The temptation to chase in Crude Oil, a lesson learned

Back in 2018, I remember watching WTI crude. It had been steadily climbing, and I was feeling pretty good about some of my existing long positions, but they weren't massive. Then, late in the year, it just ripped higher, breaking through what I thought were key resistance levels. Instead of sticking to my original plan and letting my winners run, or even just adding incrementally on pullbacks, I got caught up in the FOMO. I piled into more positions, much larger than my usual sizing, right into the teeth of that final leg up. My rationale at the time was 'it's going to $80, easily.' Of course, the market had other ideas. We got the textbook reversal, a nasty one, and I ended up giving back a good chunk of what I'd made, plus some. The mistake wasn't being long, it was abandoning my disciplined sizing and entry criteria because of an emotional rush. Chasing price always costs you eventually.