Worst Day

Posted by Deb | Big Loss,Day Trading Journey | Monday 12 July 2010 6:16 pm

Today I had another grand loss. Another $1000 went down the drain, and I don’t know what will happen to my bank account.

I started with 2 contracts in a short position. It started well, but the market went up high and passed the R1 pivot line. Then it went back down, and up again. I decided, as my rules indicate, to get out of it. I went out of one, than added another contract at a higher position. I don’t remember exactly how things went, but eventually I got out at a loss of -$450.

If you know my rules, I should have at this point closed the platform and stopped trading for today. But I didn’t want to. I added a position which gave me $100, so I was now at -$350.

I decided to have one more position, and then things went out of hand. The market went crazy, much too stronger for my internet connection. But the platform didn’t freeze, it just didn’t respond to my orders. I pressed, and when it did not respond pressed again, and nothing happened. Than after a few minutes my orders did appear, but at this point they were not good. So I was losing. And so things went bad all the time.

Every time I reached for the phone to try and call the broker and let him get me out, the position started to be winning. I waited, then it went bad, up and down, and everything I pressed was accepted too late and made me lose.

Finally I thought I went out of the position, but then orders I pressed long ago started being accepted. Everything was so slow and crazy, and I had no idea what was going on, where my orders are etc. The brackets would appear after I had pressed already “cancel all” to get out of it, it was a nightmare. It was like trading on blind.

Finally I got locked out. Some invisible order I had given long ago and didn’t appear got caught and I lost a lot with it.

After the system locked me up I still heard the platform beeping as if other orders of mine have been met. I hope the broker had really locked me out and nothing else was caught.

The most annoying thing is that had I just sticked with my initial position, I would have been now with a profit of $300. I should have stayed with that, let the potential loss of the position get to -$600 or something like that, and then things would have been going up again. Maybe I should throw away the rules and stay with my initial intuition?

What do I do now?

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Single Moms Trading Problems

Posted by Deb | Day Trading Journey,single motherhood | Sunday 11 July 2010 6:05 pm




Those who read here regularly have probably already realized it is often difficult for me to find a quiet time to trade. The time difference between NY and Israel makes things difficult: When I just started trading I would trade in the mornings, when the kids were in school, or late at night. I stopped trading late after a few times in which I forgot to get out of the position in time and had to wait till 1:00 AM till trading resumed to close the open position. Later I stopped also trading in the morning; the trading is so slow in these hours. It takes too long till things happen.

This brings me back to trading when the NY stock exchange is open, which is the late afternoon and evening here. A very difficult time to get a quiet hour with no interference. In the more difficult days I have to take the kids back and forth from lessons, friends, parties etc. In easier days I can stay home, but the kids will always knock on my door for something just when there’s a good opportunity to go into a position, or worse when I am in the position and things are moving fast and I don’t want to loose.

Friday was one of the more difficult days. On Fridays I always have a shorter time slot for trading: The kids have no afternoon lessons, but the Jewish Shabbat starts on the evening. During the summer at least I can trade on the later afternoon. When we move back to winter time I will probablly have to go back to trading in the morning.

Anyway, this Sunday there was a swimming contest which my kids wanted to join. I drove the 2 younger ones there, while my oldest who was biding with friends planned to get there later. Once I got there I found out I forgot my older boy’s swimming suit which he wanted me to bring for him. I had to see my 2 younger kids swim, then run back home to bring the swimming suit, than wait for the older boy’s time. When we finally got home it was very late, and I was tired, the kids were hungry, and there wasn’t much time left.

Finally I managed to get to my laptop and opened my Transact platform to trade, and when I was almost ready to start I hit the mouse button by mistake and got into a position without meaning it. That’s the first time this happened to me (actually with the windows 7 interface it is not such a surprise!).

Luckily I pressed at least in the right direction, and not in a bad place. I managed to get out of that position rather quickly with a small profit. Than the kids called that they were still hungry. I told them to wait a little more, and entered one more position. The market took some time to go down enough for me to profit, so I got out in a smaller profit than I could have done. The bottom line was $150 on 4 contracts.

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What are the Rules For?

Posted by Deb | Day Trading Journey | Thursday 8 July 2010 5:53 pm


I am still angry at myself for yesterday.  Why can’t I sticmy own rules?  I let my loss get over $350, and I stayed in one position for almost an hour.  Two broken rules.

It is really curious.  One month I an in euphoria, thinking I am about to make from now on $3000 per month.  Then the next month I have loss after loss.  This month I will be lucky if I can cash $700 out of my trading account.

