loss. Dog Brother has set some rules for himself, hoping they will be helpful to you.
1. I will never go all in; my liquidation will always be far enough away.
2. When the market deviates from my expectations, I will choose to manually close my position or directly stop loss, rather than letting the loss expand.
3. After a stop loss, I will force myself to stay calm for a period of time, rather than rushing to open a position again immediately to recover the loss.
4. If I incur continuous losses exceeding a certain limit, or after 3 trades, I will choose not to play today. I will wait until I understand the market clearly before I enter.
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