041: Don't doubt yourself



Financial Movers Podcast #041



Welcome to the Financial Movers Podcast. (today is, the time is e/t, and this is episode # …. , and I’m speaking to you from ...) No matter if you’ve been listening to this podcast since episode 1, or this is your first time listening, OR you’re somewhere in the middle of those two, I promise you'll finish this podcast today with more knowledge than you started it with. 

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Also, if you want a visual aid to better understand the strategies and indicators I'm using then you can follow along on my Youtube channel @FinancialMovers where I have this episode posted with a screen recording in video format of what I'm doing this entire episode. Similarly, I have all of today's notes posted on the Financial Movers website, so if you're a cliff notes type of person then the outline will serve you well. 

Today’s Agenda:

  1. Don’t beat yourself down when you lose. 

  2. Facebook and Visa #40

  3. New Setups

1. Don’t beat yourself down when you lose: 

  • “The only limit to our realization of tomorrow will be our doubts of today.” FDR

  • I know I’m a good trader, but sometimes things don’t play out. For the past week and a half I was 2/7. Yes, I lost 5 trades and it was really starting to affect me emotionally. I lost $PM $K $ALL $CVS $ICE. Obviously I didn't enter those trades thinking that I’d lose but I did. 

I  started to think:

  • Was I getting lucky for weeks on in?

  • Is it my proven strategy?

  • A lot of self-doubt. 

  • But I didnt quit. I persevered. I jumped into Adobe and Microsoft:

  • $ADBE is now at $512 and I’m up 8.2%, shared Monday on Twit

  • I hit my target for $MSFT today at $230 and gained +6.4%, shared Tuesday

  • A few lessons to be learned. Dont doubt yourself. 

  • Make sure to cut losses quickly. I had good stops placed for all of those. My avg loss for those 5 was 1.24%

  • Now, I didnt have the same position size in all of those trades either, but even if I did, just my adobe gains would have all of those gains washed away and I’d be up 2%. DONT EVER BE OVER LEVERAGED. HAVE STOPS PLACED.

2. Facebook and Visa trade ideas from episode #40:

  • I was negatively affected by my own self-doubt and broke my strategy. It cost me. 

  • Facebook I gave you all at $262 and is now at $300 -- +14.5%

  • Visa, I gave at $202 and is now at $210 -- +3.96

  • I made it clear that my first target for FB was between $280-285 and it blew past, but I sold at $272 for +3.8% (missed 10.7%)

  • Visa I made clear that my first target is at $215 and I sold at $205 for a +1.5% gain. (missed 3%)

  • Why didn’t I move my stops up? I was desperate. Trust yourself. 

“The only limit to our realization of tomorrow will be our doubts of today.” FDR

3. What am I watching: PEG SETUPS (episode #035)



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