More Mistakes

Posted by Deb | Big Loss,Day Trading Journey | Thursday 14 October 2010 6:29 pm

I lost again, and I think today’s loss can be marked as “big loss”. I lost $187.5 on 2 contracts, which for the size of my account now can be compared to my losses of $1000 a few months ago.

Again, I can only blame myself. I waited for the right time to enter the market, but finally I was on a hurry and put an order hastily in the wrong place: 2 pips before the resistance line. When I realized my mistake, instead of just getting out of the position I added one more contract on the resistance line, though I am not supposed to be on 2 contracts now, with the size of my account. Then I didn’t want to lost, moved the stop-loss, till I got to this loss. Shame on me!

With this loss, I am almost out of the market. If I lost another $260 I will not be able to trade, as my broker will not let me trade if my account is less than $1000, and I am not in the position to add more funds to my account now. I really have to think what to do. I think I will trade on the demo for a few days now.

I feel so undisciplined. I was thinking today that trading is a bit like being on a diet: You have to be very disciplined. But when you are hungry, it is very difficult to diet. And my financial position now makes me hungry. I try not to see the trading as a sourced of income now, as realistically even if I start making profit again I have to wait a few months to get my account big enough again, but it is difficult.

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