Another Small Profit

Posted by Deb | Day Trading Journey | Thursday 11 November 2010 6:32 pm

My first position today was plain stupid. I rushed into the position too quickly. When I opened my platform I told myself I should wait a few minutes before doing anything, but then I realized the market was approaching a resistant line and put a limit short order there without checking the indicators before. Only after my order caught and began to lose I took a better look and saw that the market was in a middle of a rise.

I got out of the position quickly, with a loss of $37.5, and waited a bit longer before entering the next position. This time I took the right direction, putting a long order. When it started to win I added a second contract. A few minutes later the market turned around and my position started to lose. I got a bit annoyed at myself, but the indicators still indicated my decision was right and that the market almost certainly will go up again. I waited patiently for a few more minutes and indeed the market changed directions again.

I quit the position, first with one contract and then the other. The total profit of this position was $125. Deducing the previous loss my net for today was $87.5 on 3 contracts.

My net for today isn’t much, but at least I am satisfied that I did what I am supposed to be learning: I cut my loss before it grew and entered a winning position which cancelled the loss.


No Comments »

No comments yet.

RSS feed for comments on this post. TrackBack URI

Leave a comment

CommentLuv badge

This site uses KeywordLuv. Enter YourName@YourKeywords in the Name field to take advantage.