Today I started slow, with one contract a time, and running away too quickly getting no profit from my positions, only to see a few minutes later I could have made a nice profit.  Finally I decided I must get out of it, and had one long position to which I added and subtracted from contracts.  Finally I had a profit of $112.5, but with all the contracts I entered today my net profit will probably be around $50.

At least I didn’t loose today.  Life is so strange.  I hope I will finally be able to get some steady profit from all of this.  I am sure there is some unconcious psychology involved, it does seem I am in some kind of self-defeating process.  I do hope to get out of it.  I don’t have the energy, time and money for psychoanalysis.  I only want to make a living!  Why is this so difficult?

Sorry for the whining.

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Another Catastrophic Day

Posted by Deb | Big Loss,Day Trading Journey | Wednesday 7 July 2010 10:37 pm

I am feeling hopeless now.  Everything is goind so bad.  Only a month ago I was so happy, making almost $900 a week.  Now I am losing everything.

I started today again without confidence, got out of the first position very quickily, making only $25.  Then on the second position I lost it and got back to 0.0.  Than I entered a third position, a short one, which started very well.  It was already at $75, but wanted to wait for a bit more.  It went back and forth till I decided to add one more contract to get the profit I wanted quicker.  But then it suddenly turned around, go up.  I waited and waited, not sure if the market will come back down again.  At one point I got back to 0.0, but I still wanted to wait a bit more.  Than everything went wrong.  The market climbed up.  I finally quit at -$550.

I am in such a despair.  I don’t know if I can profit again.  I keep losing everything.

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So, What’s the Best Strategy?

Posted by Deb | Day Trading Journey | Wednesday 7 July 2010 12:23 am

My teacher’s tip of the day on his website was about the best strategy:  He says you should not add any contracts to a losing position, and that instead you must get out of a losing position as quickly as you can, not waiting for your stop-loss order to get caught.  (Geva, are you reading this blog?  Sometimes it seems these tips are in direct answer to things I write).

When I started trading today I was under the impression of this tip.  Only it seems this strategy does not work from me.  I entered a position, than when the market seemed to be going against me I immediately went out, and didn’t earn anything.  On my first position I made $12.5.  Than soon after I lost it.  Than I I made $37.5 and almost lost it.

What can I say?  I cannot work in this strategy.  If I try to run away from losing positions, I don’t wait enough in any position and just lose.  I see the problem in adding contracts to losing positions, but this is what seems to be working from me.  At least when I am not losing:) .  I do have yet to improve my method to reduce the losses in case the market is consistantly going against me.

Anyway, after wasting some contracts in the above method, I finally got into one better position in which I was confidant enough to stay for a while, until I did make some profit.  Now I had to exit too early because it was getting already late, and I had to bring my son back from a playdate.  With all the comissions I have to pay now for the wasted contractions I had in the begining I will have to pay some, but the net profit is about $100.

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4th of July

Posted by Deb | Day Trading Journey | Monday 5 July 2010 10:32 pm

When I opened my trading platform today I found out there is no trading.  For some reason I didn’t realize that before – I though the 4th of July parties were finished yesterday.  Anyway, there was some slow trading, although the stock exchange wasn’t open.  I did 2 “mini” positions, giving me $12.5 each.

Than I decided to enter one more position.  BIG mistake.  The trading was going very slow, and then all trading had stopped.  It will open only at 1:00 AM my time.  Now I will have to stay awake till than, since I think when the trading re-opens my stop loss and profit exit points will be cancelled.  From the way orders are gathering now I think I will be losing (I will not stay awake to play more with this position!).

=========================================================#

I finally did not lose on it.  I took a nap between 22:30 to  midnight, then got up to do some work around the house:  made and packed some spaghetti for my son’s day camp, laundary, etc.  Finally at 1:00 AM I sat down, and was pleased the market was going slowly back up.  I even thought about adding one more contract, but decided this may make the trading longer and I really wanted to sleep.  Finally I closd the position at 1:30.  It wasn’t a big profit – only a total of $112.5 on 4 contracts, but that’s also something.

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My Trading Rules

Posted by Deb | Day Trading Journey | Saturday 3 July 2010 11:15 pm

I have been thinking my trading rules.  I wonder if these rules can work.  Am I trying to put some rules to a chaotic thing?  Do I have a chance to win?

A friend asked me lately if I feel what I am doing with futures transactions is more than just gambling.  I do feel there is here some logic.  I do think a good strategy can work.  I would have not been able to win any profit consitently over a few weeks as I have been doing last month if this was just a matter a gambling.  But are these big losses I have had something I can avoid?  I put these rules in order to try and reduce the risk of such losses.  Will this combination work?

I hope so.

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