I’ve Done it Again

Posted by Deb | Day Trading Journey | Friday 12 April 2013 5:15 pm

I had another day of stupid trading, which cost me over $300.

During the morning I didn’t have time to trade. I did think about trading, phantasizing about the profit I can make, and was very optimistic about my trading.

I opened my platform at about 14:30 Jerusalem time. I had still a lot of things to do before the Shabbat, so I didn’t have much time. I saw there was an opportunity for a longish position, so after some minimal checking (of resistance / support lines) I decided to enter with one contract, giving myself a big gap for the stop loss. That was my first mistake of the day – entering too quickly. I should have waited some more time before entering a position.

Only after entering I remembered I should be checking times of financial reports. I wasn’t too worried as it was still very early New York time, so I no report should be expected in the next few minutes. I saw I had another hour till the next report, and hoped I will be out of the position till then.

The market went against me, so I entered with one more contract a bit lower in the graph. I though the indicators were still good enough for expecting the market to turn around.

Well, it did turn, but it rise enough to give me a good profit. There were a few instances I could have quit the position with a profit of $12.5 on the 2 contracts, which would have given me a small loss because of the fees. I told myself this is my opportunity to quit with minimal loss, but foolishly I waited longer to see if I could get some more profit. I should have quit with at least one contract at this point. That was my second big mistake.

Time went on, the market went further down, and the time of the report was getting closer. I could have quit with a loss of $150 on both contracts, but I waited. I resigned myself to see what the influence of the report will be – for me or against, and accept the results whatever they will be. Of course, as Murphy would have predicted, the market went further down and I lost.

Foolishly enough, I decided to enter one contract in short position, to take advantage of the quick merket. That was my next mistake. At such a time the market is totally unpredictable, and I got scared very quickly loosing a bit more.

Now I am angry at myself, and frustrated: Will I ever be disciplined enough to trade? Is futures trading for me or should I give up?


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