Frustrading Trading Day

Posted by Deb | Day Trading Journey | Thursday 23 September 2010 11:04 pm

My trading today was really frustrating.

I was not able to trade till the evening, because of the Sukkot festival. When I finally went opened the platform I saw the market had just gone down from a resistance line. I waited there for a few minutes, but as it was not clear if the market will get back to that line, and it seem going down, I decided to enter a short position with 2 contracts in the point where the market was at that time, 2 pips under the resistance line.

The first contracts limit order caught quite quickly, with 3 pips. The second took a lot of time. I set it down to 6 pips, to give me a $75 profit, but the market didn’t get down there. I moved it up to 4 points, and the market seemed almost there, but it only touched that point and went back up to 2-3 pips under my entry point for along time, without my order being caughter. I waited and waited, but then the market turned around and went up.

10 weeks ago I would had at this point added another contract to average this out, as it was quite clear the market will go down again eventually. But I decided not to, and I waited and waited, seeing the market go up more, making my position a losing one. The market went up and down, but never passed my entry point. Finally I quit with one pips of loss, so by then I totalled with $25 over 2 contracts.

The market went back to the original resistance line, so I entered one more position, this time on one contract. But then again the market turned against me. I quit losing 2 pips, erasing my profit.

The market was struggling for a very long time around the resistance point. I was working on something else on my computer, so I left it on, not knowing if I should try again. Then I checked and saw the market was finally diving down. I entered quickly one more position on one contract, and got a $50 profit. Had this been a live trading, I would have had to pay fee for 4 contracts. That wouldn’t have left me much profit.

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