Is This For Real?

Posted by Deb | Day Trading Journey | Thursday 10 June 2010 12:07 am

Today I made $312.5 on 6 contracts.

I first entered a long position with 2 contracts, and very quickly was able to exit with $125. As I am already used for bigger profits, I entered again, this time with a short order, on 2 contracts. The market decided to go up instead, so I added one more contract, and than another. I was sure by the indicators that it will go down, and just hoped it would be fast enough since as usual on Wednesdays my daughter had to be taken to her swimming lesson. 2 minutes before we had to go out the market finally went down, and I exited with another $187.5. Had I not been on a hurry, I could have made another $100 on this position, but as it was we got to the swimming lesson on the last minute.

As the title of this post shows, this is getting for me too unbelievable. Only a month ago I was almost going to give up. Since than, every week I am making more, and my expectations are getting bigger. I am afraid I will go too far with my expectations and then fall. Will it be, from now on, so easy for me to make money? Will my profits keep growing each week? Till when?

Although I am feeling now more and more confident in what I am doing, I am yet a beginner in this futures trading business. Making too much too quickly can make me fall. Already today I entered the market a bit too quickly. Expecting too earn too much can make me too greedy, and not careful enough. Should I be limiting my profits so that it will be easier for me to keep “disciplined”?

I am still limiting myself to no more than 3 positions (today I had 2). I don’t want to force myself to exit a position too early – I think I should be stretching each position as much as I can, as long as I am cautious enough not to keep it too long till it turns around to be a loosing position. But when do I allow myself to go into a second position? My limit grows every week, as my profit expectations grow. In the begining it was $50, than $100, than $125, and today I wanted at least $150. I don’t want to go too far, but as I feel confident enough in my expectations, I guess I should let myself flow with it.

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