LTC - When a setup fails ego should lose to career longevity

BITFINEX:LTCUSD   Litecoin / U.S. Dollar
Hello all,
Today's post is more about professionalism in the face of failure then reporting any new setups. Recently, I had started to make the case for the Alt coins and their long anticipated catch-up rally to BTC             . While I still do feel that scenario has a high likelihood of playing out, this production is all about LTC's recent failure and how I acted in the face of the failure.
I personally am a big fan of the 'double bottom' price pattern (W's) to setup up long trades and whenever I see a double bottom within a double bottom I get really excited. So to that end, I bought the double bottom within the double bottom on LTC (indicated level on chart above) with the anticipation that LTC might do a similar bullish harmonic price pattern move that BTC             did and/or at least test the highs at/near $14.20. I was willing to risk to the bottom of the double bottom (10.06). This represented about $1.00 of risk for $3.00 potential reward. Put it all together and I felt the setup was within my plan and I took it.
As I have repeatedly stated in the past, I have yet to meet a trader who was/is 100% accurate and I simply do not believe such a thing exists. Indeed, as a prop crude oil             trader, many of my peers would shoot for 60% accuracy. The key here is, when they were right they got paid 2 to 3 times how much they lost when they were wrong.
So this brings us back to my LTC long setup. It indeed failed and now managing the loss is really a testament to my professionalism and how it's handled is a direct proxy on my career longevity. As a broker I would watch people sit on losing positions and literally let months/years go by enduring the loss. Not only does this do great psychological harm, but it also ties up capital which may have found new (maybe even better) uses. I shall not take that road. I am more than comfortable admitting the setup failed, exiting at my stop level and booking the small loss. I have done exactly that and shall now move on to new ideas.

Cheers all and hope it helps

If my charts help you, or you use my indicators...
please consider a BTC             donation to allow me to
continue my work :

& follow me on Twitter @CRInvestor
Brilliant exit, however. Can't feel as bad now!
CRInvestor BitcoinJesse
I could write a course on how to be a good loser, when you hit the play button it sure looks like a good idea to get out.
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out