My Worst Trade This 2018 | My Mistake

TL;DR

Ricky discusses a bad trade he made due to impatience and not waiting for a natural gas report to come out, resulting in a significant loss.

Transcript

what's going on guys it's Ricky with technical solutions I hope that you guys are all having an amazing day and based on the messages that I see in the last year Mikey you guys are horrible people you guys are saying it yes our super intrigued and are actually I don't know if it's just because of the thumbnail or something that's a little bit more ... Read More

Key Insights

• 🥺 Impatience and the desire to trade daily can lead to costly mistakes.
• 💄 Understanding the patterns and influences on a stock's price is crucial before making a trade.
• 💁 Waiting for important news or reports can help traders make better-informed decisions.
• ✳️ Being aware of the risks and potential catalysts for price movements is essential in successful trading.
• 🧑‍🏭 Ricky's loss serves as a lesson for traders to avoid making impulsive trades without considering all relevant factors.
• 💌 Even experienced traders can make costly mistakes if they let their emotions or desires override their better judgment.
• 🌸 Planning and having a clear strategy can help traders avoid unnecessary losses.

Questions & Answers

Q: Why did Ricky make a bad trade?

Ricky made a bad trade because he was impatient and did not wait for a natural gas report to come out before investing in an overextended ETF.

Q: What led Ricky to take the position even though he knew it was risky?

Ricky felt pressure to trade every day and meet profit goals, which led to him taking the position despite knowing about the upcoming report.

Q: What could Ricky have done to avoid the loss?

Ricky could have been more patient and waited for the natural gas report to be released before making his investment decision.

Q: What lesson does Ricky's experience teach traders?

Ricky's experience teaches traders the importance of patience and waiting for relevant news or reports before making investment decisions.

Summary & Key Takeaways

• Ricky invested a high dollar amount in an overextended ETF without waiting for a natural gas report that could influence its price.

• He made the trade because he felt pressured to trade every day and meet his profit goals.

• Despite knowing the potential risks, he still took the position and suffered a large loss when the price dropped after the report.