another big loss

Posted by Deb | Uncategorized | Monday 19 July 2010 6:29 pm

The title says all. I am devastated. I don’t know what to do. In any case I will take now a few days off trading. I really don’t know if I can trade any more. Maybe I should take a one-of-one time with my teacher, but first I have to take some time off.


Michael Jackson

Posted by Deb | Uncategorized | Sunday 18 July 2010 7:28 pm

No trading today!

In times of stress, it is good to have these forced breaks from any trading. And to those of you who decided to visit this page today, if you like Michael Jackson you will love this:


All These Stupid Comments

Posted by Deb | Uncategorized | Saturday 17 July 2010 9:04 pm

A while ago I got here a comment of some other blogger asking me what do I do with all the spam comments. At that point I didn’t have many of these, and that was what I answered him.

Now the situation changed. The situation is better than I had in some other blog I had a while ago, in which I got comments of “xxxyy” or some other gibrish. The comments I get now are mostly from internet marketers who want to leave comments without even bothering to read what I wrote. I write about a bad day I had, and I get an enthusiastic comment: “What great information!”. I write about my trading experience, and somebody writes “It’s easier to write when you have something to say”.

These generic comments are really irritating. I write because it does me good, it is therapeutic for me. Of course I would be glad also to get money out of this site – the various ads I have around here show this. But if it was only marketing, I wouldn’t have been able to write here so often. When I write here, it helps me to pass the bad days and to share with someone, even a virtual someone, my successes. And I want my readers to relate to what I am writing.

I assume those marketers with the nonsense comments won’t read this post anyway. If you are a marketer and are reading this, please note: If you put on my blog comments that show you have not read any word of what I wrote, I will usually trash it. If you write gibrish or link to porno sites, I will spam it. It is just a waste of your time. I don’t mind if you want to do some SEO for your site, but please read my post and write something related if you want to write here.

To my other readers: Please comment. I love reading real comments. Words of encouragement or advice, other people experiences etc. Don’t be shy. Thanks.

And back to my SEO business:

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Small Steps

Posted by Deb | Day Trading Journey | Friday 16 July 2010 4:52 pm

My pattern of trade today was that of fear. I entered a position, and immediately run away, adding thus every time a small profit with more fees because of the many contracts.

When I opened my platform I saw I have just missed a dive of the market, in which I could have made some nice profit. I tried to catch the tail of this dive, and with the first contract it seemed to be going fine, so I added another one. At that point the market stopped its dive, and I got no profit from the second contract. Later I added a third on which I made a little loss, as I was afraid of losing and quit too quickly, than another small profit of two more, than another small profit of one more. I totaled $100 over 6 contracts.

This method is rather stupid. I looked back at my notes of when I started again after the first big loss I had, on the end of April/begining of May. Back than I had been disappointed from my small steps, but they were giant steps as compared to now! I had made than $112.5 over 4 contracts on the first day I went back to trading. Maybe I should have taken a whole week off trading, as I had done than. A week off may get me into a more fresh attitude, being more brave. Or maybe it was just a matter of luck. Though my experience in trading has taught me, or at least gave me the impression, that the most important part of trading is my psychology. “It is all in my head“.


Back to Trading…

Posted by Deb | Uncategorized | Thursday 15 July 2010 9:46 pm

This morning I wasn’t at all sure if I will be trading today. Part of me felt I should have a whole week off trading. But next Tuesday is Tisha B’Av, which is highly unappropiate day to start trading again. When I came back from my current part-time work and picked up all kids from their day camps I sat near my laptop, and was still unsure if I would be trading today. But somehow I did open the Transact platfrom and Sierra charts, and took a look. Actually I first tried to start the platform in a demo mode, but it didn’t let me. I really should check this with my broker, I thought that by opening a trading account I automatically get rights to use the platfrom also in demo mode. Anyway, that forced me to open it in live mode.

I looked at the situation, identified support/resistance lines, but the time was 16:12 – not enough time to start trading and be sure to be out of it before official trade opening time which is 16:30 in Israel’s time. So I just took a look, and went on my business, reading email etc. At 16:35 I took another look, but was not sure what I should do. There was a financial report scheduled at 17:00, so I decided to trade only after that.

At 17:10 I realized I haven’t took a look again at the situation. I opened everything again and saw the market was in the middle of diving down. I didn’t have much time to trade (my son had his animation lesson at 17:30), so I quickly joined the diving. I was still very cautious, so I did 3 very quick positions, each one on one contract and exiting after only 2 ticks, meaning I got today only a small profit of $75 (or actually $54 after deducting the fees). I probably could have done much better with the strong diving, but that was enough for today. I still have to get things slowly.

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How to Use the Stop-Loss Correctly?

Posted by Deb | Uncategorized | Wednesday 14 July 2010 11:12 pm

If you think I know the answer to the question in the title of this post, you are wrong. But I have to find out. Chason’s comment to yesterday’s post really hit the nail on its head. I am not using the stop loss order correctly.

If I am getting to losses of $400, and certainly if I am losing $1000, something is wrong. The stop-loss order should have dealt with this. That is it’s purpose: to stop your loss from getting so high. Monday’s loss may be categorized differently, as it was a matter of internet connections problem. But the initial loss I had on that day, of $400, shouldn’t have been.

That is the Achilles’ heel of the method I have been using lately, of adding contracts when the market goes against me instead of using the stop-loss and getting out of the position. Usually it makes me win more, but when I lose, I LOSE.

When I started trading I used the stop-loss and went out of the position when I started losing without playing with the stop loss and moving it further away as I have been doing lately. The problem was that I kept losing; I was jumping out of positions too quickly, only to see minutes later how the market is turning around and making my previous position a winning one.

So how do I recognize when the market is really going against me, and when is it just “playing games”, making some struggling signs before it turns around in the support or resistance line on which I entered the position?

Adding a contract made me not run away too quickly, as I saw the markets’ direction as going for me, because the additional contract made the position win even more when the market turned around. Am I able to find a better method?

Yesterday and today I have been taking off trading. I don’t think I will take off a whole week, as I did on May when I had my first “grand loss”. I want to take 2-3 days off, so I will be able to start with a fresh attitude. Yesterday I really wanted to trade, and had to hold myself. Today I didn’t really want to trade. I’ll see what I will feel about it tomorrow.

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Some Thoughts and Insights

Posted by Deb | Uncategorized | Monday 12 July 2010 11:20 pm

As you can imagine, I am really quite broken now. I am thinking all the time why did I lose like this, what can I do, etc. Only a few weeks ago I was thinking my financial problems are over, I can now make $700-$1000 per week, which will give me enough money to live on (together with my more conventional part-time job). Now it seems obvious I can’t yet rely on this, at least not yet. I have to take on myself another part-time job or quit this one and find myself a full-time job which will not give me any time to breath, as I also have a full-time job parenting my kids.

Apart from these thoughts, I am trying to figure out what had happened and how I may improve. I will probably take now a few days off. I have to regain confidence, as I had did the last time: Take a few days off, than build confidence slowly. Otherwise I will again be quitting positions too early, panicking and doing stupid things. Only this time I hope I will be wiser and not get myself again into a $1000 loss. Although I have not yet figures exactly how I can not quit too early, but also not wait too much till I have such big losses.

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