A Small Profit

Posted by Deb | Day Trading Journey | Friday 18 June 2010 5:33 pm

I thought the rule would be “only one position after a day of loss”, but couldn’t keep it. Maybe the rule should say “only one position after a day of been thrown out with a loss of -$1000″, and “only one contract in the second or third position on the day after a day of big loss”. I’ll have to see.

Anyway, I was very cautious today. My first position began with 2 contracts, than I added one more, and a quick exit so as not too lose. This position gave me a profit of $50. This was too low for me, so I did a second position with one contract which gave me another $37.5. So I had a total of $87.5 on 4 contracts. Not a big profit, but at least no loss. Next week I will probably still go slow, but I think I will let myself enter a second or third position to get a profit of at least $100.

So here are my rules for the time being (I will probably add or change in the next few days, and than put them on a separate page):

1. On a regular day I can have a maximum of 3 positions, until I have a profit of at least $150. (Meaning if the first position gave me already a net profit of $150, no more positions for the day. A net profit is the profit minus the fees).

2. After a loss of $350 I have to quit for the day.

4. A position should not take too long. After half an hour I have to look for the next opportunity to get out.

5. After a day of a “grand loss” (-$1000), I can have only one position on the next day.

6. After a bigger loss, of more that $350, I can have no more than 2 positions, where the second position will be only on one contract. I can enter a second position only if the first gave me a net profit of less than $50.

I will probably add more to this during the next days. I will also put this as a separate page (I am also planning to add a page of trading tips).

Ok, Shabbat Shalom.

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