Boring Day

Posted by Deb | Day Trading Journey | Tuesday 8 June 2010 3:13 pm

Nothing really to report today.

I decided to trade early today, before my kids come home from school, meaning also before the stock exchange opens in NY. So things were going slow, but fortunately not too slow to trade. I entered a long position with one contract, then when the market went down added 2 more contracts, and then finally exited when the market got up again with a profit of $275. I probably could have stayed longer and collected some more profit, but it had almost 40 minutes in the position as it was, I didn’t want to wait any longer. I had enough of minesweeper games:).

Yesterday I took a look at my trading teacher’s website, in which he usually leaves his weekly tip, and the tip was: “Don’t add contracts to a losing position. Don’t try to tell the market how much it can go up or down”. What can I say? I always add contracts to losing contracts, in the next struggle line, as I guess the market will turn around there to the other direction at least for a short while, and I will be able to collect some profit. This is the method that made me profit in the last month. It is probably dangerous in some cases, especially when the market is going in one direction very strongly and quickly. But from my experience, this is usually the way to win and add profit to your position.

No politics for today.

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