Doing all the Mistakes all Over Again

Posted by Deb | Day Trading Journey | Thursday 4 November 2010 6:46 pm

Today I feel I went back very much in all my resolutions and tactics.

Yesterday I didn’t have time to trade, so today I was very anxious to start. Although I have decided not to trade when the market just opened, as I don’t have enough time then, I did. I opened the platform when it was 9:30 Am in New York, and since I knew I had only 15 minutes before I had to go out and pick my son from school I jumped into trading very quickly. No-No no.1 is that you shouldn’t trade in the first 5-10 minutes after the market has opened, No-No no.2 is that you shouldn’t jump into trade too quickly. Actually, if this wasn’t so quickly after the market had opened it probably would have been okay, but as it was the market seemed to be going down but changed directions very quickly.

Now I got to No-No no. 3: I decided to move away the stop-loss. I did move it to a more rational place, but I should have been planning ahead before jumping into to the position, and judging if the risk is not too big. As it was, the market continued going up and close to my stop-loss.

Now it was already time to go out. I left the platform open, and when I came back I found my stop-loss had caught, with the fenomenal loss of $325.

Good thing it was on the demo!

Seriously, that’s the problem with the demo: I have less fear to lose. I have to learn to treat it as if it was the “real thing”.

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