Bad Trading

Posted by Deb | Day Trading Journey | Tuesday 7 December 2010 1:02 am

Today was a bad trading day.  I am really embarrassed to tell how stupid my trading was today.  It was as if I was playing with the demo instead of trading live.  I probably should have been trading on the demo.

When I entered a position it was not clear which direction I should be entering in, so I shouldn’t have entered it in the first place.  I entered a short position, but the market went up.  I added another contract, but the market went up more.  Than it finally went a bit down but no enough, and I decided to quit on one contract.  I was at a loss of $37.5.  Soon after the market went down more and I could have quit with a profit of $50 on the second contract, making a net of $12.5.  That had meant a very small loss, because of the broker fees, so I waited for the market to go down one more pips.

This never happened.  The market went up again.  I again added another contract, but finally after a very long wait had to quit with a loss of another $12.5, making a total loss of $50 over 3 contracts. 

This position had been very long, wasting my time and patience.  When I finally quit it was because my kids were already getting impatient, wanting to eat supper.  I really should have a time limit for each position.

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