Repeating Mistakes

Posted by Deb | Day Trading Journey | Wednesday 13 October 2010 5:51 pm

Today was a bad day. I repeated mistakes which I thought I had learnt already not to do.

First I again entered a position too quickly after the market was open. Watching the market a few minutes before the market opened, I thought I can guess where the market will be going. WRONG!! I should not trade so early after the market is open.

My problem is that I prefer trading immediately when the market opens, so I can have very quick positions (since when the market is open everything is much quicker) but I can finish trading early enough, since on the afternoon my kids are home and it is more difficult to trade quietly. The time difference between Israel and the USA works here against me.

Anyway, my first position was finished very quickly with a loss of $50. Subsequently I had 2 very cautioys positions in which I got the loss down to -$12.5.

Than the delivery people came, delivering my groceries. I got frustrated as I had to quit trading to speak with them. Than they realized they forgot some of my groceries and were trying to locate the box, and wanted me to go over what they brought to be sure they indeed had forgot some. This of course made me more frustrated. When I finally was able to get rid of them I entered another position which made me loose another $100. Bottom line: -$112.5 on 5 contracts. Much bigger loss that I intended to let myself get into.

I have to learn to let go. If I don’t have the time to trade, I should just not trade that day, or try again later. This is so frustrating! I have to get more disciplined. Discipline is what separates a trader from a gambler. Trading can become gambling if you don’t stick to your rules.

How do I discipline myself at my age?


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