Small Profit

Posted by Deb | Day Trading Journey | Friday 20 August 2010 4:06 pm

I tried the demo again today. The market was slow, so it took too long. Finally I got out of the position with a profit of $75 on 2 contracts. Of course, now the market is still going up, so I could have gotten already $125, but never mind.

What does bother me is that today I used again my method of adding a contract when the position was losing. I was sure the market was going up again, so I was just “helping” myself to make the position profitable quicker, but isn’t that the method that has made me also loose?

I think I can’t ban this method. That is the way I use in order to profit. Without it, my losing positions will just go on losing, and I will be quitting my positions too early, since it will often not be likely the market will go up enough in the next few minutes to get the position profitable again. Adding this extra contract makes me not despair immediately when the position is losing, since I know this added contract can change it back to a profitable position.

What I need is a method to decide in what cases adding this contract to the losing position is good, and when it is bad. Maybe in a case like today, when all indicators are showing the market will be going back again, adding the contract is ok. In other cases, when the added contract is just gambling, it is not ok.

I will have to continue experimenting on this a bit longer.

———————-

Now I added one more position one contract and exited if after a profit of $25. My total for today is $100 on 3 contracts.

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6 Comments »

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