Nothing to Report Today

Posted by Deb | Day Trading Journey | Tuesday 15 June 2010 10:52 pm

Today was a good day, with no surprises. There were financial reports scheduled at 8:30 and 9:00 AM NY time, so I decided to postpone my trading till later. 9:00 AM in NY is 17:00 PM here, which means I had to wait till after my kids came back from school.

Fortunately, trading today went quickly. The first position, with 2 contracts, ended quickly with a profit of $137.5. Since my goal was to make more than $150 I entered a second position, again with 2 contracts. This was a little slower, so I added one more position, and exited not long after with a total profit of $225 for today.

Then I took my kids to buy a new bike for my younger son, and spent all the newly earned money on this new bike:)

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A Very Long Position

Posted by Deb | Day Trading Journey | Tuesday 15 June 2010 12:40 am

As in the previous weekends, I was getting skeptical through the weekend, and worried if I could continue making money through trading. I re-installed my graphics software (the Sierra Charts), but it is still not working very well. I will have to try and contact the support soon.

Anyway, my first position went very well. I had a short time: On Mondays I usually trade while my daughter is in her arts lesson. My son sometimes goes to a close-by friend for the time of her lesson, but today he decided he wants to go to a friend who lives a bit further away. That made my trading time shorter than usual.

I hurried back home, and as I said, the first position went very well. I entered with 2 contracts, and exited a short time later with a profit of $137.5.

As I had decided last week that I will try to make every day at least $150, I stayed on looking for another opportunity. The time I had to go out was getting close, I knew I had no time but was anxious to get my profit quickly and I entered again with a short.

No luck, this position didn’t end shortly, and I had to go. I moved the stop loss further away, left the profit exits in appropiate places and went out to pick up both kids. This took me about half an hour, and when I came back I saw I had almost lost – the market came very close to my stop loss but went down again, though it was not yet at a point of profit.

It took almost another 90 minutes till the market came down enough. I added 2 more positions, so the position was now on 4 contracts. I was pretty sure it will come down, but the waiting was nerve wretching. I played many games of minesweeper, prepared supper, till finally it came down. I exited with another profit of $112.5, so the bottom line was $250 on 6 contracts. As always, I could have collected a bit more had I stayed longer in the position, but that was enough for today.

The moral of the story? I need some more patience. Getting into a position 5 minutes before I have to go out is NOT a very clever idea.

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Friday was a Weak Day

Posted by Deb | Day Trading Journey | Sunday 13 June 2010 4:34 pm

Friday was not an easy day. When I opened my platform and graphs, I saw there had been a jump the day before. It took me some time to figure out that it was at the time of a financial report. Anyway I was very cautious and worried there will be another jump, and indeed there was one again after another financial report on Friday. Before that jump I managed to have two very small positions which gave me only $75.

After the financial report jump I tried again. I first entered with a long, but the market didn’t immediately go up I got scared and quit at the same price I entered, which was misfortunate since a minute later the market went up quite a bit.

Then I entered again with a long, and the market went the other way. I added another position, and another… the market went against me, and I again saw big negative numbers on read: -675, -$750… Only after almost 40 minutes the market went back again, and I was able to exit with a profit of $150, making a total of $225 for that day, on 10 contracts, which would be around $155 net profit.

$155 is less that I had been making on the days before, but not out of my expectations. Yet this day left be a bit disappointed, and also worried again. Is my luck turning back? Why did I enter such a difficult position, which made me wait and sweat so much?

Part of the problem was the Sierra Charts, which again was not synchronized. Had I seen on the indicators that the market had just started a deep dive, I wouldn’t have entered with a long. Though I believe part of the problem is psychological: After having such a good week before, I got scared and entered a kind of self-defeating mood. The pace in which my profits were growing was a bit too quick for me.

Anyway, I am now anxious to see what will be tomorrow.

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A VERY BAD DAY

Posted by Deb | Day Trading Journey | Thursday 10 June 2010 6:35 pm

Yesterday I couldn’t believe my good luck. Well, today everything turned around. Statistics say that some days you have to lose, but today it seems I am doing all possible mistakes (I am not done yet for today).

When I got into a short position today with 2 contracts, as usual, the market went against me, so I added one more position as I always do, then another one, but the market just kept going up. The difference got already to minus 750, and I was afraid it will soon get to minus 1000 at which the broker would throw me out, so I got out of one contract (which made my balance at -$300), and waited for the market to get down back again. I finally managed to get out of the position in a low enough price so that my loss was down to -$187.5.

Then I went into a long position, as seemed sensible, but when the market didn’t immediately go up I got scared and jumped out of the position, at the same price I went in.

I should have quit at that point. But these last weeks of profit made my ego too high, so I entered again a short position, on one contract. So stupid. Then the market went up again, and I entered one more position, and one more. I didn’t let myself go up to 4 contracts this time, but I am sitting here watching the market going up for the last 75 minutes, and I don’t know what to do. I hope it will eventually get down, but have no idea if it will. I suppose it will, but who knows how much time it will take. Right now mu loss is jumping between -$275 and -$312.5, and that is on top of my original loss of -$187.5.

I didn’t take my kids out to a happening I promised them, the plumber who was supposed to come in has disappeared, and I am sitting here miserable.

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And again I did mistakes. The market finally got down, and I could have quit at $300, making me lose only the fee of about $50. But I wouldn’t. I wanted to quit with a profit. And then of course the market went up again. Finally I got out of one contract, making my loss up to -$237.5, and not knowing what to do with the other contract.

Now I got out of that too. My nominal loss is now -$137.5, with the fees of 8 contracts which are another $72.

