On the Roller Coaster Again

Posted by Deb | Day Trading Journey | Wednesday 27 October 2010 10:11 pm

Today I lost again.

I really didn’t feel like trading today, and I didn’t even try trading on my usual time (around when the market opens). But later, when I had some time, I decided to force myself to trade.

It didn’t go. For a very long time the market was stuck. It went up and down one pips. I guessed the market would finally go up, but didn’t want to bet on it. When it finally did go up I decided to wait on on a support line which it already passed and enter in a long position. Well, the market went down instead, and I lost $75. I had actually moved the stop-loss in the middle, as I remembered how two days ago my stop-loss was too small.

I should have quit at that stage, and I intended to. Then I got stubborn and tried one more position, in which I lost another $50 over one contract.

When I originally took a course in trading, the teacher said you should go into a position only after you have everything planned: When will you go in, when will you quit, what stop-loss size is the ideal, etc. I should probably start to practice that, instead of getting into positions so impulsively.

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