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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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2 Comments »

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