And the market is going down again. Had I stayed, I could have quit with some profit. Stupid me.

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Well, I couldn’t let myself lose. I had too much of that not long ago. I entered one more position and finally got some profit for today. Today’s bottom line is +$125, with 10 contracts, which makes the actual profit for today $55. Much less than the last few days, but I am still on the plus size. Yay Me!

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Is This For Real?

Posted by Deb | Day Trading Journey | Thursday 10 June 2010 12:07 am

Today I made $312.5 on 6 contracts.

I first entered a long position with 2 contracts, and very quickly was able to exit with $125. As I am already used for bigger profits, I entered again, this time with a short order, on 2 contracts. The market decided to go up instead, so I added one more contract, and than another. I was sure by the indicators that it will go down, and just hoped it would be fast enough since as usual on Wednesdays my daughter had to be taken to her swimming lesson. 2 minutes before we had to go out the market finally went down, and I exited with another $187.5. Had I not been on a hurry, I could have made another $100 on this position, but as it was we got to the swimming lesson on the last minute.

As the title of this post shows, this is getting for me too unbelievable. Only a month ago I was almost going to give up. Since than, every week I am making more, and my expectations are getting bigger. I am afraid I will go too far with my expectations and then fall. Will it be, from now on, so easy for me to make money? Will my profits keep growing each week? Till when?

Although I am feeling now more and more confident in what I am doing, I am yet a beginner in this futures trading business. Making too much too quickly can make me fall. Already today I entered the market a bit too quickly. Expecting too earn too much can make me too greedy, and not careful enough. Should I be limiting my profits so that it will be easier for me to keep “disciplined”?

I am still limiting myself to no more than 3 positions (today I had 2). I don’t want to force myself to exit a position too early – I think I should be stretching each position as much as I can, as long as I am cautious enough not to keep it too long till it turns around to be a loosing position. But when do I allow myself to go into a second position? My limit grows every week, as my profit expectations grow. In the begining it was $50, than $100, than $125, and today I wanted at least $150. I don’t want to go too far, but as I feel confident enough in my expectations, I guess I should let myself flow with it.

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Boring Day

Posted by Deb | Day Trading Journey | Tuesday 8 June 2010 3:13 pm

Nothing really to report today.

I decided to trade early today, before my kids come home from school, meaning also before the stock exchange opens in NY. So things were going slow, but fortunately not too slow to trade. I entered a long position with one contract, then when the market went down added 2 more contracts, and then finally exited when the market got up again with a profit of $275. I probably could have stayed longer and collected some more profit, but it had almost 40 minutes in the position as it was, I didn’t want to wait any longer. I had enough of minesweeper games:).

Yesterday I took a look at my trading teacher’s website, in which he usually leaves his weekly tip, and the tip was: “Don’t add contracts to a losing position. Don’t try to tell the market how much it can go up or down”. What can I say? I always add contracts to losing contracts, in the next struggle line, as I guess the market will turn around there to the other direction at least for a short while, and I will be able to collect some profit. This is the method that made me profit in the last month. It is probably dangerous in some cases, especially when the market is going in one direction very strongly and quickly. But from my experience, this is usually the way to win and add profit to your position.

No politics for today.

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A New Week Started

Posted by Deb | Day Trading Journey | Tuesday 8 June 2010 12:24 am

I was a bit nervous before trading today.  I think every Monday it is difficult for me to start trading.  It is still too new for me, and at the begining of each week I am afraid that this week I won’t be able to make money again.

I had also 2 additional reasons to be worried this week:  One rational and one not.  The rational one was the problems I was experiencing in communication with the trading platform’s server on Friday.  The irrational one was more superstitious:  I am usually not a superstitious person, but sometimes I do get worried and superstitious.  When I had just started trading, after a few days in which things went well I told people about my success, and then the day after I started to lose.  I felt I have invited the “evil eye” to my life.   Now, in the last month in which I was finally making some money, I kept quiet about it and didn’t tell anyone.  Then over this weekend I was asked about my financial situation by 3 different people, and too all I admitted things were goind well.  In Hebrew we have the proverb: “Blessing stays only in hidden things” ( אין הברכה שרויה אלא בדבר הסמוי מן העניין).  So I was worried about losing again.

I guess it was a matter of feeling too confident and neglecting to weigh the situation seriously enough before entering a position.   Trading  demands you to be humble, and disciplined.  Otherwise you loose.  Simlple as that.

Anyway, although I did experience some network communications difficulties, things went well.  The Transact trading platform worked as it should, but now my tools software, the Sierra Charts, was having mishaps.  It was not synchronized with the Transact platform, and was lagging behind in showing the market value, so I did not have at each point of time the exact analysis of the market situation which the graphs usually give me.  I could see the support and resistance lines of the market from analyzing the history, but the current situation at any point was missing.  I may try to re-install the Sierra Charts tomorrow.

Due to these mishaps I was more cautious then usual, and exited early from my positions.  Hence I needed 3 positions to be satisfied, instead of the usual 1 or 2.  But things still went well, and at the end of marketing, which lasted today for about half an hour, I had made $250 over 6 contracts.   A good start for this week!  In another day or two I hope I will be able to transfer to my regular account the first lump of profits.

And now to our newly added political corner:  Though the first wave of pro-and-con articles have passed, there is still a lot going on, and I am sure that the approaching Mondial games will bring some new propoganda attack against Israel.  So here are my new propoganda pieces for today:

The first piece is a great talk given in the U.N. by the head of U.N. Watch organization, Hillel Noyer:

The 2 other pieces are newspaper articles.  One from the Washington Post, and one from the Jerusalem Post.  Please read them.

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