Sheer Stupidity

Posted by Deb | Big Loss,Day Trading Journey | Monday 28 June 2010 7:42 pm

Why am I so STUPID? I again lost $1000. Only yesterday my account was back up over $5000, and I was gaining profit, and now I am down again to $4000, and have to do the work again.

I was so stupid, breaking my rules again. My daughter was having her classes’ end-of-year party today at 17:00, and I knew I did not have the time to trade and should leave it for the evening. But I just couldn’t hold myself, I wanted to trade early. I jumped to a position much too early, only a 2-3 minutes after trading in the stock exchange opened in 16:30 Israel time, and even not in a support line. I thought I can guess the direction of the market. Of course I was wrong. I added one more contract on a lower suppport line, and another, and nothing helped: The market was diving down against me.

I remembered my rule of not adding too many contracts, and got out of one of them in loss, but nothing helped. The market continued going down, and I was losing and losing. It was time already to leave, and was waiting for a good time to exit in minimum loss. The market seemed to be stamping in place for a few minutes. I let myself go to the toilet for 2 minutes, and when I came back – WOW! The market dived down, I got to my $1000 limit and was thrown out of the platfrom.

What shall I do now? After such a good month I had, I thought I got the hand of it and am going to make a fortune. Now I just keep loosing again. I have not lost hope, as I know I did have a few good weeks. But I need so much money to get over summer time with the kids vacations! Can I stick it out? Will I be able to stick to the rules and make some profit? It really seems like a self-defeating thread. I must get over it!

I will now write down my rules, and print them. I MUST stick to my rules if I want to go on. I am not sure if tomorrow will be a day off from trading, or only a slowing down day. In any case, I really must get out of this loosing pattern!

Looking forward to better days.

N.B. At least my daughter is happy. She had enjoyed herself in her party.

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  1. Comment by Dan — June 28, 2010 @ 9:02 pm

    Hugs (((((())))))

    I am very sorry to hear you lost again. In my early trading days, I also had such periods. Day trading is a risky business, and scary, especially in the begining. Don’t give up. Better days will come.

  2. Comment by Lisa Wyle — June 28, 2010 @ 9:05 pm

    Oh, Deb! This is so terrible. I am so sorry for you. Tomorrow will be a new day.

  3. Comment by Deb — June 28, 2010 @ 9:17 pm

    Thank you Dan and Lisa. This blog helps me so much in such days.

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