Jumping on the Bandwagon

Posted by Deb | Day Trading Journey | Wednesday 1 September 2010 5:25 pm

There is still something wrong with my internet connection.  I assume it is either some bug in the Transact application on in my pc’s networking setting. In the last few days, I have had to close and re-open the Transact a few times till a good connection was established. After about 5 tries today I was almost going to give up and try later, but then it suddenly worked.

I then proceeded to open the financial reports calendar and saw there was one scheduled to 17:00 and a second to 17:30 today (Israel time.  That was 10:00 and 10:30 NY time). Since the time was already 16:45, I wasn’t sure what to do, but decided to try anyway for a few minutes. During the first few minutes the market was confusing, and I didn’t know what to do. Finally I opened a short position with 2 contracts, and after about 2 minutes exited on the first contract on one pips, and wasn’t sure what to do with the other. The market was going against me, but not too much. As I have decided not to let my losses grow I thought of quitting, but the loss didn’t pass the $50. Finally the market went down, but not much. I decided to quit on a small profit of $25, as the time of the financial report was coming up quickly. I was hesitating as I remembered what I wrote about yesterday, of “making a profit in spoons” – I do have to learn not to quit winning positons too quickly. I decided I should still be cautious, so I quit, just to see a quick downfall of the market that would have given me a better profit.

Than the financial report came, and WOW!! The market was climbing up very fast. I was waiting for it to stabalize, but then thought: why shouldn’t I gain of this climbing? I decided to jump on the bandwagon and get some profit. I was afraid that probably if I’ll try to jump on it, it would be just the point when the market will decide to stop climbing, and indeed it seemed to do so at the first few minutes. Then it climbed up more. As always, I quit quickly and got only an additional $25. After that, the market went down, and up again. As I am writing now the market is again much higher. Anyway, the bottom line today is $62.5 on 3 contracts.


Jumping on the Bandwagon


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