Greediness is the Mother of all Evil

Posted by Deb | Big Loss,Day Trading Journey | Wednesday 16 June 2010 7:15 pm

I lost again $1000 and got locked for the day!!!!!!

As some of you may already know, Wednesday is the day when I have to trade early so I can take my daughter to my swimming lesson. Well, I started trading early, but things did not end when I had to take her. Well, I left 2 profit exit points in a reasonable place, a far enough stop loss, and went out to take her.

Because of this, I did not wait to watch her swiming as usual, but ran back home to check my position. Everything was well: The exit points caught, and I made a $187.5 profit with 3 contracts. I should have stopped there, as I had decided already that a $150 profit is enough for me.

But this morning I took a look at my bank account and things were nasty there. So I decided to try again. BIG MISTAKE. The market went against me, and I had to go out and get her back. I went out again, and when I got back things were awfull: The market went way in the other direction, and I was at -$650. No points had caught yet, and I sat and waited. At one point it got back to -$425. I should have sold one contract then, but no: I stayed in the position, and finally it got to the terrible -$1000 point were I got locked out for the day. All this weeks profits are gone (and more), my confidence is almost gone, and my bank account…. Oh well. It will have to wait.

Back to square one.

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6 Comments »

  1. Comment by Barrett Esophagus — July 29, 2010 @ 9:14 pm

    well written article, i just bookmarked it for future reference. i would love to revisit on new articles. how can i set up the rss again? thanks!

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  3. Comment by Deb — July 30, 2010 @ 4:02 pm

    The rss button is somewhere on the right hand side of this page. Look for the title “Follow Our Updates”.

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  5. Comment by Deb — August 26, 2010 @ 3:58 pm

    I wonder how many of the commentators have actually taken time to read this post. It is such a short post, and it seems nobody bothers to read, otherwise their tone would be different. By the way, I got many more comments like the above, but decided to trash them.

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