Today, I want to share a personal experience with you, a candid insight into a significant mistake I made in trading, which I believe holds a valuable lesson.
In a recent trading session, I encountered a costly error that resulted in a loss of $440, and potentially more.
This occurred while I was multitasking between a meeting and trading, a situation that I now realize required my undivided attention.
The mistake involved a shift from my usual trading platform to Robinhood, where I was unfamiliar with the option chain interface.
In an attempt to execute a one-day expiration credit spread on Tesla, I accidentally selected 'buy' instead of 'sell' for the options. This oversight, stemming from the different layout of Robinhood’s option chain, resulted in a significant loss rather than the intended credit.
What's crucial here is the realization that attention to detail is paramount in trading, especially when working with unfamiliar platforms or under distracting conditions.
This incident serves as a potent reminder of the importance of focus and the potential costs of even a small oversight in trading.
I'm sharing this with you not just as a cautionary tale, but also as a learning opportunity.
Here is the video where I share all the details:
In trading, like in life, mistakes happen. What matters most is how we respond to them, learn, and adapt our strategies moving forward.
I will be delving deeper into this experience in my upcoming content, aiming to provide more insights and strategies to avoid similar mistakes.
Your thoughts and experiences on this topic are always welcome, as we continue to grow and succeed together in our trading journey.
Thank you for your continued support and engagement. Let's use this experience to sharpen our skills and strategies for a prosperous trading year ahead.
To Your Trading Success,
P.S. IF you go back to my last email on the EURUSD we can see that the support has been holding today and we may get that reversal back up tomorrow.