Learning How To Lose

Posted by Deb | Big Loss,Day Trading Journey | Tuesday 12 April 2011 7:02 pm

Today I lost. Big loss: -$437.5 over 2 contracts.

I waited a long time for a right moment to go in. I missed a good position by hesitating too much at the begining, and then waited and waited, and finally lost my patience. I entered with one contract, and when the market went against me I added one more contract instead of getting out: I had no real indicator that the market will where I wanted it to go. I was stubborn and stupid.

With the 2 contracts, I had a good opportunity to get out with a small loss, but it was still a bigger loss than I was prepared to endure so I waited and waited, and finally lost big time.

On a different level, I was telling people about my trading experience. In the past, after every time I spoke with people about my trading – I lost. I guess when speaking about trading with other people I get into the mood of “yes, I am a trader. I will trade every day and win”. And then my ego gets too big and I enter positions without being cautious enough. Instead of telling myself today: “I couldn’t find a good time to enter today, so never mind – I will trade tomorrow”, I entered with no real indicators, and then waited for the market to turn around with no real indicators it will ever do that.

A few weeks ago, when I starting the current “trading period”, I remember quitting a position with a small loss and being happy and proud of myself of quitting on time. Today I lost it. I didn’t quit in time, and lost big time.

I am stubborn. I will continue. I will make progress. I have to go back to trading cautiously, only when I have real indicators, and quitting in time.

Wish me luck!

——————————————-

I ate a lot of chocolate. I screamed unproportionally on my eldest boy. I am trying to be indifferent, but I am not. I lost the profits of 3 weeks. I stopped being cautious about my trading. Will I be ever able to trade “by the rules”, and make a real profit? This is so discouraging!

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1 Comment »

  1. Comment by Craig — April 13, 2011 @ 2:13 am

    Tried day trading for a while, need more education and more importantly, experience. Few mentors provide their actual trading statements. dvd traderavenue com had an interesting interactive trading tutorial, but it cost $30. Ending up taking with a guy from that company. Learned about automated trading and how most systems are scams that operate for a year or two and then change the name of the company and start over.
    These scams are easy to spot if you know how to research the company’s history. I now can do day trading with the profits I make on one of the automated systems he recommended.

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