Making Profit in Spoons, Losing in Buckets

Posted by Deb | Big Loss,Day Trading Journey,Politics | Tuesday 31 August 2010 8:38 am

Is that the exact quote? I am not sure. Anyway it conveys my situation, and as I understand the situation of many other beginning traders. When we make profit, we make it in small amounts, quiting our winning positions too quickly being afraid to lose the profit we have made so far. When in losing positions, we don’t want to quit and make the loss final. We hope the market will turn around and make the position profitable. We sit and wait and wait, till the loss becomes too unbearable, or till our broker locks us out.

Yesterday it happened to me on the demo. It wasn’t a good time for trading: I spent all day with my kids (school finally starts tomorrow. Hurray!). I came home at 20:45 with my two little ones, very tired after a day with many adventures. Found out my oldest had not yet taken out the dog, so I went out with her immediately. Than I had to fix up supper for the same boy, who couldn’t find himself anything to eat by himself before I came back. He came back home earlier straight from a birthday party where he had pizza and snacks, but that isn’t enough for an pre-adolscent 12-year-old.

When I finally got to open the trading platfrom it was about 21:30 (9:30 PM for you Americans). I was tired, and in the middle of making supper. I didn’t have time to sit near the pc, so the position exited without me with a not-so-bad loss ($75). When I came back and saw it I wanted to try again. I was tired, didn’t evaluate the situation correctly, and went in with a long position although it was already a down-day (what is refered to as a bears market).

The position made a little profit in the begining, but as it was the demo my limit order didn’t catch (in the demo they make your order the last in queue). Then the market turned down. I added more positions to this losing position (another big mistake), didn’t quit and let it lose and lose till it got to -$650.

When will I learn?

I haven’t put here any political film for a while. So here is one for today:


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2 Comments »

  1. Comment by what does my name mean — September 6, 2010 @ 11:42 pm

    hi wats your myspace page

  2. Comment by Deb — September 7, 2010 @ 7:33 am

    http://www.myspace.com/482413235

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