More Mistakes

Posted by Deb | Big Loss,Day Trading Journey | Thursday 14 October 2010 6:29 pm

I lost again, and I think today’s loss can be marked as “big loss”. I lost $187.5 on 2 contracts, which for the size of my account now can be compared to my losses of $1000 a few months ago.

Again, I can only blame myself. I waited for the right time to enter the market, but finally I was on a hurry and put an order hastily in the wrong place: 2 pips before the resistance line. When I realized my mistake, instead of just getting out of the position I added one more contract on the resistance line, though I am not supposed to be on 2 contracts now, with the size of my account. Then I didn’t want to lost, moved the stop-loss, till I got to this loss. Shame on me!

With this loss, I am almost out of the market. If I lost another $260 I will not be able to trade, as my broker will not let me trade if my account is less than $1000, and I am not in the position to add more funds to my account now. I really have to think what to do. I think I will trade on the demo for a few days now.

I feel so undisciplined. I was thinking today that trading is a bit like being on a diet: You have to be very disciplined. But when you are hungry, it is very difficult to diet. And my financial position now makes me hungry. I try not to see the trading as a sourced of income now, as realistically even if I start making profit again I have to wait a few months to get my account big enough again, but it is difficult.

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Repeating Mistakes

Posted by Deb | Day Trading Journey | Wednesday 13 October 2010 5:51 pm

Today was a bad day. I repeated mistakes which I thought I had learnt already not to do.

First I again entered a position too quickly after the market was open. Watching the market a few minutes before the market opened, I thought I can guess where the market will be going. WRONG!! I should not trade so early after the market is open.

My problem is that I prefer trading immediately when the market opens, so I can have very quick positions (since when the market is open everything is much quicker) but I can finish trading early enough, since on the afternoon my kids are home and it is more difficult to trade quietly. The time difference between Israel and the USA works here against me.

Anyway, my first position was finished very quickly with a loss of $50. Subsequently I had 2 very cautioys positions in which I got the loss down to -$12.5.

Than the delivery people came, delivering my groceries. I got frustrated as I had to quit trading to speak with them. Than they realized they forgot some of my groceries and were trying to locate the box, and wanted me to go over what they brought to be sure they indeed had forgot some. This of course made me more frustrated. When I finally was able to get rid of them I entered another position which made me loose another $100. Bottom line: -$112.5 on 5 contracts. Much bigger loss that I intended to let myself get into.

I have to learn to let go. If I don’t have the time to trade, I should just not trade that day, or try again later. This is so frustrating! I have to get more disciplined. Discipline is what separates a trader from a gambler. Trading can become gambling if you don’t stick to your rules.

How do I discipline myself at my age?

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Another Short Report

Posted by Deb | Day Trading Journey | Tuesday 12 October 2010 6:19 pm

I am very short in time these days, both in time for trading and in time for reporting things here.  Today I am having my older son’s birthday.  About ten 12 year olds are gathering here now, making the house a total mess.

Anyway, I managed to have a short trading today, and got $62.5 over 2 contracts.

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Markus Heitkoetter’s Story

Posted by Deb | Day Trading Journey | Monday 11 October 2010 10:15 pm

Today I had a small loss again:  My first position was on 2 contracts, and was probably a bit too quick:  only about 3-4 minutes after the market opened.  The market seemed stable enough, but I should have waited a few more minutes for it to stabilize a bit more.  I lost on this position $87.5.

After that position I had 4 more short positions, each of each contract, and each giving a small profit, so finally I had a profit of $12.5.  Deducing from that the fees I have a small loss.  I am sorry about that, but still happy I did not get tempted to let my first position grow a bigger loss.  A small loss like this one is something I can take.

I wrote here a few days ago about Markus Heitkoetter’s trading course.  In the same link, you can download a free pdf – a very long introduction of his to trading, which I am still reading and enjoying.

Anyway, this same Markus has published the story of his trading history which I have read just now.  It is interesting and encouraing  – he didn’t start off making success immediately.  He had a few losses till he got to where he is now.  Today he is living the life I would have wanted for myself now:  Spending some time in trading, having investments from his previous tradings which give him passive income, and having enough time for his family and whatever he wants.  I wish I could have that in a few years!

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Slowly Going Up

Posted by Deb | Day Trading Journey | Friday 8 October 2010 5:08 pm

Sorry about another quick note;  I don’t have much time these last days.  Anyway, today I again made a (very) small progress:  $62.5 over 2 contracts.

Shabbat Shalom

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Slowly and surely (hopefuly)

Posted by Deb | Day Trading Journey | Thursday 7 October 2010 4:40 pm

Today I had a small profit again: $62.5 over one contract.  As these are my first days back, I did not try to try again, although a few more positions were looking good.  I prefer to minimize my risks for now.  I hope I will continue to progress.

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Finally some good news

Posted by Deb | Day Trading Journey | Wednesday 6 October 2010 4:45 pm

Today I finally got some profit, back on live trade. $75 over 2 contracts. The first position was $25, the second $50. As usual, with the second position I could have earnt more, but that was enough for today. I hope it is a good sign!

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